REGISTERED NUMBER: OC411847 (England and Wales)

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2025

FOR

FRENDCASTLE HOMES LLP

Page

General Information

1

Balance Sheet

2

Notes to the Financial Statements

3

DESIGNATED MEMBERS:

W G Bailey

Frendcastle Management Limited

REGISTERED OFFICE:

20 Mortlake High Street

London

United Kingdom

SW14 8JN

REGISTERED NUMBER:

OC411847 (England and Wales)

ACCOUNTANTS:

Galloways Accounting (Horsham) Limited

Ridgeland House

15 Carfax

Horsham

West Sussex

RH12 1ER

FIXED ASSETS

Investment property

4

40,000

40,000

CURRENT ASSETS

Debtors

5

45,600

54,750

Cash at bank

86,490

73,955

132,090

128,705

CREDITORS

Amounts falling due within one year

6

(4,081

)

(4,232

)

NET CURRENT ASSETS

128,009

124,473

TOTAL ASSETS LESS CURRENT LIABILITIES

168,009

164,473

CREDITORS

Amounts falling due after more than one year

7

(80,000

)

(155,000

)

NET ASSETS ATTRIBUTABLE TO MEMBERS

88,009

9,473

LOANS AND OTHER DEBTS DUE TO MEMBERS

8

88,009

9,473

TOTAL MEMBERS' INTERESTS

Loans and other debts due to members

8

88,009

9,473

The LLP is entitled to exemption from audit under Section 477 of the Companies Act 2006 as applied to LLPs by the Limited Liability Partnerships (Accounts and Audit) (Application of Companies Act 2006) Regulations 2008 for the year ended 31 March 2025.

The members acknowledge their responsibilities for:

(a)	ensuring that the LLP keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 as applied to LLPs by the Limited Liability Partnerships (Accounts and Audit) (Application of Companies Act 2006) Regulations 2008 and

(b)

preparing financial statements which give a true and fair view of the state of affairs of the LLP as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 as applied to LLPs by the Limited Liability Partnerships (Accounts and Audit) (Application of Companies Act 2006) Regulations 2008 relating to financial statements, so far as applicable to the LLP.

The financial statements have been prepared and delivered in accordance with the provisions applicable to LLPs subject to the small LLPs regime.

In accordance with Section 444 of the Companies Act 2006 as applied to LLPs by the Limited Liability Partnerships (Accounts and Audit) (Application of Companies Act 2006) Regulations 2008, the Income Statement has not been delivered.

The financial statements were approved by the members of the LLP and authorised for issue on 9 October 2025 and were signed by:

W G Bailey - Designated member

1.	STATUTORY INFORMATION

Frendcastle Homes LLP is registered in England and Wales. The LLP's registered number and registered office address can be found on the General Information page.

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the requirements of the Statement of Recommended Practice, Accounting by Limited Liability Partnerships. The financial statements have been prepared under the historical cost convention as modified by the revaluation of certain assets.

Significant judgements and estimates

In the application of the limited liability partnership's accounting policies, the members are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

Critical judgements

The following judgements (apart from those involving estimates) have had the most significant effect on amounts recognised in the financial statements.

Provision for bad and doubtful debts

At each balance sheet date the members of the limited liability partnership consider the recoverability of trade and other debtors and record provisions for any bad or doubtful debts. Such decisions are based on discussions with debtors and experience including comparisons of the relative age of accounts and consideration of actual write-off history.

The actual level of debt collected subsequently may differ from the estimated levels of recovery and could

impact future operating results positively or negatively.

Key sources of estimation uncertainty

The estimates and assumptions which have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities are as follows.

Estimating fair value and value in use of investment properties

The members have estimated the fair value of investment properties held at the year end date, considering the market value of these properties as well as their value in use. The members are deemed to be suitably qualified to assess the fair value of these assets; however, where applicable, the members have also made use of valuation reports obtained from qualified third parties in making their assessment.

Calculations of provisions and contingencies

Where the limited liability partnership becomes obligated to make future payment as a result of past events, the members make a estimate of the provision required in the accounts. Where it is deemed likely that a future payment is required but no reliable estimate can be made of its value, the members will assess whether it is more suitable to make a disclosure of these contingencies in the accounts rather than making a provision.

Turnover

Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Turnover represents rent receivable from freehold investment property owned by the company. This turnover is recognised in the period to which the income is receivable. Rental income received in advance is deferred in the balance sheet to the following period.

Investment property

Investment property, which is held to earn rentals and/or capital appreciation, is initially recognised at cost, which includes the purchase cost and any attributable expenditure. Subsequently it is measured at fair value at the reporting end date. Changes in fair value are recognised in profit or loss.

Financial instruments

The limited liability partnership has elected to apply the provisions of Section 11 'Basic Financial Instruments' and Section 12 'Other Financial Instruments Issues' of FRS 102 to all it's financial instruments.

Financial instruments are recognised in the limited liability partnership's balance sheet when the limited liability partnership becomes party to the contractual provisions of the instrument.

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets

Basic financial assets, which include debtors and cash and bank balances, are initially measured at

transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

Classification of financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual

arrangements entered into. An equity instrument is any contract that evidences a residual interest in the

assets of the limited liability partnership after deducting all of its liabilities.

Basic financial liabilities

Basic financial liabilities, including creditors, bank loans, loans from fellow group companies are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of

business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year

or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at

transaction price and subsequently measured at amortised cost using the effective interest method.

3.	EMPLOYEE INFORMATION

The average number of employees during the year was NIL (2024 - NIL).

4.	INVESTMENT PROPERTY

Total

£

FAIR VALUE

At 1 April 2024

and 31 March 2025

40,000

NET BOOK VALUE

At 31 March 2025

40,000

At 31 March 2024

40,000

Investment property comprises the transfer of the freehold element of the property developed by the LLP. the fair value of the investment property has been arrived at on the basis of a valuation carried out by the members of the LLP and was made on an open market value basis by reference to market evidence of transactions prices for similar properties.

5.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2025

2024

£

£

Trade debtors

1,750

1,400

Other debtors

43,850

53,350

45,600

54,750

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2025

2024

£

£

Social security and other taxes

475

725

Accruals and deferred income

3,606

3,507

4,081

4,232

7.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2025

2024

£

£

Accruals and deferred income

80,000

155,000

8.

LOANS AND OTHER DEBTS DUE TO MEMBERS

Loans and other debts due to members rank equally with debts due to unsecured creditors in the event of a winding up.

There is no provision for specific legally enforceable protection afforded to creditors in such an event.

There are no restrictions or limitations on the ability of the members to reduce the amount of ‘Members’ other interests'.