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REGISTERED NUMBER: 02311783 (England and Wales)













STRATEGIC REPORT, REPORT OF THE DIRECTORS AND

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 JANUARY 2024

FOR

FRIDAY-AD LIMITED

FRIDAY-AD LIMITED (REGISTERED NUMBER: 02311783)






CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2024




Page

Company Information 1

Strategic Report 2

Report of the Directors 4

Report of the Independent Auditors 6

Statement of Comprehensive Income 9

Balance Sheet 10

Statement of Changes in Equity 11

Notes to the Financial Statements 12


FRIDAY-AD LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 31 JANUARY 2024







DIRECTORS: Mrs E D Kidger
J B Kidger
S L Kidger
C J Kidger





SECRETARY: Mrs E D Kidger





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





REGISTERED NUMBER: 02311783 (England and Wales)





AUDITORS: Watson Associates (Audit Services) Ltd
30 - 34 North Street
Hailsham
East Sussex
BN27 1DW

FRIDAY-AD LIMITED (REGISTERED NUMBER: 02311783)

STRATEGIC REPORT
FOR THE YEAR ENDED 31 JANUARY 2024

The directors present their strategic report for the year ended 31 January 2024.

REVIEW OF BUSINESS
This fiscal year, Friday-Ad generated a total revenue of £4,141,737, a decrease from the previous year's £4,369,764, with a net loss of £556,852, slightly lower than the prior year's £760,781. The downturn in turnover was primarily due to the strategic discontinuation of an external contract and a partial operation shutdown, aligning with our long-term business strategy.

To remain true to our mission of connecting people and businesses worldwide, we continue to adapt and innovate. This ongoing transformation ensures we stay competitive and relevant in a rapidly evolving market. Our commitment is reflected in the investment in both new product launches, investment in infrastructure for our offline businesses, the modernization of existing offerings, aiming to enhance our technological connectivity.

OPERATIONAL CHALLENGES AND STRUCTURAL ADJUSTMENTS
The year 2023/24 remained challenging as we executed a major operational overhaul by restructuring into distinct divisions, enhancing our capability to address specific market challenges and seize growth opportunities. This restructuring has improved our operational efficiency and we are starting to see growth in strategically important areas of our business (Principly SAAS and our growing offline offerings)

DIVISIONAL STRUCTURE
As of the fiscal year ending 2024, Friday-Ad Limited operates under the following divisional setup:

Spidersnet: Specialising in SAAS 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

FINANCIAL POSITION AND RISK MANAGEMENT
The end of the year saw net assets totalling £9,815,210, a decrease from the previous year. Our company maintains a robust order pipeline and strong market share, ensuring financial stability through effective management of liquidity, credit, and cash flow risks. Interest rate risks remain minimal due to our low leverage.

FUTURE OUTLOOK
Looking forward, we are positioned to maintain innovation and market agility. Our upcoming projects include the launch of new sectors and the continued development of our divisional products. With a clear strategic direction and ongoing investment in technology, we are optimistic about the future growth and resilience of Friday-Ad Limited.

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.

DEVELOPMENT AND PERFORMANCE OF THE BUSINESS
Key performance indicators
2024 2023 2022 2021

Turnover £4,141,737 £4,369,764 £7,199,563 £11,702,460
Turnover growth/(decline) (5.2%) (39.3%) (38.5%) 13%

EBITDA £(231,815) £(395,468) £(1,026,148) £392,179
EBITDA growth/(decline) 41.4% 61.5% (361.7%) 90%

Profit/(loss) £(556,852) £(760,781) £(1,394,966) £(973,397)
Profit growth/(decline) 26.8% 45.5% (43.3%) (94%)


FRIDAY-AD LIMITED (REGISTERED NUMBER: 02311783)

STRATEGIC REPORT
FOR THE YEAR ENDED 31 JANUARY 2024

POSITION OF THE BUSINESS
At the end of the year, the net assets totalled £9,815,210 (2023: £9,629,854).

ON BEHALF OF THE BOARD:





S L Kidger - Director


25 October 2024

FRIDAY-AD LIMITED (REGISTERED NUMBER: 02311783)

REPORT OF THE DIRECTORS
FOR THE YEAR ENDED 31 JANUARY 2024

The directors present their report with the financial statements of the company for the year ended 31 January 2024.

PRINCIPAL ACTIVITY
The principal activity of the company in the year under review was that of advertising periodicals, classified websites and digital marketing solutions in the United Kingdom.

DIVIDENDS
No dividends will be distributed for the year ended 31 January 2024.

DIRECTORS
The directors shown below have held office during the whole of the period from 1 February 2023 to the date of this report.

Mrs E D Kidger
J B Kidger
S L Kidger
C J Kidger

POLITICAL DONATIONS AND EXPENDITURE
During the year the company made charitable donations of £3,734 (2023: £11,855). None of the donations made during the year were over £2,000 to one individual charity, details of those more than £2,000 in 2023:

Charities Aid Foundation - £11,855: their mission is to motivate society to give ever more effectively, helping to transform lives and communities around the world.

EMPLOYMENT OF 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 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 of the profit or loss of the company 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 transactions and disclose with reasonable accuracy at any time the financial position of the company 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 hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

FRIDAY-AD LIMITED (REGISTERED NUMBER: 02311783)

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 company'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 company'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-AD LIMITED

Opinion
We have audited the financial statements of Friday-Ad Limited (the 'company') for the year ended 31 January 2024 which comprise the Statement of Comprehensive Income, Balance Sheet, Statement of Changes in Equity and 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 company's affairs as at 31 January 2024 and of its loss 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 company 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 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 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 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 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-AD LIMITED


Matters on which we are required to report by exception
In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the 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, or returns adequate for our audit have not been received from branches not visited by us; or
- the 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 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 company or to cease operations, or have no realistic alternative but to do so.

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.

Audit procedures performed by the engagement team to detect irregularities, including fraud from instances of non-compliance with laws and regulations included:
- Discussions with management, including consideration of known or suspected instances of non-compliance with laws and regulations and fraud;
- Reading key correspondence from regulatory bodies;
- Challenging assumptions and judgements made by management in it's significant accounting estimates that involved making assumptions and considering future events that are inherently uncertain. The provision for bad debts was discussed with the managing director.
- Consideration of recent correspondence with the companies legal advisors to ensure that it aligned with the conclusions drawn on obligations recognised in respect of uncertain legal matters;
- Identifying and testing journal entries, in particular any journal entries posted with unusual account combinations or those posted by unexpected users; and
- Testing all material consolidation adjustments to ensure these were appropriate in nature and magnitude.
- Testing transactions entered into that are outside of the normal course of the Company's business

We identified areas of laws and regulations that could reasonably be expected to have a material effect on the
financial statements from our general commercial and sector experience, through discussion with the directors and other management (as required by auditing standards), and from inspection of the group's regulatory and legal correspondence.. We communicated identified laws and regulations throughout our team and remained alert to any indications of non-compliance throughout the audit.

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-AD 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-AD LIMITED (REGISTERED NUMBER: 02311783)

STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 JANUARY 2024

2024 2023
Notes £    £   

TURNOVER 4 4,141,737 4,369,764

Cost of sales (1,256,892 ) (1,430,668 )
GROSS PROFIT 2,884,845 2,939,096

Administrative expenses (3,578,310 ) (3,773,359 )
(693,465 ) (834,263 )

Other operating income 136,613 73,482
OPERATING LOSS and
LOSS BEFORE TAXATION (556,852 ) (760,781 )

Tax on loss 7 55,169 134,432
LOSS FOR THE FINANCIAL YEAR (501,683 ) (626,349 )

OTHER COMPREHENSIVE (LOSS)/INCOME
Exchange movement (70,945 ) 242,092
Income tax relating to other
comprehensive (loss)/income

-

-
OTHER COMPREHENSIVE
(LOSS)/INCOME FOR THE YEAR, NET
OF INCOME TAX


(70,945


)


242,092
TOTAL COMPREHENSIVE LOSS FOR
THE YEAR

(572,628

)

(384,257

)

FRIDAY-AD LIMITED (REGISTERED NUMBER: 02311783)

BALANCE SHEET
31 JANUARY 2024

2024 2023
Notes £    £   
FIXED ASSETS
Intangible assets 8 893,208 829,607
Tangible assets 9 298,147 330,107
Investments 10 2,235,236 2,426,776
3,426,591 3,586,490

CURRENT ASSETS
Debtors 11 9,393,181 6,407,397
Cash at bank and in hand 1,382,151 4,789,408
10,775,332 11,196,805
CREDITORS
Amounts falling due within one year 12 (3,118,080 ) (2,989,414 )
NET CURRENT ASSETS 7,657,252 8,207,391
TOTAL ASSETS LESS CURRENT
LIABILITIES

11,083,843

11,793,881

CREDITORS
Amounts falling due after more than one
year

13

(1,219,090

)

(1,301,331

)

PROVISIONS FOR LIABILITIES 15 (49,543 ) (104,712 )
NET ASSETS 9,815,210 10,387,838

CAPITAL AND RESERVES
Called up share capital 16 100 100
Other reserves 17 703,286 774,231
Retained earnings 17 9,111,824 9,613,507
SHAREHOLDERS' FUNDS 9,815,210 10,387,838

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-AD LIMITED (REGISTERED NUMBER: 02311783)

STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 JANUARY 2024

Called up
share Retained Other Total
capital earnings reserves equity
£    £    £    £   
Balance at 1 February 2022 100 10,239,856 532,139 10,772,095

Changes in equity
Total comprehensive loss - (626,349 ) 242,092 (384,257 )
Balance at 31 January 2023 100 9,613,507 774,231 10,387,838

Changes in equity
Total comprehensive loss - (501,683 ) (70,945 ) (572,628 )
Balance at 31 January 2024 100 9,111,824 703,286 9,815,210

FRIDAY-AD LIMITED (REGISTERED NUMBER: 02311783)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2024

1. STATUTORY INFORMATION

Friday-Ad 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 Company 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.

Financial Reporting Standard 102 - reduced disclosure exemptions
The company has taken advantage of the following disclosure exemption in preparing these financial statements, as permitted by FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland":

the requirements of Section 7 Statement of Cash Flows.

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.

In respect of the rendering of advertising services, turnover represents revenue measured by reference to the stage of completion of the service transaction at the end of the reporting period. Initial recognition is when adverts are live.

Goodwill
Goodwill recognised represents the excess of the fair value and directly attributable costs of the purchase consideration over the fair values of the identifiable net assets, liabilities and contingent liabilities acquired.

Goodwill is amortised through the income statement in equal instalments over its estimated useful life of between 1 and 5 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
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.

Development costs are being amortised evenly over their estimated useful life of two years.

FRIDAY-AD LIMITED (REGISTERED NUMBER: 02311783)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 JANUARY 2024

2. ACCOUNTING POLICIES - continued

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Plant and machinery - 20% on reducing balance
Motor vehicles - 25% on cost and 20% 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.

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.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Comprehensive Income, 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-AD LIMITED (REGISTERED NUMBER: 02311783)

NOTES TO THE 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.

Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

Short-term employee benefits are recognised as an expense in the period they are incurred.

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.

4. TURNOVER

The turnover and loss before taxation are attributable to the one principal activity of the company.

An analysis of turnover by geographical market is given below:

2024 2023
£    £   
United Kingdom 3,722,137 4,011,443
Europe 317,174 256,840
Rest of World (incl. USA) 102,426 101,481
4,141,737 4,369,764

5. EMPLOYEES AND DIRECTORS
2024 2023
£    £   
Wages and salaries 2,448,560 2,678,867
Social security costs 241,659 279,111
Other pension costs 117,070 63,504
2,807,289 3,021,482

The average number of employees during the year was as follows:
2024 2023

Administration and support 35 34
Sales and marketing 34 41
69 75

FRIDAY-AD LIMITED (REGISTERED NUMBER: 02311783)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 JANUARY 2024

5. EMPLOYEES AND DIRECTORS - continued

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

6. OPERATING LOSS

The operating loss is stated after charging/(crediting):

2024 2023
£    £   
Depreciation - owned assets 69,872 206,357
Development costs amortisation 255,160 158,956
Auditors' remuneration 19,800 16,450
Foreign exchange differences (63,329 ) 1,624

7. TAXATION

Analysis of the tax credit
The tax credit on the loss for the year was as follows:
2024 2023
£    £   
Current tax:
R&D tax credit - (98,189 )

Deferred tax (55,169 ) (36,243 )
Tax on loss (55,169 ) (134,432 )

FRIDAY-AD LIMITED (REGISTERED NUMBER: 02311783)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 JANUARY 2024

7. TAXATION - continued

Reconciliation of total tax credit included in profit and loss
The tax assessed for the year is higher than the standard rate of corporation tax in the UK. The difference is explained below:

2024 2023
£    £   
Loss before tax (556,852 ) (760,781 )
Loss multiplied by the standard rate of corporation tax in the UK of
19% (2023 - 19%)

(105,802

)

(144,548

)

Effects of:
Expenses not deductible for tax purposes 177 2,541
Depreciation in excess of capital allowances 49,901 7,900
Utilisation of tax losses (87,771 ) (3,882 )

forward
Deferred tax (55,169 ) (36,243 )

R&D tax credit - (98,189 )

Losses b/fwd (305,017 ) (167,028 )
Losses c/fwd 460,545 305,017

Foreign Exchange loss (12,033 ) -
Total tax credit (55,169 ) (134,432 )

Tax effects relating to effects of other comprehensive income

2024
Gross Tax Net
£    £    £   
Exchange movement (70,945 ) - (70,945 )

2023
Gross Tax Net
£    £    £   
Exchange movement 242,092 - 242,092

FRIDAY-AD LIMITED (REGISTERED NUMBER: 02311783)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 JANUARY 2024

8. INTANGIBLE FIXED ASSETS
Development
Goodwill costs Totals
£    £    £   
COST
At 1 February 2023 1,352,042 2,407,792 3,759,834
Additions - 318,761 318,761
At 31 January 2024 1,352,042 2,726,553 4,078,595
AMORTISATION
At 1 February 2023 1,352,042 1,578,185 2,930,227
Amortisation for year - 255,160 255,160
At 31 January 2024 1,352,042 1,833,345 3,185,387
NET BOOK VALUE
At 31 January 2024 - 893,208 893,208
At 31 January 2023 - 829,607 829,607

9. TANGIBLE FIXED ASSETS
Plant and Motor
machinery vehicles Totals
£    £    £   
COST
At 1 February 2023 4,623,441 110,269 4,733,710
Additions 39,637 - 39,637
Disposals (1,725 ) - (1,725 )
At 31 January 2024 4,661,353 110,269 4,771,622
DEPRECIATION
At 1 February 2023 4,293,334 110,269 4,403,603
Charge for year 69,872 - 69,872
At 31 January 2024 4,363,206 110,269 4,473,475
NET BOOK VALUE
At 31 January 2024 298,147 - 298,147
At 31 January 2023 330,107 - 330,107

10. FIXED ASSET INVESTMENTS
Loans to
group
undertaking
£   
At 1 February 2023 2,426,776
New in year 46,133
Repayment in year (171,391 )
Other movement (66,282 )
At 31 January 2024 2,235,236

FRIDAY-AD LIMITED (REGISTERED NUMBER: 02311783)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 JANUARY 2024

11. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade debtors 481,787 472,832
Provision for bad debts (35,683 ) -
Amounts owed by group undertakings 8,886,943 5,564,199
Other debtors 14,577 8,256
Directors' current accounts 4,809 50,208
Tax (57,715 ) 117,421
Prepayments and accrued income 98,463 194,481
9,393,181 6,407,397

12. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Bank loans and overdrafts (see note 14) 1,842,631 1,487,463
Trade creditors 50,225 403,517
Amounts owed to group undertakings 863,755 760,960
Social security and other taxes 84,635 114,944
VAT 130,970 85,037
Other creditors 44,324 43,723
Accruals and deferred income 101,540 93,770
3,118,080 2,989,414

13. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
2024 2023
£    £   
Bank loans (see note 14) 1,219,090 1,301,331

14. LOANS

An analysis of the maturity of loans is given below:

2024 2023
£    £   
Amounts falling due within one year or on demand:
Bank overdrafts 1,735,367 1,386,361
Bank loans 107,264 101,102
1,842,631 1,487,463

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

FRIDAY-AD LIMITED (REGISTERED NUMBER: 02311783)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 JANUARY 2024

15. PROVISIONS FOR LIABILITIES
2024 2023
£    £   
Deferred tax 49,543 104,712

Deferred
tax
£   
Balance at 1 February 2023 104,712
Provided during year (55,169 )
Balance at 31 January 2024 49,543

16. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2024 2023
value: £    £   
100 Ordinary £1 100 100

17. RESERVES
Retained Other
earnings reserves Totals
£    £    £   

At 1 February 2023 9,613,507 774,231 10,387,738
Deficit for the year (501,683 ) (501,683 )
Exchange movement - (70,945 ) (70,945 )
At 31 January 2024 9,111,824 703,286 9,815,110

18. PENSION COMMITMENTS

The company contributes towards employees' defined contribution schemes. The pension cost charge for the year represents contributions payable by the company to the scheme and amounted to £119,311 (2023 - £70,585).

Contributions totalling £14,608 (2023 - £14,608) were payable to the scheme at the end of the year and are included in creditors.

19. ULTIMATE PARENT COMPANY

Friday Media Group Limited is regarded by the directors as being the company's ultimate parent company.

20. 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 Media Group Limited and Friday Ad Print Limited, fellow group companies.

FRIDAY-AD LIMITED (REGISTERED NUMBER: 02311783)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 JANUARY 2024

21. 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.

22. ULTIMATE CONTROLLING PARTY

The ultimate controlling party is S L Kidger.