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Registered number: 13761191














FREUDS + LIMITED
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

 
FREUDS + LIMITED
 

CONTENTS



Page
Statement of Financial Position
 
1
Notes to the Financial Statements
 
2 - 6


 
FREUDS + LIMITED
REGISTERED NUMBER:13761191

STATEMENT OF FINANCIAL POSITION
AS AT 31 DECEMBER 2023

Year ended 31 December 2023
Period ended 31 December 2022
Note
£
£

Fixed assets
  

Intangible assets
 4 
5,000
6,875

Current assets
  

Stocks
  
174,889
35,124

Debtors: amounts falling due within one year
 6 
1,073,342
2,018,852

Cash at bank and in hand
  
2,487,515
1,603,608

  
3,735,746
3,657,584

Current Liabilities
  

Creditors: amounts falling due within one year
 7 
(1,178,496)
(2,063,816)

Net current assets
  
 
 
2,557,250
 
 
1,593,768

Net assets
  
2,562,250
1,600,643


Capital and reserves
  

Called up share capital 
 8 
1
1

Profit and loss account
  
2,562,249
1,600,642

  
2,562,250
1,600,643


The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

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

The Company has opted not to file the statement of comprehensive income in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf on 24 September 2024.




R N W Bankes
Director

The notes on pages 2 to 6 form part of these financial statements.

Page 1

 
FREUDS + LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

1.


General information

Freuds + Limited is a private company, limited by shares, incorporated in England and Wales. Its registered office and business address 1 Stephen Street, London, W1T 1AL.
The principal activity of the company is public relations and communications. 

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Section 1A of Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

The following principal accounting policies have been applied:

 
2.2

Revenue

Turnover comprises revenue recognised by the company in respect of services supplied during the year, exclusive of Value Added Tax.
Revenue for retainer fees is recognised over the life of the retainer on a straight line basis. Revenue in respect of projects is recognised over the life of the project on a percentage of completion basis. Third party costs are recognised as incurred.

 
2.3

Foreign currency translation

Functional and presentation currency

The Company's functional and presentational currency is £ Sterling.

Transactions and balances

Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions.

At each period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined.

 
2.4

Interest income

Interest income is recognised in profit or loss using the effective interest method.

Page 2

 
FREUDS + LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

 
2.5

Pensions

Defined contribution pension plan
The Company contributes to a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations.
The contributions are recognised as an expense in the Statement of Comprehensive Income when they fall due. Amounts not paid are shown in accruals as a liability in the Statement of Financial Position. The assets of the plan are held separately from the Company in independently administered funds.

 
2.6

Taxation

Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

The current income 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 income.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the Statement of Financial Position date, except that:
 - The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and
 - Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

 
2.7

Intangible assets

Intangible assets are initially recognised at cost. After recognition, under the cost model, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

All intangible assets are considered to have a finite useful life. If a reliable estimate of the useful life cannot be made, the useful life shall not exceed ten years.

 Amortisation is provided on the following bases:


Website development - straight line over 3 years

 
2.8

Stocks

Work in progress, which comprises third party costs, is valued at the lower of cost and net realisable value.

 
2.9

Debtors

Short term debtors are measured at the transaction price, less any impairment.

Page 3

 
FREUDS + LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

 
2.10

Creditors

Short term creditors are measured at the transaction price.

 
2.11

Financial instruments

The Company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in ordinary shares.


3.


Employees

The average monthly number of employees, including directors, during the year was 39 (2022 - 38).


4.


Intangible assets




Website development

£



Cost


At 1 January 2023
7,500



At 31 December 2023

7,500



Amortisation


At 1 January 2023
625


Charge for the year on owned assets
1,875



At 31 December 2023

2,500



Net book value



At 31 December 2023
5,000



At 31 December 2022
6,875



Page 4

 
FREUDS + LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

5.


Stocks

Year ended 31 December 2023
Period ended 31 December 2022
£
£

Work in progress
174,889
35,124



6.


Debtors

Year ended 31 December 2023
Period ended 31 December 2022
£
£


Trade debtors
7,409
18,859

Amounts owed by group undertakings
53,350
1,270,425

Other debtors
72,416
87,418

Prepayments and accrued income
940,167
642,150

1,073,342
2,018,852



7.


Creditors: Amounts falling due within one year

Year ended 31 December 2023
Period ended 31 December 2022
£
£

Trade creditors
91,209
279,859

Amounts owed to group undertakings
54,839
99,238

Corporation tax
9,322
8,345

Other taxation and social security
78,639
63,439

Other creditors
779,065
1,333,365

Accruals and deferred income
165,422
279,570

1,178,496
2,063,816


Page 5

 
FREUDS + LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

8.


Share capital

Year ended 31 December 2023
Period ended 31 December 2022
£
£
Allotted, called up and fully paid



1 (2022 - 1) Ordinary share of £1
1
1



9.


Controlling party

Following a group restructuring effective 3 July 2023, Freud 4.0 Limited became the ultimate parent undertaking of the Company. Up to that date Freud 3.0 Limited was the ultimate parent. Freud 4.0 Limited is the parent company of the smallest and largest group for which group financial statements are drawn up. Copies of the consolidated financial statements are available from the Registrar of Companies.


10.


Auditors' information

The auditors' report on the financial statements for the year ended 31 December 2023 was unqualified.

The audit report was signed on 24 September 2024 by Stephen Iseman FCA (Senior Statutory Auditor) on behalf of Sopher + Co LLP.

 
Page 6