REGISTERED NUMBER: |
STRATEGIC REPORT, REPORT OF THE DIRECTORS AND |
FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 JANUARY 2024 |
FOR |
FRIDAY-AD LIMITED |
REGISTERED NUMBER: |
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: |
SECRETARY: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
AUDITORS: |
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: |
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. |
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: |
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. |
for and on behalf of |
30 - 34 North Street |
Hailsham |
East Sussex |
BN27 1DW |
FRIDAY-AD LIMITED (REGISTERED NUMBER: 02311783) |
STATEMENT OF COMPREHENSIVE INCOME |
FOR THE YEAR ENDED 31 JANUARY 2024 |
2024 | 2023 |
Notes | £ | £ |
TURNOVER | 4 |
Cost of sales | ( |
) | ( |
) |
GROSS PROFIT |
Administrative expenses | ( |
) | ( |
) |
(693,465 | ) | (834,263 | ) |
Other operating income |
OPERATING LOSS and |
LOSS BEFORE TAXATION | ( |
) | ( |
) |
Tax on loss | 7 |
LOSS FOR THE FINANCIAL YEAR | ( |
) | ( |
) |
OTHER COMPREHENSIVE (LOSS)/INCOME |
Exchange movement | ( |
) |
Income tax relating to other comprehensive (loss)/income |
OTHER COMPREHENSIVE (LOSS)/INCOME FOR THE YEAR, NET OF INCOME TAX |
( |
) |
TOTAL COMPREHENSIVE LOSS FOR THE YEAR |
( |
) |
( |
) |
FRIDAY-AD LIMITED (REGISTERED NUMBER: 02311783) |
BALANCE SHEET |
31 JANUARY 2024 |
2024 | 2023 |
Notes | £ | £ |
FIXED ASSETS |
Intangible assets | 8 |
Tangible assets | 9 |
Investments | 10 |
CURRENT ASSETS |
Debtors | 11 |
Cash at bank and in hand |
CREDITORS |
Amounts falling due within one year | 12 | ( |
) | ( |
) |
NET CURRENT ASSETS |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CREDITORS |
Amounts falling due after more than one year |
13 |
( |
) |
( |
) |
PROVISIONS FOR LIABILITIES | 15 | ( |
) | ( |
) |
NET ASSETS |
CAPITAL AND RESERVES |
Called up share capital | 16 |
Other reserves | 17 |
Retained earnings | 17 |
SHAREHOLDERS' FUNDS |
The financial statements were approved by the Board of Directors and authorised for issue on |
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 |
Changes in equity |
Total comprehensive loss | - | ( |
) | ( |
) |
Balance at 31 January 2023 |
Changes in equity |
Total comprehensive loss | - | ( |
) | ( |
) | ( |
) |
Balance at 31 January 2024 |
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 |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
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. |
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 |
Plant and machinery | - |
Motor vehicles | - |
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 |
Europe |
Rest of World (incl. USA) | 102,426 | 101,481 |
5. | EMPLOYEES AND DIRECTORS |
2024 | 2023 |
£ | £ |
Wages and salaries |
Social security costs |
Other pension costs |
The average number of employees during the year was as follows: |
2024 | 2023 |
Administration and support | 35 | 34 |
Sales and marketing | 34 | 41 |
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 |
Directors' pension contributions to money purchase schemes |
Information regarding the highest paid director is as follows: |
2024 | 2023 |
£ | £ |
Emoluments etc |
Pension contributions to money purchase schemes |
6. | OPERATING LOSS |
The operating loss is stated after charging/(crediting): |
2024 | 2023 |
£ | £ |
Depreciation - owned assets |
Development costs amortisation |
Auditors' remuneration |
Foreign exchange differences | ( |
) |
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 | ( |
) | ( |
) |
Tax on loss | ( |
) | ( |
) |
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 | ( |
) | ( |
) |
Loss multiplied by the standard rate of corporation tax in the UK of |
( |
) |
( |
) |
Effects of: |
Expenses not deductible for tax purposes |
Depreciation in excess of capital allowances |
Utilisation of tax losses | ( |
) | ( |
) |
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 | ) |
2023 |
Gross | Tax | Net |
£ | £ | £ |
Exchange movement | - | 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 |
Additions |
At 31 January 2024 |
AMORTISATION |
At 1 February 2023 |
Amortisation for year |
At 31 January 2024 |
NET BOOK VALUE |
At 31 January 2024 |
At 31 January 2023 |
9. | TANGIBLE FIXED ASSETS |
Plant and | Motor |
machinery | vehicles | Totals |
£ | £ | £ |
COST |
At 1 February 2023 |
Additions |
Disposals | ( |
) | ( |
) |
At 31 January 2024 |
DEPRECIATION |
At 1 February 2023 |
Charge for year |
At 31 January 2024 |
NET BOOK VALUE |
At 31 January 2024 |
At 31 January 2023 |
10. | FIXED ASSET INVESTMENTS |
Loans to |
group |
undertaking |
£ |
At 1 February 2023 |
New in year |
Repayment in year | ( |
) |
Other movement | ( |
) |
At 31 January 2024 |
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 |
Provision for bad debts | (35,683 | ) | - |
Amounts owed by group undertakings |
Other debtors |
Directors' current accounts | 4,809 | 50,208 |
Tax | ( |
) |
Prepayments and accrued income |
12. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2024 | 2023 |
£ | £ |
Bank loans and overdrafts (see note 14) |
Trade creditors |
Amounts owed to group undertakings |
Social security and other taxes |
VAT | 130,970 | 85,037 |
Other creditors |
Accruals and deferred income |
13. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
2024 | 2023 |
£ | £ |
Bank loans (see note 14) |
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 |
Bank loans |
Amounts falling due between one and two years: |
Bank loans - 1-2 years |
Amounts falling due between two and five years: |
Bank loans - 2-5 years |
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 |
Provided during year | ( |
) |
Balance at 31 January 2024 |
16. | CALLED UP SHARE CAPITAL |
Allotted, issued and fully paid: |
Number: | Class: | Nominal | 2024 | 2023 |
value: | £ | £ |
Ordinary | £1 | 100 | 100 |
17. | RESERVES |
Retained | Other |
earnings | reserves | Totals |
£ | £ | £ |
At 1 February 2023 | 10,387,738 |
Deficit for the year | ( |
) | ( |
) |
Exchange movement | - | (70,945 | ) | (70,945 | ) |
At 31 January 2024 | 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 |