REGISTERED NUMBER: OC411847 (England and Wales)

REPORT OF THE MEMBERS AND

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2026

FOR

FRENDCASTLE HOMES LLP

Page

General Information

1

Report of the Members

2

Report of the Accountants

3

Income Statement

4

Balance Sheet

5

Notes to the Financial Statements

6

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

The members present their report with the financial statements of the LLP for the year ended 31 March 2026.

PRINCIPAL ACTIVITY

The principal activity of the LLP in the year under review was that of property development.

DESIGNATED MEMBERS

The designated members during the year under review were:

W G Bailey

Frendcastle Management Limited

RESULTS FOR THE YEAR AND ALLOCATION TO MEMBERS

The loss for the year before members' remuneration and profit shares was £12,455 (2025 - £78,536 profit).

MEMBERS' INTERESTS

ON BEHALF OF THE MEMBERS:

W G Bailey - Designated member

8 July 2026

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Frendcastle Homes LLP for the year ended 31 March 2026 which comprise the Income Statement, balance sheet and the related notes from the company's accounting records and from information and explanations you have given us.

As a professional firm regulated by the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed within the ICAEW's regulations and guidance at http://www.icaew.com/en/membership/regulations-standards-and-guidance.

This report is made solely to the Board of Directors of Frendcastle Homes LLP, as a body, in accordance with our terms of engagement. Our work has been undertaken solely to prepare for your approval the financial statements of Frendcastle Homes LLP and state those matters that we have agreed to state to the Board of Directors of Frendcastle Homes LLP, as a body, in this report in accordance with ICAEW Technical Release 07/16AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Frendcastle Homes LLP and its Board of Directors, as a body, for our work or for this report.

It is your duty to ensure that Frendcastle Homes LLP has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of Frendcastle Homes LLP. You consider that Frendcastle Homes LLP is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the financial statements of Frendcastle Homes LLP. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.

Galloways Accounting (Horsham) Limited

Ridgeland House

15 Carfax

Horsham

West Sussex

RH12 1ER

8 July 2026

TURNOVER

4,550

4,550

Cost of sales

475

-

GROSS PROFIT

5,025

4,550

Administrative expenses

(17,480

)

(1,865

)

(12,455

)

2,685

Other operating income

-

75,000

OPERATING (LOSS)/PROFIT

(12,455

)

77,685

Interest receivable and similar income

-

851

(LOSS)/PROFIT FOR THE FINANCIAL YEAR BEFORE MEMBERS' REMUNERATION AND PROFIT SHARES AVAILABLE FOR DISCRETIONARY DIVISION AMONG MEMBERS

(12,455

)

78,536

FIXED ASSETS

Investment property

4

24,660

40,000

CURRENT ASSETS

Debtors

5

46,650

45,600

Cash at bank

20,866

86,490

67,516

132,090

CREDITORS

Amounts falling due within one year

6

3,972

4,081

NET CURRENT ASSETS

63,544

128,009

TOTAL ASSETS LESS CURRENT LIABILITIES

88,204

168,009

CREDITORS

Amounts falling due after more than one year

7

80,000

80,000

NET ASSETS ATTRIBUTABLE TO MEMBERS

8,204

88,009

LOANS AND OTHER DEBTS DUE TO MEMBERS

8

8,204

88,009

TOTAL MEMBERS' INTERESTS

Loans and other debts due to members

8

8,204

88,009

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 2026.

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 in accordance with the provisions applicable to LLPs subject to the small LLPs regime.

The financial statements were approved by the members of the LLP and authorised for issue on 8 July 2026 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.

The presentation currency of the financial statements is the Pound Sterling (£).

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 (2025 - NIL).

4.	INVESTMENT PROPERTY

Total

£

FAIR VALUE

At 1 April 2025

40,000

Revaluations

(15,340

)

At 31 March 2026

24,660

NET BOOK VALUE

At 31 March 2026

24,660

At 31 March 2025

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

2026

2025

£

£

Trade debtors

2,800

1,750

Other debtors

43,850

43,850

46,650

45,600

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2026

2025

£

£

Social security and other taxes

-

475

Accruals and deferred income

3,972

3,606

3,972

4,081

7.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2026

2025

£

£

Accruals and deferred income

80,000

80,000

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'.