Friday Street Inc Limited 09974897 false 2023-01-01 2023-12-31 2023-12-31 The principal activity of the company is buying and selling of own real estate. Digita Accounts Production Advanced 6.30.9574.0 true true 09974897 2023-01-01 2023-12-31 09974897 2023-12-31 09974897 core:CurrentFinancialInstruments 2023-12-31 09974897 core:CurrentFinancialInstruments core:WithinOneYear 2023-12-31 09974897 bus:SmallEntities 2023-01-01 2023-12-31 09974897 bus:AuditExemptWithAccountantsReport 2023-01-01 2023-12-31 09974897 bus:FullAccounts 2023-01-01 2023-12-31 09974897 bus:SmallCompaniesRegimeForAccounts 2023-01-01 2023-12-31 09974897 bus:RegisteredOffice 2023-01-01 2023-12-31 09974897 bus:Director1 2023-01-01 2023-12-31 09974897 bus:PrivateLimitedCompanyLtd 2023-01-01 2023-12-31 09974897 core:OtherRelatedParties 2023-01-01 2023-12-31 09974897 countries:EnglandWales 2023-01-01 2023-12-31 09974897 2022-12-31 09974897 2022-01-01 2022-12-31 09974897 2022-12-31 09974897 core:CurrentFinancialInstruments 2022-12-31 09974897 core:CurrentFinancialInstruments core:WithinOneYear 2022-12-31 iso4217:GBP xbrli:pure

Registration number: 09974897

Prepared for the registrar

Friday Street Inc Limited

Annual Report and Unaudited Financial Statements

for the Year Ended 31 December 2023

 

Friday Street Inc Limited

(Registration number: 09974897)
Balance Sheet as at 31 December 2023

Note

2023
£

2022
£

Fixed assets

 

Investment property

4

4,602,038

1,853,789

Current assets

 

Debtors

5

38,233

1,080

Cash at bank and in hand

 

257,164

104,328

 

295,397

105,408

Creditors: Amounts falling due within one year

6

(4,143,835)

(1,244,369)

Net current liabilities

 

(3,848,438)

(1,138,961)

Net assets

 

753,600

714,828

Capital and reserves

 

Called up share capital

100

100

Profit and loss account

753,500

714,728

Shareholders' funds

 

753,600

714,828

For the financial year ending 31 December 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime and the option not to file the Profit and Loss Account has been taken.

Approved by the Board on 26 August 2024 and signed on its behalf by:
 


M S M Dunkley
Director

 

Friday Street Inc Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023

 

1

General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
Windsor House
Bayshill Road
Cheltenham
GL50 3AT

 

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention.

The presentational currency of the financial statements is Pounds Sterling, being the functional currency of the primary economic environment in which the company operates. Monetary amounts in these financial statements are rounded to the nearest Pound.

Going concern

After reviewing the company's current forecasts and projections, together with the facilities available to the company, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. The company therefore continues to adopt the going concern basis in preparing its financial statements.

Revenue recognition

Turnover comprises the fair value of the rental income received or receivable in the ordinary course of the company’s activities. Turnover is shown net of value added tax.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Tax

The corporation tax expense for the period comprises current tax and is recognised in the profit and loss account,

The current corporation 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 taxable income.

Investment property

Investment property is carried at fair value, derived from the current market prices for comparable real estate. Changes in fair value are recognised in profit or loss.

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

 

Friday Street Inc Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and all are repayable within one year and hence are included at the undiscounted amount of cash expected to be paid.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Financial instruments


Classification
Financial instruments are classified and accounted for according to the substance of the contractual arrangement, as financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities. Where shares are issued, any component that creates a financial liability of the company is presented as a liability on the balance sheet. The corresponding dividends relating to the liability component are charged as interest expenses in the profit and loss account.

 Recognition and measurement
All financial assets and liabilities are initially measured at transaction price (including transaction costs), except for those financial assets classified as at fair value through profit or loss, which are initially measured at fair value (which is normally the transaction price excluding transaction costs), unless the arrangement constitutes a financing transaction. If an arrangement constitutes a financing transaction, the financial asset or financial liability is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.
 

 

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 2 (2022 - 2).

 

Friday Street Inc Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023

 

4

Investment properties

2023
£

At 1 January 2023

1,853,789

Additions

2,748,249

At 31 December 2023

4,602,038

At 31 December 2023, the investment properties were valued by the directors on an open market basis.

There has been no valuation of investment property by an independent valuer.

 

5

Debtors

2023
 £

2022
 £

Trade debtors

18,537

-

Other debtors

15,000

-

Prepayments

4,696

1,080

 

38,233

1,080

 

6

Creditors

Note

2023
 £

2022
 £

Due within one year

 

Trade creditors

 

136

-

Amounts due to related parties

7

3,551,912

896,283

Social security and other taxes

 

11,433

-

Other creditors

 

102,434

101,750

Accrued expenses

 

318,525

160,171

Corporation tax liability

60,491

35,290

Deferred income

 

98,904

50,875

 

4,143,835

1,244,369

 

7

Related party transactions

Summary of transactions with other related parties


At 31 December 2023, the company owed £3,551,912 (2022: £896,283) to the directors in the form of a director's loan account. Interest of £317,174 (2022: £159,206) has been accrued on this balance to date, there are no fixed repayment terms.

At 31 December 2023, the company was owed £15,000 (2022: nil) from Pitville 2023 Limited, a company in which Friday Street Inc owns shares. The loan is unsecured and no interest was charged on the balance.