REGISTERED NUMBER: |
REPORT OF THE DIRECTORS AND |
UNAUDITED FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 DECEMBER 2022 |
FOR |
FRIEND STUDIO LIMITED |
REGISTERED NUMBER: |
REPORT OF THE DIRECTORS AND |
UNAUDITED FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 DECEMBER 2022 |
FOR |
FRIEND STUDIO LIMITED |
FRIEND STUDIO LIMITED (REGISTERED NUMBER: 08254331) |
CONTENTS OF THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 DECEMBER 2022 |
Page |
Company Information | 1 |
Report of the Directors | 2 |
Balance Sheet | 3 |
Notes to the Financial Statements | 5 |
FRIEND STUDIO LIMITED |
COMPANY INFORMATION |
FOR THE YEAR ENDED 31 DECEMBER 2022 |
DIRECTORS: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
ACCOUNTANTS: |
10 Jesus Lane |
Cambridge |
Cambridgeshire |
CB5 8BA |
FRIEND STUDIO LIMITED (REGISTERED NUMBER: 08254331) |
REPORT OF THE DIRECTORS |
FOR THE YEAR ENDED 31 DECEMBER 2022 |
The directors present their report with the financial statements of the company for the year ended 31 December 2022. |
PRINCIPAL ACTIVITY |
The principal activity of the company in the year under review was that of corporate communications, reporting and branding services. |
The Company is actively engaged through research and development, the global digitisation of these services, including the provision of IXBRL reporting. |
DIRECTORS |
The directors shown below have held office during the whole of the period from 1 January 2022 to the date of this report. |
DONATIONS AND EXPENDITURE |
During the year under review, the company made charitable donations totalling £6,079 (2021: £765). |
This report has been prepared in accordance with the provisions of Part 15 of the Companies Act 2006 relating to small companies. |
ON BEHALF OF THE BOARD: |
FRIEND STUDIO LIMITED (REGISTERED NUMBER: 08254331) |
BALANCE SHEET |
31 DECEMBER 2022 |
2022 | 2021 |
as restated |
Notes | £ | £ |
FIXED ASSETS |
Tangible assets | 5 |
CURRENT ASSETS |
Debtors | 6 |
Cash at bank |
CREDITORS |
Amounts falling due within one year | 7 | ( |
) | ( |
) |
NET CURRENT ASSETS |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CREDITORS |
Amounts falling due after more than one year |
8 |
( |
) |
( |
) |
PROVISIONS FOR LIABILITIES | 11 | ( |
) | ( |
) |
NET ASSETS |
CAPITAL AND RESERVES |
Called up share capital | 12 |
Capital redemption reserve |
Retained earnings |
SHAREHOLDERS' FUNDS |
The directors acknowledge their responsibilities for: |
(a) | ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and |
(b) | preparing financial statements which give a true and fair view of the state of affairs of the company 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 relating to financial statements, so far as applicable to the company. |
FRIEND STUDIO LIMITED (REGISTERED NUMBER: 08254331) |
BALANCE SHEET - continued |
31 DECEMBER 2022 |
In accordance with Section 444 of the Companies Act 2006, the Profit and loss account has not been delivered. |
The financial statements were approved by the Board of Directors and authorised for issue on |
FRIEND STUDIO LIMITED (REGISTERED NUMBER: 08254331) |
NOTES TO THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 DECEMBER 2022 |
1. | STATUTORY INFORMATION |
Friend Studio Limited is a |
The presentation currency of the financial statements is the Pound Sterling (£). |
2. | STATEMENT OF COMPLIANCE |
3. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
Turnover |
Turnover represents the fair value of consideration receivable, in respect of the provision of branding and communication services net of discounts, rebates and excluding Value Added Tax. |
Where the outcome of projects can be reliably estimated and the revenue associated with the project can be reliably estimated, the project revenue is recognised in the profit and loss account by reference to the stage of completion at the balance sheet date, if the right to the consideration has been obtained through performance. |
Stage of completion is measured by estimating the progress of each contract at the balance sheet date by considering the factors detailed within key sources of estimation uncertainty at note four. |
Consideration accrues as project activity progresses by reference to the value of work performed. Where the value of consideration exceeds the amount invoiced this is recognised as accrued income within other debtors. Where the amount invoiced exceeds the value of project work performed the excess is recognised as deferred income within other creditors. |
If the right to consideration is conditional or contingent on a specified future event or outcome, the occurrence of which is outside the Company's control, turnover is not recognised until that critical event occurs. |
Tangible assets |
Depreciation is provided at rates calculated to write off the costs (or re-valued amounts) less estimated residual value of each asset over its estimated useful life. |
Plant & machinery etc - 25% reducing balance |
Foreign currencies |
Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result. |
Hire purchase and leasing commitments |
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease. |
FRIEND STUDIO LIMITED (REGISTERED NUMBER: 08254331) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 DECEMBER 2022 |
3. | ACCOUNTING POLICIES - continued |
Pension costs and other post-retirement benefits |
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate. |
Operating lease commitments |
Rentals paid under operating leases are charged to the profit and loss account on a straight line basis over the period of the lease. |
4. | EMPLOYEES AND DIRECTORS |
The average number of employees during the year was |
5. | TANGIBLE FIXED ASSETS |
Plant and |
machinery |
etc |
£ |
COST |
At 1 January 2022 |
Additions |
At 31 December 2022 |
DEPRECIATION |
At 1 January 2022 |
Charge for year |
At 31 December 2022 |
NET BOOK VALUE |
At 31 December 2022 |
At 31 December 2021 |
6. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2022 | 2021 |
as restated |
£ | £ |
Trade debtors |
Other debtors |
FRIEND STUDIO LIMITED (REGISTERED NUMBER: 08254331) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 DECEMBER 2022 |
7. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2022 | 2021 |
as restated |
£ | £ |
Finance leases (see note 9) |
Trade creditors |
Taxation and social security |
Other creditors |
8. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
2022 | 2021 |
as restated |
£ | £ |
Finance leases (see note 9) |
9. | LEASING AGREEMENTS |
Minimum lease payments fall due as follows: |
Finance leases |
2022 | 2021 |
as restated |
£ | £ |
Net obligations repayable: |
Within one year |
Between one and five years |
Non-cancellable | operating leases |
2022 | 2021 |
as restated |
£ | £ |
Within one year |
Between one and five years |
The operating lease relates to the rental paid on land and buildings which amounts to £90,000 paid annually over the lease term. |
FRIEND STUDIO LIMITED (REGISTERED NUMBER: 08254331) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 DECEMBER 2022 |
10. | SECURED DEBTS |
The following secured debts are included within creditors: |
2022 | 2021 |
as restated |
£ | £ |
Finance lease | 8,300 | 13,507 |
Bank loans are secured by way of a fixed charge over the assets of the company. |
Liabilities recognised under finance leases are secured against the asset to which they relate. |
11. | PROVISIONS FOR LIABILITIES |
2022 | 2021 |
as restated |
£ | £ |
Deferred tax | 46,332 | 31,292 |
Deferred |
tax |
£ |
Balance at 1 January 2022 |
Provided during year |
Short term timing differences |
Balance at 31 December 2022 |
Deferred tax is recognised in respect of the excess of capital allowances over depreciation and short term timing differences. |
12. | CALLED UP SHARE CAPITAL |
Allotted, issued and fully paid: |
Number: | Class: | Nominal | 2022 | 2021 |
value: | as restated |
£ | £ |
Ordinary 1p | 1p | 83 | 83 |
5,100 | Ordinary A 1p | 1p | 51 | 51 |
3,400 | Ordinary B 1p | 1p | 34 | 34 |
1,000 | Ordinary C 1p | 1p | 10 | 10 |
500 | Ordinary D 1p | 1p | 5 | 5 |
183 | 183 |
13. | RELATED PARTY DISCLOSURES |
The company was invoiced for £nil (2021 £5,600) relating to management services received from companies that hold particpating interests in Friend Studio Limited. |
At the balance sheet date £nil (2021 £8,000) was owed to the related companies. The amounts bear no interest, are repayable on demand and disclosed as other creditors due in less than one. |
FRIEND STUDIO LIMITED (REGISTERED NUMBER: 08254331) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 DECEMBER 2022 |
14. | PENSION CONTRIBUTIONS |
During the year £160,000 (2021: £nil) was committed to be paid to directors and administrators pension schemes. |