REGISTERED NUMBER: 08254331 (England and Wales)

REPORT OF THE DIRECTORS AND

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

FOR

FRIEND STUDIO LIMITED

Page

Company Information

1

Report of the Directors

2

Balance Sheet

3

Notes to the Financial Statements

5

Statement of Directors' Responsibilities

10

Independent Chartered Accountants' Review Report

11

DIRECTORS:

R Riche

R M Williams

REGISTERED OFFICE:

11a Branch Place

London

Greater London

N1 5PH

REGISTERED NUMBER:

08254331 (England and Wales)

ACCOUNTANTS:

Thompson Taraz Rand Audit and Assurance Limited

10 Jesus Lane

Cambridge

Cambridgeshire

CB5 8BA

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

PRINCIPAL ACTIVITY

The principal activity of the company in the year under review was that of corporate communications, reporting and branding services.

The Company is actively engaged through research and development, the global digitisation of these services, including the provision of IXBRL reporting.

DIRECTORS

The directors shown below have held office during the whole of the period from 1 January 2024 to the date of this report.

R Riche

R M Williams

DONATIONS AND EXPENDITURE

During the year under review, the company made charitable donations totalling £6,507 (2023: £2,330).

RESEARCH AND DEVELOPMENT INITIATIVE

Our industry is undergoing profound regulatory and technical shifts that are reshaping workflows and software use. Since the new ESEF regulation was first announced in 2014, we have been preparing for this transition. A key focus has been transforming our agency from analogue, print-first design skills to fully digital capability. To achieve this, we developed proprietary software that not only meets evolving regulatory requirements but also positions us to capture the opportunities created by this market shift. While regulations continue to evolve and drive ongoing R&D investment, our software is already live in beta, generating returns and validating our strategy.

This report has been prepared in accordance with the provisions of Part 15 of the Companies Act 2006 relating to small companies.

ON BEHALF OF THE BOARD:

R Riche - Director

30 September 2025

FIXED ASSETS

Tangible assets

5

197,792

224,211

CURRENT ASSETS

Debtors

6

2,001,793

1,581,568

Cash at bank

1,664,139

1,953,045

3,665,932

3,534,613

CREDITORS

Amounts falling due within one year

7

(612,082

)

(581,996

)

NET CURRENT ASSETS

3,053,850

2,952,617

TOTAL ASSETS LESS CURRENT LIABILITIES

3,251,642

3,176,828

CAPITAL AND RESERVES

Called up share capital

11

183

183

Capital redemption reserve

33

33

Retained earnings

3,251,426

3,176,612

SHAREHOLDERS' FUNDS

3,251,642

3,176,828

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 December 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 2024 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:

(a)	ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and

(b)

preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Profit and loss account has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 30 September 2025 and were signed on its behalf by:

R Riche - Director

R M Williams - Director

1.	STATUTORY INFORMATION

Friend Studio 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.

The presentation currency of the financial statements is the Pound Sterling (£).

2.	STATEMENT OF COMPLIANCE

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" including the provisions of Section 1A "Small Entities" and the Companies Act 2006.

3.	ACCOUNTING POLICIES

Basis of preparing the financial statements

The financial statements have been prepared under the historical cost convention.

Turnover

Turnover represents the fair value of consideration receivable, in respect of the provision of branding and communication services net of discounts, rebates and excluding Value Added Tax.

Where the outcome of projects can be reliably estimated and the revenue associated with the project can be reliably estimated, the project revenue is recognised in the profit and loss account by reference to the stage of completion at the balance sheet date, if the right to the consideration has been obtained through performance.

Stage of completion is measured by estimating the progress of each contract at the balance sheet date by considering the factors detailed within key sources of estimation uncertainty at note four.

Consideration accrues as project activity progresses by reference to the value of work performed. Where the value of consideration exceeds the amount invoiced this is recognised as accrued income within other debtors. Where the amount invoiced exceeds the value of project work performed the excess is recognised as deferred income within other creditors.

If the right to consideration is conditional or contingent on a specified future event or outcome, the occurrence of which is outside the Company's control, turnover is not recognised until that critical event occurs.

Tangible assets

Depreciation is provided at rates calculated to write off the costs (or re-valued amounts) less estimated residual value of each asset over its estimated useful life.

Plant & machinery etc - 25% reducing balance

Financial instruments

Basic financial assets and basic financial liabilities as defined under section 11 of FRS 102, including trade and other debtors, trade and other creditors, cash and bank balances and investments in commercial paper, are initially recognised at transaction price, unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest.

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Profit and loss account, 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 material 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.

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.

Hire purchase and leasing commitments

Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

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.

Operating lease commitments

Rentals paid under operating leases are charged to the profit and loss account on a straight line basis over the period of the lease.

4.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 36 (2023 - 31 ) .

5.	TANGIBLE FIXED ASSETS

Plant and

machinery

etc

£

COST

At 1 January 2024

515,149

Additions

21,640

At 31 December 2024

536,789

DEPRECIATION

At 1 January 2024

290,938

Charge for year

48,059

At 31 December 2024

338,997

NET BOOK VALUE

At 31 December 2024

197,792

At 31 December 2023

224,211

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2024

2023

£

£

Trade debtors

1,457,085

1,178,361

Amounts owed by group undertakings

144

144

Other debtors

544,564

403,063

2,001,793

1,581,568

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2024

2023

£

£

Finance leases (see note 8)

-

2,051

Trade creditors

78,505

203,767

Taxation and social security

291,918

163,138

Other creditors

241,659

213,040

612,082

581,996

8.	LEASING AGREEMENTS

Minimum lease payments fall due as follows:

Finance leases

2024

2023

£

£

Net obligations repayable:

Within one year

-

2,051

Non-cancellable

operating leases

2024

2023

£

£

Within one year

90,000

90,000

Between one and five years

90,000

180,000

180,000

270,000

The operating lease relates to the rental paid on land and buildings which amounts to £90,000 paid annually over the lease term.

9.	SECURED DEBTS

The following secured debts are included within creditors:

2024

2023

£

£

Finance lease

-

2,051

Bank loans are secured by way of a fixed charge over the assets of the company.

Liabilities recognised under finance leases are secured against the asset to which they relate.

10.	DEFERRED TAX

£

Balance at 1 January 2024

(17,641

)

Provided during year

(158,692

)

Short term timing differences

Balance at 31 December 2024

(176,333

)

11.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

2024

2023

value:

£

£

5,100

Ordinary A 1p

1p

51

51

3,400

Ordinary B 1p

1p

34

34

1,000

Ordinary C 1p

1p

10

10

500

Ordinary D 1p

1p

5

5

100

100

Allotted and issued:

Number:

Class:

Nominal

2024

2023

value:

£

£

8,333

Share capital 5

1p

83

83

12.	RELATED PARTY DISCLOSURES

At the balance sheet date £144 (2023: £144) was owed from related companies. The amounts bear no interest, are repayable on demand and disclosed as other debtors due in less than one.

The following reproduces the text of the report prepared for the directors in respect of the company's annual unaudited financial statements. In accordance with the Companies Act 2006, the company is only required to file a Balance Sheet. Readers are cautioned that the Profit and loss account and certain other primary statements and the Report of the Directors are not required to be filed with the Registrar of Companies.

The directors are responsible for preparing 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). 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.

ON BEHALF OF THE BOARD:

R Riche - Director

R M Williams - Director

30 September 2025

The following reproduces the text of the report prepared for the directors in respect of the company's annual unaudited financial statements. In accordance with the Companies Act 2006, the company is only required to file a Balance Sheet. Readers are cautioned that the Profit and loss account and certain other primary statements and the Report of the Directors are not required to be filed with the Registrar of Companies.

We have reviewed the financial statements of Friend Studio Limited for the year ended 31 December 2024, which comprise the Profit and loss account, 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 (United Kingdom Generally Accepted Accounting Practice).

Directors' responsibility for the financial statements

As explained more fully in the Statement of Directors' Responsibilities set out on page ten, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view.

Accountants' responsibility

Our responsibility is to express a conclusion on the financial statements. We conducted our review in accordance with International Standard on Review Engagements (ISRE) 2400 (Revised), 'Engagements to review historical financial statements' and ICAEW Technical Release TECH 09/13AAF (Revised) 'Assurance review engagements on historical financial statements'. ISRE 2400 (Revised) requires us to conclude whether anything has come to our attention that causes us to believe that the financial statements, taken as a whole, are not prepared, in all material respects, in accordance with United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice). ISRE 2400 (Revised) also requires us to comply with the ICAEW Code of Ethics and the FRC's Ethical Standard, as applicable.

Scope of the assurance review

A review of financial statements in accordance with ISRE 2400 (Revised) is a limited assurance engagement. We have performed additional procedures, primarily consisting of making enquiries of management and others within the entity, as appropriate, applying analytical procedures and evaluating the evidence obtained. The procedures performed in a review are substantially less than those performed in an audit conducted in accordance with International Standards on Auditing (UK). Accordingly, we do not express an audit opinion on these financial statements.

Conclusion

Based on our review, nothing has come to our attention that causes us to believe that the financial statements have not been prepared:

-	so as to 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;

-	in accordance with United Kingdom Generally Accepted Accounting Practice; and

-	in accordance with the requirements of the Companies Act 2006.

Use of our report

This report is made solely to the company's directors, as a body, in accordance with our terms of engagement. Our review has been undertaken so that we might state to the directors those matters that we have agreed with them in a reviewer's 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 directors as a body for our work, for this report, or for the conclusions we have formed.

Thompson Taraz Rand Audit and Assurance Limited

10 Jesus Lane

Cambridge

Cambridgeshire

CB5 8BA

30 September 2025