Ptarmigan Media Group Limited
Annual Report and Financial Statements
For the year ended 31 December 2023
Company Registration No. 14293681 (England and Wales)
Ptarmigan Media Group Limited
Company Information
Directors
M Ball
T Jones
J Wells
M Woodford
Secretary
S A Bray
Company number
14293681
Registered office
Bankside 3
90 – 100 Southwark Street
London
England
SE1 0SW
Auditor
Moore Kingston Smith LLP
Charlotte Building
17 Gresse Street
London
W1T 1QL
Ptarmigan Media Group Limited
Contents
Page
Strategic report
1 - 2
Directors' report
3
Directors' responsibilities statement
4
Independent auditor's report
5 - 8
Group profit and loss account
9
Group statement of comprehensive income
10
Group balance sheet
11
Company balance sheet
12
Group statement of changes in equity
13
Company statement of changes in equity
14
Group statement of cash flows
15
Notes to the financial statements
16 - 33
Ptarmigan Media Group Limited
Strategic Report
For the year ended 31 December 2023
Page 1

The directors present the strategic report for the year ended 31 December 2023.

 

The purpose of this strategic report is to inform members of the company and help them assess how the directors have performed their duty under section 172 of the Companies Act 2006 (duty to promote the success of the company).

Fair review of business

Gross billings for the year were £128,940,023 (2022: £58,341,629 which was a four and a half month period), gross profit £19,471,382 (2022: £8,382,182) and profit after tax £1,718,777(2022: £1,286,764). The profit and loss account is shown on page 9.

The directors expect the current level of activity to continue for the foreseeable future. The Company’s directors use performance indicators, such as Gross profit Margin, Operating Profit Margin and Payroll to Gross profit ratio, to assess the development, performance and position of the business.

The company's key financial and other performance indicators during the year were as follows:

 

2023

2022

 

%

%

Gross profit margin

15.10

14.37

Payroll to gross profit

57.50

56.89

Operating profit margin (Operating profit/ Gross profit

15.12

22.19

Principal risks and uncertainties

The markets in which we participate are highly competitive. Key competitive considerations for keeping existing business and winning new business include our ability to develop creative solutions that meet client needs, the quality and effectiveness of the services we offer and our ability to efficiently service clients. While many of our client relationships are long-standing, companies put their marketing and communications services business up for competitive review from time to time. We have won and lost accounts in the past as a result of these reviews. To the extent that we are not able to remain competitive, our revenue may be adversely affected which could then affect our results and financial condition.

 

Our employees are our most important assets and our ability to attract and retain key personnel is an important aspect of our competitiveness. If we are unable to attract and retain key personnel, including highly skilled technically proficient personnel, our ability to provide our services in the manner our customers have come to expect may be adversely affected, which could harm our reputation and result in a loss of clients. This could have a material adverse effect on our results and financial position.

Our clients generally are able to reduce advertising and marketing spending or cancel projects at any time on short notice for any reason. It is possible that our clients could reduce spending in comparison to historical patterns, or they could reduce future spending. A significant reduction in advertising and marketing spending by our largest clients, or the loss of several of our largest clients, if not replaced by new clients or an increase in business from existing clients, would adversely affect our revenue and thus affect our results and financial position.

We rely on information technology systems and infrastructure to process transactions, summarize results and manage our business, including maintaining client marketing and advertising information. Our information technology systems are potentially vulnerable to system failures and network disruptions, malicious intrusion and random attack. Likewise, data security incidents and breaches by employees and others with or without permitted access to our systems may pose a risk that sensitive data may be exposed to unauthorized persons or to the public.

Ptarmigan Media Group Limited
Strategic Report (Continued)
For the year ended 31 December 2023
Page 2
Principal risks and uncertainties

Additionally, we utilise third parties to store, transfer or process data. While we have taken what we believe are prudent measures to protect our data and information technology systems, there can be no assurance that our efforts will prevent system failures or network disruptions or breaches in our systems, or in systems of third parties we use, that could adversely affect our reputation or business.

Going concern assessment

Gross profit for the year is £19,471,382 (2022: £8,382,182), profit after tax is £1,718,777 (2022: £1,286,764) and the value of net assets is £21,489,849 (2022: £13,954,182) at 31 December 2023. We are confident of the company’s and group's financial position and future. Accordingly, the directors have prepared the financial statements on a going concern basis.

On behalf of the board

M Ball
Director
20 September 2024
Ptarmigan Media Group Limited
Directors' Report
For the year ended 31 December 2023
Page 3

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

Principal activities

The principal activity of the company is that of a holding company and of the group that of a the planning and buying of media space.

Directors

The directors who held office during the year and up to the date of signature of the financial statements were as follows:

M Ball
T Jones
J Wells
M Woodford
Results and dividends

No ordinary dividends were paid. The directors do not recommend payment of a further dividend.

Auditor

Moore Kingston Smith LLP were appointed as auditor to the group and in accordance with section 485 of the Companies Act 2006, a resolution proposing that they be re-appointed will be put at a General Meeting.

Energy and carbon report

As the group has not consumed more than 40,000 kWh of energy in this reporting period, it qualifies as a low energy user under these regulations and is not required to report on its emissions, energy consumption or energy efficiency activities.

Statement of disclosure to auditor

So far as each person who was a director at the date of approving this report is aware, there is no relevant audit information of which the auditor of the company is unaware. Additionally, the directors individually have taken all the necessary steps that they ought to have taken as directors in order to make themselves aware of all relevant audit information and to establish that the auditor of the company is aware of that information.

On behalf of the board
M Ball
Director
20 September 2024
2024-09-23
Ptarmigan Media Group Limited
Directors' Responsibilities Statement
For the year ended 31 December 2023
Page 4

The directors are responsible for preparing the Annual Report 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 group and company, and of the profit or loss of the group for that period. In preparing these financial statements, the directors are required to:

 

 

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the group’s and company’s transactions and disclose with reasonable accuracy at any time the financial position of the group and 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 group and company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Ptarmigan Media Group Limited
Independent Auditor's Report
To the Members of Ptarmigan Media Group Limited
Page 5
Opinion

We have audited the financial statements of Ptarmigan Media Group Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 31 December 2023 which comprise the Group Profit And Loss Account, the Group Statement of Comprehensive Income, the Group Balance Sheet, the Company Balance Sheet, the Group Statement of Changes in Equity, the Company Statement of Changes in Equity, the Group Statement of Cash Flows and notes to the financial statements, including significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the group and parent company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

 

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the group's and parent company’s ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

 

Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.

Other information

The other information comprises the information included in the annual report other than the financial statements and our auditor's report thereon. The directors are responsible for the other information contained within the annual report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

 

Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.

 

We have nothing to report in this regard.

Ptarmigan Media Group Limited
Independent Auditor's Report (Continued)
To the Members of Ptarmigan Media Group Limited
Page 6

Opinions on other matters prescribed by the Companies Act 2006

In our opinion, based on the work undertaken in the course of our audit:

Matters on which we are required to report by exception

In the light of the knowledge and understanding of the group and the parent company and their environment obtained in the course of the audit, we have not identified material misstatements in the Strategic Report or the Directors' Report.

 

We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:

 

Responsibilities of directors

As explained more fully in the Directors' Responsibilities Statement, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

 

In preparing the financial statements, the directors are responsible for assessing the group's and parent company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the group or parent company or to cease operations, or have no realistic alternative but to do so.

Ptarmigan Media Group Limited
Independent Auditor's Report (Continued)
To the Members of Ptarmigan Media Group Limited
Page 7
Auditor's responsibilities for the audit of the financial statements

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

As part of an audit in accordance with ISAs (UK) we exercise professional judgement and maintain professional scepticism throughout the audit. We also:

 

We communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit.

 

Ptarmigan Media Group Limited
Independent Auditor's Report (Continued)
To the Members of Ptarmigan Media Group Limited
Page 8

Explanation as to what extent the audit was considered capable of detecting irregularities, including fraud

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities,including fraud is detailed below.

 

The objectives of our audit in respect of fraud, are; to identify and assess the risks of material misstatement of the financial statements due to fraud; to obtain sufficient appropriate audit evidence regarding the assessed risks of material misstatement due to fraud, through designing and implementing appropriate responses to those assessed risks; and to respond appropriately to instances of fraud or suspected fraud identified during the audit. However, the primary responsibility for the prevention and detection of fraud rests with both management and those charged with governance of the company.

 

Our approach was as follows:

 

There are inherent limitations in the audit procedures described above. We are less likely to become aware of instances of non-compliance with laws and regulations that are not closely related to events and transactions reflected in the financial statements. Also, the risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate concealment by, for example, forgery or intentional misrepresentations, or through collusion.

Use of our report

This report is made solely to the company’s members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken for no purpose other than to draw to the attention of the company’s members those matters we are required to include in an auditor's report addressed to them. To the fullest extent permitted by law, we do not accept or assume responsibility to any party other than the company and the company’s members as a body, for our audit work, for this report, or for the opinions we have formed.

 

 

Ian Graham (Senior Statutory Auditor)
for and on behalf of Moore Kingston Smith LLP
23 September 2024
Chartered Accountants
Statutory Auditor
Charlotte Building
17 Gresse Street
London
W1T 1QL
Ptarmigan Media Group Limited
Group Profit and Loss Account
For the year ended 31 December 2023
Page 9
Year
Period
ended
ended
31 December
31 December
2023
2022
Notes
£
£
Turnover
3
128,940,023
58,341,629
Cost of sales
(109,468,641)
(49,959,447)
Gross profit
19,471,382
8,382,182
Administrative expenses
(16,542,658)
(6,542,670)
Other operating income
11,866
20,789
Operating profit
4
2,940,590
1,860,301
Interest receivable and similar income
8
136,012
12,709
Interest payable and similar expenses
9
(110,925)
(78,651)
Profit before taxation
2,965,677
1,794,359
Tax on profit
10
(1,246,900)
(507,595)
Profit for the financial year
1,718,777
1,286,764
Profit for the financial year is all attributable to the owners of the parent company.
Ptarmigan Media Group Limited
Group Statement of Comprehensive Income
For the year ended 31 December 2023
Page 10
Year
Period
ended
ended
31 December
31 December
2023
2022
£
£
Profit for the year
1,718,777
1,286,764
Other comprehensive income
Currency translation (loss)/gain taken to retained earnings
(133,110)
483,661
Total comprehensive income for the year
1,585,667
1,770,425
Total comprehensive income for the year is all attributable to the owners of the parent company.
Ptarmigan Media Group Limited
Group Balance Sheet
As at 31 December 2023
Page 11
2023
2022
Notes
£
£
£
£
Fixed assets
Goodwill
11
15,631,627
17,430,664
Tangible assets
12
49,225
71,255
15,680,852
17,501,919
Current assets
Work in progress
15
209,513
287,053
Debtors
17
25,482,168
26,447,835
Cash at bank and in hand
28,009,735
38,268,771
53,701,416
65,003,659
Creditors: amounts falling due within one year
18
(47,892,419)
(64,301,396)
Net current assets
5,808,997
702,263
Total assets less current liabilities
21,489,849
18,204,182
Creditors: amounts falling due after more than one year
19
-
(4,250,000)
Net assets
21,489,849
13,954,182
Capital and reserves
Called up share capital
21
2,967
2,967
Capital redemption reserve
5,950,000
-
0
Other reserves
12,180,790
12,180,790
Profit and loss reserves
3,356,092
1,770,425
Total equity
21,489,849
13,954,182
The financial statements were approved by the board of directors and authorised for issue on 20 September 2024 and are signed on its behalf by:
20 September 2024
M  Ball
Director
Ptarmigan Media Group Limited
Company Balance Sheet
As at 31 December 2023
31 December 2023
Page 12
2023
2022
Notes
£
£
£
£
Fixed assets
Investments
13
29,329,142
29,329,142
Current assets
Cash at bank and in hand
255,791
-
0
Creditors: amounts falling due within one year
18
(2,067,250)
(12,973,806)
Net current liabilities
(1,811,459)
(12,973,806)
Total assets less current liabilities
27,517,683
16,355,336
Creditors: amounts falling due after more than one year
19
-
(4,250,000)
Net assets
27,517,683
12,105,336
Capital and reserves
Called up share capital
21
2,967
2,967
Capital redemption reserve
5,950,000
-
0
Other reserves
12,180,790
12,180,790
Profit and loss reserves
9,383,926
(78,421)
Total equity
27,517,683
12,105,336

As permitted by s408 Companies Act 2006, the company has not presented its own profit and loss account and related notes. The company’s profit for the year was £9,462,347 (2022 - £78,421 loss).

The financial statements were approved by the board of directors and authorised for issue on 20 September 2024 and are signed on its behalf by:
20 September 2024
M  Ball
Director
Company Registration No. 14293681 (England and Wales)
Ptarmigan Media Group Limited
Group Statement of Changes in Equity
For the year ended 31 December 2023
Page 13
Share capital
Capital redemption reserve
Other reserves
Profit and loss reserves
Total
Notes
£
£
£
£
£
Balance at 12 August 2022
-
0
-
0
-
-
0
-
Period ended 31 December 2022:
Profit for the period
-
-
-
1,286,764
1,286,764
Other comprehensive income:
Currency translation differences
-
-
-
483,661
483,661
Total comprehensive income for the period
-
-
-
1,770,425
1,770,425
Issue of share capital
21
2,967
-
-
-
2,967
Transfers
-
-
12,180,790
-
12,180,790
Balance at 31 December 2022
2,967
-
0
12,180,790
1,770,425
13,954,182
Year ended 31 December 2023:
Profit for the year
-
-
-
1,718,777
1,718,777
Other comprehensive income:
Currency translation differences
-
-
-
(133,110)
(133,110)
Total comprehensive income for the year
-
-
-
1,585,667
1,585,667
Capital contribution
21
-
5,950,000
-
-
5,950,000
Balance at 31 December 2023
2,967
5,950,000
12,180,790
3,356,092
21,489,849
Ptarmigan Media Group Limited
Company Statement of Changes in Equity
For the year ended 31 December 2023
Page 14
Share capital
Capital redemption reserve
Other reserves
Profit and loss reserves
Total
Notes
£
£
£
£
£
Balance at 12 August 2022
-
0
-
0
-
-
0
-
Period ended 31 December 2022:
Loss and total comprehensive income for the period
-
-
-
(78,421)
(78,421)
Issue of share capital
2,967
-
-
-
2,967
Transfers
-
-
12,180,790
-
12,180,790
Balance at 31 December 2022
2,967
-
0
12,180,790
(78,421)
12,105,336
Year ended 31 December 2023:
Profit and total comprehensive income for the year
-
-
-
9,462,347
9,462,347
Capital contribution
-
5,950,000
-
-
5,950,000
Balance at 31 December 2023
2,967
5,950,000
12,180,790
9,383,926
27,517,683
Ptarmigan Media Group Limited
Group Statement of Cash Flows
For the year ended 31 December 2023
Page 15
2023
2022
Notes
£
£
£
£
Cash flows from operating activities
Cash (absorbed by)/generated from operations
25
(7,506,584)
16,224,659
Interest paid
(110,925)
(78,651)
Income taxes paid
(1,032,449)
(365,258)
Income taxes received
106,274
-
Net cash (outflow)/inflow from operating activities
(8,543,684)
15,780,750
Investing activities
Purchase of business
-
(17,340,854)
Purchase of tangible fixed assets
(20,828)
(20,277)
Cash acquired on acquisition of business
-
31,699,815
Deferred consideration
(1,700,000)
-
Interest received
136,012
12,709
Net cash (used in)/generated from investing activities
(1,584,816)
14,351,393
Financing activities
Share issue costs
-
2,967
Deferred consideration (payment)/on purchase of business
7,650,000
Net cash (used in)/generated from financing activities
-
7,652,967
Net (decrease)/increase in cash and cash equivalents
(10,128,500)
37,785,110
Cash and cash equivalents at beginning of year
38,268,771
-
0
Effect of foreign exchange rates
(130,536)
483,661
Cash and cash equivalents at end of year
28,009,735
38,268,771
Ptarmigan Media Group Limited
Notes to the Financial Statements
For the year ended 31 December 2023
Page 16
1
Accounting policies
Company information

Ptarmigan Media Group Limited (“the company”) is a private limited company domiciled and incorporated in England and Wales. The registered office is Bankside 3, 90 – 100 Southwark Street, London, England, SE1 0SW.

 

The group consists of Ptarmigan Media Group Limited and all of its subsidiaries.

1.1
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention, modified to include certain instruments at fair value. The principal accounting policies adopted are set out below.

1.2
Business combinations

In the parent company financial statements, the cost of a business combination is the fair value at the acquisition date of the assets given, equity instruments issued and liabilities incurred or assumed, plus costs directly attributable to the business combination. The excess of the cost of a business combination over the fair value of the identifiable assets, liabilities and contingent liabilities acquired is recognised as goodwill. The cost of the combination includes the estimated amount of contingent consideration that is probable and can be measured reliably, and is adjusted for changes in contingent consideration after the acquisition date. Provisional fair values recognised for business combinations in previous periods are adjusted retrospectively for final fair values determined in the 12 months following the acquisition date. Investments in subsidiaries, joint ventures and associates are accounted for at cost less impairment.

 

Deferred tax is recognised on differences between the value of assets (other than goodwill) and liabilities recognised in a business combination accounted for using the purchase method and the amounts that can be deducted or assessed for tax, considering the manner in which the carrying amount of the asset or liability is expected to be recovered or settled. The deferred tax recognised is adjusted against goodwill or negative goodwill.

1.3
Basis of consolidation

The consolidated group financial statements consist of the financial statements of the parent company Ptarmigan Media Group Limited together with all entities controlled by the parent company (its subsidiaries) and the group’s share of its interests in joint ventures and associates.

 

All financial statements are made up to 31 December 2023. Where necessary, adjustments are made to the financial statements of subsidiaries to bring the accounting policies used into line with those used by other members of the group.

 

All intra-group transactions, balances and unrealised gains on transactions between group companies are eliminated on consolidation. Unrealised losses are also eliminated unless the transaction provides evidence of an impairment of the asset transferred.

Subsidiaries are consolidated in the group’s financial statements from the date that control commences until the date that control ceases.

Ptarmigan Media Group Limited
Notes to the Financial Statements (Continued)
For the year ended 31 December 2023
1
Accounting policies
(Continued)
Page 17

Entities in which the group holds an interest and which are jointly controlled by the group and one or more other venturers under a contractual arrangement are treated as joint ventures. Entities other than subsidiary undertakings or joint ventures, in which the group has a participating interest and over whose operating and financial policies the group exercises a significant influence, are treated as associates.

Investments in joint ventures and associates are carried in the group balance sheet at cost plus post-acquisition changes in the group’s share of the net assets of the entity, less any impairment in value. The carrying values of investments in joint ventures and associates include acquired goodwill.

 

If the group’s share of losses in a joint venture or associate equals or exceeds its investment in the joint venture or associate, the group does not recognise further losses unless it has incurred obligations to do so or has made payments on behalf of the joint venture or associate.

 

Unrealised gains arising from transactions with joint ventures and associates are eliminated to the extent of the group’s interest in the entity.

1.4
Going concern

At the time of approving the financial statements, the directors have a reasonable expectation that the group has adequate resources to continue in operational existence for the foreseeable future. Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements.

1.5
Turnover

Turnover represents amounts invoiced, excluding value added taxes, for media and services provided in the normal course of business, and reflects commissions and fees together with any related costs of advertising.

 

Commissions are recognised as income when the related advertisements appear. Fees are recognised as income when they are earned in accordance with the contractual agreement with the client. Where revenue has been earned before the end of an accounting period but has not been billed, revenue is accrued into the financial statements.

Revenue from contracts for the provision of professional services is recognised by reference to the stage of completion when the stage of completion, costs incurred and costs to complete can be estimated reliably. The stage of completion is calculated by comparing costs incurred, mainly in relation to contractual hourly staff rates and materials, as a proportion of total costs. Where the outcome cannot be estimated reliably, revenue is recognised only to the extent of the expenses recognised that it is probable will be recovered.

1.6
Intangible fixed assets - goodwill

Goodwill represents the excess of the cost of acquisition of a business over the fair value of net assets acquired. It is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is considered to have a finite useful life and is amortised on a systematic basis over its expected life, which is 10 years.

 

For the purposes of impairment testing, goodwill is allocated to the cash-generating units expected to benefit from the acquisition. Cash-generating units to which goodwill has been allocated are tested for impairment at least annually, or more frequently when there is an indication that the unit may be impaired. If the recoverable amount of the cash-generating unit is less than the carrying amount of the unit, the impairment loss is allocated first to reduce the carrying amount of any goodwill allocated to the unit and then to the other assets of the unit pro-rata on the basis of the carrying amount of each asset in the unit.

Ptarmigan Media Group Limited
Notes to the Financial Statements (Continued)
For the year ended 31 December 2023
1
Accounting policies
(Continued)
Page 18
1.7
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Leasehold improvements
Over the life of the lease
Fixtures and fittings
20% straight line
Computers
33% straight line

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 recognised in the profit and loss account.

1.8
Fixed asset investments

Equity investments are measured at fair value through profit or loss, except for those equity investments that are not publicly traded and whose fair value cannot otherwise be measured reliably, which are recognised at cost less impairment until a reliable measure of fair value becomes available.

 

In the parent company financial statements, investments in subsidiaries, associates and jointly controlled entities are initially measured at cost and subsequently measured at cost less any accumulated impairment losses.

A subsidiary is an entity controlled by the group. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities.

1.9
Impairment of fixed assets

At each reporting period end date, the group reviews the carrying amounts of 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). 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.

 

The carrying amount of the investments accounted for using the equity method is tested for impairment as a single asset. Any goodwill included in the carrying amount of the investment is not tested separately for impairment.

Recoverable amount is the higher of fair value less costs to sell and 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.

 

If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. 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.

Ptarmigan Media Group Limited
Notes to the Financial Statements (Continued)
For the year ended 31 December 2023
1
Accounting policies
(Continued)
Page 19

Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased to apply. Where an impairment loss subsequently reverses, the carrying amount of the asset (or cash-generating unit) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset (or cash-generating unit) in prior years. A reversal of an impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase.

1.10
Work in progress

Work in progress represents the cost of media that has been purchased by the company but for which no associated revenue has been recognised.

Work in progress is released to the income statement as a cost of sale at the point that the associated income is recognised in accordance with the policy at 1.05.

1.11
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 current liabilities.

1.12
Financial instruments

The group has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

 

Financial instruments are recognised in the group's balance sheet when the group becomes party to the contractual provisions of the instrument.

 

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.

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.

Other financial assets

Other financial assets, including investments in equity instruments which are not subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the transaction price. Such assets are subsequently carried at fair value and the changes in fair value are recognised in profit or loss, except that investments in equity instruments that are not publicly traded and whose fair values cannot be measured reliably are measured at cost less impairment.

Ptarmigan Media Group Limited
Notes to the Financial Statements (Continued)
For the year ended 31 December 2023
1
Accounting policies
(Continued)
Page 20
Impairment of financial assets

Financial assets, other than those held at fair value through profit and loss, are assessed for indicators of impairment at each reporting end date.

 

Financial assets are impaired where there is objective evidence that, as a result of one or more events that occurred after the initial recognition of the financial asset, the estimated future cash flows have been affected. 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 profit or loss.

 

If there is a decrease in the impairment loss arising from an event occurring after the impairment was recognised, the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been, had the impairment not previously been recognised. The impairment reversal is recognised in profit or loss.

Derecognition of financial assets

Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when the group transfers the financial asset and substantially all the risks and rewards of ownership to another entity, or if some significant risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party.

Classification of financial liabilities

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 group after deducting all of its liabilities.

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.

Ptarmigan Media Group Limited
Notes to the Financial Statements (Continued)
For the year ended 31 December 2023
1
Accounting policies
(Continued)
Page 21
Other financial liabilities

Derivatives, including interest rate swaps and forward foreign exchange contracts, are not basic financial instruments. Derivatives are initially recognised at fair value on the date a derivative contract is entered into and are subsequently re-measured at their fair value. Changes in the fair value of derivatives are recognised in profit or loss in finance costs or finance income as appropriate, unless hedge accounting is applied and the hedge is a cash flow hedge.

 

Debt instruments that do not meet the conditions in FRS 102 paragraph 11.9 are subsequently measured at fair value through profit or loss. Debt instruments may be designated as being measured at fair value through profit or loss to eliminate or reduce an accounting mismatch or if the instruments are measured and their performance evaluated on a fair value basis in accordance with a documented risk management or investment strategy.

Derecognition of financial liabilities

Financial liabilities are derecognised when the group's contractual obligations expire or are discharged or cancelled. In particular un-billed media accruals are released after six years or at such earlier point when it is clear that the contractual obligation to the supplier has been discharged or extinguished.

1.13
Equity instruments

Equity instruments issued by the group are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the group.

1.14
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account 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 group’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. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

 

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 profit and loss account, 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 if, and only if, there is 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.

Ptarmigan Media Group Limited
Notes to the Financial Statements (Continued)
For the year ended 31 December 2023
1
Accounting policies
(Continued)
Page 22
1.15
Employee benefits

The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.

 

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

 

Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

1.16
Retirement benefits

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

1.17
Leases

Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leased asset are consumed.

1.18
Government grants

Government grants are recognised at the fair value of the asset received or receivable when there is reasonable assurance that the grant conditions will be met and the grants will be received.

 

A grant that specifies performance conditions is recognised in income when the performance conditions are met. Where a grant does not specify performance conditions it is recognised in income when the proceeds are received or receivable. A grant received before the recognition criteria are satisfied is recognised as a liability.

1.19
Foreign exchange

Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss.

Ptarmigan Media Group Limited
Notes to the Financial Statements (Continued)
For the year ended 31 December 2023
Page 23
2
Judgements and key sources of estimation uncertainty

In the application of the group’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

 

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

Critical judgements

The following judgements (apart from those involving estimates) have had the most significant effect on amounts recognised in the financial statements.

Income recognition

Revenue from contracts is assessed on an individual basis with revenue earned being ascertained based on the stage of completion of the contract which is estimated using a combination of the milestones in the contract and the time spent to date compared to the total time expected to be required to undertake the contract. Estimates of the total time required to undertake the contracts are made on a regular basis and subject to management review. These estimates may differ from the actual results due to a variety of factors such as efficiency of working, accuracy of assessment of progress to date and client decision making.

Depreciation

The annual depreciation charge for property, plant and equipment is sensitive to changes in the estimated useful economic lives and residual values of the assets. The useful economic lives and residual values are re-assessed annually. They are amended when necessary to reflect current estimates, based on technological advancement, future investments, economic utilisation and the physical condition of the assets. See note 12 for the carrying amount of the property, plant and equipment and note 1.8 for the useful economic lives for each class of asset.

Amortisation

The annual amortisation charge for intangible assets is sensitive to changes in the estimated lives and residual values of the assets. The useful economic lives and residual values are re-assessed annually. Goodwill impairment reviews are also performed annually. These reviews require an estimation of the value in use of the cash generating units to which goodwill has been allocated. The value in use calculation requires the entity to estimate the future cash flows expected to arise for the cash generating unit and a suitable discount rate to calculate present value. See note 11 for the carrying amount of the intangible assets and note 1.6 for the useful economic lives for each class of asset.

3
Turnover and other revenue
2023
2022
£
£
Turnover analysed by class of business
Media planning and buying
128,940,023
58,341,629
Ptarmigan Media Group Limited
Notes to the Financial Statements (Continued)
For the year ended 31 December 2023
3
Turnover and other revenue
(Continued)
Page 24
2023
2022
£
£
Turnover analysed by geographical market
UK & Europe
61,812,964
25,450,433
USA
38,135,521
20,407,256
Asia & ROW
28,991,538
12,483,940
128,940,023
58,341,629
2023
2022
£
£
Other revenue
Interest income
136,012
12,709
Grants received
11,866
20,789
4
Operating profit
2023
2022
£
£
Operating profit for the year is stated after charging/(crediting):
Exchange losses/(gains)
167,491
(282,192)
Government grants
(11,866)
(20,789)
Depreciation of owned tangible fixed assets
39,230
19,058
Loss on disposal of tangible fixed assets
1,054
-
Amortisation of intangible assets
1,799,037
559,701
Operating lease charges
719,849
767,982
5
Auditor's remuneration
2023
2022
Fees payable to the company's auditor and associates:
£
£
For audit services
Audit of the financial statements of the group and company
8,000
10,800
Audit of the financial statements of the company's subsidiaries
63,500
45,700
71,500
56,500
For other services
Taxation compliance services
6,500
4,300
Ptarmigan Media Group Limited
Notes to the Financial Statements (Continued)
For the year ended 31 December 2023
Page 25
6
Employees

The average monthly number of persons (including directors) employed by the group and company during the year was:

Group
Company
2023
2022
2023
2022
Number
Number
Number
Number
Management
22
29
-
-
Administration
21
23
-
-
Marketing
89
91
-
-
Total
132
143
-
0
-
0

Their aggregate remuneration comprised:

Group
Company
2023
2022
2023
2022
£
£
£
£
Wages and salaries
9,429,690
4,266,799
-
0
-
0
Social security costs
888,992
371,572
-
-
Pension costs
401,991
130,389
-
0
-
0
10,720,673
4,768,760
-
0
-
0
7
Directors' remuneration
2023
2022
£
£
Remuneration for qualifying services
938,193
348,408
Company pension contributions to defined contribution schemes
49,947
10,531
988,140
358,939
The number of directors for whom retirement benefits are accruing under defined contribution schemes amounted to 4 (2022: 4).
Remuneration disclosed above includes the following amounts paid to the highest paid director:
2023
2022
£
£
Remuneration for qualifying services
259,443
120,078
Company pension contributions to defined contribution schemes
25,409
7,505
Ptarmigan Media Group Limited
Notes to the Financial Statements (Continued)
For the year ended 31 December 2023
Page 26
8
Interest receivable and similar income
2023
2022
£
£
Interest income
Interest on bank deposits
136,012
12,709

Investment income includes the following:

Interest on financial assets not measured at fair value through profit or loss
136,012
12,709
9
Interest payable and similar expenses
2023
2022
£
£
Interest on financial liabilities measured at amortised cost:
Interest on bank overdrafts and loans
2,550
230
Other interest on financial liabilities
108,375
78,421
110,925
78,651
10
Taxation
2023
2022
£
£
Current tax
UK corporation tax on profits for the current period
824,661
306,519
Foreign current tax on profits for the current period
422,239
201,076
Total current tax
1,246,900
507,595
Ptarmigan Media Group Limited
Notes to the Financial Statements (Continued)
For the year ended 31 December 2023
10
Taxation
(Continued)
Page 27

The actual charge for the year can be reconciled to the expected charge for the year based on the profit or loss and the standard rate of tax as follows:

2023
2022
£
£
Profit before taxation
2,965,677
1,794,359
Expected tax charge based on the standard rate of corporation tax in the UK of 23.52% (2022: 19.00%)
697,527
340,928
Tax effect of expenses that are not deductible in determining taxable profit
44,116
29,848
Unutilised tax losses carried forward
8,148
(10,574)
Permanent capital allowances in excess of depreciation
(4,448)
(5,694)
Depreciation on assets not qualifying for tax allowances
800
6,605
Amortisation on assets not qualifying for tax allowances
423,134
106,343
Other non-reversing timing differences
5,828
(487)
Effect of overseas tax rates
61,186
49,593
Under/(over) provided in prior years
61,533
-
0
Income tax exemption
(1,558)
(11,434)
Other tax adjustments
(49,366)
2,467
Taxation charge
1,246,900
507,595
11
Intangible fixed assets
Group
Goodwill
£
Cost
At 1 January 2023 and 31 December 2023
17,990,365
Amortisation and impairment
At 1 January 2023
559,701
Amortisation charged for the year
1,799,037
At 31 December 2023
2,358,738
Carrying amount
At 31 December 2023
15,631,627
At 31 December 2022
17,430,664
The company had no intangible fixed assets at 31 December 2023 or 31 December 2022.
Ptarmigan Media Group Limited
Notes to the Financial Statements (Continued)
For the year ended 31 December 2023
Page 28
12
Tangible fixed assets
Group
Leasehold improvements
Fixtures and fittings
Computers
Total
£
£
£
£
Cost
At 1 January 2023
2,929
9,184
78,200
90,313
Additions
-
0
98
20,730
20,828
Disposals
-
0
-
0
(8,318)
(8,318)
Exchange adjustments
-
0
(1,240)
(12,557)
(13,797)
At 31 December 2023
2,929
8,042
78,055
89,026
Depreciation and impairment
At 1 January 2023
2,929
1,607
14,522
19,058
Depreciation charged in the year
-
0
2,495
36,735
39,230
Eliminated in respect of disposals
-
0
-
0
(7,264)
(7,264)
Exchange adjustments
-
0
(1,140)
(10,083)
(11,223)
At 31 December 2023
2,929
2,962
33,910
39,801
Carrying amount
At 31 December 2023
-
0
5,080
44,145
49,225
At 31 December 2022
-
0
7,577
63,678
71,255
The company had no tangible fixed assets at 31 December 2023 or 31 December 2022.
13
Fixed asset investments
Group
Company
2023
2022
2023
2022
Notes
£
£
£
£
Investments in subsidiaries
14
-
0
-
0
29,329,142
29,329,142

 

Ptarmigan Media Group Limited
Notes to the Financial Statements (Continued)
For the year ended 31 December 2023
13
Fixed asset investments
(Continued)
Page 29
Movements in fixed asset investments
Company
Shares in subsidiaries
£
Cost or valuation
At 1 January 2023 and 31 December 2023
29,329,142
Carrying amount
At 31 December 2023
29,329,142
At 31 December 2022
29,329,142
14
Subsidiaries

Details of the company's subsidiaries at 31 December 2023 are as follows:

Name of undertaking
Address
Nature of business
Class of
% Held
shares held
Direct
Indirect
Ptarmigan Media Limited
1
Planning and buying of media space
Ordinary
100
-
Ptarmigan Media (Asia) Ltd
2
Planning and buying of media space
Ordinary
-
100
Ptarmigan Media (Australia) Pty Ltd
3
Planning and buying of media space
Ordinary
-
100
Ptarmigan Media (Singapore) PTE Ltd
4
Planning and buying of media space
Ordinary
-
100
Ptarmigan Media (Taiwan) Limited
5
Planning and buying of media space
Ordinary
-
100
Ptarmigan Media Inc.
6
Planning and buying of media space
Ordinary
-
100
Ptarmigan Media Netherlands B.V.
7
Planning and buying of media space
Ordinary
-
100
Ptarmigan Media Japan GK
8
Planning and buying of media space
Ordinary
-
100

Registered office addresses (all UK unless otherwise indicated):

1
Bankside 3, 90 - 100 Southwark Street, London, England, SE1 0SW
2
Unit 1003, 10/F, 148 Electric Road, North Point, Hong Kong
3
G01, 8 Merriville Road, Kellyville Ridge, NSW, 2155, Australia
4
9, Raffles Place, Suite 26-01, Republic Plaza, 048619, Singapore
5
7F, No. 378, Fuxing North Road, Zhongshan District, Taipei City, 104279, Taiwan
6
Registered Agent - Harvard Business Services, Inc., 16192 Coastal Highway, Lewes, DE, 19958, United States
7
Herikerbergweg 88, 1101 CM Amsterdam, Netherlands
8
Nishishinjuku Mizuma Building, 6F, 3-3-13, Nishishinjuku, Shinjuku-Ku, Tokyo, 160-0023, Japan
Ptarmigan Media Group Limited
Notes to the Financial Statements (Continued)
For the year ended 31 December 2023
Page 30
15
Work in progress
Group
Company
2023
2022
2023
2022
£
£
£
£
Work in progress
209,513
287,053
-
-
16
Financial instruments
Group
Company
2023
2022
2023
2022
£
£
£
£
Carrying amount of financial assets
Debt instruments measured at amortised cost
25,067,869
25,336,801
-
-
Equity instruments measured at cost less impairment
-
-
29,329,142
29,329,142
Carrying amount of financial liabilities
Measured at amortised cost
35,629,789
57,764,463
2,067,250
17,223,806
17
Debtors
Group
Company
2023
2022
2023
2022
Amounts falling due within one year:
£
£
£
£
Trade debtors
16,433,543
23,174,693
-
0
-
0
Corporation tax recoverable
-
0
297,153
-
0
-
0
Amounts owed by group undertakings
6,158,741
-
-
-
Other debtors
388,068
189,766
-
0
-
0
Prepayments and accrued income
2,501,816
2,786,223
-
0
-
0
25,482,168
26,447,835
-
-
Ptarmigan Media Group Limited
Notes to the Financial Statements (Continued)
For the year ended 31 December 2023
Page 31
18
Creditors: amounts falling due within one year
Group
Company
2023
2022
2023
2022
£
£
£
£
Trade creditors
8,110,882
20,852,886
-
0
-
0
Amounts owed to group undertakings
-
0
-
0
2,038,345
9,573,806
Corporation tax payable
315,060
289,413
-
0
-
0
Other taxation and social security
1,727,610
1,427,918
-
-
Other creditors
2,171,715
5,018,028
28,905
3,400,000
Accruals and deferred income
35,567,152
36,713,151
-
0
-
0
47,892,419
64,301,396
2,067,250
12,973,806
19
Creditors: amounts falling due after more than one year
Group
Company
2023
2022
2023
2022
£
£
£
£
Other creditors
-
0
4,250,000
-
0
4,250,000
20
Retirement benefit schemes
2023
2022
Defined contribution schemes
£
£
Charge to profit or loss in respect of defined contribution schemes
401,991
130,389

A defined contribution pension scheme is operated for all qualifying employees. The assets of the scheme are held separately from those of the group in an independently administered fund.

21
Share capital
Group and company
2023
2022
2023
2022
Ordinary share capital
Number
Number
£
£
Issued and fully paid
A Ordinary shares of £1 each
2,645
2,645
2,645
2,645
B Ordinary shares of £1 each
322
322
322
322
2,967
2,967
2,967
2,967
Ptarmigan Media Group Limited
Notes to the Financial Statements (Continued)
For the year ended 31 December 2023
21
Share capital
(Continued)
Page 32

A shares have attached to them full voting, dividend and capital distribution (including on winding up) rights; they do not confer any rights on redemption.

 

B shares have dividend and capital contribution (including on winding up) rights but they have no voting rights.

22
Operating lease commitments
Lessee

At the reporting end date the group had outstanding commitments for future minimum lease payments under non-cancellable operating leases, which fall due as follows:

Group
Company
2023
2022
2023
2022
£
£
£
£
Within one year
526,749
601,443
-
-
Between two and five years
1,470,208
1,840,414
-
-
In over five years
-
166,446
-
-
1,996,957
2,608,303
-
-
23
Related party transactions
Remuneration of key management personnel

The remuneration of key management personnel is as follows.

2023
2022
£
£
Aggregate compensation
1,346,251
469,471

The Company had related party transactions with wholly owned subsidiaries and as such has taken advantage of the exemption permitted under section 33.1A not to provide disclosures of transactions entered into with other wholly owned members of the group.

24
Controlling party

During the year, Ptarmigan Media Group Limited, was acquired by Ptarmigan Media Group Holdings Limited, a company registered in England and Wales. Ptarmigan Media Group Limited became the immediate parent company. The ultimate parent company became Omnicom Group Inc., a company registered in the USA which is considered the ultimate controlling party.

Ptarmigan Media Group Limited
Notes to the Financial Statements (Continued)
For the year ended 31 December 2023
Page 33
25
Cash (absorbed by)/generated from group operations
2023
2022
£
£
Profit for the year after tax
1,718,777
1,286,764
Adjustments for:
Taxation charged
1,246,900
507,595
Finance costs
110,925
78,651
Investment income
(136,012)
(12,709)
Loss on disposal of tangible fixed assets
1,054
-
Amortisation and impairment of intangible assets
1,799,037
559,701
Depreciation and impairment of tangible fixed assets
39,230
19,058
Movements in working capital:
Decrease/(increase) in stocks
77,540
(287,053)
Decrease/(increase) in debtors
668,514
(11,013,325)
(Decrease)/increase in creditors
(13,032,549)
25,085,977
Cash (absorbed by)/generated from operations
(7,506,584)
16,224,659
26
Analysis of changes in net funds - group
1 January 2023
Cash flows
31 December 2023
£
£
£
Cash at bank and in hand
38,268,771
(10,259,036)
28,009,735
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