Company Registration No. 01203671 (England and Wales)
BLAKE FRIEDMANN LITERARY AGENCY LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2023
PAGES FOR FILING WITH REGISTRAR
BLAKE FRIEDMANN LITERARY AGENCY LIMITED
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 7
BLAKE FRIEDMANN LITERARY AGENCY LIMITED
BALANCE SHEET
- 1 -
2023
2022
Notes
£
£
£
£
Fixed assets
Intangible assets
3
1
1
Tangible assets
4
23,558
29,050
23,559
29,051
Current assets
Debtors
5
43,950
32,953
Cash at bank and in hand
47,591
62,002
91,541
94,955
Creditors: amounts falling due within one year
6
(231,003)
(212,280)
Net current liabilities
(139,462)
(117,325)
Total assets less current liabilities
(115,903)
(88,274)
Creditors: amounts falling due after more than one year
7
(45,000)
(65,000)
Provisions for liabilities
8
(4,476)
(6,807)
Net liabilities
(165,379)
(160,081)
Capital and reserves
Called up share capital
100
100
Profit and loss reserves
(165,479)
(160,181)
Total equity
(165,379)
(160,081)
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true
For the financial year ended 31 May 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
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 members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
BLAKE FRIEDMANN LITERARY AGENCY LIMITED
BALANCE SHEET (CONTINUED)
- 2 -
The financial statements were approved by the board of directors and authorised for issue on 22 February 2024 and are signed on its behalf by:
J Friedmann
Director
Company Registration No. 01203671
BLAKE FRIEDMANN LITERARY AGENCY LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2023
- 3 -
1
Accounting policies
Company information
Blake Friedmann Literary Agency Limited is a private company limited by shares incorporated in England and Wales. The registered office is Ground Floor, 15 Highbury Place, London, United Kingdom, N5 1QP.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. 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 financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
1.2
Going concern
These financial statements are prepared on the going concern basis. On the basis that the company continues to receive support from its directors and the bank, the directors have a reasonable expectation that the company will continue in operational existence for the foreseeable future.
1.3
Turnover
Turnover represents commissions received for services net of VAT.
1.4
Intangible fixed assets - goodwill
Goodwill represents the excess of the cost of acquisition of unincorporated businesses over the fair value of net assets acquired. It is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is considered to have a finite useful life and is amortised on a systematic basis over its expected life.
1.5
Tangible fixed assets
Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Land and buildings Leasehold
Equal Instalments over the life of the lease
Fixtures, fittings & equipment
15% or 20% reducing balance basis
1.6
Impairment of fixed assets
At each reporting period end date, the company reviews the carrying amounts of its tangible and intangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.
1.7
Cash and cash equivalents
Cash at bank and in hand are basic financial assets and include cash in hand and deposits held at call with banks.
BLAKE FRIEDMANN LITERARY AGENCY LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2023
1
Accounting policies
(Continued)
- 4 -
1.8
Financial instruments
The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the company's balance sheet when the company 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.
Impairment of financial assets
Financial assets, other than those held at fair value through profit and loss, are assessed for indicators of impairment at each reporting end date.
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 company after deducting all of its liabilities.
Basic financial liabilities
Basic financial liabilities, including creditors and bank loans 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.
1.9
Equity instruments
Equity instruments issued by the company are recorded at the proceeds received, net of direct issue costs.
BLAKE FRIEDMANN LITERARY AGENCY LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2023
1
Accounting policies
(Continued)
- 5 -
1.10
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
Deferred tax
Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.
1.11
Employee benefits
The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.
1.12
Retirement benefits
The company contributes to the staff pension plan. Contributions are charged to the profit and loss account as they are payable.
1.13
Leases
Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leases asset are consumed.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2023
2022
Number
Number
Total
16
16
BLAKE FRIEDMANN LITERARY AGENCY LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2023
- 6 -
3
Intangible fixed assets
Goodwill
£
Cost
At 1 June 2022 and 31 May 2023
34,365
Amortisation and impairment
At 1 June 2022 and 31 May 2023
34,364
Carrying amount
At 31 May 2023
1
At 31 May 2022
1
Goodwill represents the excess of the cost of acquisition of unincorporated businesses over the fair value of net assets acquired. It is stated at cost and had been fully amortised before the end of the period.
4
Tangible fixed assets
Land and buildings Leasehold
Fixtures, fittings & equipment
Total
£
£
£
Cost
At 1 June 2022
9,520
187,264
196,784
Additions
1,651
1,651
At 31 May 2023
9,520
188,915
198,435
Depreciation and impairment
At 1 June 2022
7,695
160,039
167,734
Depreciation charged in the year
1,825
5,318
7,143
At 31 May 2023
9,520
165,357
174,877
Carrying amount
At 31 May 2023
23,558
23,558
At 31 May 2022
1,825
27,225
29,050
5
Debtors
2023
2022
Amounts falling due within one year:
£
£
Other debtors
15,295
18,325
Prepayments and accrued income
28,655
14,628
43,950
32,953
BLAKE FRIEDMANN LITERARY AGENCY LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2023
- 7 -
6
Creditors: amounts falling due within one year
2023
2022
£
£
Bank loans and overdrafts
20,000
20,000
Trade creditors
23,288
6,124
Corporation tax
11,453
14,046
Other taxation and social security
40,082
24,224
Other creditors
56,615
59,210
Accruals and deferred income
79,565
88,676
231,003
212,280
The bank overdraft is secured by a fixed and floating charge over the underlying assets of the company and is repayable on demand. One of the directors has given a guarantee on the bank overdraft of up to £120,000.
7
Creditors: amounts falling due after more than one year
2023
2022
£
£
Bank loans
45,000
65,000
8
Provisions for liabilities
2023
2022
£
£
Deferred tax liabilities
4,476
6,807
9
Operating lease commitments
Lessee
At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases totalling £157,500 (2022: £31,079).
10
Related party transactions
At the period end, a sum of £49,744 (2022: £55,958) was owed to the directors by the company. These loans are non interest bearing and are repayable on demand.