Caseware UK (AP4) 2024.0.164 2024.0.164 2024-12-312025-05-292025-05-292024-12-312025-05-29true15falseOther professional, scientific and technical activities not elsewhere classifiedfalsetruetruefalse2024-01-0113 09801605 2024-01-01 2024-12-31 09801605 2023-01-01 2023-12-31 09801605 2024-12-31 09801605 2023-12-31 09801605 2023-01-01 09801605 c:Director1 2024-01-01 2024-12-31 09801605 c:Director2 2024-01-01 2024-12-31 09801605 c:RegisteredOffice 2024-01-01 2024-12-31 09801605 c:Agent1 2024-01-01 2024-12-31 09801605 d:OfficeEquipment 2024-01-01 2024-12-31 09801605 d:OfficeEquipment 2024-12-31 09801605 d:OfficeEquipment 2023-12-31 09801605 d:OfficeEquipment d:OwnedOrFreeholdAssets 2024-01-01 2024-12-31 09801605 d:DevelopmentCostsCapitalisedDevelopmentExpenditure 2024-12-31 09801605 d:DevelopmentCostsCapitalisedDevelopmentExpenditure 2023-12-31 09801605 d:CurrentFinancialInstruments 2024-12-31 09801605 d:CurrentFinancialInstruments 2023-12-31 09801605 d:CurrentFinancialInstruments d:WithinOneYear 2024-12-31 09801605 d:CurrentFinancialInstruments d:WithinOneYear 2023-12-31 09801605 d:UKTax 2024-01-01 2024-12-31 09801605 d:UKTax 2023-01-01 2023-12-31 09801605 d:ShareCapital 2024-12-31 09801605 d:ShareCapital 2023-01-01 2023-12-31 09801605 d:ShareCapital 2023-12-31 09801605 d:ShareCapital 2023-01-01 09801605 d:SharePremium 2024-01-01 2024-12-31 09801605 d:SharePremium 2024-12-31 09801605 d:SharePremium 2023-01-01 2023-12-31 09801605 d:SharePremium 2023-12-31 09801605 d:SharePremium 2023-01-01 09801605 d:RetainedEarningsAccumulatedLosses 2024-01-01 2024-12-31 09801605 d:RetainedEarningsAccumulatedLosses 2024-12-31 09801605 d:RetainedEarningsAccumulatedLosses 2023-01-01 2023-12-31 09801605 d:RetainedEarningsAccumulatedLosses 2023-12-31 09801605 d:RetainedEarningsAccumulatedLosses 2023-01-01 09801605 c:OrdinaryShareClass1 2024-01-01 2024-12-31 09801605 c:OrdinaryShareClass1 2024-12-31 09801605 c:OrdinaryShareClass1 2023-12-31 09801605 c:OrdinaryShareClass2 2024-01-01 2024-12-31 09801605 c:OrdinaryShareClass2 2024-12-31 09801605 c:OrdinaryShareClass2 2023-12-31 09801605 c:FRS102 2024-01-01 2024-12-31 09801605 c:Audited 2024-01-01 2024-12-31 09801605 c:FullAccounts 2024-01-01 2024-12-31 09801605 c:PrivateLimitedCompanyLtd 2024-01-01 2024-12-31 09801605 d:Subsidiary1 2024-01-01 2024-12-31 09801605 d:Subsidiary1 1 2024-01-01 2024-12-31 09801605 d:Subsidiary4 2024-01-01 2024-12-31 09801605 d:Subsidiary4 1 2024-01-01 2024-12-31 09801605 d:Subsidiary5 2024-01-01 2024-12-31 09801605 d:Subsidiary5 1 2024-01-01 2024-12-31 09801605 d:Subsidiary6 2024-01-01 2024-12-31 09801605 d:Subsidiary6 1 2024-01-01 2024-12-31 09801605 d:Subsidiary7 2024-01-01 2024-12-31 09801605 d:Subsidiary7 1 2024-01-01 2024-12-31 09801605 d:Subsidiary11 2024-01-01 2024-12-31 09801605 d:Subsidiary11 1 2024-01-01 2024-12-31 09801605 d:Subsidiary12 2024-01-01 2024-12-31 09801605 d:Subsidiary12 1 2024-01-01 2024-12-31 09801605 d:Subsidiary13 2024-01-01 2024-12-31 09801605 d:Subsidiary13 1 2024-01-01 2024-12-31 09801605 d:Subsidiary14 2024-01-01 2024-12-31 09801605 d:Subsidiary14 1 2024-01-01 2024-12-31 09801605 d:Subsidiary16 2024-01-01 2024-12-31 09801605 d:Subsidiary16 1 2024-01-01 2024-12-31 09801605 d:Subsidiary17 2024-01-01 2024-12-31 09801605 d:Subsidiary17 1 2024-01-01 2024-12-31 09801605 6 2024-01-01 2024-12-31 09801605 d:DevelopmentCostsCapitalisedDevelopmentExpenditure d:OwnedIntangibleAssets 2024-01-01 2024-12-31 09801605 e:PoundSterling 2024-01-01 2024-12-31 xbrli:shares iso4217:GBP xbrli:pure
Registered number: 09801605














FREUDS GROUP LIMITED
FINANCIAL STATEMENTS
FOR THE YEAR ENDED  31 DECEMBER 2024

 
FREUDS GROUP LIMITED
 
 
COMPANY INFORMATION


Directors
M R Freud 
A Brady 




Registered number
09801605



Registered office
1 Stephen Street

London

W1T 1AL




Independent auditors
Sopher + Co LLP
Chartered Accountants & Statutory auditors

5 Elstree Gate

Elstree Way

Borehamwood

Hertfordshire

WD6 1JD




Bankers
Coutts & Co
440 Strand

London

WC2R 0QS





 
FREUDS GROUP LIMITED
 

CONTENTS



Page
Strategic Report
 
1 - 2
Directors' Report
 
3
Directors' Responsibilities Statement
 
4
Independent Auditors' Report
 
5 - 8
Statement of Comprehensive Income
 
9
Statement of Financial Position
 
10
Statement of Changes in Equity
 
11
Notes to the Financial Statements
 
12 - 22


 
FREUDS GROUP LIMITED
 
 
STRATEGIC REPORT
FOR THE YEAR ENDED 31 DECEMBER 2024

Introduction
 
The directors present their strategic report on the Company for the year ended 31 December 2024.

Business review
 
During the year the Company received dividends from group companies totalling £754,238 (2023 - £40,000,000) and £495,126 (2023 - £Nil) from its investment in a joint venture. It also disposed of and impaired investments in subsidiaries totalling £255,494 (2023 - £30,908l). 
During the year the Company carried on with the provision of management services to group companies and third parties generating a turnover of £2,282,837 (2023 - £1,623,598) and an operating profit of £699,226 (2023 - £108,851).

Principal risks and uncertainties
 
The principal risk and uncertainties facing the Company are the same as those of the Freud 3.0 Limited and Freud 4.0 Limited, being the loss of key employees or the inability to recruit staff of the appropriate calibre in view of the expected growth of the Group, or the loss of status or reputation of the Group and its directors. 

Financial key performance indicators
 
The Directors regard turnover and operating profit as the key financial indicators of the Company.

Directors' statement of compliance with duty to promote the success of the Company
 
The Directors consider the successful running of the Company centres around their long-term strategy of maintaining a sustainable, profitable business. The Directors consider that they have acted in the way they consider, in good faith, would be most likely to promote the success of the Company for the benefit of its members as a whole (having regard to the stakeholders and matters set out in S172(1)(a-f) of the Act) in the decisions taken during the financial year ended 31 December 2024.
In coming to this conclusion, the directors have considered the following:
• Consideration of long-term consequences are an inherent part of the Company's decision-making processes. As a privately-owned Company, the directors consider that the interests of the Company and its shareholders are aligned in seeking sustainable value creation over the longer term through the Company's operations, promoting long term strategic decision-making.
• The Directors continue to ensure that a reputation for high standards of business conduct with customers and other stakeholders is maintained.
• The Company has continued throughout the year to provide employees with relevant information and to seek their views on matters of common concern. Priority is given to ensuring that employees are aware of all significant matters affecting the Company.
• When taking decisions, the board considers the potential impact the decisions they take may have on the community and environment and socially.  
• The integrity of the Company is underpinned with policies in relation to bribery and corruption, data protection, equality, diversity, fraud and whistleblowing, each of which is reinforced through appropriate training.
• The Directors confirm that throughout the year they have acted in the way they consider, in good faith, to be most likely to promote the success of the Company for the benefit of its members as a whole.

Page 1

 
FREUDS GROUP LIMITED
 

STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024


This report was approved by the board on 29 May 2025 and signed on its behalf.



M R Freud
Director

Page 2

 
FREUDS GROUP LIMITED
 
 
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 DECEMBER 2024

The directors present their report and the financial statements for the year ended 31 December 2024.

Results and dividends

The profit for the year, after taxation, amounted to £1,552,312 (2023 - £39,767,797).

Directors

The directors who served during the year were:

M R Freud 
A Brady 

Future developments

There are no plans which will significantly change the activities and risks of the Company.

Disclosure of information to auditors

Each of the persons who are directors at the time when this Directors' Report is approved has confirmed that:
 
so far as the director is aware, there is no relevant audit information of which the Company's auditors are unaware, and

the director has taken all the steps that ought to have been taken as a director in order to be aware of any relevant audit information and to establish that the Company's auditors are aware of that information.

Events after the year end

There have been no significant events affecting the Company since the year end.

Auditors

Under section 487(2) of the Companies Act 2006Sopher + Co LLP will be deemed to have been reappointed as auditors 28 days after these financial statements were sent to members or 28 days after the latest date prescribed for filing the accounts with the registrar, whichever is earlier.

This report was approved by the board on 29 May 2025 and signed on its behalf.
 





M R Freud
Director

Page 3

 
FREUDS GROUP LIMITED
 
 
DIRECTORS' RESPONSIBILITIES STATEMENT
FOR THE YEAR ENDED 31 DECEMBER 2024

The directors are responsible for preparing the Strategic Report, the Directors' Report 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 applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), 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 for the Company's financial statements and then apply them consistently;

make judgments and accounting estimates that are reasonable and prudent;

state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements;

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 to enable them to ensure that the financial statements comply with the Companies Act 2006They 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.

The directors are responsible for the maintenance and integrity of the corporate and financial information included on the Company's website. Legislation in the United Kingdom governing the preparation and dissemination of financial statements and other information included in Directors' Reports may differ from legislation in other jurisdictions.

Page 4

 
FREUDS GROUP LIMITED
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF FREUDS GROUP LIMITED
 

Opinion


We have audited the financial statements of Freuds Group Limited (the 'Company') for the year ended 31 December 2024, which comprise the Statement of Comprehensive Income, the Statement of Financial Position, the Statement of Changes in Equity and the related notes, including a summary of significant accounting policiesThe 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 December 2024 and of its 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 Company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the United Kingdom, including the Financial Reporting Council'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 included in the Annual Report, other than the financial statements and our Auditors' Report 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 statementsour 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 there is a material misstatement in the financial statements or a material misstatement of the other information. 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.
Page 5

 
FREUDS GROUP LIMITED
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF FREUDS GROUP LIMITED (CONTINUED)



We have nothing to report in this regard.


Opinion 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 Directors' Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
the Strategic Report and the Directors' Report have been prepared in accordance with applicable legal requirements.


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 Directors' Report.


We have nothing to report in respect of the following matters in relation to which 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 Directors' Responsibilities Statement set out on page 4, 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 is 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 an Auditors' Report 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.


Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

Our approach to identifying and assessing the risks of material misstatement in respect of irregularities, including
Page 6

 
FREUDS GROUP LIMITED
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF FREUDS GROUP LIMITED (CONTINUED)

fraud and non-compliance with laws and regulations, was as follows: 
 
the engagement partner ensured that the engagement team collectively had the appropriate competence, capabilities and skills to identify or recognise non-compliance with applicable laws and regulations; 
we identified the laws and regulations applicable to the Company through discussions with directors and other management, and from our commercial knowledge and experience of the business; 
we focused on specific laws and regulations which we considered may have a direct material effect on the financial statements or the operations of the Company, including the Companies Act 2006, taxation legislation and data protection, anti-bribery, employment, environmental and health and safety legislation;
we assessed the extent of compliance with the laws and regulations identified above through making enquiries of management and inspecting legal correspondence; and 
identified laws and regulations were communicated within the audit team regularly and the team remained alert to instances of non-compliance throughout the audit. 

We assessed the susceptibility of the Company’s financial statements to material misstatement, including obtaining an understanding of how fraud might occur, by: 
 
making enquiries of management as to where they considered there was susceptibility to fraud, their knowledge of actual, suspected and alleged fraud; 
considering the internal controls in place to mitigate risks of fraud and non-compliance with laws and regulations; and 
understanding the design of the Company’s remuneration policies. 

To address the risk of fraud through management bias and override of controls, we: 
 
performed analytical procedures to identify any unusual or unexpected relationships; 
tested journal entries to identify unusual transactions; 
assessed whether judgements and assumptions made in determining the accounting estimates were indicative of potential bias; and 
investigated the rationale behind significant or unusual transactions. 

In response to the risk of irregularities and non-compliance with laws and regulations, we designed procedures which included, but were not limited to: 
 
agreeing financial statement disclosures to underlying supporting documentation; 
reading the minutes of meetings of those charged with governance; 
enquiring of management as to actual and potential litigation and claims; and 
reviewing correspondence with HMRC, relevant regulators and the Company’s legal advisors. 

There are inherent limitations in our audit procedures described above. The more removed that laws and regulations are from financial transactions, the less likely it is that we would become aware of non-compliance. Auditing standards also limit the audit procedures required to identify non-compliance with laws and regulations to enquiry of the directors and other management and the inspection of regulatory and legal correspondence, if any. 
Material misstatements that arise due to fraud can be harder to detect than those that arise from error as they may involve deliberate concealment or collusion.


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 Auditors' Report.


Page 7

 
FREUDS GROUP LIMITED
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF FREUDS GROUP LIMITED (CONTINUED)

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 2006Our 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 an Auditors' Report 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 Iseman FCA (Senior Statutory Auditor)
  
for and on behalf of
Sopher + Co LLP
 
Chartered Accountants
Statutory auditors
  
5 Elstree Gate
Elstree Way
Borehamwood
Hertfordshire
WD6 1JD

29 May 2025
Page 8

 
FREUDS GROUP LIMITED
 
 
STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 DECEMBER 2024


2024
2023
Note
£
£

  

Turnover
 4 
2,282,837
1,623,598

Administrative expenses
  
(1,583,611)
(1,514,747)

Operating profit
 5 
699,226
108,851

Income from shares in group undertakings
  
754,238
40,000,000

Income from participating interests
  
495,126
-

Amounts written off investments and impairments
  
(255,494)
(30,908)

Interest receivable and similar income
  
11,200
2,704

Interest payable and similar expenses
 8 
-
(368,925)

Profit before tax
  
1,704,296
39,711,722

Tax on profit
 9 
(151,984)
56,075

Profit for the financial year
  
1,552,312
39,767,797

There was no other comprehensive income for 2024 (2023:£NIL).

The notes on pages 12 to 22 form part of these financial statements.

Page 9

 
FREUDS GROUP LIMITED
REGISTERED NUMBER:09801605

STATEMENT OF FINANCIAL POSITION
AS AT 31 DECEMBER 2024

2024
2023
Note
£
£

Fixed assets
  

Intangible assets
 10 
3,500
6,500

Tangible assets
 11 
1,318
1,899

Fixed asset investments
 12 
65,561,604
65,817,098

  
65,566,422
65,825,497

Current assets
  

Debtors: amounts falling due within one year
 13 
841,063
41,569,124

Cash at bank and in hand
  
252,369
78,264

  
1,093,432
41,647,388

Current liabilities
  

Creditors: amounts falling due within one year
 14 
(813,250)
(43,178,593)

Net current assets/(liabilities)
  
 
 
280,182
 
 
(1,531,205)

Net assets
  
65,846,604
64,294,292


Capital and reserves
  

Called up share capital 
 15 
5,919
5,919

Share premium account
 16 
55,538,239
55,538,239

Profit and loss account
 16 
10,302,446
8,750,134

  
65,846,604
64,294,292


The financial statements were approved and authorised for issue by the board and were signed on its behalf on 29 May 2025.




M R Freud
Director

The notes on pages 12 to 22 form part of these financial statements.

Page 10

 
FREUDS GROUP LIMITED
 

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


Called up share capital
Share premium account
Profit and loss account
Total equity

£
£
£
£


At 1 January 2023
5,290
55,538,239
9,407,853
64,951,382



Profit for the year
-
-
39,767,797
39,767,797

Dividends: Equity capital
-
-
(40,425,516)
(40,425,516)

Shares issued during the year
629
-
-
629



At 1 January 2024
5,919
55,538,239
8,750,134
64,294,292



Profit for the year
-
-
1,552,312
1,552,312


At 31 December 2024
5,919
55,538,239
10,302,446
65,846,604


The notes on pages 12 to 22 form part of these financial statements.

Page 11

 
FREUDS GROUP LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

1.


General information

Freuds Group Limited is a private company, limited by shares, incorporated in England and Wales. Its registered office and business address at 1 Stephen Street, London, W1T 1AL.
The principal activities of the Company are acting as an intermediate holding company and the provision of management services.

2.Accounting policies

 
2.1

Basis of preparation of financial statements

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

The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgment in applying the Company's accounting policies (see note 3).

The following principal accounting policies have been applied:

 
2.2

Financial Reporting Standard 102 - reduced disclosure exemptions

The Company has taken advantage of the following disclosure exemptions in preparing these financial statements, as permitted by the FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland":
the requirements of Section 7 Statement of Cash Flows;
the requirements of Section 3 Financial Statement Presentation paragraph 3.17(d).

This information is included in the consolidated financial statements of Freud 4.0 Limited as at 31 December 2024 and these financial statements may be obtained from the Company's registered office address upon request and publicly from the Registrar of Companies..

 
2.3

Exemption from preparing consolidated financial statements

The Company is a parent company that is also a subsidiary included in the consolidated financial statements of a larger group by a parent undertaking established under the law of any part of the United Kingdom and is therefore exempt from the requirement to prepare consolidated financial statements under section 400 of the Companies Act 2006.

Page 12

 
FREUDS GROUP LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

2.Accounting policies (continued)

 
2.4

Foreign currency translation

Functional and presentation currency

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

Transactions and balances

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

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

Foreign exchange gains and losses resulting from the settlement of transactions and from the translation at period-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in profit or loss except when deferred in other comprehensive income as qualifying cash flow hedges.

 
2.5

Revenue

Turnover comprises revenue recognised by the company in respect of management services supplied during the year, exclusive of Value Added Tax.
Fee income is recognised in the period in which management services are provided. 

 
2.6

Pensions

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

 
2.7

Intangible assets

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

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

 Amortisation is provided on the following bases:

Website
-
straight line over 3 years

Page 13

 
FREUDS GROUP LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

2.Accounting policies (continued)

 
2.8

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.

The estimated useful lives range as follows:

Office equipment
-
25% straight line method

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

 
2.9

Valuation of investments

Investments in subsidiaries are measured at cost less accumulated impairment.

 
2.10

Associates and joint ventures

Associates and joint ventures are held at cost less impairment.

 
2.11

Debtors

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

 
2.12

Financial instruments

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


 
2.13

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty.

 
2.14

Creditors

Short term creditors are measured at the transaction price.

Page 14

 
FREUDS GROUP LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

2.Accounting policies (continued)

 
2.15

Finance costs

Finance costs are charged to the Statement of Comprehensive Income over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount.

 
2.16

Taxation

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

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the Company operates and generates income.


 
2.17

Dividends

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. 


3.


Judgments in applying accounting policies and key sources of estimation uncertainty

In the application of the Company's accounting policies described above, the Directors are required to make judgements, estimates and assumptions about the carrying value of assets and liabilities that are not readily apparent from other sources. The estimates and underlying assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may be different. These estimates are reviewed on an ongoing basis. Revisions to these estimates are recognised in the period in which the estimate is revised if the revision only affects that period, or in the period of revision and future periods if the revision affects both future and current periods.
In preparing these financial statements, the Directors have made the following judgements:
When determining whether there are indicators of impairment of the Company's investments, factors taken into consideration in reaching such a decision include the economic viability and expected future financial performance of the investment.


4.


Turnover

The whole of the turnover is attributable to the provision of management services.

All turnover arose within the United Kingdom.

Page 15

 
FREUDS GROUP LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

5.


Operating profit

The operating profit is stated after charging:

2024
2023
£
£

Exchange differences
(306)
1,745


6.


Auditors' remuneration

2024
2023
£
£

Fees payable to the Company's auditors in respect of:

The auditing of accounts of the Company
3,150
3,000

The Company has taken advantage of the exemption not to disclose amounts paid for non-audit services as these are disclosed in the consolidated accounts of the parent Company.


7.


Employees

Staff costs were as follows:


2024
2023
£
£

Wages and salaries
1,311,638
1,242,930

Social security costs
166,307
158,090

Cost of defined contribution scheme
48,015
46,998

1,525,960
1,448,018


The average monthly number of employees, including directors, during the year was 15 (2023 - 13).


8.


Interest payable

2024
2023
£
£


Interest payable to group companies
-
368,925

Page 16

 
FREUDS GROUP LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

9.


Taxation


2024
2023
£
£

Corporation tax


Current tax on profits for the year
151,984
-


Group taxation relief
-
(56,075)

Total current tax
151,984
(56,075)

Factors affecting tax charge for the year

The tax assessed for the year is lower than (2023 - lower than) the standard (2023 - composite) rate of corporation tax in the UK of 25% (2023 -  23.50%). The differences are explained below:

2024
2023
£
£


Profit on ordinary activities before tax
1,704,296
39,711,722


Profit on ordinary activities multiplied by the standard (2023 - composite) rate of corporation tax in the UK of  25% (2023 -  23.50%)
426,074
9,332,255

Effects of:


Expenses not deductible for tax purposes
1,850
11,462

Depreciation charge for the year in excess of capital allowances
145
168

Impairment of investment not deductible
36,286
-

Short term timing difference leading to a (decrease) / increase in taxation
(30)
40

Non-taxable dividends from UK companies
(312,341)
(9,400,000)

Total tax charge for the year
151,984
(56,075)


Factors that may affect future tax charges

There were no factors that may affect future tax charges.

Page 17

 
FREUDS GROUP LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

10.


Intangible assets




Website

£



Cost


At 1 January 2024
12,000



At 31 December 2024

12,000



Amortisation


At 1 January 2024
5,500


Charge for the year on owned assets
3,000



At 31 December 2024

8,500



Net book value



At 31 December 2024
3,500



At 31 December 2023
6,500


Page 18

 
FREUDS GROUP LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

11.


Tangible fixed assets





Office equipment

£



Cost


At 1 January 2024
2,849


Additions
170



At 31 December 2024

3,019



Depreciation


At 1 January 2024
950


Charge for the year on owned assets
751



At 31 December 2024

1,701



Net book value



At 31 December 2024
1,318



At 31 December 2023
1,899

Page 19

 
FREUDS GROUP LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

12.


Fixed asset investments





Investments in subsidiary companies
Investment in joint ventures
Total

£
£
£



Cost 


At 1 January 2024
64,701,542
1,115,556
65,817,098


Disposals
(110,352)
-
(110,352)



At 31 December 2024

64,591,190
1,115,556
65,706,746



Impairment


Charge for the period
145,142
-
145,142



At 31 December 2024

145,142
-
145,142



Net book value



At 31 December 2024
64,446,048
1,115,556
65,561,604



At 31 December 2023
64,701,542
1,115,556
65,817,098


Subsidiary undertakings


The following were subsidiary undertakings of the Company:

Name

Principal activity

Class of shares

Holding

Freud Communications Limited
Public relations
Ordinary
100%
Freuds Inc.
Intermediate holding company
Ordinary
100%
True Colors Limited
Product sourcing
Ordinary
80%
Atomized Studios Limited
Video production
Ordinary
75%
The Brewery (London) Limited
Public relations
Ordinary
100%
Freuds Republic Limited*
Public relations
Ordinary
100%
Freuds + Limited*
Public relations
Ordinary
100%
Freuds LLC*
Public relations
N/A
100%
The One Nine Three Group LLC*
Public relations
N/A
80%
The One Nine Three Group Limited*
Public relations
Ordinary
80%
Lawless Studio Limited
Public relations
Ordinary
75%

Page 20

 
FREUDS GROUP LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
Subsidiary undertakings (continued)

*These undertakings are indirect subsidiaries.
The registered office of The One Nine Three Group LLC is at 231 Pantigo Road, Suite 2, East Hampton, NY 11937. The registered office of the direct and remaining indirect subsidiaries is at 1 Stephen Street, London, W1T 1AL.


13.


Debtors

2024
2023
£
£

Trade debtors
66,296
75,084

Amounts owed by group undertakings
252,246
41,169,840

Other debtors
495,123
320,067

Prepayments and accrued income
27,398
4,133

841,063
41,569,124



14.


Creditors: Amounts falling due within one year

2024
2023
£
£

Trade creditors
600
600

Amounts owed to group undertakings
483,497
35,300,124

Corporation tax
151,984
-

Other taxation and social security
123,741
72,625

Other creditors
8,188
7,679,797

Accruals and deferred income
45,240
125,447

813,250
43,178,593



15.


Share capital

2024
2023
£
£
Allotted, called up and fully paid



529,000 (2023 - 529,000) A Ordinary shares of £0.01 each
5,290
5,290
62,894 (2023 - 62,894) B Ordinary shares of £0.01 each
629
629

5,919

5,919

The holders of B Ordinary shares do not have the right to receive notice of, nor attend, vote or speak at any general meeting, and are not entitled to vote on any written resolution. They do not have any entitlement to a dividend or any other distribution.

Page 21

 
FREUDS GROUP LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

15.Share capital (continued)



16.


Reserves

Share premium account

This reserve represents the amount above the nominal value received for issued share capital, less transaction costs.

Profit and loss account

The profit and loss reserve contains the cumulative balance of retained profits and losses since the company was incorporated.


17.


Pension commitments

The Company contributes to a defined contributions pension scheme. The assets of the scheme are held separately from those of the Company in an independently administered fund. The pension cost charge represents contributions payable by the Company to the fund and amounted to £48,015 (2023 - £46,998). Contributions totalling £4,120 (2023 - £4,194) were payable to the fund at the reporting date and are included in creditors.


18.Guarantee

The Company, Freud 4.0 Limited (ultimate parent), Freud 3.0 Limited (immediate parent) and the following direct and indirect subsidiaries, Freud Communications Limited, Freuds + Limited, Freuds Republic Limited, are parties to a composite guarantee in favour of the Company's bank. The potential liability at the reporting date was £3,116,667 (2023 - £4,816,666).


19.


Related party transactions

The Company forms part of a wholly-owned group and accordingly has taken advantage of the exemption allowed under Section 33.1A of FRS102 not to disclose transactions with other group companies, provided that any subsidiary which is a party to the transaction is wholly owned by such a member.


20.


Controlling party

The immediate parent company is Freud 3.0 Limited and the ultimate parent is Freud 4.0 Limited, both registered in England and Wales. Freud 4.0 Limited is the parent company of the largest and the smallest group for which group financial statements are drawn up. Copies of the consolidated financial statements are available from the Registrar of Companies. M R Freud, a director of the company, is the ultimate controlling party.

 
Page 22