ACCOUNTS - Final Accounts preparation

FREUDS REPUBLIC LIMITED - Company Information

Caseware UK (AP4) 2022.0.179 2022.0.179 2022-12-312022-12-31false2021-11-23falsetruePublic relations and communications activities16 13761404 2021-11-22 13761404 2021-11-23 2022-12-31 13761404 2020-11-23 2021-11-22 13761404 2022-12-31 13761404 c:Director1 2021-11-23 2022-12-31 13761404 d:CurrentFinancialInstruments 2022-12-31 13761404 d:CurrentFinancialInstruments d:WithinOneYear 2022-12-31 13761404 d:ShareCapital 2022-12-31 13761404 d:RetainedEarningsAccumulatedLosses 2022-12-31 13761404 c:OrdinaryShareClass1 2021-11-23 2022-12-31 13761404 c:OrdinaryShareClass1 2022-12-31 13761404 c:FRS102 2021-11-23 2022-12-31 13761404 c:Audited 2021-11-23 2022-12-31 13761404 c:FullAccounts 2021-11-23 2022-12-31 13761404 c:PrivateLimitedCompanyLtd 2021-11-23 2022-12-31 13761404 c:SmallCompaniesRegimeForAccounts 2021-11-23 2022-12-31 13761404 2 2021-11-23 2022-12-31 xbrli:shares iso4217:GBP xbrli:pure

Registered number: 13761404

FREUDS REPUBLIC LIMITED

FINANCIAL STATEMENTS

FOR THE PERIOD ENDED 31 DECEMBER 2022


FREUDS REPUBLIC LIMITED

CONTENTS

	Page
Statement of Financial Position	1
Notes to the Financial Statements	2 - 5


FREUDS REPUBLIC LIMITED REGISTERED NUMBER:13761404

STATEMENT OF FINANCIAL POSITION

AS AT 31 DECEMBER 2022

	2022
Note	£

Current assets
Stocks	4	2,094
Debtors: amounts falling due within one year	5	1,706,846
Cash at bank and in hand		937,606
		2,646,546
Current liabilities
Creditors: amounts falling due within one year	6	(1,566,769)
Net assets		1,079,777

Capital and reserves
Called up share capital	7	1
Profit and loss account		1,079,776
		1,079,777

The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

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

The Company has opted not to file the statement of comprehensive income in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf on 21 August 2023.

R N W Bankes

Director

The notes on pages 2 to 5 form part of these financial statements.

Page 1


FREUDS REPUBLIC LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE PERIOD ENDED 31 DECEMBER 2022

1.	General information

Freuds Republic Limited is a private limited liability company incorporated in England and Wales with its registered office and business address at 1 Stephen Street, London, England, W1T 1AL.
The company was incorporated on 23 November 2021 and commenced trading in January 2022.
The principal activity of the company is public relations and communications.

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 Section 1A of Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

The following principal accounting policies have been applied:

2.2

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.

2.3

Revenue

Turnover comprises revenue recognised by the company in respect of services supplied during the year, exclusive of Value Added Tax.
Revenue for retainer fees is recognised over the life of the retainer on a straight line basis. Revenue in respect of projects is recognised over the life of the project on a percentage of completion basis. Third party costs are recognised as incurred.

2.4

Interest income

Interest income is recognised in profit or loss using the effective interest method.

Page 2


FREUDS REPUBLIC LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE PERIOD ENDED 31 DECEMBER 2022

2.Accounting policies (continued)

2.5

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.

2.6

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.

2.7

Work in Progress

Work in progress, which comprises third party costs, is valued at the lower of cost and net realisable value.

2.8

Debtors

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

2.9

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

2.10

Creditors

Short-term creditors are measured at the transaction price.

2.11

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 from banks and other third parties, loans to related parties and investments in ordinary shares.

Employees

The average monthly number of employees, including directors, during the period was 16.

Page 3


FREUDS REPUBLIC LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE PERIOD ENDED 31 DECEMBER 2022

4.	Stocks
		2022
		£

	Work in progress	2,094

Debtors

					2022
					£


	Amounts owed by group undertakings	1,566,410
	Other debtors	112,854
	Prepayments and accrued income	27,582
		1,706,846

6.	Creditors: Amounts falling due within one year
		2022
		£

	Trade creditors	326,443
	Amounts owed to group undertakings	11,719
	Other taxation and social security	27,915
	Other creditors	6,007
	Accruals and deferred income	1,194,685
		1,566,769

7.	Share capital
		2022
		£

		Allotted, called up and fully paid

		1 Ordinary share of £1.00	1

On incoporation the company issued 1 Ordinary share of £1 to provide initial working capital.

Page 4


FREUDS REPUBLIC LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE PERIOD ENDED 31 DECEMBER 2022

8.	Controlling party

The company is a wholly owned subsidary of Freud Communications limited, a company registered in England and Wales.
The directors regard Freud 3.0 Limited, a company registered in England and Wales as the ultimate parent undertaking. Freud 3.0 Limited is the parent company of the largest group of which Freud Republic is a member and for which group financial statements are drawn up. Copies of the consolidated financial statements are available from the registrar of companies.

9.	Auditors' information

The auditors' report on the financial statements for the period ended 31 December 2022 was unqualified.

The audit report was signed on 21 August 2023 by Stephen Iseman FCA (Senior Statutory Auditor) on behalf of Sopher + Co LLP.

Page 5