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Registered number: 10223683
| UNAUDITED FINANCIAL STATEMENTS
| FOR THE YEAR ENDED 31 AUGUST 2025
| IROCK SCHOOL OF MUSIC LTD
IROCK SCHOOL OF MUSIC LTD |  |
COMPANY INFORMATION
Directors | Mr J R Franklin
| Mr J J Franklin
Registered number | 10223683
Registered office | 10 Eelmoor Road
| Farnborough
| GU14 7QN
Accountants | Menzies LLP
| Chartered Accountants
| Victoria House
| 50-58 Victoria Road
| Farnborough
| Hampshire
| GU14 7PG
IROCK SCHOOL OF MUSIC LTD |  |
CONTENTS
| Page
Statement of Financial Position | 1 - 2
Notes to the Financial Statements | 3 - 8
IROCK SCHOOL OF MUSIC LTD REGISTERED NUMBER:10223683 |  |
STATEMENT OF FINANCIAL POSITION AS AT 31 AUGUST 2025
|  | 2025 |  | 2024
Note |  | £ |  | £
Fixed assets |  |  |  |  |
Intangible assets | 4 |  | 265,739 |  | 147,536
Tangible assets | 5 |  | 268,214 |  | 232,250
Investments | 6 |  | 2,500 |  | 2,500
|  |  | 536,453 |  | 382,286
Current assets |  |  |  |  |
Debtors: amounts falling due within one year | 7 | 68,483 |  | 75,932 |
Cash at bank and in hand |  | 563,912 |  | 237,277 |
|  | 632,395 |  | 313,209 |
Creditors: amounts falling due within one year | 8 | (509,329) |  | (366,829) |
Net current assets/(liabilities) |  |  | 123,066 |  | (53,620)
Total assets less current liabilities |  |  | 659,519 |  | 328,666
Creditors: amounts falling due after more than one year | 9 |  | (2,537) |  | (14,531)
Provisions for liabilities |  |  |  |  |
Deferred tax |  | (127,603) |  | (90,430) |
Other provisions | 11 | (7,500) |  | (3,900) |
|  |  | (135,103) |  | (94,330)
Net assets |  |  | 521,879 |  | 219,805
Capital and reserves |  |  |  |  |
Allotted, called up and fully paid share capital |  |  | 100 |  | 100
Profit and loss account |  |  | 521,779 |  | 219,705
|  |  | 521,879 |  | 219,805
Page 1
IROCK SCHOOL OF MUSIC LTD REGISTERED NUMBER:10223683 |  |
STATEMENT OF FINANCIAL POSITION (CONTINUED) AS AT 31 AUGUST 2025 The Directors consider that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006. 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. The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities. The financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. The Company has opted not to file the statement of income and retained earnings in accordance with provisions applicable to companies subject to the small companies' regime. The financial statements were approved and authorised for issue by the board and were signed on its behalf by:
................................................ Mr J R Franklin | ................................................ Mr J J Franklin
Director | Director
Date: 22 May 2026 | Date: 22 May 2026
The notes on pages 3 to 8 form part of these financial statements. Page 2
IROCK SCHOOL OF MUSIC LTD |  |
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2025
1. | General information
IRock School of Music Ltd is a private company limited by shares incorporated in England and Wales. The address of the registered office, which is also the principal place of business, is disclosed on the company information page. 2.Accounting policies
| 2.1 | Basis of preparation of financial statements
The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006. The disclosure requirements of Section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view. The following principal accounting policies have been applied:
| 2.2 | Revenue
Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.
| 2.3 | Operating leases: the Company as lessee
Rentals paid under operating leases are charged to profit or loss on a straight-line basis over the lease term. Benefits received and receivable as an incentive to sign an operating lease are recognised on a straight-line basis over the lease term, unless another systematic basis is representative of the time pattern of the lessee's benefit from the use of the leased asset.
| 2.4 | Current and deferred taxation
The tax expense for the year comprises current and deferred tax. Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively. The current tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the Company operates and generates income. Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the reporting date, except that: ∙The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and ∙Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met. Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date. Page 3
IROCK SCHOOL OF MUSIC LTD |  |
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2025 2.Accounting policies (continued)
| 2.5 | Intangible assets
Intangible assets are initially recognised at cost. After recognition, under the cost model, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses. All intangible assets are considered to have a finite useful life. If a reliable estimate of the useful life cannot be made, the useful life shall not exceed ten years. The computer software has a useful life of 10 years.
| 2.6 | Tangible fixed assets
Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management. Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives. Depreciation is provided on the following basis:
|  |  |  | Freehold property | - | 2% | Straight Line
|  |  |  | Fixtures and fittings | - | 20% | Straight Line
|  |  |  | Motor vehicles | - | 25% | Reducing Balance
|  |  |  | Music equipment | - | 20% | Straight Line
|  |  |  | Computer equipment | - | 20% | Straight Line
The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date. Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.
| 2.7 | Valuation of investments
Digital assets held by the Company are recognised as an intangible fixed asset investment and are initially measured at cost, including directly attributable transaction costs. Subsequent to initial recognition, digital assets are stated at cost less accumulated impairment losses. Digital assets are not amortised as they are considered to have an indefinite useful economic life where there is no foreseeable limit to the period over which the assets are expected to generate economic benefits for the company. The Company assesses at each reporting date whether there are indicators of impairment. Where indicators exist, the recoverable amount of the cryptoassets is estimated and any impairment loss is recognised immediately in profit or loss. In determining whether an impairment exists, consideration is given to significant declines in market value, volatility in the relevant digital asset markets, changes in the regulatory environment, and other indicators affecting recoverability. Gains and losses arising on disposal of digital assets are recognised in profit or loss. Page 4
IROCK SCHOOL OF MUSIC LTD |  |
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2025 2.Accounting policies (continued)
| 2.8 | Provisions for liabilities
Provisions are recognised when an event has taken place that gives rise to a legal or constructive obligation, a transfer of economic benefits is probable and a reliable estimate can be made. Provisions are measured as the best estimate of the amount required to settle the obligation, taking into account the related risks and uncertainties. Increases in provisions are generally charged as an expense to profit or loss.
3. | Employees
| The average monthly number of employees, including Directors, during the year was 113 (2024 - 73).
4. | Intangible assets
|  | Computer software
|  | £
| Cost |
| At 1 September 2024 | 161,200
| Additions | 141,987
| At 31 August 2025 | 303,187
| Amortisation |
| At 1 September 2024 | 13,664
| Charge for the year | 23,784
| At 31 August 2025 | 37,448
| Net book value |
| At 31 August 2025 | 265,739
| At 31 August 2024 | 147,536
Page 5
IROCK SCHOOL OF MUSIC LTD |  |
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2025
5. | Tangible fixed assets
|  | Freehold property | Fixtures & Fittings | Motor vehicles | Music equipment | Computer equipment | Total
|  | £ | £ | £ | £ | £ | £
| Cost or valuation |  |  |  |  |  |
| At 1 September 2024 | 74,875 | 22,237 | 16,056 | 170,421 | 60,345 | 343,934
| Additions | - | 3,844 | - | 65,868 | 19,875 | 89,587
| At 31 August 2025 | 74,875 | 26,081 | 16,056 | 236,289 | 80,220 | 433,521
| Depreciation |  |  |  |  |  |
| At 1 September 2024 | 4,492 | 5,954 | 5,141 | 69,476 | 26,621 | 111,684
| Charge for the year | 1,498 | 4,838 | 2,729 | 33,827 | 10,731 | 53,623
| At 31 August 2025 | 5,990 | 10,792 | 7,870 | 103,303 | 37,352 | 165,307
| Net book value |  |  |  |  |  |
| At 31 August 2025 | 68,885 | 15,289 | 8,186 | 132,986 | 42,868 | 268,214
| At 31 August 2024 | 70,383 | 16,283 | 10,915 | 100,945 | 33,724 | 232,250
6. | Intangible fixed asset investments
|  | Digital Assets
|  | £
| Cost or valuation |
| At 1 September 2024 | 2,500
| At 31 August 2025 | 2,500
| Net book value |
| At 31 August 2025 | 2,500
| At 31 August 2024 | 2,500
| The Company holds digital assets primarily for investment purposes, and management monitors market values on an ongoing basis due to price volatility.
Page 6
IROCK SCHOOL OF MUSIC LTD |  |
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2025
7. | Debtors
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Trade debtors | 138 | 7,753
| Other debtors | 28,321 | 25,723
| Prepayments and accrued income | 40,024 | 42,456
|  | 68,483 | 75,932
8. | Creditors: Amounts falling due within one year
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Bank loans | 10,147 | 10,147
| Trade creditors | 81,413 | 83,459
| Corporation tax | 83,540 | 55,002
| Other taxation and social security | 261,286 | 159,165
| Obligations under finance lease and hire purchase contracts | 1,848 | 4,023
| Other creditors | 30,227 | 42,776
| Accruals and deferred income | 40,868 | 12,257
|  | 509,329 | 366,829
| Included within other creditors is a loan due to the Directors of £4,032 (2024: £1,945). This loan is interest free and repayable on demand.
9. | Creditors: Amounts falling due after more than one year
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Bank loans | 2,537 | 12,683
| Net obligations under finance leases and hire purchase contracts | - | 1,848
|  | 2,537 | 14,531
Page 7
IROCK SCHOOL OF MUSIC LTD |  |
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2025
10. | Hire purchase and finance leases
| Minimum lease payments under hire purchase fall due as follows:
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Within one year | 1,848 | 4,023
| Between 1-5 years | - | 1,848
|  | 1,848 | 5,871
11. | Provisions
|  | Dilapidation provision
|  | £
| At 1 September 2024 | 3,900
| Charged to profit or loss | 3,600
| At 31 August 2025 | 7,500
12. | Commitments under operating leases
| At 31 August 2025 the Company had future minimum lease payments due under non-cancellable operating leases for each of the following periods:
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Not later than 1 year | 39,400 | 49,798
| Later than 1 year and not later than 5 years | 76,939 | 37,649
|  | 116,339 | 87,447
Page 8