Company No: 04293694 (England and Wales)

Contents

• Company Information
• Balance Sheet
• Notes to the Financial Statements

DIRECTORS	Mr. P. Davies (Resigned 24 November 2025)
	Ms. G. North
	Mr. O. Turner (Appointed 24 November 2025)
	Mr. R. Turner
	Mr. T. Turner (Appointed 24 November 2025)

REGISTERED OFFICE	Century House
	Wargrave Road
	Henley-On-Thames
	RG9 2LT
	United Kingdom

COMPANY NUMBER

04293694 (England and Wales)

ACCOUNTANT	Verallo
	Century House
	Wargrave Road
	Henley-on-Thames
	Oxfordshire
	United Kingdom
	RG9 2LT

	Note	30.11.2025		30.11.2024
		£		£
Fixed assets
Intangible assets	4	75,228		288,872
Tangible assets	5	78,792		5,056
Investments	6	2		2
		154,022		293,930
Current assets
Debtors	7	1,596,352		2,467,648
Cash at bank and in hand		1,085,057		977,757
		2,681,409		3,445,405
Creditors: amounts falling due within one year	8	( 1,274,236)		( 689,797)
Net current assets		1,407,173		2,755,608
Total assets less current liabilities		1,561,195		3,049,538
Creditors: amounts falling due after more than one year	9	( 62,567)		0
Provision for liabilities		( 19,698)		( 1,264)
Net assets		1,478,930		3,048,274
Capital and reserves
Called-up share capital	10	92,224		79,744
Share premium account		55,991		30,225
Capital redemption reserve		44,708		44,708
Profit and loss account		1,286,007		2,893,597
Total shareholder's funds		1,478,930		3,048,274

For the financial period ending 30 November 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 period 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 Profit and Loss Account has not been delivered.

The financial statements of First Friday Limited (registered number: 04293694) were approved and authorised for issue by the Board of Directors on 20 August 2026. They were signed on its behalf by:

Mr. R. Turner Director

1. Accounting policies

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

General information and basis of accounting

First Friday 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 Century House, Wargrave Road, Henley-On-Thames, RG9 2LT, United Kingdom.

The financial statements have been prepared under the historical cost convention, modified to include certain items at fair value, 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 Balance Sheet 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.

Group accounts exemption

Group accounts exemption s399
The Company has taken advantage of the exemption under section 399 of the Companies Act 2006 not to prepare consolidated accounts, on the basis that the group of which this is the parent qualifies as a small group. The financial statements present information about the Company as an individual entity and not about its group.

Reporting period length

The financial statements for the prior period were prepared for a period shorter than one year due to the company preparing accounts based on trading weeks.

Foreign currency

Transactions in foreign currencies are recorded at the rate of exchange at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies at the Balance Sheet date are reported at the rates of exchange prevailing at that date.

Exchange differences are recognised in the Profit and Loss Account in the period in which they arise except for exchange differences arising on gains or losses on non-monetary items which are recognised in the Statement of Comprehensive Income.

Turnover

Turnover is stated net of VAT and trade discounts and is recognised when the significant risks and rewards are considered to have been transferred to the buyer. Turnover from the supply of services represents the value of services provided under contracts to the extent that there is a right to consideration and is recorded at the fair value of the consideration received or receivable. Where a contract has only been partially completed at the Balance Sheet date turnover represents the fair value of the service provided to date based on the stage of completion of the contract activity at the Balance Sheet date. Where payments are received from customers in advance of services provided, the amounts are recorded as deferred income and included as part of creditors due within one year.

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
The Company operates a defined contribution scheme. The amount charged to the Profit and Loss Account in respect of pension costs and other post-retirement benefits is the contributions payable in the financial period. Differences between contributions payable in the financial period and contributions actually paid are included as either accruals or prepayments in the Balance Sheet.

Share-based payment

Equity-settled share-based payment transactions are measured at fair value at the date of grant. The fair value determined at the grant date of the equity-settled share-based payments is expensed on a straight-line basis over the vesting period, based on the Company’s estimate of shares that will eventually vest and adjusted for the effect of non-market-based vesting conditions.

Fair value is measured by use of the Black Scholes option pricing model which is considered by management to be the most appropriate method of valuation. The expected life used in the model has been adjusted, based on management’s best estimate, for the effects of non-transferability, exercise restrictions, and behavioural considerations.

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
Current tax is provided at amounts expected to be paid (or recoverable) using the tax rates and laws that have been enacted or substantively enacted at the Balance Sheet date.

Deferred tax
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the Company's financial statements. Deferred tax is provided in full on timing differences which result in an obligation to pay more or less tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on current tax rates and laws. Deferred tax assets and liabilities are not discounted.

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.

Intangible assets

Intangible assets are stated at cost or valuation, net of amortisation and any provision for impairment. Amortisation is provided on all intangible assets at rates to write off the cost or valuation of each asset over its expected useful life as follows:

Goodwill	10 years straight line
Development costs	3 years straight line

Goodwill

Goodwill arises on business combination and represents any excess of consideration given over the fair value of the identifiable assets and liabilities acquired. Goodwill is initially recognised as an intangible asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is amortised on a straight line basis over its useful economic life, which is 10 years.

Research and development

Research expenditure is written off as incurred. Development expenditure is also written off, except where the directors are satisfied as to the technical, commercial and financial viability of individual projects. In such cases, the identifiable expenditure is capitalised as an intangible asset and amortised over the period during which the Company is expected to benefit. This period is between three and five years. Provision is made for any impairment.

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:

Plant and machinery	3 years straight line
Vehicles	3 years straight line
Fixtures and fittings	5 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 Balance Sheet date. If there is objective evidence of impairment, an impairment loss is recognised in the Profit and Loss Account as described below.

Non-financial assets
At each balance sheet date, the company reviews its tangible and intangible assets to determine whether there is any indication that those assets have suffered an impairment loss.

If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). The recoverable amount of an asset is the higher of its fair value less costs to sell and its value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.

Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.

Financial assets
An 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.

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.

For financial assets carried at amortised cost, the amount of 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.

Fixed asset investments

Investments are recognised initially at fair value which is normally the transaction price excluding transaction costs. Subsequently, they are measured at fair value through profit or loss if the shares are publicly traded or their fair value can otherwise be measured reliably. Other investments are measured at cost less impairment.

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

Financial assets and financial liabilities are recognised when the Company becomes a party to the contractual provisions of the instrument.

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the Company after deducting all of its liabilities.

Financial assets and liabilities are only offset in the Balance Sheet when, and only when there exists a legally enforceable right to set off the recognised amounts and the Company intends either to settle on a net basis, or to realise the asset and settle the liability simultaneously.

Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method 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. Financial assets classified as receivable within one year are not amortised.

Financial assets are derecognised when and only when the contractual rights to the cash flows from the financial asset expire or are settled, or the Company transfers to another party substantially all of the risks and rewards of ownership of the financial asset, or the Company, despite having retained some, but not all, significant risks and rewards of ownership, has transferred control of the asset to another party.

Basic financial liabilities
Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, 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 payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable 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 company’s contractual obligations expire or are discharged or cancelled.

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

	Year ended 30.11.2025		Period from 03.12.2023 to 30.11.2024
	Number		Number
Monthly average number of persons employed by the Company during the period, including directors	21		22

3. Share-based payments

Equity-settled share-based payment schemes

The Company has an existing share option scheme for its employees.

Options are exercisable at a price equal to the agreed market value of the Company’s shares on the date of grant. The options are exercisable in the event of an exit. Options are forfeited by the employee if they cease employment prior to exercise. As set out below, the existing options were both forfeited and exercised in the year and a new scheme was established. Details of the movement in share options, and balance outstanding at the balance sheet date, are as follows:

Details of the share options outstanding during the financial year are as follows:

	30.11.2025			30.11.2024
	Weighted Average			Weighted Average
	Number of share options	Average exercise price (£)		Number of share options	Average exercise price (£)
Outstanding at beginning of period	14,730	2.22		14,730	2.22
Granted during the period	15,354	44.00		0	0
Forfeited during the period	( 2,250)	1.00		0	0
Exercised during the period	( 12,480)	2.44		0	0
Outstanding at the end of the period	15,354	44.00		14,730	2.22
Exercisable at the end of the period	0	0		0	0

On 24th November 2025, the entire share capital of the company was acquired. As a result, 12,480 options became exercisable and were exercised immediately prior to the sale event. As a result of the exercise, 12,480 Ordinary £1 shares were issued. 7,180 at an exercise price of £1 per share and 5,300 at an exercise price of £4.38 per share. The balance of outstanding options (2,250 shares) were forfeited as the performance-based criteria had not been met. The directors have considered the fair value of the options as at the dates of grant which was determined using the Black Scholes option price model. As a result, a share-based payment expense amounting to £7,852 has been recognised.

On 24th November 2025, immediately after the sale event, a new share option scheme was established. An option to acquire up to 15,354 Ordinary £1 shares in the company for an exercise price of £44 per share was granted to one employee. These options are only exercisable in the event of another exit. Of these options, 4,854 share options are not subject to performance targets with the balance of 10,500 being subject to financial based performance targets. Again, The directors have considered the fair value of the options as at the dates of grant which was determined using the Black Scholes option price model and has been calculated to be nil. As a result, no share-based payment expense is recognised in the year.

4. Intangible assets

	Goodwill		Development costs		Total
	£		£		£
Cost
At 01 December 2024	392,737		1,101,220		1,493,957
Additions	0		15,166		15,166
At 30 November 2025	392,737		1,116,386		1,509,123
Accumulated amortisation
At 01 December 2024	392,737		812,348		1,205,085
Charge for the financial period	0		228,810		228,810
At 30 November 2025	392,737		1,041,158		1,433,895
Net book value
At 30 November 2025	0		75,228		75,228
At 30 November 2024	0		288,872		288,872

5. Tangible assets

	Plant and machinery		Vehicles		Fixtures and fittings		Total
	£		£		£		£
Cost
At 01 December 2024	23,382		0		125		23,507
Additions	3,185		87,855		0		91,040
At 30 November 2025	26,567		87,855		125		114,547
Accumulated depreciation
At 01 December 2024	18,342		0		109		18,451
Charge for the financial period	2,645		14,643		16		17,304
At 30 November 2025	20,987		14,643		125		35,755
Net book value
At 30 November 2025	5,580		73,212		0		78,792
At 30 November 2024	5,040		0		16		5,056

Included within the net book value is £73,212 (2024 - £nil) relating to assets held under hire purchase contracts. The depreciation charged to the financial statements in the year in respect of such assets amount to £14,643 (2024 - £nil).

6. Fixed asset investments

Investments in subsidiaries

	30.11.2025
	£
Cost
At 01 December 2024	2
At 30 November 2025	2
Carrying value at 30 November 2025	2
Carrying value at 30 November 2024	2

7. Debtors

	30.11.2025		30.11.2024
	£		£
Trade debtors	1,168,842		859,192
S455	27,005		27,005
Other debtors	400,505		1,581,451
	1,596,352		2,467,648

8. Creditors: amounts falling due within one year

	30.11.2025		30.11.2024
	£		£
Trade creditors	200,848		172,729
Amounts owed to Parent undertakings	19,508		0
Taxation and social security	369,996		372,297
Obligations under finance leases and hire purchase contracts	10,791		0
Other creditors	673,093		144,771
	1,274,236		689,797

9. Creditors: amounts falling due after more than one year

	30.11.2025		30.11.2024
	£		£
Obligations under finance leases and hire purchase contracts	62,567		0

The aggregate amount of creditors for which security has been given amounted to £62,567 (2024 - £nil).

10. Called-up share capital

	30.11.2025		30.11.2024
	£		£
Allotted, called-up and fully-paid
92,224 Ordinary shares shares of £ 1.00 each (30.11.2024: 21,726 shares of £ 1.00 each)	92,224		21,726
Nil Ordinary A shares shares (30.11.2024: 58,018 shares of £ 1.00 each)	0		58,018
	92,224		79,744

On 24th November 2025 12,480 Ordinary shares were issued upon exercise of a share option scheme.

On 24th November 2025 58,018 Ordinary A shares were reclassed to Ordinary shares.

11. Financial commitments

Commitments

	30.11.2025		30.11.2024
	£		£
Total future minimum lease payments under non-cancellable operating leases	3,000		6,542

12. Related party transactions

Transactions with the entity's directors

At the beginning of the year, the directors owed the company £1,036,256. Throughout the year drawings of £205,212 were taken, repayments of £1,851,162 were made. Beneficial loan interest has been charged at 2.25% amounting to £20,792. At the balance sheet date, the company owed the directors £588,902.

The company is exempt under FRS 102 s33.1A from disclosing any transaction with wholly owned Group companies.

13. Ultimate controlling party

On 24th November 2025 First Friday Holdings Limited a company registered in England and Wales became the controlling party of First Friday Limited as a result of purchasing 100% of share capital.