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REGISTERED NUMBER: 08254331 (England and Wales)











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: R Riche
R M Williams





REGISTERED OFFICE: 11a Branch Place
London
Greater London
N1 5PH





REGISTERED NUMBER: 08254331 (England and Wales)





ACCOUNTANTS: Thompson Taraz Rand Audit and Assurance Limited
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.

R Riche
R M Williams

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:





R Riche - Director


28 September 2023

FRIEND STUDIO LIMITED (REGISTERED NUMBER: 08254331)

BALANCE SHEET
31 DECEMBER 2022

2022 2021
as restated
Notes £    £   
FIXED ASSETS
Tangible assets 5 243,852 164,695

CURRENT ASSETS
Debtors 6 1,305,990 904,858
Cash at bank 2,212,671 1,995,041
3,518,661 2,899,899
CREDITORS
Amounts falling due within one year 7 (830,902 ) (512,903 )
NET CURRENT ASSETS 2,687,759 2,386,996
TOTAL ASSETS LESS CURRENT LIABILITIES 2,931,611 2,551,691

CREDITORS
Amounts falling due after more than one
year

8

(2,051

)

(8,300

)

PROVISIONS FOR LIABILITIES 11 (46,332 ) (31,292 )
NET ASSETS 2,883,228 2,512,099

CAPITAL AND RESERVES
Called up share capital 12 183 183
Capital redemption reserve 33 33
Retained earnings 2,883,012 2,511,883
SHAREHOLDERS' FUNDS 2,883,228 2,512,099

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 December 2022.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 2022 in accordance with Section 476 of the Companies Act 2006.

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


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

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 28 September 2023 and were signed on its behalf by:




R Riche - Director



R M Williams - Director


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 private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

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


2. STATEMENT OF COMPLIANCE

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 Companies Act 2006.

3. ACCOUNTING POLICIES

Basis of preparing the financial statements
The financial statements have been prepared under the historical cost convention.

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 29 (2021 - 25 ) .

5. TANGIBLE FIXED ASSETS
Plant and
machinery
etc
£   
COST
At 1 January 2022 363,070
Additions 123,393
At 31 December 2022 486,463
DEPRECIATION
At 1 January 2022 198,375
Charge for year 44,236
At 31 December 2022 242,611
NET BOOK VALUE
At 31 December 2022 243,852
At 31 December 2021 164,695

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2022 2021
as restated
£    £   
Trade debtors 1,273,465 854,058
Other debtors 32,525 50,800
1,305,990 904,858

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) 6,250 5,207
Trade creditors 147,987 126,678
Taxation and social security 166,109 135,385
Other creditors 510,556 245,633
830,902 512,903

8. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
2022 2021
as restated
£    £   
Finance leases (see note 9) 2,051 8,300

9. LEASING AGREEMENTS

Minimum lease payments fall due as follows:

Finance leases
2022 2021
as restated
£    £   
Net obligations repayable:
Within one year 6,250 5,207
Between one and five years 2,051 8,300
8,301 13,507

Non-cancellable operating leases
2022 2021
as restated
£    £   
Within one year 90,000 90,000
Between one and five years 270,000 360,000
360,000 450,000

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 31,292
Provided during year 15,040
Short term timing differences
Balance at 31 December 2022 46,332

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
£    £   
8,333 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.