Ptarmigan Media Limited
Annual Report and Financial Statements
For the year ended 31 December 2023
Company Registration No. 02767482 (England and Wales)
Ptarmigan Media Limited
Company Information
Directors
M Woodford
M Ball
T Jones
N Wells
Company number
02767482
Registered office
Bankside 3
90 – 100 Southwark Street
London
England
SE1 0SW
Auditors
Moore Kingston Smith LLP
6th Floor
9 Appold Street
London
EC2A 2AP
Ptarmigan Media 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 Limited
Strategic Report
For the year ended 31 December 2023
Page 1

The directors present the strategic report and financial statements 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 the business

Gross billings for the year were £128,940,023 (2022: £151,568,237), gross profit £19,471,382 (2022: £21,370,278) and profit after tax £3,574,129 (2022: £4,795,041). 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:

 

Unit
2023
2022
Gross profit margin
%
15.10
14.09
Payroll to gross profit
%
55.06
52.32
Operating profit margin (Operating profit / Gross profit)
%
24.09
28.50
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.

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.

Ptarmigan Media Limited
Strategic Report (Continued)
For the year ended 31 December 2023
Page 2
Going concern assessment

Gross profit for the year is £19,471,382 (2022: £21,370,278), Profit after tax is £3,576,284 (2022: £4,795,041) and the value of net current assets is £7,568,897 (2022: £13,676,069) at 31 December 2023. We are confident of the company’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 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 continued to be that of the planning and buying of media space. The Company is a member of The Newspaper Publisher Association.

Directors

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

J Naylor
(Resigned 31 August 2023)
M Woodford
M Ball
T Jones
N Wells
Results and dividends

Ordinary dividends were paid amounting to £9,573,806 (2022: £2,221,000). The directors do not recommend payment of a further dividend.

Auditor

The auditor, Moore Kingston Smith LLP, are deemed to be reappointed under section 487(2) of the Companies Act 2006.

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

We have audited the financial statements of Ptarmigan Media 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 Limited
Independent Auditor's Report (Continued)
To the Members of Ptarmigan Media 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 Limited
Independent Auditor's Report (Continued)
To the Members of Ptarmigan Media 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 Limited
Independent Auditor's Report (Continued)
To the Members of Ptarmigan Media 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.

 

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
6th Floor
9 Appold Street
London
EC2A 2AP
Ptarmigan Media Limited
Group Profit and Loss Account
For the year ended 31 December 2023
Page 9
2023
2022
Notes
£
£
Turnover
3
128,940,023
151,568,237
Cost of sales
(109,468,641)
(130,197,959)
Gross profit
19,471,382
21,370,278
Administrative expenses
(14,793,526)
(15,294,724)
Other operating income
11,866
20,789
Operating profit
4
4,689,722
6,096,343
Interest receivable and similar income
8
136,012
17,088
Interest payable and similar expenses
9
(2,550)
(230)
Profit on ordinary activities before taxation
4,823,184
6,113,201
Tax on profit on ordinary activities
10
(1,246,900)
(1,318,160)
Profit on ordinary activities after taxation
3,576,284
4,795,041

The profit and loss account has been prepared on the basis that all operations are continuing operations.

Ptarmigan Media Limited
Group Statement of Comprehensive Income
For the year ended 31 December 2023
Page 10
2023
2022
£
£
Profit for the year
3,576,284
4,795,041
Other comprehensive income
Currency translation (loss)/gain
(133,110)
483,661
Total comprehensive income for the year
3,443,174
5,278,702
Total comprehensive income for the year is all attributable to the owners of the parent company.
Ptarmigan Media Limited
Group Balance Sheet
As at 31 December 2023
Page 11
2023
2022
Notes
£
£
£
£
Fixed assets
Tangible assets
12
47,795
71,255
Current assets
Work in progress
15
209,513
287,053
Debtors
17
27,468,954
36,021,641
Cash at bank and in hand
27,753,944
38,268,771
55,432,411
74,577,465
Creditors: amounts falling due within one year
18
(47,863,514)
(60,901,396)
Net current assets
7,568,897
13,676,069
Total assets less current liabilities
7,616,692
13,747,324
Capital and reserves
Called up share capital
20
7,144
7,144
Share premium account
193,384
193,384
Capital redemption reserve
27,096
27,096
Profit and loss reserves
7,389,068
13,519,700
Total equity
7,616,692
13,747,324
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 Limited
Company Balance Sheet
As at 31 December 2023
31 December 2023
Page 12
2023
2022
Notes
£
£
£
£
Fixed assets
Tangible assets
12
6,236
9,637
Investments
13
46,531
46,531
52,767
56,168
Current assets
Work in progress
15
209,513
287,053
Debtors
17
18,140,897
21,969,572
Cash at bank and in hand
16,311,521
26,022,243
34,661,931
48,278,868
Creditors: amounts falling due within one year
18
(30,839,386)
(37,531,429)
Net current assets
3,822,545
10,747,439
Total assets less current liabilities
3,875,312
10,803,607
Capital and reserves
Called up share capital
20
7,144
7,144
Share premium account
193,384
193,384
Capital redemption reserve
27,096
27,096
Profit and loss reserves
3,647,688
10,575,983
Total equity
3,875,312
10,803,607

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 £2,645,511 (2022: £7,511,108).

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. 02767482
Ptarmigan Media Limited
Group Statement of Changes in Equity
For the year ended 31 December 2023
Page 13
Share capital
Share premium account
Capital redemption reserve
Profit and loss reserves
Total
Notes
£
£
£
£
£
Balance at 1 January 2022
7,144
193,384
27,096
10,462,198
10,689,822
Year ended 31 December 2022:
Profit for the year
-
-
-
4,795,041
4,795,041
Other comprehensive income:
Currency translation differences
-
-
-
483,661
483,661
Total comprehensive income for the year
-
-
-
5,278,702
5,278,702
Dividends
-
-
-
(2,221,200)
(2,221,200)
Balance at 31 December 2022
7,144
193,384
27,096
13,519,700
13,747,324
Year ended 31 December 2023:
Profit for the year
-
-
-
3,576,284
3,576,284
Other comprehensive income:
Currency translation differences
-
-
-
(133,110)
(133,110)
Total comprehensive income for the year
-
-
-
3,443,174
3,443,174
Dividends
-
-
-
(9,573,806)
(9,573,806)
Balance at 31 December 2023
7,144
193,384
27,096
7,389,068
7,616,692
Ptarmigan Media Limited
Company Statement of Changes in Equity
For the year ended 31 December 2023
Page 14
Share capital
Share premium account
Capital redemption reserve
Profit and loss reserves
Total
Notes
£
£
£
£
£
Balance at 1 January 2022
7,144
193,384
27,096
5,286,075
5,513,699
Year ended 31 December 2022:
Profit and total comprehensive income for the year
-
-
-
7,511,108
7,511,108
Dividends
-
-
-
(2,221,200)
(2,221,200)
Balance at 31 December 2022
7,144
193,384
27,096
10,575,983
10,803,607
Year ended 31 December 2023:
Profit and total comprehensive income for the year
-
-
-
2,645,511
2,645,511
Dividends
-
-
-
(9,573,806)
(9,573,806)
Balance at 31 December 2023
7,144
193,384
27,096
3,647,688
3,875,312
Ptarmigan Media 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 operations
24
(9,570,750)
(8,320,595)
Interest paid
(2,550)
(230)
Income taxes paid
(926,175)
(1,110,157)
Net cash outflow from operating activities
(10,499,475)
(9,430,982)
Investing activities
Purchase of tangible fixed assets
(20,828)
(67,054)
Proceeds from disposal of tangible fixed assets
-
1,574
Interest received
136,012
17,088
Net cash generated from/(used in) investing activities
115,184
(48,392)
Financing activities
Dividends paid to equity shareholders
-
(2,221,200)
Net cash used in financing activities
-
(2,221,200)
Net decrease in cash and cash equivalents
(10,384,291)
(11,700,574)
Cash and cash equivalents at beginning of year
38,268,771
49,491,524
Effect of foreign exchange rates
(130,536)
477,821
Cash and cash equivalents at end of year
27,753,944
38,268,771
Ptarmigan Media Limited
Notes to the Financial Statements
For the year ended 31 December 2023
Page 16
1
Accounting policies
Company information

Ptarmigan Media 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 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. 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.

1.3
Basis of consolidation

The consolidated group financial statements consist of the financial statements of the parent company Ptarmigan Media 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.

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.

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

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 other than goodwill

Intangible assets acquired separately from a business are recognised at cost and are subsequently measured at cost less accumulated amortisation and accumulated impairment losses.

 

Intangible assets acquired on business combinations are recognised separately from goodwill at the acquisition date where it is probable that the expected future economic benefits that are attributable to the asset will flow to the entity and the fair value of the asset can be measured reliably; the intangible asset arises from contractual or other legal rights; and the intangible asset is separable from the entity.

Amortisation 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:

Software
33% straight line
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.

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

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:

Land and buildings Leasehold
20% straight line
Leasehold improvements
Over the life of the lease
Fixtures, fittings & equipment
20% straight line
Computer equipment
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 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 progess

Work-in-progress represents the costs 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 1.5.

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 statement of financial position 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 Limited
Notes to the Financial Statements (Continued)
For the year ended 31 December 2023
1
Accounting policies
(Continued)
Page 20

Trade debtors, loans and other receivables that have fixed or determinable payments that are not quoted in an active market are classified as 'loans and receivables'. Loans and receivables are measured at amortised cost using the effective interest method, less any impairment.

 

Interest is recognised by applying the effective interest rate, except for short-term receivables when the recognition of interest would be immaterial. The effective interest method is a method of calculating the amortised cost of a debt instrument and of allocating the interest income over the relevant period. The effective interest rate is the rate that exactly discounts estimated future cash receipts through the expected life of the debt instrument to the net carrying amount on initial recognition.

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 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.

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.

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 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

The Group operates a defined contribution scheme for the benefit of its employees. Contributions payable are charged to the profit and loss account in the year they are payable.

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

Monetary assets and liabilities denominated in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are recorded at the rate ruling at the date of the transaction. All differences are taken to profit and loss account.

 

Brought forward foreign assets and liabilities are retranslated at the closing rate and the differences are taken directly to reserves.

Ptarmigan Media 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 1.7 for the useful economic lives for each class of asset.

3
Turnover and other revenue

An analysis of the group's turnover is as follows:

2023
2022
£
£
Turnover analysed by class of business
Media planning and buying
128,940,023
151,568,237
2023
2022
£
£
Turnover analysed by geographical market
UK & Europe
61,812,964
66,118,777
USA
38,135,521
53,016,892
Asia & ROW
28,991,538
32,432,568
128,940,023
151,568,237
Ptarmigan Media Limited
Notes to the Financial Statements (Continued)
For the year ended 31 December 2023
3
Turnover and other revenue
(Continued)
Page 24
2023
2022
£
£
Other revenue
Interest income
136,012
17,088
Grants received
11,866
20,789
4
Operating profit
2023
2022
£
£
Operating profit for the year is stated after charging/(crediting):
Exchange losses/(gains)
164,900
(282,192)
Government grants
(11,866)
(20,789)
Depreciation of owned tangible fixed assets
39,230
88,165
Loss on disposal of tangible fixed assets
2,484
-
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
34,000
24,200
Audit of the financial statements of the company's subsidiaries
29,500
21,500
63,500
45,700
For other services
Taxation compliance services
5,000
2,900
Ptarmigan Media 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
16
16
Administration
21
23
11
13
Marketing
89
91
31
28
Total
132
143
58
57

Their aggregate remuneration comprised:

Group
Company
2023
2022
2023
2022
£
£
£
£
Wages and salaries
9,511,727
9,828,504
4,420,221
4,329,653
Social security costs
888,992
926,356
559,137
563,116
Pension costs
401,991
426,070
187,735
162,991
10,802,710
11,180,930
5,167,093
5,055,760
7
Directors' remuneration
2023
2022
£
£
Remuneration for qualifying services
938,193
985,178
Company pension contributions to defined contribution schemes
49,947
33,992
988,140
1,019,170

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
297,848
Company pension contributions to defined contribution schemes
25,409
24,915
Ptarmigan Media 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
17,088

Investment income includes the following:

Interest on financial assets not measured at fair value through profit or loss
136,012
17,088
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
10
Taxation
2023
2022
£
£
Current tax
UK corporation tax on profits for the current period
824,661
792,748
Foreign current tax on profits for the current period
422,239
525,412
Total current tax
1,246,900
1,318,160
Ptarmigan Media 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
4,823,184
6,113,201
Expected tax charge based on the standard rate of corporation tax in the UK of 23.52% (2022: 19.00%)
1,134,413
1,161,508
Tax effect of expenses that are not deductible in determining taxable profit
12,397
29,848
Unutilised tax losses carried forward
8,147
(10,574)
Group relief
(725)
(14,900)
Permanent capital allowances in excess of depreciation
2,179
(5,694)
Depreciation on assets not qualifying for tax allowances
-
0
6,605
Other non-reversing timing differences
-
0
(487)
Effect of overseas tax rates
61,185
161,854
Under/(over) provided in prior years
61,533
(1,033)
Other tax adjustments
(30,671)
2,467
Income tax exemption
(1,558)
(11,434)
Taxation charge
1,246,900
1,318,160
11
Intangible fixed assets
Group
Software
£
Cost
At 1 January 2023
11,608
Exchange adjustments
(653)
At 31 December 2023
10,955
Amortisation and impairment
At 1 January 2023
11,608
Exchange adjustments
(653)
At 31 December 2023
10,955
Carrying amount
At 31 December 2023
-
0
At 31 December 2022
-
0
The company had no intangible fixed assets at 31 December 2023 or 31 December 2022.
Ptarmigan Media Limited
Notes to the Financial Statements (Continued)
For the year ended 31 December 2023
Page 28
12
Tangible fixed assets
Group
Land and buildings Leasehold
Leasehold improvements
Fixtures, fittings & equipment
Computer equipment
Total
£
£
£
£
£
Cost
At 1 January 2023
34,208
175,761
134,236
553,265
897,470
Additions
-
0
-
0
98
20,730
20,828
Disposals
-
0
-
0
(27,734)
(8,318)
(36,052)
Exchange adjustments
(1,963)
-
0
(1,240)
(12,557)
(15,760)
At 31 December 2023
32,245
175,761
105,360
553,120
866,486
Depreciation and impairment
At 1 January 2023
34,208
175,761
126,980
489,266
826,215
Depreciation charged in the year
-
0
-
0
2,495
36,735
39,230
Eliminated in respect of disposals
-
0
-
0
(26,304)
(7,264)
(33,568)
Exchange adjustments
(1,963)
-
0
(1,140)
(10,083)
(13,186)
At 31 December 2023
32,245
175,761
102,031
508,654
818,691
Carrying amount
At 31 December 2023
-
0
-
0
3,329
44,466
47,795
At 31 December 2022
-
0
-
0
7,256
63,999
71,255
Company
Leasehold improvements
Fixtures, fittings & equipment
Computer equipment
Total
£
£
£
£
Cost
At 1 January 2023 and 31 December 2023
175,761
92,237
323,373
591,371
Depreciation and impairment
At 1 January 2023
175,761
92,237
313,736
581,734
Depreciation charged in the year
-
0
-
0
3,401
3,401
At 31 December 2023
175,761
92,237
317,137
585,135
Carrying amount
At 31 December 2023
-
0
-
0
6,236
6,236
At 31 December 2022
-
0
-
0
9,637
9,637
Ptarmigan Media Limited
Notes to the Financial Statements (Continued)
For the year ended 31 December 2023
Page 29
13
Fixed asset investments
Group
Company
2023
2022
2023
2022
Notes
£
£
£
£
Investments in subsidiaries
14
-
0
-
0
46,531
46,531
Movements in fixed asset investments
Company
Shares in subsidiaries
£
Cost or valuation
At 1 January 2023 and 31 December 2023
46,531
Carrying amount
At 31 December 2023
46,531
At 31 December 2022
46,531
14
Subsidiaries

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

Name of undertaking and registered
Nature of business
Class of
% Held
office address
shareholding
Direct
Indirect
Ptarmigan Media (Asia) Ltd
1
Planning and buying of media space
Ordinary
100
0
Ptarmigan Media (Australia) Pty Ltd
2
Planning and buying of media space
Ordinary
100
0
Ptarmigan Media (Singapore) PTE Ltd
3
Planning and buying of media space
Ordinary
100
0
Ptarmigan Media (Taiwan) Limited
4
Planning and buying of media space
Ordinary
100
0
Ptarmigan Media Inc.
5
Planning and buying of media space
Ordinary
100
0
Ptarmigan Media Netherlands B.V.
6
In liquidation
Ordinary
100
0
Ptarmigan Media Japan KK
7
Planning and buying of media space
Ordinary
100
0
Ptarmigan Media Limited
Notes to the Financial Statements (Continued)
For the year ended 31 December 2023
14
Subsidiaries
(Continued)
Page 30

Registered office key:

1 - Unit 1003, 10/F, 148 Electric Road, North Point, Hong Kong

2 - G01, 8 Merriville Road, Kellyville Ridge, NSW, 2155, Australia

3 - 9, Raffles Place, Suite 26-01, Republic Plaza, 048619, Singapore

4 - 7F, No. 378, Fuxing North Road, Zhongshan District, Taipei City, 104279, Taiwan

5 - Registered Agent - Harvard Business Services, Inc., 16192 Coastal Highway, Lewes, DE, 19958, United States

6 - Herikerbergweg 88, 1101 CM Amsterdam, Netherlands

7 - Nishishinjuku Mizuma Building, 6F, 3-3-13, Nishishinjuku, Shinjuku-Ku, Tokyo, 160-0023, Japan

 

15
Work in progress
Group
Company
2023
2022
2023
2022
£
£
£
£
Work in progress
209,513
287,053
209,513
287,053
16
Financial instruments
Group
Company
2023
2022
2023
2022
£
£
£
£
Carrying amount of financial assets
Debt instruments measured at amortised cost
27,054,655
34,910,607
16,098,890
21,663,384
Equity instruments measured at cost less impairment
-
-
46,531
46,531
Carrying amount of financial liabilities
Measured at amortised cost
47,865,669
50,114,463
21,262,966
29,078,562
17
Debtors
Group
Company
2023
2022
2023
2022
Amounts falling due within one year:
£
£
£
£
Trade debtors
16,433,543
23,174,693
9,078,579
9,790,048
Corporation tax recoverable
-
0
297,153
-
0
-
0
Amounts owed by group undertakings
-
-
74,997
263,520
Amounts owed by parent undertakings
8,145,527
9,573,806
6,572,954
9,573,806
Other debtors
388,068
189,766
267,849
60,831
Prepayments and accrued income
2,501,816
2,786,223
2,146,518
2,281,367
27,468,954
36,021,641
18,140,897
21,969,572
Ptarmigan Media 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
2,532,262
12,801,991
Amounts owed to group undertakings
-
0
-
0
38,774
-
0
Corporation tax payable
315,060
289,413
261,453
186,792
Other taxation and social security
1,727,610
1,427,918
1,588,550
1,354,913
Other creditors
2,142,810
1,618,028
1,075,173
745,742
Accruals and deferred income
35,567,152
36,713,151
25,343,174
22,441,991
47,863,514
60,901,396
30,839,386
37,531,429
19
Retirement benefit schemes
2023
2022
Defined contribution schemes
£
£
Charge to profit and loss in respect of defined contribution schemes
401,991
426,070

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.

20
Share capital
Group and company
2023
2022
2023
2022
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of £1 each
7,144
7,144
7,144
7,144
21
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
225,445
225,445
Between two and five years
1,470,208
1,840,414
619,974
845,419
In over five years
-
166,446
-
-
1,996,957
2,608,303
845,419
1,070,864
Ptarmigan Media Limited
Notes to the Financial Statements (Continued)
For the year ended 31 December 2023
Page 32
22
Related party transactions
Remuneration of key management personnel

 

2023
2022
£
£
Aggregate compensation
1,346,251
1,409,197

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.

23
Controlling party

The immediate parent company is Ptarmigan Media Group Limited a company registered in England and Wales.

 

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

24
Cash absorbed by group operations
2023
2022
£
£
Profit for the year after tax
3,576,284
4,795,041
Adjustments for:
Taxation charged
1,246,837
1,318,160
Finance costs
2,550
230
Investment income
(136,012)
(17,088)
Loss on disposal of tangible fixed assets
2,484
-
Depreciation and impairment of tangible fixed assets
39,230
88,165
Movements in working capital:
Decrease in work in progress
77,540
180,032
Increase in debtors
(1,318,272)
(16,259,938)
(Decrease)/increase in creditors
(13,061,391)
1,574,803
Cash absorbed by operations
(9,570,750)
(8,320,595)
Ptarmigan Media Limited
Notes to the Financial Statements (Continued)
For the year ended 31 December 2023
Page 33
25
Analysis of changes in net funds - group
1 January 2023
Cash flows
31 December 2023
£
£
£
Cash at bank and in hand
38,268,771
(10,514,827)
27,753,944
2023-12-312023-01-01falseCCH SoftwareCCH Accounts Production 2024.210J NaylorM WoodfordM BallT JonesN WellsD 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