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Company No: 03642128 (England and Wales)

# FOUND ASSOCIATES LIMITED

### Unaudited Financial Statements
For the financial year ended 31 January 2025
Pages for filing with the registrar

FOUND ASSOCIATES LIMITED

## Unaudited Financial Statements

For the financial year ended 31 January 2025

Contents

FOUND ASSOCIATES LIMITED

## STATEMENT OF FINANCIAL POSITION

As at 31 January 2025
FOUND ASSOCIATES LIMITED

## STATEMENT OF FINANCIAL POSITION (continued)

As at 31 January 2025

| Note | 2025 |  | 2024
|  | £ |  | £
Fixed assets |  |  |  |
Tangible assets | 4 | 12,183 |  | 15,533
|  | 12,183 |  | 15,533
Current assets |  |  |  |
Debtors | 5 | 1,096,216 |  | 999,158
Cash at bank and in hand |  | 373,281 |  | 169,065
|  | 1,469,497 |  | 1,168,223
Creditors: amounts falling due within one year | 6 | ( 224,335) |  | ( 109,636)
Net current assets |  | 1,245,162 |  | 1,058,587
Total assets less current liabilities |  | 1,257,345 |  | 1,074,120
Net assets |  | 1,257,345 |  | 1,074,120
Capital and reserves |  |  |  |
Called-up share capital | 7 | 100 |  | 100
Profit and loss account |  | 1,257,245 |  | 1,074,020
Total shareholder's funds |  | 1,257,345 |  | 1,074,120

For the financial year ending 31 January 2025 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

- The member has not required the company to obtain an audit of its financial statements for the financial year in accordance with section 476;
- The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements; and
- These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime and a copy of the Statement of Income and Retained Earnings has not been delivered.

The financial statements of Found Associates Limited (registered number: 03642128) were approved and authorised for issue by the Board of Directors. They were signed on its behalf by:

R M Found Director |

22 October 2025

FOUND ASSOCIATES LIMITED

## NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 January 2025
FOUND ASSOCIATES LIMITED

## NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 January 2025

##### 1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.

##### General information and basis of accounting

Found Associates Limited (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of the company's registered office is First Floor, 5 Fleet Place, London, EC4M 7RD, United Kingdom.
The financial statements have been prepared under the historical cost convention and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.
The financial statements are presented in pounds sterling which is the functional currency of the Company and rounded to the nearest £.

##### Going concern

The directors have assessed the Statement of Financial Position and likely future cash flows at the date of approving these financial statements. The directors have a reasonable expectation that the company has adequate resources to continue in operational existence and to meet its financial obligations as they fall due for at least 12 months from the date of signing these financial statements. Accordingly, they continue to adopt the going concern basis in preparing the financial statements.

##### Turnover

Turnover is recognised at the fair value of the consideration received or receivable for retail, office and residential design services provided in the normal course of business, and is shown net of VAT and other sales related taxes.

##### Employee benefits

Short term benefits
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.
Termination benefits are recognised as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

Defined contribution schemes
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

##### Share-based payment

Equity-settled share-based payments are measured at fair value at the date of grant by reference to the fair value of the equity instruments granted using the Black-Scholes option pricing model. The fair value determined at the grant date is expensed on a straight-line basis over the vesting period, based on the estimate of shares that will eventually vest. A corresponding adjustment is made to equity.
When the terms and conditions of equity-settled share-based payments at the time they were granted are subsequently modified, the fair value of the share-based payment under the original terms and conditions and under the modified terms and conditions are both determined at the date of the modification. Any excess of the modified fair value over the original fair value is recognised over the remaining vesting period in addition to the grant date fair value of the original share-based payment. The share-based payment expense is not adjusted if the modified fair value is less than the original fair value.
Cancellations or settlements (including those resulting from employee redundancies) are treated as an acceleration of vesting and the amount that would have been recognised over the remaining vesting period is recognised immediately.

##### Taxation

Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
Deferred tax
Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.
The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the {#tErmh2}, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.

##### Tangible fixed assets

Tangible fixed assets are stated at cost or valuation, net of depreciation and any provision for impairment. Depreciation is provided on all tangible fixed assets, other than investment property and freehold land, at rates calculated to write off the cost or valuation, less estimated residual value, of each asset on a straight-line or reducing balance basis over its expected useful life, as follows:

Fixtures and fittings | 25 % reducing balance
Computer equipment | 4 years straight line

Residual value represents the estimated amount which would currently be obtained from disposal of an asset, after deducting estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life.
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

##### Leases

The company as lessee
Rentals under operating leases are charged on a straight-line basis over the lease term, even if the payments are not made on such a basis. Benefits received and receivable as an incentive to sign an operating lease are similarly spread on a straight-line basis over the lease term.

##### Impairment of assets

Assets, other than those measured at fair value, are assessed for indicators of impairment at each Statement of Financial Position date. If there is objective evidence of impairment, an impairment loss is recognised in the Statement of Income and Retained Earnings as described below.

##### Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in creditors: amounts falling due within one year.

##### Financial instruments

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

Financial assets
Basic financial assets, including trade and other debtors, and amounts due from related companies, 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.
Such assets are subsequently carried at amortised cost using the effective interest method.
At the end of each reporting period financial assets measured at amortised cost are assessed for objective evidence of impairment. If an asset is impaired the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss is recognised in the Statement of Income and Retained Earnings/Statement of Comprehensive Income.

Financial assets are derecognised when (a) the contractual rights to the cash flows from the asset expire or are settled, or (b) substantially all the risks and rewards of the ownership of the asset are transferred to another party or (c) control of the asset has been transferred to another party who has the practical ability to unilaterally sell the asset to an unrelated third party without imposing additional restrictions.

Financial liabilities
Basic financial liabilities, including trade and other creditors and accruals, are initially recognised at transaction price, unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future receipts discounted at a market rate of interest.
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Trade creditors are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.
Financial liabilities are derecognised when the liability is extinguished, that is when the contractual obligation is discharged, cancelled or expires.

Financial assets and liabilities are offset and the net amounts presented in the financial statements when there is a legally 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.

Equity instruments
Equity instruments issued by the company are recorded at the fair value of cash or other resources received or receivable, net of direct issue costs. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.

#### 2. Employees

| 2025 |  | 2024
| Number |  | Number
Monthly average number of persons employed by the company during the year, including directors | 6 |  | 6

#### 3. Share-based payments

Equity-settled share-based payment schemes

The company has granted options to employees to subscribe for ordinary shares in the company under the terms of an Enterprise Management Incentive scheme.

The options were granted on 13 February 2015, with an exercise price of £68.33 per share. At the statement of financial position date 600 (2024 - 600) options were in existence in respect of 2 (2024 - 2) employees. The options granted have a remaining life of 1 month. The principal condition of the options is that they are exercisable by the option holder on an exit event. The directors are of the opinion that this principal condition is not envisaged to be met and accordingly there is no share-based payment charge in the statement of income.

#### 4. Tangible assets

| Fixtures and fittings |  | Computer equipment |  | Total
| £ |  | £ |  | £
Cost |  |  |  |  |
At 01 February 2024 | 16,750 |  | 25,340 |  | 42,090
Additions | 0 |  | 2,749 |  | 2,749
At 31 January 2025 | 16,750 |  | 28,089 |  | 44,839
Accumulated depreciation |  |  |  |  |
At 01 February 2024 | 13,404 |  | 13,153 |  | 26,557
Charge for the financial year | 836 |  | 5,264 |  | 6,100
At 31 January 2025 | 14,239 |  | 18,417 |  | 32,656
Net book value |  |  |  |  |
At 31 January 2025 | 2,511 |  | 9,672 |  | 12,183
At 31 January 2024 | 3,346 |  | 12,187 |  | 15,533

#### 5. Debtors

| 2025 |  | 2024
| £ |  | £
Trade debtors | 130,367 |  | 35,924
Amounts owed by related parties | 179,047 |  | 267,341
Amounts owed by directors | 607,939 |  | 531,450
Prepayments and accrued income | 24,818 |  | 33,773
Other debtors | 154,045 |  | 130,670
| 1,096,216 |  | 999,158

Trade and other receivables includes an amount of £144,397 (2024: £118,576) which is recoverable after more than one year.

#### 6. Creditors: amounts falling due within one year

| 2025 |  | 2024
| £ |  | £
Trade creditors | 9,702 |  | 14,951
Taxation and social security | 110,709 |  | 16,723
Other creditors | 103,924 |  | 77,962
| 224,335 |  | 109,636

#### 7. Called-up share capital

| 2025 |  | 2024
| £ |  | £
Allotted, called-up and fully-paid |  |  |
10,000 Ordinary shares of £ 0.01 each | 100 |  | 100

#### 8. Financial commitments

Commitments

| 2025 |  | 2024
| £ |  | £
Total future minimum lease payments under non-cancellable operating lease | 15,832 |  | 13,398

#### 9. Related party transactions

Other related party transactions

During the year advances amounting to £113,704 (2024 - £55,116) were made to R Found. Repayments of the loan during the year amounted to £37,198 (2024 - £42,929). At 31 January 2025, £607,939 (2024 - £531,433) were due from R Found. The loan is interest free and repayable on demand.
At 31 January 2025, £3,056 (2024 - £3,056) was due from Found Associates Overseas Limited, £147,127 (2024 - £147,127) was due from Found Property Limited and £28,864 (2024 - £117,158) was due from Found Pop Limited. These loans are interest free and repayable on demand. R Found controls all of these companies.