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Company No: 07106145 (England and Wales)

SMOKING GUN PR LIMITED

ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS
FOR THE FINANCIAL YEAR ENDED 31 DECEMBER 2023
PAGES FOR FILING WITH THE REGISTRAR

SMOKING GUN PR LIMITED

ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS

FOR THE FINANCIAL YEAR ENDED 31 DECEMBER 2023

Contents

SMOKING GUN PR LIMITED

COMPANY INFORMATION

FOR THE FINANCIAL YEAR ENDED 31 DECEMBER 2023
SMOKING GUN PR LIMITED

COMPANY INFORMATION (continued)

FOR THE FINANCIAL YEAR ENDED 31 DECEMBER 2023
DIRECTORS Mr R Guttridge
Mrs V Guttridge
REGISTERED OFFICE Third Floor Rational House
64 Bridge Street
Manchester
M3 3BN
United Kingdom
COMPANY NUMBER 07106145 (England and Wales)
CHARTERED ACCOUNTANTS PM+M Solutions for Business LLP
New Century House
Greenbank Technology Park
Challenge Way
Blackburn
BB1 5QB
SMOKING GUN PR LIMITED

DIRECTORS' REPORT

FOR THE FINANCIAL YEAR ENDED 31 DECEMBER 2023
SMOKING GUN PR LIMITED

DIRECTORS' REPORT (continued)

FOR THE FINANCIAL YEAR ENDED 31 DECEMBER 2023

The directors present their annual report and the unaudited financial statements of the Company for the financial year ended 31 December 2023.

PRINCIPAL ACTIVITIES

The principal activity of the Company during the financial year was PR services.

REVIEW OF BUSINESS

2023 was a strong year for the business overall as many financial and operational targets were met.

Despite wider economic uncertainty due to factors such as the cost of living crisis, Ukraine war, Middle Eastern crisis and the threat of recession, Smoking Gun managed to buck the market to achieve record fee levels.

In line with the growth plans strategic senior hires were made and a new B2B division launched which has gained fast traction and delivered styring bottom line results in Q4.

The investment in our brand has paid dividends with double digit growth in inbound leads and deep industry recognition for the quality of our work with nearly 20 peer judged awards won.

The business has again supported charitable initiatives via discounted agency rates and also donating 1% profit to local charities.

2024 will see the business achieve significant YOY fee income growth again across the three main pillars of PR, social media and influencer marketing.

This will see headcount grow further with plans for more hires across PR and digital account roles, plus administrative support whilst 100% of staff will benefit from enhanced remuneration packages.

Plans have been announced to launch an industry led PR Apprenticeship which will help to both diversify revenue but also to provide a stream of talent whilst helping to solve wider industry DE&I challenges.

DIRECTORS

The directors, who served during the financial year and to the date of this report except as noted, were as follows:

Mr R Guttridge
Mrs V Guttridge

SMALL COMPANIES EXEMPTION

This Directors' Report has been prepared in accordance with the provisions applicable to companies entitled to the small companies' exemption provided by section 415A of the Companies Act 2006.



Approved by the Board of Directors and signed on its behalf by:

Mr R Guttridge
Director
Third Floor Rational House
64 Bridge Street
Manchester
M3 3BN
United Kingdom

01 March 2024

SMOKING GUN PR LIMITED

BALANCE SHEET

AS AT 31 DECEMBER 2023
SMOKING GUN PR LIMITED

BALANCE SHEET (continued)

AS AT 31 DECEMBER 2023
Note 2023 2022
£ £
Fixed assets
Intangible assets 3 18,078 14,266
Tangible assets 4 33,800 34,412
51,878 48,678
Current assets
Debtors 5 390,347 428,891
Cash at bank and in hand 341,714 17,790
732,061 446,681
Creditors: amounts falling due within one year 6 ( 566,708) ( 329,759)
Net current assets 165,353 116,922
Total assets less current liabilities 217,231 165,600
Creditors: amounts falling due after more than one year 7 ( 94,667) ( 140,000)
Provision for liabilities ( 11,164) ( 8,603)
Net assets 111,400 16,997
Capital and reserves
Called-up share capital 8 100 100
Profit and loss account 111,300 16,897
Total shareholders' funds 111,400 16,997

For the financial year ending 31 December 2023 the Company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

The financial statements of Smoking Gun PR Limited (registered number: 07106145) were approved and authorised for issue by the Board of Directors on 01 March 2024. They were signed on its behalf by:

Mr R Guttridge
Director
SMOKING GUN PR LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE FINANCIAL YEAR ENDED 31 DECEMBER 2023
SMOKING GUN PR LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE FINANCIAL YEAR ENDED 31 DECEMBER 2023
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

Smoking Gun PR 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 Third Floor Rational House, 64 Bridge Street, Manchester, M3 3BN, 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 £.

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 Statement of Income and Retained Earnings 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 recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

Turnover is recognised when the significant risks and rewards are considered to have been transferred to the customer.

Turnover from rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs. Turnover is only recognised to the extent of recoverable expenses when the outcome of a contract cannot be estimated reliably.

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 Statement of Income and Retained Earnings in respect of pension costs and other post-retirement benefits is the contributions payable in the financial year. Differences between contributions payable in the financial year and contributions actually paid are included as either accruals or prepayments in the Balance Sheet.

Finance costs

Finance costs are charged to the Statement of Income and Retained Earnings over the term of the debt using the effective interest method so the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

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:

Other intangible assets 2 years straight line
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 5 years straight line
Office equipment 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
Assets held under finance leases, hire purchase contracts and other similar arrangements, which confer rights and obligations similar to those attached to owned assets, are capitalised as tangible fixed assets at the fair value of the leased asset (or, if lower, the present value of the minimum lease payments as determined at the inception of the lease) and are depreciated over the shorter of the lease terms and their useful lives. The capital elements of future lease obligations are recorded as liabilities, while the interest elements are charged to the Statement of Income and Retained Earnings over the period of the leases to produce a constant periodic rate of interest on the remaining balance of the liability.

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 Statement of Income and Retained Earnings as described below.

Trade and other debtors

Trade and other debtors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest method less impairment losses for bad and doubtful debts, except where the effect of discounting would be immaterial. In such cases the receivables are stated at cost less impairment losses for bad and doubtful debts.

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.

Trade and other creditors

Trade and other creditors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest rate method, unless the effect of discounting would be immaterial, in which case they are stated at cost.

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.

Provisions

Provisions are recognised when the Company has a present obligation (legal or constructive) as a result of a past event, it is probable that the Company will be required to settle that obligation and a reliable estimate can be made of the amount of the obligation.

The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the Balance Sheet date, taking into account the risks and uncertainties surrounding the obligation. Where a provision is measured using the cash flows estimated to settle the present obligation, its carrying amount is the present value of those cash flows (when the effect of the time value of money is material).

When some or all of the economic benefits required to settle a provision are expected to be recovered from a third party, a receivable is recognised as an asset if it is virtually certain that reimbursement will be received and the amount of the receivable can be measured reliably.

2. Employees

2023 2022
Number Number
Monthly average number of persons employed by the Company during the year, including directors 14 11

3. Intangible assets

Other intangible assets Total
£ £
Cost
At 01 January 2023 14,266 14,266
Additions 11,578 11,578
At 31 December 2023 25,844 25,844
Accumulated amortisation
At 01 January 2023 0 0
Charge for the financial year 7,766 7,766
At 31 December 2023 7,766 7,766
Net book value
At 31 December 2023 18,078 18,078
At 31 December 2022 14,266 14,266

4. Tangible assets

Fixtures and fittings Office equipment Total
£ £ £
Cost
At 01 January 2023 106,671 9,890 116,561
Additions 3,564 9,200 12,764
At 31 December 2023 110,235 19,090 129,325
Accumulated depreciation
At 01 January 2023 81,592 557 82,149
Charge for the financial year 10,975 2,402 13,377
At 31 December 2023 92,567 2,958 95,525
Net book value
At 31 December 2023 17,668 16,132 33,800
At 31 December 2022 25,079 9,333 34,412

5. Debtors

2023 2022
£ £
Trade debtors 365,511 406,263
Prepayments 24,836 22,628
390,347 428,891

6. Creditors: amounts falling due within one year

2023 2022
£ £
Bank loans 54,596 59,984
Trade creditors 88,720 52,236
Amounts owed to directors 1,747 3,885
Accruals and deferred income 157,346 59,694
Taxation and social security 261,167 152,486
Other creditors 3,132 1,474
566,708 329,759

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

2023 2022
£ £
Bank loans 94,667 140,000

8. Called-up share capital

2023 2022
£ £
Allotted, called-up and fully-paid
100 Ordinary shares of £ 1.00 each 100 100

9. Financial commitments

Commitments

2023 2022
£ £
Total future minimum lease payments under non-cancellable operating lease 38,644 81,045

10. Related party transactions

Transactions with the entity's directors

2023 2022
£ £
Directors' Loan Account 1,747 (3,885)

This amount is unearned, interest free and repayable on demand.