Registration number: 09974897

Friday Street Inc Limited

(Registration number: 09974897)
Balance Sheet as at 31 December 2024

	Note	2024 £	2023 £
Fixed assets
Tangible assets	4	257	-
Investment property	5	4,745,446	4,602,038
		4,745,703	4,602,038
Current assets
Debtors	6	26,893	38,233
Cash at bank and in hand		293,675	257,164
		320,568	295,397
Creditors: Amounts falling due within one year	7	(4,034,385)	(4,143,835)
Net current liabilities		(3,713,817)	(3,848,438)
Total assets less current liabilities		1,031,886	753,600
Deferred tax liabilities		(64)	-
Net assets		1,031,822	753,600
Capital and reserves
Called up share capital		100	100
Retained earnings		1,031,722	753,500
Shareholders' funds		1,031,822	753,600

For the financial year ending 31 December 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

•	The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and
•	The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Profit and Loss Account.

Approved by the Board on 24 September 2025 and signed on its behalf by:
 

M S M Dunkley
Director

Friday Street Inc Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2024

1

General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
Windsor House
Bayshill Road
Cheltenham
GL50 3AT

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention.

The presentational currency of the financial statements is Pounds Sterling, being the functional currency of the primary economic environment in which the company operates. Monetary amounts in these financial statements are rounded to the nearest Pound.

Going concern

Revenue recognition

Turnover comprises the fair value of the rental income received or receivable in the ordinary course of the company’s activities. Turnover is shown net of value added tax.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Tax

The corporation tax expense for the period comprises current tax and is recognised in the profit and loss account,

The current corporation 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 taxable income.

Deferred income tax is recognised on temporary differences arising between the tax bases of assets and liabilities and their carrying amounts in the financial statements and on unused tax losses or tax credits in the company. Deferred income tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.

The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit.

Tangible assets

Tangible assets are stated in the statement of financial position at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Friday Street Inc Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2024

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Investment property

Investment property is carried at fair value, derived from the current market prices for comparable real estate. Changes in fair value are recognised in profit or loss.

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and all are repayable within one year and hence are included at the undiscounted amount of cash expected to be paid.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Financial instruments

Classification
Financial instruments are classified and accounted for according to the substance of the contractual arrangement, as financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities. Where shares are issued, any component that creates a financial liability of the company is presented as a liability on the balance sheet. The corresponding dividends relating to the liability component are charged as interest expenses in the profit and loss account.

Recognition and measurement
All financial assets and liabilities are initially measured at transaction price (including transaction costs), except for those financial assets classified as at fair value through profit or loss, which are initially measured at fair value (which is normally the transaction price excluding transaction costs), unless the arrangement constitutes a financing transaction. If an arrangement constitutes a financing transaction, the financial asset or financial liability is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.

Friday Street Inc Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2024

Impairment
Assets, other than those measured at fair value, are assessed for indicators of impairment at each balance sheet date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss as described below.

A non financial asset is impaired where there is objective evidence that, as a result of one or more events that occurred after initial recognition, the estimated recoverable value of the asset has been reduced. The recoverable amount of an asset is the higher of its fair value less costs to sell and its value in use.

The recoverable amount of goodwill is derived from measurement of the present value of the future cash flows of the cash-generating units ('CGUs') of which the goodwill is a part. Any impairment loss in respect of a CGU is allocated first to the goodwill attached to that CGU, and then to other assets within that CGU on a pro-rata basis.

Where indicators exist for a decrease in impairment loss, the prior impairment loss is tested to determine reversal. An impairment loss is reversed on an individual impaired asset to the extent that the revised recoverable value does not lead to a revised carrying amount higher than the carrying value had no impairment been recognised. Where a reversal of impairment occurs in respect of a CGU, the reversal is applied first to the assets (other than goodwill) of the CGU on a pro-rata basis and then to any goodwill allocated to that CGU.

For financial assets carried at amortised cost, the amount of an impairment is the difference between the asset’s carrying amount and the present value of estimated future cash flows, discounted at the financial asset’s original effective interest rate.

For financial assets carried at cost less impairment, the impairment loss is the difference between the asset’s carrying amount and the best estimate of the amount that would be received for the asset if it were to be sold at the reporting date.

Where indicators exist for a decrease in impairment loss, and the decrease can be related objectively to an event occurring after the impairment was recognised, the prior impairment loss is tested to determine reversal. An impairment loss is reversed on an individual impaired financial asset to the extent that the revised recoverable value does not lead to a revised carrying amount higher than the carrying value had no impairment been recognised.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 2 (2023 - 2).

Friday Street Inc Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2024

4

Tangible assets

	Furniture, fittings and equipment  £
Cost
Additions	291
At 31 December 2024	291
Charge for the year	34
At 31 December 2024	34
Carrying amount
At 31 December 2024	257

5

Investment properties

	2024 £
At 1 January 2024	4,602,038
Additions	143,408
At 31 December 2024	4,745,446

At 31 December 2024, the investment properties were valued by the directors on an open market basis.

There has been no valuation of investment property by an independent valuer.

6

Debtors

	2024 £	2023 £
Trade debtors	3,849	18,537
Prepayments	7,996	4,696
Other debtors	15,048	15,000
	26,893	38,233

Friday Street Inc Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2024

7

Creditors

	Note	2024 £	2023 £
Due within one year
Trade creditors		39,943	136
Amounts due to related parties	8	3,371,218	3,551,912
Social security and other taxes		13,454	11,433
Other creditors		102,435	102,434
Accrued expenses		318,175	318,525
Corporation tax liability		94,322	60,491
Deferred income		94,838	98,904
		4,034,385	4,143,835

8

Related party transactions

Summary of transactions with other related parties

At 31 December 2024, the company owed £3,365,357 (2023: £3,551,912) to the directors in the form of a director's loan account. Interest of £317,174 (2023: £317,174) has been accrued on this balance to date, there are no fixed repayment terms.

At 31 December 2024, the company was owed £15,000 (2023: £15,000) from Pitville 2023 Limited, a company in which Friday Street Inc owns shares. The loan is unsecured and no interest was charged on the balance.

At 31 December 2024, the company owed Sugar Town Inc Limited, a subsidiary, £5,861 (2023: £nil). The loan is unsecured and no interest was charged on the balance.