Company No: SC094571 (Scotland)

Contents

• Balance Sheet
• Notes to the Financial Statements

	Note	2025		2024
		£		£
Fixed assets
Investments	4	195,000		195,000
		195,000		195,000
Current assets
Stocks	5	818,595		801,095
Debtors	6	233,532		233,532
Cash at bank and in hand		662		7,863
		1,052,789		1,042,490
Creditors: amounts falling due within one year	7	( 2,853,342)		( 2,834,324)
Net current liabilities		(1,800,553)		(1,791,834)
Total assets less current liabilities		(1,605,553)		(1,596,834)
Net liabilities		( 1,605,553)		( 1,596,834)
Capital and reserves
Called-up share capital	8	540,210		540,210
Share premium account		1,010,021		1,010,021
Profit and loss account		( 3,155,784 )		( 3,147,065 )
Total shareholders' deficit		( 1,605,553)		( 1,596,834)

For the financial year ending 31 March 2025 the Company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

• The members have not required the Company to obtain an audit of its financial statements for the financial year in accordance with section 476;
• The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements; and
• These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime and a copy of the Profit and Loss Account has not been delivered.

The financial statements of Frank Burnett Limited (registered number: SC094571) were approved and authorised for issue by the Board of Directors on 18 September 2025. They were signed on its behalf by:

Mr C A Wilson Director

1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.

General information and basis of accounting

Frank Burnett Limited (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in Scotland. The address of the Company's registered office is 18 Bon-Accord Crescent, Aberdeen, AB11 6XY, United Kingdom.

The financial statements have been prepared under the historical cost convention, modified to include certain items at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.

The financial statements are presented in pounds sterling which is the functional currency of the Company and rounded to the nearest £.

Going concern

As at 31 March 2025, the company had net liabilities of £1,605,553 (2024 - £1,596,834).

Included in creditors is a balance of £2,603,978 (2024 - £2,603,978) due to the directors and shareholders.

The directors confirm the loan will not be repaid to the detriment of the company's ability to operate and we will continue to support the company for the next 12 months. The directors therefore believe it is appropriate to prepare the accounts on a going concern basis.

Group accounts exemption

Group accounts exemption s399
The Company has taken advantage of the exemption under section 399 of the Companies Act 2006 not to prepare consolidated accounts, on the basis that the group of which this is the parent qualifies as a small group. The financial statements present information about the Company as an individual entity and not about its group.

Turnover

Turnover represents amounts receivable for property development and dividends received from group companies.

Turnover relating to property development is recognised on an accrual basis.

Dividends are recognised when they are received.

Employee benefits

Short term benefits
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

Taxation

Current tax
Current tax is provided at amounts expected to be paid (or recoverable) using the tax rates and laws that have been enacted or substantively enacted at the Balance Sheet date.

Deferred tax
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the Company's financial statements. Deferred tax is provided in full on timing differences which result in an obligation to pay more or less tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on current tax rates and laws. Deferred tax assets and liabilities are not discounted.

The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit.

Tangible fixed assets

Tangible fixed assets are stated at cost or valuation, net of depreciation and any provision for impairment. Depreciation is provided on all tangible fixed assets, other than investment property and freehold land, at rates calculated to write off the cost or valuation, less estimated residual value, of each asset on a straight-line or reducing balance basis over its expected useful life, as follows:

Plant and machinery etc.

3 years straight line

Residual value represents the estimated amount which would currently be obtained from disposal of an asset, after deducting estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life.

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

Impairment of assets

Assets, other than those measured at fair value, are assessed for indicators of impairment at each Balance Sheet date. If there is objective evidence of impairment, an impairment loss is recognised in the Profit and Loss Account as described below.

Fixed asset investments

Investments in subsidiaries, associates and jointly controlled entities are initially measured at cost and subsequently measured at cost less any accumulated impairment losses. The investments are assessed for impairment at each reporting date and any impairment losses or reversals of impairment losses are recognised immediately in profit or loss.

A subsidiary is an entity controlled by the company. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities.

Stocks

Work in Progress is stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs, and those overheads that have been incurred in bringing the stocks to their present location and condition.

At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.

Financial instruments

Financial assets and financial liabilities are recognised when the Company becomes a party to the contractual provisions of the instrument.

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 Company after deducting all of its liabilities.

Financial assets and liabilities are only offset in the Balance Sheet when, and only when there exists a legally enforceable right to set off the recognised amounts and the Company intends either 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 bank balances, are measured at transaction price including transaction costs. Financial assets classified as receivable within one year are not amortised.

Financial assets are derecognised when and only when the contractual rights to the cash flows from the financial asset expire or are settled, or the Company transfers to another party substantially all of the risks and rewards of ownership of the financial asset, or the Company, despite having retained some, but not all, significant risks and rewards of ownership, has transferred control of the asset to another party.

Basic financial liabilities
Basic financial liabilities, including creditors and loans from fellow group companies are recognised at transaction price.

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.

Financial liabilities are derecognised when the company’s contractual obligations expire or are discharged or cancelled.

Equity instruments
Equity instruments issued by the Company are recorded at the fair value of cash or other resources received or receivable, net of direct issue costs. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the Company.

2. Employees

	2025		2024
	Number		Number
Monthly average number of persons employed by the Company during the year, including directors	2		2

3. Tangible assets

	Plant and machinery etc.		Total
	£		£
Cost
At 01 April 2024	1,137		1,137
At 31 March 2025	1,137		1,137
Accumulated depreciation
At 01 April 2024	1,137		1,137
At 31 March 2025	1,137		1,137
Net book value
At 31 March 2025	0		0
At 31 March 2024	0		0

4. Fixed asset investments

Investments in subsidiaries

	2025
	£
Cost
At 01 April 2024	195,000
At 31 March 2025	195,000
Carrying value at 31 March 2025	195,000
Carrying value at 31 March 2024	195,000

5. Stocks

	2025		2024
	£		£
Work in progress	818,595		801,095

6. Debtors

	2025		2024
	£		£
Other debtors	233,532		233,532

7. Creditors: amounts falling due within one year

	2025		2024
	£		£
Trade creditors	0		102
Other creditors	2,853,342		2,834,222
	2,853,342		2,834,324

8. Called-up share capital

	2025		2024
	£		£
Allotted, called-up and fully-paid
270,105 Ordinary Shares shares of £ 1.00 each	270,105		270,105
270,105 Ordinary A Shares shares of £ 1.00 each	270,105		270,105
	540,210		540,210

9. Related party transactions

Transactions with entities in which the entity itself has a participating interest

	2025		2024
	£		£
Amounts due to/(from) entities over which the entity had control, joint control or significant influence at the year end	(233,532)		(233,532)

Transactions with the entity's directors

At the year end, the company owed the directors £2,603,788 (2024 - £2,603,788). There are no fixed repayment terms and no interest is charged.