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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: C J Kidger
S L Kidger
E D Kidger
J B Kidger
K K Kidger
H Shafi
N Bending





REGISTERED OFFICE: 80 East Street
Brighton
East Sussex
BN1 1NF





REGISTERED NUMBER: 01874025 (England and Wales)





AUDITORS: Watson Associates (Audit Services) Ltd
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:





S L Kidger - Director


25 October 2024

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.

C J Kidger
S L Kidger
E D Kidger
J B Kidger
K K Kidger
H Shafi
N Bending

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:





S L Kidger - Director


25 October 2024

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.




Stephen James Moore (Senior Statutory Auditor)
for and on behalf of Watson Associates (Audit Services) Ltd
30 - 34 North Street
Hailsham
East Sussex
BN27 1DW

25 October 2024

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 77,077 507,072
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 4,574,791 5,268,720
Investments 13 6,925,614 6,925,614
Investment property 14 6,023,036 5,379,391
17,523,441 17,573,725

CURRENT ASSETS
Debtors 16 1,033,371 846,397
Cash at bank 1 1
1,033,372 846,398
CREDITORS
Amounts falling due within one year 17 (5,705,458 ) (5,880,762 )
NET CURRENT LIABILITIES (4,672,086 ) (5,034,364 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

12,851,355

12,539,361

CAPITAL AND RESERVES
Called up share capital 23 480,002 480,002
Foreign exchange reserves 24 127,838 127,838
Non distributable reserves 24 933,060 970,773
Retained earnings 24 11,310,455 10,960,748
SHAREHOLDERS' FUNDS 12,851,355 12,539,361

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 25 October 2024 and were signed on its behalf by:





S L Kidger - Director


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 480,002 13,465,450 127,838 970,773 15,044,063

Changes in equity
Dividends - (3,000,000 ) - - (3,000,000 )
Total comprehensive income - 495,298 - - 495,298
Balance at 31 January 2023 480,002 10,960,748 127,838 970,773 12,539,361

Changes in equity
Total comprehensive income - 349,707 - (37,713 ) 311,994
Balance at 31 January 2024 480,002 11,310,455 127,838 933,060 12,851,355

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

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
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" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention as modified by the revaluation of certain assets.

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
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.
Freehold property - not provided
Short leasehold - over term of lease
Improvements to property - 10% on cost and 2% on cost
Plant and machinery - 33% on cost, 20% on reducing balance, 20% on cost and 10% on cost
Fixtures and fittings - 33% on cost, 20% on cost and 10% on cost
Motor vehicles - 25% on cost, 25% on cost and 20% on cost
Computer equipment - 33% on cost

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
159 164

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 74,348
AMORTISATION
At 1 February 2023
and 31 January 2024 74,348
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 5,391,902
Reclassification/transfer (817,111 )
At 31 January 2024 4,574,791
DEPRECIATION
At 1 February 2023 123,182
Reclassification/transfer (123,182 )
At 31 January 2024 -
NET BOOK VALUE
At 31 January 2024 4,574,791
At 31 January 2023 5,268,720

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 8,636,678 500,000 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 - 6,925,614
At 31 January 2023 6,925,614 - 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 5,379,391
Revaluations (50,284 )
Reclassification/transfer 693,929
At 31 January 2024 6,023,036
NET BOOK VALUE
At 31 January 2024 6,023,036
At 31 January 2023 5,379,391

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 680,481 774,365 898 4,158
Provision for bad debts (35,683 ) - - -
Amounts owed by group undertakings - - 279,473 225,992
Other debtors 131,205 69,084 7,200 7,200
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 1,033,371 846,397

Amounts falling due after more than one year:
Directors' loan accounts 5,174 2,527 - -

Aggregate amounts 1,525,379 1,707,213 1,033,371 846,397

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 50,361 3,030,362
Hire purchase contracts (see note 20) 11,858 8,175 - -
Trade creditors 252,771 611,024 - -
Amounts owed to group undertakings - - 5,631,116 2,809,800
Tax 1,355 - - -
Social security and other taxes 68,628 106,756 - -
VAT 128,914 87,137 - -
Other creditors 15,561 37,435 10,600 10,600
Accruals and deferred income 164,348 313,706 13,381 30,000
2,474,205 2,644,025 5,705,458 5,880,762

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 50,361 3,030,362
Bank loans 107,264 101,102 - -
1,830,770 1,479,792 50,361 3,030,362
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 50,361 3,030,362
Bank loans 1,326,354 1,402,433 - -
3,049,860 2,781,123 50,361 3,030,362

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 (609,047 )
Provided during year (136,753 )
Balance at 31 January 2024 (745,800 )

23. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2024 2023
value: £    £   
480,002 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 10,960,748 127,838 970,773 12,059,359
Profit for the year 311,994 311,994
Transfer 37,713 - (37,713 ) -
At 31 January 2024 11,310,455 127,838 933,060 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.