REGISTERED NUMBER: 01874025 (England and Wales) |
GROUP STRATEGIC REPORT, |
REPORT OF THE DIRECTORS AND |
CONSOLIDATED FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 JANUARY 2024 |
FOR |
FRIDAY MEDIA GROUP LIMITED |
REGISTERED NUMBER: 01874025 (England and Wales) |
GROUP STRATEGIC REPORT, |
REPORT OF THE DIRECTORS AND |
CONSOLIDATED FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 JANUARY 2024 |
FOR |
FRIDAY MEDIA GROUP LIMITED |
FRIDAY MEDIA GROUP LIMITED (REGISTERED NUMBER: 01874025) |
CONTENTS OF THE CONSOLIDATED FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 JANUARY 2024 |
Page |
Company Information | 1 |
Group Strategic Report | 2 |
Report of the Directors | 4 |
Report of the Independent Auditors | 6 |
Consolidated Income Statement | 10 |
Consolidated Other Comprehensive Income | 11 |
Consolidated Balance Sheet | 12 |
Company Balance Sheet | 13 |
Consolidated Statement of Changes in Equity | 14 |
Company Statement of Changes in Equity | 15 |
Consolidated Cash Flow Statement | 16 |
Notes to the Consolidated Cash Flow Statement | 17 |
Notes to the Consolidated Financial Statements | 19 |
FRIDAY MEDIA GROUP LIMITED |
COMPANY INFORMATION |
FOR THE YEAR ENDED 31 JANUARY 2024 |
DIRECTORS: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
AUDITORS: |
30 - 34 North Street |
Hailsham |
East Sussex |
BN27 1DW |
FRIDAY MEDIA GROUP LIMITED (REGISTERED NUMBER: 01874025) |
GROUP STRATEGIC REPORT |
FOR THE YEAR ENDED 31 JANUARY 2024 |
The directors present their strategic report of the company and the group for the year ended 31 January 2024. |
REVIEW OF BUSINESS |
The directors present their strategic report for Friday Media Group for the financial year ended 31 January 2024. This period was challenging yet transformative, with a reported loss of £(154,646), a shift from the previous year's profit of £103,473. Our commitment remains steadfast-to evolve and continuously innovate to connect people and businesses through technology. The ongoing modernisation of our existing products and the launch of new initiatives are central to our strategy. We continue to invest for the long term in both digital (technology ) and retail (physical) infrastructure. |
The restructuring of the group into five divisions initiated in the prior year has now begun showing its effectiveness. This new structure has allowed us to enhance our operational capabilities in variable sectors and better manage challenges, adapting swiftly to the evolving market needs. Although the transition was initially demanding, it has fortified our business model and strategically positioned us to seize emerging opportunities. |
DIVISIONAL OVERVIEW |
Spidersnet: Specialising in automotive technology. |
Marketplaces: Offering classified marketplaces and business services for SMEs. |
Recruitment: Providing online job boards and recruitment services with a current focus on internationalisation, |
Retail: Operating both online and offline garden centres with a pivot to an event driven business model. Focusing investment to transform business locations into event spaces that dovetail with our retail strategy |
HelloFriday: A SaaS-based HRM software platform that was fully launched and is now operational. |
PRINCIPAL RISKS AND UNCERTAINTIES |
Operating in a highly competitive landscape, the risks of rapid market changes are significant, yet they also present opportunities for growth and expansion. We actively focus on adaptability to mitigate these risks. Significant revenue is generated from advertising, which is inherently cyclical. We manage this risk by diversifying our business portfolio across different consumer-focused domains. |
FINANCIAL INSTRUMENTS AND RISKS |
Our financial instruments consist of cash, receivables, and payables that arise directly from our operations. The main risks include liquidity, cash flow interest rate risk, and credit risk, which are managed through established policies reviewed and agreed upon by the directors. |
LOOKING FORWARD |
As we look ahead, our focus will continue on leveraging our restructured platform to drive growth, particularly in the digital and technology sectors. The full operationalisation of HelloFriday and the Upcountry and retail events space are expected to contribute positively to our performance in the coming years. |
This strategic direction is aligned with our mission to innovate and lead in connecting businesses and people globally through advanced technological solutions. |
ACKNOWLEDGEMENTS |
We thank our employees for their dedication and our customers for their trust as we continue to adapt and evolve in these challenging times. |
FRIDAY MEDIA GROUP LIMITED (REGISTERED NUMBER: 01874025) |
GROUP STRATEGIC REPORT |
FOR THE YEAR ENDED 31 JANUARY 2024 |
PERFORMANCE OF THE BUSINESS |
Key performance indicators |
2024 | 2023 | 2022 | 2021 |
Turnover | £7,708,279 | £7,673,577 | £10,547,030 | £14,271,450 |
Turnover growth/(decline) | 0.45% | (27.2%) | 16.7% | 16.7% |
EBITDA | £257,894 | £685,999 | £260,118 | £848,190 |
EBITDA growth/(decline) | (62.4%) | 164.7% | (69.3%) | 171.3% |
Profit/(loss) before tax | (£154,646) | £103,743 | (£31,692) | £5,515,463 |
Profit growth/(decline) | (249.1%) | 427.3% | (100.6%) | 762.9% |
Employee numbers | 159 | 164 | 190 | 191 |
ON BEHALF OF THE BOARD: |
FRIDAY MEDIA GROUP LIMITED (REGISTERED NUMBER: 01874025) |
REPORT OF THE DIRECTORS |
FOR THE YEAR ENDED 31 JANUARY 2024 |
The directors present their report with the financial statements of the company and the group for the year ended 31 January 2024. |
DIVIDENDS |
The total distribution of dividends for the year ended 31 January 2024 will be £nil (2023: £3,000,000). |
DIRECTORS |
The directors shown below have held office during the whole of the period from 1 February 2023 to the date of this report. |
POLITICAL DONATIONS AND EXPENDITURE |
During the year the company made charitable donations of £3,984 (2023: £13,219). No donations in the year were over £2,000, but details of the 2023 donations which were are detailed below: |
Charities Aid Foundation - £13,219: their mission is to motivate society to give ever more effectively, helping to transform lives and communities around the world. |
POLICY FOR DISABLED PERSONS |
The group has a policy of equal opportunities to all employees and potential employees. People with disabilities are, wherever possible, given the same opportunities for employment, training and development as other employees taking into account their individual abilities and qualifications. |
DISCLOSURE IN THE STRATEGIC REPORT |
In accordance with s.414C(11) of the Companies Act 2006, information on financial and other risks required by Schedule 7 to be contained in the Directors Report, are set out in the Strategic Report. |
STATEMENT OF DIRECTORS' RESPONSIBILITIES |
The directors are responsible for preparing the Group Strategic Report, the Report of the Directors and the financial statements in accordance with applicable law and regulations. |
Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law), including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'. Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and the group and of the profit or loss of the group for that period. In preparing these financial statements, the directors are required to: |
- | select suitable accounting policies and then apply them consistently; |
- | make judgements and accounting estimates that are reasonable and prudent; |
- | prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business. |
The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's and the group's transactions and disclose with reasonable accuracy at any time the financial position of the company and the group and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and the group and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. |
FRIDAY MEDIA GROUP LIMITED (REGISTERED NUMBER: 01874025) |
REPORT OF THE DIRECTORS |
FOR THE YEAR ENDED 31 JANUARY 2024 |
STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS |
So far as the directors are aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the group's auditors are unaware, and each director has taken all the steps that he or she ought to have taken as a director in order to make himself or herself aware of any relevant audit information and to establish that the group's auditors are aware of that information. |
AUDITORS |
The auditors, Watson Associates (Audit Services) Ltd, will be proposed for re-appointment at the forthcoming Annual General Meeting. |
ON BEHALF OF THE BOARD: |
REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF |
FRIDAY MEDIA GROUP LIMITED |
Opinion |
We have audited the financial statements of Friday Media Group Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 31 January 2024 which comprise the Consolidated Income Statement, Consolidated Other Comprehensive Income, Consolidated Balance Sheet, Company Balance Sheet, Consolidated Statement of Changes in Equity, Company Statement of Changes in Equity, Consolidated Cash Flow Statement and Notes to the Consolidated Cash Flow Statement, Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice). |
In our opinion the financial statements: |
- | give a true and fair view of the state of the group's and of the parent company affairs as at 31 January 2024 and of the group's profit for the year then ended; |
- | have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and |
- | have been prepared in accordance with the requirements of the Companies Act 2006. |
Basis for opinion |
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the group in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion. |
Conclusions relating to going concern |
In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate. |
Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the group's and the parent company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue. |
Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report. |
Other information |
The directors are responsible for the other information. The other information comprises the information in the Group Strategic Report and the Report of the Directors, but does not include the financial statements and our Report of the Auditors thereon. |
Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. |
In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard. |
Opinions on other matters prescribed by the Companies Act 2006 |
In our opinion, based on the work undertaken in the course of the audit: |
- | the information given in the Group Strategic Report and the Report of the Directors for the financial year for which the financial statements are prepared is consistent with the financial statements; and |
- | the Group Strategic Report and the Report of the Directors have been prepared in accordance with applicable legal requirements. |
REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF |
FRIDAY MEDIA GROUP LIMITED |
Matters on which we are required to report by exception |
In the light of the knowledge and understanding of the group and the parent company and its environment obtained in the course of the audit, we have not identified material misstatements in the Group Strategic Report or the Report of the Directors. |
We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion: |
- | adequate accounting records have not been kept by the parent company, or returns adequate for our audit have not been received from branches not visited by us; or |
- | the parent company financial statements are not in agreement with the accounting records and returns; or |
- | certain disclosures of directors' remuneration specified by law are not made; or |
- | we have not received all the information and explanations we require for our audit. |
Responsibilities of directors |
As explained more fully in the Statement of Directors' Responsibilities set out on page four, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. |
In preparing the financial statements, the directors are responsible for assessing the group's and the parent company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the group or the parent company or to cease operations, or have no realistic alternative but to do so. |
REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF |
FRIDAY MEDIA GROUP LIMITED |
Auditors' responsibilities for the audit of the financial statements |
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue a Report of the Auditors that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements. |
The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below: |
Based on our understanding of the Group and industry, we identified that the principal risks of non-compliance with laws and regulations related to employment laws and we considered the extent to which non-compliance might have a material effect on the financial statements. |
We also considered those laws and regulations that have a direct impact on the preparation of the financial statements such as the Companies Act 2006. We evaluated management’s incentives and opportunities for fraudulent manipulation of the financial statements (including the risk of override of controls), and determined that the principal risks were related to posting inappropriate journal entries to achieve desired financial results and the manipulation of exceptional items and management bias in accounting estimates. |
Audit procedures performed by the engagement team included: |
- |
enquiries with management, including consideration of known or suspected instances of fraud and non-compliance with laws and regulations and examining supporting calculations where a provision has been made in respect of these; |
- |
reading key correspondence with regulatory authorities in relation to compliance with certain employment laws; |
- |
understanding and evaluating the design and implementation of management’s controls designed to prevent and detect irregularities; |
- |
challenging assumptions and judgements made by management in their significant accounting estimates, inparticular in relation to valuation of investment property, impairment of investments in subsidiaries and the measurement and classification of exceptional items; |
- |
identifying and testing journal entries, in particular any journal entries posted with unusual account combinationsand postings by unusual users. |
There are inherent limitations in the audit procedures described above and the further removed non-compliance with laws and regulations is from the events and transactions reflected in the financial statements, the less likely we would become aware of it. Also, the risk of not detecting a material misstatement due to fraud is higher than the risk. |
A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Report of the Auditors. |
REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF |
FRIDAY MEDIA GROUP LIMITED |
Use of our report |
This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in a Report of the Auditors and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members as a body, for our audit work, for this report, or for the opinions we have formed. |
for and on behalf of |
30 - 34 North Street |
Hailsham |
East Sussex |
BN27 1DW |
FRIDAY MEDIA GROUP LIMITED (REGISTERED NUMBER: 01874025) |
CONSOLIDATED INCOME STATEMENT |
FOR THE YEAR ENDED 31 JANUARY 2024 |
2024 | 2023 |
Notes | £ | £ |
TURNOVER | 4 | 7,708,279 | 7,673,577 |
Cost of sales | (3,235,585 | ) | (3,247,686 | ) |
GROSS PROFIT | 4,472,694 | 4,425,891 |
Administrative expenses | (5,138,064 | ) | (5,521,136 | ) |
(665,370 | ) | (1,095,245 | ) |
Other operating income | 475,556 | 420,672 |
OPERATING LOSS | 6 | (189,814 | ) | (674,573 | ) |
Gain/loss on revaluation of investment property |
160,510 |
866,308 |
(29,304 | ) | 191,735 |
Interest payable and similar expenses | 7 | (125,342 | ) | (87,992 | ) |
(LOSS)/PROFIT BEFORE TAXATION | (154,646 | ) | 103,743 |
Tax on (loss)/profit | 8 | 231,723 | 403,329 |
PROFIT FOR THE FINANCIAL YEAR |
Profit attributable to: |
Owners of the parent | 168,520 | 502,749 |
Non-controlling interests | (91,443 | ) | 4,323 |
77,077 | 507,072 |
FRIDAY MEDIA GROUP LIMITED (REGISTERED NUMBER: 01874025) |
CONSOLIDATED OTHER COMPREHENSIVE INCOME |
FOR THE YEAR ENDED 31 JANUARY 2024 |
2024 | 2023 |
Notes | £ | £ |
PROFIT FOR THE YEAR | 77,077 | 507,072 |
OTHER COMPREHENSIVE (LOSS)/INCOME |
Exchange movement on consolidation | (50,659 | ) | 147,830 |
Exchange movement on investments |
Income tax relating to other comprehensive (loss)/income |
- |
- |
OTHER COMPREHENSIVE (LOSS)/INCOME FOR THE YEAR, NET OF INCOME TAX |
(50,659 |
) |
147,830 |
TOTAL COMPREHENSIVE INCOME FOR THE YEAR |
26,418 |
654,902 |
Total comprehensive income attributable to: |
Owners of the parent | 117,861 | 650,579 |
Non-controlling interests | (91,443 | ) | 4,323 |
26,418 | 654,902 |
FRIDAY MEDIA GROUP LIMITED (REGISTERED NUMBER: 01874025) |
CONSOLIDATED BALANCE SHEET |
31 JANUARY 2024 |
2024 | 2023 |
Notes | £ | £ |
FIXED ASSETS |
Intangible assets | 11 | 1,058,828 | 1,028,149 |
Tangible assets | 12 | 6,820,398 | 7,325,714 |
Investments | 13 | - | - |
Investment property | 14 | 8,382,915 | 7,528,477 |
16,262,141 | 15,882,340 |
CURRENT ASSETS |
Stocks | 15 | 759,067 | 753,504 |
Debtors | 16 | 1,525,379 | 1,707,213 |
Cash at bank and in hand | 1,483,673 | 1,924,509 |
3,768,119 | 4,385,226 |
CREDITORS |
Amounts falling due within one year | 17 | (2,474,205 | ) | (2,644,025 | ) |
NET CURRENT ASSETS | 1,293,914 | 1,741,201 |
TOTAL ASSETS LESS CURRENT LIABILITIES |
17,556,055 |
17,623,541 |
CREDITORS |
Amounts falling due after more than one year |
18 |
(1,242,490 |
) |
(1,336,394 |
) |
NET ASSETS | 16,313,565 | 16,287,147 |
CAPITAL AND RESERVES |
Called up share capital | 23 | 480,002 | 480,002 |
Foreign exchange reserves | 24 | 127,124 | 177,783 |
Non distributable reserves | 24 | 1,929,439 | 1,756,358 |
Retained earnings | 24 | 14,059,192 | 14,063,753 |
SHAREHOLDERS' FUNDS | 16,595,757 | 16,477,896 |
NON-CONTROLLING INTERESTS | 25 | (282,192 | ) | (190,749 | ) |
TOTAL EQUITY | 16,313,565 | 16,287,147 |
The financial statements were approved by the Board of Directors and authorised for issue on 25 October 2024 and were signed on its behalf by: |
S L Kidger - Director |
FRIDAY MEDIA GROUP LIMITED (REGISTERED NUMBER: 01874025) |
COMPANY BALANCE SHEET |
31 JANUARY 2024 |
2024 | 2023 |
Notes | £ | £ |
FIXED ASSETS |
Intangible assets | 11 |
Tangible assets | 12 |
Investments | 13 |
Investment property | 14 |
CURRENT ASSETS |
Debtors | 16 |
Cash at bank |
CREDITORS |
Amounts falling due within one year | 17 | ( |
) | ( |
) |
NET CURRENT LIABILITIES | ( |
) | ( |
) |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CAPITAL AND RESERVES |
Called up share capital | 23 |
Foreign exchange reserves | 24 |
Non distributable reserves | 24 |
Retained earnings | 24 |
SHAREHOLDERS' FUNDS |
Company's profit for the financial year | 311,994 | 495,298 |
The financial statements were approved by the Board of Directors and authorised for issue on |
FRIDAY MEDIA GROUP LIMITED (REGISTERED NUMBER: 01874025) |
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY |
FOR THE YEAR ENDED 31 JANUARY 2024 |
Called up | Foreign |
share | Retained | exchange |
capital | earnings | reserves |
£ | £ | £ |
Balance at 1 February 2022 | 480,002 | 17,210,735 | 29,953 |
Changes in equity |
Dividends | - | (3,000,000 | ) | - |
Total comprehensive income | - | (146,982 | ) | 147,830 |
Balance at 31 January 2023 | 480,002 | 14,063,753 | 177,783 |
Changes in equity |
Total comprehensive income | - | (4,561 | ) | (50,659 | ) |
Balance at 31 January 2024 | 480,002 | 14,059,192 | 127,124 |
Non |
distributable | Non-controlling | Total |
reserves | Total | interests | equity |
£ | £ | £ | £ |
Balance at 1 February 2022 | 1,106,627 | 18,827,317 | (195,072 | ) | 18,632,245 |
Changes in equity |
Dividends | - | (3,000,000 | ) | - | (3,000,000 | ) |
Total comprehensive income | 649,731 | 650,579 | 4,323 | 654,902 |
Balance at 31 January 2023 | 1,756,358 | 16,477,896 | (190,749 | ) | 16,287,147 |
Changes in equity |
Total comprehensive income | 173,081 | 117,861 | (91,443 | ) | 26,418 |
Balance at 31 January 2024 | 1,929,439 | 16,595,757 | (282,192 | ) | 16,313,565 |
FRIDAY MEDIA GROUP LIMITED (REGISTERED NUMBER: 01874025) |
COMPANY STATEMENT OF CHANGES IN EQUITY |
FOR THE YEAR ENDED 31 JANUARY 2024 |
Called up | Foreign | Non |
share | Retained | exchange | distributable | Total |
capital | earnings | reserves | reserves | equity |
£ | £ | £ | £ | £ |
Balance at 1 February 2022 |
Changes in equity |
Dividends | - | ( |
) | - | - | ( |
) |
Total comprehensive income | - |
Balance at 31 January 2023 |
Changes in equity |
Total comprehensive income | - | ( |
) |
Balance at 31 January 2024 |
FRIDAY MEDIA GROUP LIMITED (REGISTERED NUMBER: 01874025) |
CONSOLIDATED CASH FLOW STATEMENT |
FOR THE YEAR ENDED 31 JANUARY 2024 |
2024 | 2023 |
Notes | £ | £ |
Cash flows from operating activities |
Cash generated from operations | 1 | (93,824 | ) | (242,416 | ) |
Interest paid | (125,342 | ) | (87,992 | ) |
Tax paid | 163,310 | 28,497 |
Net cash from operating activities | (55,856 | ) | (301,911 | ) |
Cash flows from investing activities |
Purchase of intangible fixed assets | (319,028 | ) | (499,922 | ) |
Purchase of tangible fixed assets | (371,685 | ) | (449,606 | ) |
Purchase of investment property | - | (21,364 | ) |
Sale of tangible fixed assets | 2,224 | - |
Net cash from investing activities | (688,489 | ) | (970,892 | ) |
Cash flows from financing activities |
Loan repayments in year | (76,079 | ) | (58,391 | ) |
Capital repayments in year | (7,980 | ) | (11,818 | ) |
Amount introduced by directors | 50,000 | - |
Amount withdrawn by directors | (7,248 | ) | (1,077,676 | ) |
Equity dividends paid | - | (3,000,000 | ) |
Net cash from financing activities | (41,307 | ) | (4,147,885 | ) |
Decrease in cash and cash equivalents | (785,652 | ) | (5,420,688 | ) |
Cash and cash equivalents at beginning of year |
2 |
545,819 |
5,966,507 |
Cash and cash equivalents at end of year |
2 |
(239,833 |
) |
545,819 |
FRIDAY MEDIA GROUP LIMITED (REGISTERED NUMBER: 01874025) |
NOTES TO THE CONSOLIDATED CASH FLOW STATEMENT |
FOR THE YEAR ENDED 31 JANUARY 2024 |
1. | RECONCILIATION OF (LOSS)/PROFIT BEFORE TAXATION TO CASH GENERATED FROM OPERATIONS |
2024 | 2023 |
£ | £ |
(Loss)/profit before taxation | (154,646 | ) | 103,743 |
Depreciation charges | 461,118 | 494,266 |
Profit on disposal of fixed assets | (205 | ) | - |
Gain on revaluation of fixed assets | (160,510 | ) | (866,308 | ) |
Increase/(decrease) in provisions | (343 | ) | - |
Foreign exchange reserve movement | (52,055 | ) | 48,637 |
Finance costs | 125,342 | 87,992 |
218,701 | (131,670 | ) |
Increase in stocks | (5,563 | ) | (14,231 | ) |
Decrease in trade and other debtors | 218,874 | 197,777 |
Decrease in trade and other creditors | (525,836 | ) | (294,292 | ) |
Cash generated from operations | (93,824 | ) | (242,416 | ) |
2. | CASH AND CASH EQUIVALENTS |
The amounts disclosed on the Cash Flow Statement in respect of cash and cash equivalents are in respect of these Balance Sheet amounts: |
Year ended 31 January 2024 |
31.1.24 | 1.2.23 |
£ | £ |
Cash and cash equivalents | 1,483,673 | 1,924,509 |
Bank overdrafts | (1,723,506 | ) | (1,378,690 | ) |
(239,833 | ) | 545,819 |
Year ended 31 January 2023 |
31.1.23 | 1.2.22 |
£ | £ |
Cash and cash equivalents | 1,924,509 | 6,508,221 |
Bank overdrafts | (1,378,690 | ) | (541,714 | ) |
545,819 | 5,966,507 |
FRIDAY MEDIA GROUP LIMITED (REGISTERED NUMBER: 01874025) |
NOTES TO THE CONSOLIDATED CASH FLOW STATEMENT |
FOR THE YEAR ENDED 31 JANUARY 2024 |
3. | ANALYSIS OF CHANGES IN NET DEBT |
At 1.2.23 | Cash flow | At 31.1.24 |
£ | £ | £ |
Net cash |
Cash at bank and in hand | 1,924,509 | (440,836 | ) | 1,483,673 |
Bank overdrafts | (1,378,690 | ) | (344,816 | ) | (1,723,506 | ) |
545,819 | (785,652 | ) | (239,833 | ) |
Debt |
Finance leases | (43,238 | ) | 7,980 | (35,258 | ) |
Debts falling due within 1 year | (101,102 | ) | (6,162 | ) | (107,264 | ) |
Debts falling due after 1 year | (1,301,331 | ) | 82,241 | (1,219,090 | ) |
(1,445,671 | ) | 84,059 | (1,361,612 | ) |
Total | (899,852 | ) | (701,593 | ) | (1,601,445 | ) |
FRIDAY MEDIA GROUP LIMITED (REGISTERED NUMBER: 01874025) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 JANUARY 2024 |
1. | STATUTORY INFORMATION |
Friday Media Group Limited is a |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
The financial statements have been presented in sterling (£). |
Basis of consolidation |
The group financial statements consolidate the financial statements of the company and its subsidiary undertakings, all of which are made up to 31 January 2023. All intra-group profits and transactions are eliminated on consolidation. |
Revenue recognition |
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. |
The company recognises revenue when the significant risks and rewards of ownership have been transferred to the buyer; the company retains no continuing involvement or control over the goods; the amount of revenue can be measured reliably; and when it is probable that future economic benefits will flow to the entity. |
Turnover arising from advertising services is recognised by reference to the stage of completion of the contract. Income is recognised initially when an advertisement goes live and is accounted for on an accruals basis thereafter. |
Interest income |
Interest income is recognised using the effective interest method. |
Rental income |
Rental income from operating leases is recognised on a straight-line basis over the term of the relevant lease unless the lease payments are structured to increase in line with expected general inflation in which case the income is recognised as revenue in accordance with the expected payments. |
FRIDAY MEDIA GROUP LIMITED (REGISTERED NUMBER: 01874025) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 JANUARY 2024 |
2. | ACCOUNTING POLICIES - continued |
Goodwill and other intangible assets |
Any excess of the costs of the acquisition over the group's interest in the net fair value of the identifiable assets and liabilities is recognised as goodwill. If the net fair value of the identifiable assets and liabilities exceeds the cost of the business combination, the excess is recognised as negative goodwill. |
Goodwill is being amortised evenly over its useful economic life of between 1 and 10 years. Goodwill is assessed for impairment when there are indicators of impairment and any impairment is charged to the income statement. Reversals of impairment are recognised when the reasons for the impairment no longer apply. |
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses. |
Website development costs are recognised as an intangible asset when all of the following criteria are demonstrated: |
- The technical feasibility of completing the website so that it will be available for use or sale. |
- The intention to complete the development and use or sell it. |
- The ability to use the website or sell it. |
- How the website development will generate probable future economic benefits. |
- The availability of adequate technical, financial and other resources to complete the development and to use or sell the website development. |
- The ability to measure reliably the expenditure attributable to the website development during its development. |
Website development costs are being amortised over their estimated useful life of between 3 to 36 months. |
Tangible fixed assets |
Freehold property | - |
Short leasehold | - |
Improvements to property | - |
Plant and machinery | - |
Fixtures and fittings | - |
Motor vehicles | - |
Computer equipment | - |
Tangible assets are stated at cost (or deemed cost) less accumulated depreciation and accumulated impairment losses. Cost includes the original purchase price, costs directly attributable to bringing the asset to its working condition for its intended use, dismantling and restoration costs. |
The assets' residual values and useful lives are reviewed, and adjusted, if appropriate, at the end of each reporting period. The effect of any change is accounted for prospectively. |
No provision for depreciation is made in respect of the freehold properties as the directors consider such a charge to be immaterial. |
FRIDAY MEDIA GROUP LIMITED (REGISTERED NUMBER: 01874025) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 JANUARY 2024 |
2. | ACCOUNTING POLICIES - continued |
Investment property |
Investment property is shown at most recent valuation. Any aggregate surplus or deficit arising from changes in fair value is recognised in profit or loss. |
Investment properties are properties held to earn rentals and/or for capital appreciation. Investment properties are initially measured at cost, including transaction costs. Subsequently investment properties whose fair value can be measured reliably without undue cost or effort on an on-going basis are measured at fair value. Gains and losses arising from changes in the fair value of investment properties are included in profit or loss in the period in which they arise. |
Investment properties whose fair value cannot be measured reliably without undue cost or effort on an on-going basis are included in plant, property and equipment at cost less accumulated depreciation and accumulated impairment losses. |
Stocks |
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items. |
Cost is calculated on a first in, first out basis and includes all costs of purchase, costs of conversion and other costs incurred in bringing the inventories to their present location and condition. In respect of work in progress and finished goods, cost includes a relevant proportion of overheads according to the stage of manufacture/completion. |
Net realisable value is based on estimated selling price less costs to complete and sell. |
At the end of each reporting period stocks and work in progress are assessed for impairment. If any stock or work in progress is impaired, it is reduced to its net realisable value and an impairment charge is recognised in the income statement. Where a reversal of the impairment is required the impairment charge is reversed, up to the original impairment loss, and is recognised as a credit in the income statement. |
Taxation |
Taxation for the year comprises current and deferred tax. Tax is recognised in the Consolidated Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. |
Current or deferred taxation assets and liabilities are not discounted. |
Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date. |
Deferred tax |
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date. |
Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference. |
Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. |
Research and development |
Expenditure on research and development is written off in the year in which it is incurred. |
FRIDAY MEDIA GROUP LIMITED (REGISTERED NUMBER: 01874025) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 JANUARY 2024 |
2. | ACCOUNTING POLICIES - continued |
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. |
For the purpose of presenting the consolidated financial statements, the assets and liabilities of the group's foreign operations are translated from their functional currency to sterling (£) using the closing exchange rate. Income and expenses are translated using the average exchange rate for the period, unless exchange rates fluctuated significantly during that period, in which case the exchange rates at the date of transactions are used. All resulting exchange differences are recognised in other comprehensive income. |
Hire purchase and leasing commitments |
Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter. |
The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability. |
Lease incentives are recognised over the lease term on a straight line basis. |
Pension costs and other post-retirement benefits |
The group operates a defined contribution pension scheme. Contributions payable to the group's pension scheme are charged to profit or loss in the period to which they relate. |
Financial instruments |
The company only enters into basic financial instruments transactions that result in the recognition of financial assets and liabilities like trade and other accounts receivable and payable, loans from banks and other third parties, and loans to related parties. |
Debt instruments that are payable or receivable within one year, are measured, initially and subsequently, at the undiscounted amount of the cash or other consideration expected to be paid or received; other debt instruments are initially measured at present value of the future payments and subsequently at amortised cost using the effective interest method. |
Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in profit or loss. |
Financial assets and liabilities are offset and the net amount reported in the balance sheet only when there is an 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. |
3. | CRITICAL ACCOUNTING JUDGEMENTS AND KEY SOURCES OF ESTIMATION UNCERTAINTY |
No significant judgements have had to be made by management in preparing these financial statements. |
There were no key assumptions made concerning the future, and other key sources of estimation uncertainty at the reporting date, that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year. |
FRIDAY MEDIA GROUP LIMITED (REGISTERED NUMBER: 01874025) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 JANUARY 2024 |
4. | TURNOVER |
The turnover and loss (2023 - profit) before taxation are attributable to the one principal activity of the group. |
An analysis of turnover by class of business is given below: |
2024 | 2023 |
£ | £ |
Advertising | 4,992,109 | 5,246,620 |
Retail | 2,716,170 | 2,426,957 |
7,708,279 | 7,673,577 |
An analysis of turnover by geographical market is given below: |
2024 | 2023 |
£ | £ |
United Kingdom | 6,973,622 | 6,956,934 |
Europe | 510,548 | 513,681 |
Rest of World (incl. USA) | 224,109 | 202,962 |
7,708,279 | 7,673,577 |
5. | EMPLOYEES AND DIRECTORS |
2024 | 2023 |
£ | £ |
Wages and salaries | 3,308,624 | 3,488,386 |
Social security costs | 361,570 | 410,890 |
Other pension costs | 139,675 | 90,329 |
3,809,869 | 3,989,605 |
The average number of employees during the year was as follows: |
2024 | 2023 |
Administration, directors and support | 75 | 75 |
Sales and marketing | 84 | 89 |
2024 | 2023 |
£ | £ |
Directors' remuneration | 442,126 | 459,953 |
Directors' pension contributions to money purchase schemes | 11,631 | 7,158 |
Information regarding the highest paid director is as follows: |
2024 | 2023 |
£ | £ |
Emoluments etc | 123,830 | 128,304 |
Pension contributions to money purchase schemes | 8,323 | 3,849 |
FRIDAY MEDIA GROUP LIMITED (REGISTERED NUMBER: 01874025) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 JANUARY 2024 |
6. | OPERATING (LOSS)/PROFIT |
The operating loss (2023 - operating profit) is stated after charging/(crediting): |
2024 | 2023 |
£ | £ |
Depreciation - owned assets | 166,282 | 286,004 |
Depreciation - assets on hire purchase contracts | 16,332 | 16,333 |
Profit on disposal of fixed assets | (205 | ) | - |
Goodwill amortisation | 32,854 | 32,853 |
Website development costs amortisation | 255,330 | 159,074 |
Auditors' remuneration | 42,415 | 44,945 |
Foreign exchange differences | (132,840 | ) | 77,835 |
7. | INTEREST PAYABLE AND SIMILAR EXPENSES |
2024 | 2023 |
£ | £ |
Bank loan interest | 125,342 | 87,992 |
8. | TAXATION |
Analysis of the tax credit |
The tax credit on the loss for the year was as follows: |
2024 | 2023 |
£ | £ |
Current tax: |
UK corporation tax | 13,181 | 6,059 |
R&D tax credit | - | (107,966 | ) |
Total current tax | 13,181 | (101,907 | ) |
Deferred tax | (244,904 | ) | (301,422 | ) |
Tax on (loss)/profit | (231,723 | ) | (403,329 | ) |
FRIDAY MEDIA GROUP LIMITED (REGISTERED NUMBER: 01874025) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 JANUARY 2024 |
8. | TAXATION - continued |
Reconciliation of total tax credit included in profit and loss |
The tax assessed for the year is lower than the standard rate of corporation tax in the UK. The difference is explained below: |
2024 | 2023 |
£ | £ |
(Loss)/profit before tax | (154,646 | ) | 103,743 |
(Loss)/profit multiplied by the standard rate of corporation tax in the UK of 19 % (2023 - 19 %) |
(29,383 |
) |
19,711 |
Effects of: |
Expenses not deductible for tax purposes | 239 | 3,815 |
Capital allowances in excess of depreciation | (13,931 | ) | (18,033 | ) |
Utilisation of tax losses | (6,865 | ) | - |
R&D tax credit | - | (107,966 | ) |
Profit or loss on disposal | (39 | ) | - |
Overseas income or loss | (69,000 | ) | (185,765 | ) |
Overseas tax | - | 6,059 |
Deferred tax charge | (244,904 | ) | (301,422 | ) |
R&D expenditure & adjustment | - | 161 |
Other adjustments | 134,639 | (11,392 | ) |
Revaluation gain/loss | (2,479 | ) | - |
Losses c/fwd | - | 191,503 |
Total tax credit | (231,723 | ) | (403,329 | ) |
Tax effects relating to effects of other comprehensive income |
2024 |
Gross | Tax | Net |
£ | £ | £ |
Exchange movement on consolidation | (50,659 | ) | - | (50,659 | ) |
Exchange movement on investments |
(50,659 | ) | - | (50,659 | ) |
2023 |
Gross | Tax | Net |
£ | £ | £ |
Exchange movement on consolidation | 147,830 | - | 147,830 |
Exchange movement on investments |
147,830 | - | 147,830 |
9. | INDIVIDUAL INCOME STATEMENT |
As permitted by Section 408 of the Companies Act 2006, the Statement of Comprehensive Income of the parent company is not presented as part of these financial statements. |
FRIDAY MEDIA GROUP LIMITED (REGISTERED NUMBER: 01874025) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 JANUARY 2024 |
10. | DIVIDENDS |
2024 | 2023 |
£ | £ |
Ordinary shares of £1 each |
Interim | - | 3,000,000 |
11. | INTANGIBLE FIXED ASSETS |
Group |
Website |
Negative | development |
Goodwill | goodwill | costs | Totals |
£ | £ | £ | £ |
COST |
At 1 February 2023 | 12,479,036 | (46,471 | ) | 2,480,187 | 14,912,752 |
Additions | - | - | 319,028 | 319,028 |
Exchange movements | 46,102 | - | 841 | 46,943 |
At 31 January 2024 | 12,525,138 | (46,471 | ) | 2,800,056 | 15,278,723 |
AMORTISATION |
At 1 February 2023 | 12,280,517 | (46,471 | ) | 1,650,557 | 13,884,603 |
Amortisation for year | 32,854 | - | 255,330 | 288,184 |
Exchange movements | 46,101 | - | 1,007 | 47,108 |
At 31 January 2024 | 12,359,472 | (46,471 | ) | 1,906,894 | 14,219,895 |
NET BOOK VALUE |
At 31 January 2024 | 165,666 | - | 893,162 | 1,058,828 |
At 31 January 2023 | 198,519 | - | 829,630 | 1,028,149 |
Company |
Computer |
software |
£ |
COST |
At 1 February 2023 |
and 31 January 2024 |
AMORTISATION |
At 1 February 2023 |
and 31 January 2024 |
NET BOOK VALUE |
At 31 January 2024 |
At 31 January 2023 |
FRIDAY MEDIA GROUP LIMITED (REGISTERED NUMBER: 01874025) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 JANUARY 2024 |
12. | TANGIBLE FIXED ASSETS |
Group |
Improvements |
Freehold | Short | to | Plant and |
property | leasehold | property | machinery |
£ | £ | £ | £ |
COST |
At 1 February 2023 | 6,601,188 | 1,995 | 454,934 | 4,898,001 |
Additions | - | - | 303,338 | 41,240 |
Disposals | - | - | - | (2,224 | ) |
Exchange differences | - | - | - | (2,478 | ) |
Reclassification/transfer | (817,111 | ) | - | - | - |
At 31 January 2024 | 5,784,077 | 1,995 | 758,272 | 4,934,539 |
DEPRECIATION |
At 1 February 2023 | 107,394 | 1,995 | 103,619 | 4,497,067 |
Charge for year | - | - | 38,495 | 104,790 |
Eliminated on disposal | - | - | - | (205 | ) |
Exchange differences | - | - | - | (4,039 | ) |
Reclassification/transfer | (123,182 | ) | - | - | - |
At 31 January 2024 | (15,788 | ) | 1,995 | 142,114 | 4,597,613 |
NET BOOK VALUE |
At 31 January 2024 | 5,799,865 | - | 616,158 | 336,926 |
At 31 January 2023 | 6,493,794 | - | 351,315 | 400,934 |
Fixtures |
and | Motor | Computer |
fittings | vehicles | equipment | Totals |
£ | £ | £ | £ |
COST |
At 1 February 2023 | 102,034 | 179,888 | 11,414 | 12,249,454 |
Additions | 25,127 | - | 1,980 | 371,685 |
Disposals | - | - | - | (2,224 | ) |
Exchange differences | - | - | - | (2,478 | ) |
Reclassification/transfer | - | - | - | (817,111 | ) |
At 31 January 2024 | 127,161 | 179,888 | 13,394 | 11,799,326 |
DEPRECIATION |
At 1 February 2023 | 72,186 | 137,644 | 3,835 | 4,923,740 |
Charge for year | 19,365 | 16,332 | 3,632 | 182,614 |
Eliminated on disposal | - | - | - | (205 | ) |
Exchange differences | - | - | - | (4,039 | ) |
Reclassification/transfer | - | - | - | (123,182 | ) |
At 31 January 2024 | 91,551 | 153,976 | 7,467 | 4,978,928 |
NET BOOK VALUE |
At 31 January 2024 | 35,610 | 25,912 | 5,927 | 6,820,398 |
At 31 January 2023 | 29,848 | 42,244 | 7,579 | 7,325,714 |
FRIDAY MEDIA GROUP LIMITED (REGISTERED NUMBER: 01874025) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 JANUARY 2024 |
12. | TANGIBLE FIXED ASSETS - continued |
Group |
Fixed assets, included in the above, which are held under hire purchase contracts are as follows: |
Motor |
vehicles |
£ |
COST |
At 1 February 2023 |
and 31 January 2024 | 65,330 |
DEPRECIATION |
At 1 February 2023 | 20,280 |
Charge for year | 16,332 |
At 31 January 2024 | 36,612 |
NET BOOK VALUE |
At 31 January 2024 | 28,718 |
At 31 January 2023 | 45,050 |
Company |
Freehold |
property |
£ |
COST |
At 1 February 2023 |
Reclassification/transfer | ( |
) |
At 31 January 2024 |
DEPRECIATION |
At 1 February 2023 |
Reclassification/transfer | ( |
) |
At 31 January 2024 |
NET BOOK VALUE |
At 31 January 2024 |
At 31 January 2023 |
FRIDAY MEDIA GROUP LIMITED (REGISTERED NUMBER: 01874025) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 JANUARY 2024 |
13. | FIXED ASSET INVESTMENTS |
Group |
Unlisted |
investments |
£ |
COST |
At 1 February 2023 |
and 31 January 2024 | 500,000 |
PROVISIONS |
At 1 February 2023 |
and 31 January 2024 | 500,000 |
NET BOOK VALUE |
At 31 January 2024 | - |
At 31 January 2023 | - |
Company |
Shares in |
group | Unlisted |
undertakings | investments | Totals |
£ | £ | £ |
COST |
At 1 February 2023 |
and 31 January 2024 | 9,136,678 |
PROVISIONS |
At 1 February 2023 |
and 31 January 2024 | 1,711,064 | 500,000 | 2,211,064 |
NET BOOK VALUE |
At 31 January 2024 | 6,925,614 |
At 31 January 2023 | 6,925,614 |
FRIDAY MEDIA GROUP LIMITED (REGISTERED NUMBER: 01874025) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 JANUARY 2024 |
13. | FIXED ASSET INVESTMENTS - continued |
Details of the investments in which the group holds 20% or more of the nominal value of any class of share capital are as follows: |
Holding | Shares held | Principal activity |
Incorporated in England and Wales |
Ashford (International) Limited | Ordinary | 75% | Dormant |
Ashford International Holdings Limited | Ordinary | 75% | Dormant |
Birdtrader Limited | Ordinary | 100% | Dormant |
Boats and Outboards Limited | Ordinary | 100% | Dormant |
Boatshop 24 Limited | Ordinary | 100% | Dormant |
Brownbook Limited | Ordinary | 48% | Online directory |
Cyclestar Limited | Ordinary | 80% | Dormant |
Fancyapint Limited | Ordinary | 100% | Dormant |
Farming Ads Limited | Ordinary | 100% | Dormant |
Friday Ad (International) Limited | Ordinary | 100% | Holding company |
Friday-Ad Limited | Ordinary | 100% | Classified advertising |
Friday Ad Media Limited | Ordinary | 100% | Dormant |
Friday-Ad Print Limited | Ordinary | 100% | Dormant |
Friday Developments Limited | Ordinary | 100% | Dormant |
Goneboarding Limited | Ordinary | 100% | Dormant |
Gunstar Limited | Ordinary | 100% | Online advertising |
Leadspring Limited | Ordinary | 100% | Dormant |
Mailspeed Marine Limited | Ordinary | 100% | E-commerce |
Marine Media International Limited | Ordinary | 100% | Dormant |
Natives.co.uk | Ordinary | 100% | Dormant |
Simply On-Line Services Limited | Ordinary | 100% | Dormant |
Uckfield Properties Limited | Ordinary | 100% | Investment |
Upcountry Limited | Ordinary | 100% | Garden centre |
Visicom Limited | Ordinary | 90% | Dormant |
Vivapets Limited | Ordinary | 100% | Dormant |
500 Fridays Ltd | Ordinary | 51% | Online advertising |
Incorporated in the United States of America |
Friday Media Group Inc | Ordinary | 100% | Holding company |
Friday Media Miami LLC | Ordinary | 100% | Online advertising |
Incorporated in Spain |
Friday-Ad Espana Ltd | Ordinary | 100% | Advertising |
Incorporated in Germany |
Boatshop24 GmbH | Ordinary | 100% | Dormant |
Incorporated in India |
Friday Media Tech India | Ordinary | 100% | Development |
All of these subsidiaries are included within the consolidated financial statements. |
FRIDAY MEDIA GROUP LIMITED (REGISTERED NUMBER: 01874025) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 JANUARY 2024 |
14. | INVESTMENT PROPERTY |
Group |
Total |
£ |
FAIR VALUE |
At 1 February 2023 | 7,528,477 |
Revaluations | 160,509 |
Reclassification/transfer | 693,929 |
At 31 January 2024 | 8,382,915 |
NET BOOK VALUE |
At 31 January 2024 | 8,382,915 |
At 31 January 2023 | 7,528,477 |
Fair value at 31 January 2024 is represented by: |
£ |
Valuation in 2004 | 41,802 |
Valuation in 2006 | 335,233 |
Valuation in 2017 | 50,002 |
Valuation in 2019 | 250,000 |
Valuation in 2020 | 226,352 |
Valuation in 2021 | 75,000 |
Valuation in 2022 | 251,484 |
Valuation in 2023 | 866,308 |
Valuation in 2024 | 160,509 |
Cost | 6,126,225 |
8,382,915 |
If investment property had not been revalued it would have been included at the following historical cost: |
2024 | 2023 |
£ | £ |
Cost | 6,126,225 | 6,703,073 |
Aggregate depreciation | (341,808 | ) | (341,808 | ) |
Investment property was valued on an open market basis on 31 January 2024 by a director who is internal to the company . |
FRIDAY MEDIA GROUP LIMITED (REGISTERED NUMBER: 01874025) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 JANUARY 2024 |
14. | INVESTMENT PROPERTY - continued |
Company |
Total |
£ |
FAIR VALUE |
At 1 February 2023 |
Revaluations | (50,284 | ) |
Reclassification/transfer | 693,929 |
At 31 January 2024 |
NET BOOK VALUE |
At 31 January 2024 |
At 31 January 2023 |
Fair value at 31 January 2024 is represented by: |
£ |
Valuation in 2004 | 41,802 |
Valuation in 2006 | 335,233 |
Valuation in 2019 | 250,000 |
Valuation in 2020 | 226,352 |
Valuation in 2021 | 75,000 |
Valuation in 2022 | 187,064 |
Valuation in 2024 | (50,284 | ) |
Cost | 4,957,869 |
6,023,036 |
If investment property had not been revalued it would have been included at the following historical cost: |
2024 | 2023 |
£ | £ |
Cost | 4,957,869 | 6,817,495 |
Aggregate depreciation | (341,808 | ) | (341,808 | ) |
Investment property was valued on an open market basis on 31 January 2024 by the directors . |
15. | STOCKS |
Group |
2024 | 2023 |
£ | £ |
Stocks | 759,067 | 753,504 |
FRIDAY MEDIA GROUP LIMITED (REGISTERED NUMBER: 01874025) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 JANUARY 2024 |
16. | DEBTORS |
Group | Company |
2024 | 2023 | 2024 | 2023 |
£ | £ | £ | £ |
Amounts falling due within one year: |
Trade debtors | 680,481 | 774,365 |
Provision for bad debts | (35,683 | ) | - | - | - |
Amounts owed by group undertakings | - | - |
Other debtors | 131,205 | 69,084 |
Directors' current accounts | 4,809 | 50,208 | - | - |
Tax | (47,938 | ) | 127,198 |
Deferred tax asset | 620,167 | 365,239 | 745,800 | 609,047 |
Prepayments and accrued income | 167,164 | 318,592 |
1,520,205 | 1,704,686 |
Amounts falling due after more than one | year: |
Directors' loan accounts | 5,174 | 2,527 | - | - |
Aggregate amounts | 1,525,379 | 1,707,213 |
Deferred tax asset |
Group | Company |
2024 | 2023 | 2024 | 2023 |
£ | £ | £ | £ |
Deferred tax | 620,167 | 365,239 | 745,800 | 609,047 |
17. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
Group | Company |
2024 | 2023 | 2024 | 2023 |
£ | £ | £ | £ |
Bank loans and overdrafts (see note 19) | 1,830,770 | 1,479,792 |
Hire purchase contracts (see note 20) | 11,858 | 8,175 |
Trade creditors | 252,771 | 611,024 |
Amounts owed to group undertakings | - | - |
Tax | 1,355 | - |
Social security and other taxes | 68,628 | 106,756 |
VAT | 128,914 | 87,137 | - | - |
Other creditors | 15,561 | 37,435 |
Accruals and deferred income | 164,348 | 313,706 |
2,474,205 | 2,644,025 |
FRIDAY MEDIA GROUP LIMITED (REGISTERED NUMBER: 01874025) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 JANUARY 2024 |
18. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
Group |
2024 | 2023 |
£ | £ |
Bank loans (see note 19) | 1,219,090 | 1,301,331 |
Hire purchase contracts (see note 20) | 23,400 | 35,063 |
1,242,490 | 1,336,394 |
19. | LOANS |
An analysis of the maturity of loans is given below: |
Group | Company |
2024 | 2023 | 2024 | 2023 |
£ | £ | £ | £ |
Amounts falling due within one year or | on demand: |
Bank overdrafts | 1,723,506 | 1,378,690 |
Bank loans | 107,264 | 101,102 |
1,830,770 | 1,479,792 |
Amounts falling due between one and | two years: |
Bank loans - 1-2 years | 1,219,090 | 112,873 |
Amounts falling due between two and | five years: |
Bank loans - 2-5 years | - | 1,188,458 |
20. | LEASING AGREEMENTS |
Minimum lease payments fall due as follows: |
Group |
Hire purchase contracts |
2024 | 2023 |
£ | £ |
Net obligations repayable: |
Within one year | 11,858 | 8,175 |
Between one and five years | 23,400 | 35,063 |
35,258 | 43,238 |
FRIDAY MEDIA GROUP LIMITED (REGISTERED NUMBER: 01874025) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 JANUARY 2024 |
21. | SECURED DEBTS |
The following secured debts are included within creditors: |
Group | Company |
2024 | 2023 | 2024 | 2023 |
£ | £ | £ | £ |
Bank overdrafts | 1,723,506 | 1,378,690 |
Bank loans | 1,326,354 | 1,402,433 |
3,049,860 | 2,781,123 |
Bank borrowings are secured by way of a charge over certain properties owned by the group and which are included within fixed assets. |
22. | DEFERRED TAX |
Group |
£ |
Balance at 1 February 2023 | (365,239 | ) |
Provided during year | (254,928 | ) |
Balance at 31 January 2024 | (620,167 | ) |
Company |
£ |
Balance at 1 February 2023 | ( |
) |
Provided during year | ( |
) |
Balance at 31 January 2024 | ( |
) |
23. | CALLED UP SHARE CAPITAL |
Allotted, issued and fully paid: |
Number: | Class: | Nominal | 2024 | 2023 |
value: | £ | £ |
Ordinary | £1 | 480,002 | 480,002 |
24. | RESERVES |
Group |
Foreign | Non |
Retained | exchange | distributable |
earnings | reserves | reserves | Totals |
£ | £ | £ | £ |
At 1 February 2023 | 14,063,753 | 177,783 | 1,756,358 | 15,997,894 |
Profit for the year | 168,520 | 168,520 |
Exchange reserve movement | - | (50,659 | ) | - | (50,659 | ) |
Transfer | (173,081 | ) | - | 173,081 | - |
At 31 January 2024 | 14,059,192 | 127,124 | 1,929,439 | 16,115,755 |
FRIDAY MEDIA GROUP LIMITED (REGISTERED NUMBER: 01874025) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 JANUARY 2024 |
24. | RESERVES - continued |
Company |
Foreign | Non |
Retained | exchange | distributable |
earnings | reserves | reserves | Totals |
£ | £ | £ | £ |
At 1 February 2023 | 12,059,359 |
Profit for the year |
Transfer | 37,713 | - | (37,713 | ) | - |
At 31 January 2024 | 12,371,353 |
25. | NON-CONTROLLING INTERESTS |
Non-controlling interests represent 25% of the share capital and reserves of Ashford International Holdings Limited; a 10% interest in Visicom Limited; a 52% interest in Brownbook Limited; and a 49% interest in 500 Fridays Limited.. |
26. | PENSION COMMITMENTS |
The group contributes towards employees' defined contribution schemes. The pension cost charge for the year represents contributions payable by the group to the scheme and amounted to £139,675 (2023 - £97,500) |
Contributions totalling £15,533 (2023 - £14,608) were payable to the scheme at the end of the year and are included in creditors. |
27. | CONTINGENT LIABILITIES |
The company is registered under a group scheme for VAT purposes. All group companies are jointly and severally liable for VAT liabilities of the group. |
The company has provided a composite unlimited cross guarantee to the groups bankers in respect of Friday Ad Limited and Friday Ad Print Limited, subsidiaries of the company. |
28. | DIRECTORS' ADVANCES, CREDITS AND GUARANTEES |
The following advances and credits to a director subsisted during the years ended 31 January 2024 and 31 January 2023: |
2024 | 2023 |
£ | £ |
C J Kidger |
Balance outstanding at start of year | - | (1,027,737 | ) |
Amounts advanced | - | 1,027,737 |
Amounts repaid | - | - |
Amounts written off | - | - |
Amounts waived | - | - |
Balance outstanding at end of year | - | - |
FRIDAY MEDIA GROUP LIMITED (REGISTERED NUMBER: 01874025) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 JANUARY 2024 |
29. | RELATED PARTY DISCLOSURES |
The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group. |
Transactions between group entities which have been eliminated on consolidation are not disclosed within the financial statements. |
During the year, a fee totalling £936 (2023 - £936 refund) was paid to Mr M Lyne and £89,112 fee (2023 - £16,483) paid to Mr D Ingram, directors, for consultancy services. |
30. | ULTIMATE CONTROLLING PARTY |
The controlling party is S L Kidger. |