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Registered number: SC254058
Volpa Limited
Director's Report and
Unaudited Financial Statements
For The Year Ended 29 February 2024
Ashton McGill
Contents
Page
Company Information 1
Director's Report 2—4
Accountant's Report 5
Profit and Loss Account 6
Balance Sheet 7—8
Notes to the Financial Statements 9—11
Page 1
Company Information
Director Ms Patricia Fox
Company Number SC254058
Registered Office 2/10, King James Vi Business Centre
Friarton Road
Perth
Perthshire
PH2 8DY
Accountants Ashton McGill
25 Tay Street Lane
Dundee
DD1 4EF
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Director's Report
The director presents her report and the financial statements for the year ended 29 February 2024.
Directors
The director who held office during the year were as follows:
Ms Patricia Fox
Statement of Director's Responsibilities
Principal activities and review of business

The principal activity of the company continued to be that of marketing and public relations consultants.

Summary & Key Aims

Volpa, trading as The Cunningly Good Group, is one of Scotland’s leading independent communications agencies.

The business is currently the Chartered Institute of Public Relations’ Gold Pride Award 2023 Winner of Best Small Consultancy, an award it received in October 2023.

Cunningly Good Group’s small but specialist team boast a range of skills in marketing, public relations, design and website development. Our aim is to be one of the UK’s top independent agencies, working with ambitious brands, who want to scale, are ready to invest, and who need an agency partner with grit, determination and the experience to help them achieve their potential.

The business is managed by the director Tricia Fox who is also the principal shareholder of Volpa Limited.

Our Key Strengths include:

- Strong integrated marketing campaign delivery proposition which is proving desirable to clients.
- Our breadth of skills and understanding of marketing solutions across a range of different service specialisms. 
- A small but talented and highly experienced team who ensure the delivery of outstanding and multi award winning campaigns.

We successfully retained the Communications Management Standard accreditation, and are still one of a handful of agencies in Scotland to secure this national standard, and renewed our CyberEssentials accreditation for a fifth consecutive year.

Performance Review

Long term recovery from the impact of the coronavirus pandemic continued throughout this financial year with the business achieving some long awaited stability and steadier trading patterns more akin to performance pre-covid.

This year the business was able to benefit from significant direct cost savings as a result of a reduction of the business’s office space requirements in the previous financial year, and from a small reduction in headcount through natural attrition. The focus was on stability, strength and profitability and it is safe to say that is exactly what was delivered.

Throughout this period we continued to secure and deliver new business, with notable new contracts awarded through the public sector tendering process. There was a small overall reduction of just 4.43% in fee revenues compared to an 8% reduction in chargeable capacity versus the previous twelve months.

The market remained volatile with regards to demand for specific services during this trading year, and we experienced particularly high demand for strategic marketing, up 31.76%, set against fluctuations in demand for specialist communications skills and design (down 24% and 12% respectively). The website development and management services remained stable and broadly in line with the two previous years’ performance.

Turnover for this 12 month period was slightly lower than in the previous 12 months (4.4% decrease), with turnover differences mainly down to a small reduction in chargeable staff over the period.

Our gross profit margin for the year improved by 4.2% on the previous year, returning to pre-pandemic trading levels of 45.03% with our net margin increasing by 544% on the previous year. These increases are further indication that the business recovery plans are continuing to deliver and are on track.

We returned a commercial profit, unaided by grant support, delivering a net operating profit of 9.01% and £17,564 (2023 - £1,162 loss). Had it not been for increased interest on covid debt repayments of £10,758, this profitability would have been higher still.

Our financial strategy for 2024-25 is to make use of our profit margins to more rapidly make capital repayments against the more expensive covid debts, reducing interest payments, strengthening the balance sheet and maximising profitability.



...CONTINUED
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Statement of Director's Responsibilities - continued
Key Financial Ratios

Year                                     YE 2024           YE 2023

Operating Profit                    9.01%               1.40%
Gross Profit Margin              45.03%             40.83%
Current Ratio                       1.24                   1.19 
Economic Climate

For yet another year, the economic climate in the UK continues to be extremely challenging. Interest rate variances have brought with them major cost instabilities in the supply chain which we have adapted to nimbly. Combined with the cost of living crisis, and continued pandemic recovery, it is the perfect storm for recession.

Recessionary circumstances serve our business model well and this is evident by the rapid increase in, and growing demand for, strategic marketing services which are experiencing a similar level of uptick in demand last witnessed during the 2008 recession period.

Giving Back

We have a commitment as an accredited Living Wage Employer to ensure all our employees are financially secure and we are signed up to The Scottish Business Pledge.

Future Developments

The company is focused on profitable growth for the next financial year as a means to deliver covid debt reduction. As part of that, we will continue to periodically review the overhead load to maximise our operating efficiencies.

We have worked hard to secure longer term contractual partnerships with clients over the last 12 months and to re-evaluate any contracts that are no longer delivering adequate margin. These refreshed contracts will underpin future growth plans. Some clients have now committed to terms that are for 24 months and beyond which delivers confidence.

We are also looking to more quickly reduce the covid debt burden, and to drive a more robust balance sheet position through more consistent profit generation.

We have very clear new business development targets, and an active plan to identify, engage with and work for particular operators in our sectors of expertise.

The aims of the director remains:

-   Continue to stabilise the business after a period of significant change, and continue positive growth and recovery adjusting the operating plan as necessary to respond to demand fluctuations. 
-   To nurture existing client relationships into longer term partnership and to develop new business.
-   To continue to diversify the client base with a focus on a richer mix of public and private sector clients, and with retainer income and project income. 
-   To maintain our focus on driving efficiency measures within the business and maximizing utilization and profitability.
-   To continue to rebuild our position as an industry leader through strategic sales and marketing activity.
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The director is responsible for the maintenance and integrity of the corporate and financial information included on the company's website. Legislation in the United Kingdom governing the preparation and dissemination of financial statements may differ from legislation in other jurisdictions.
Small Company Rules
This report has been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.
On behalf of the board
Ms Patricia Fox
Director
24/09/2024
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Accountant's Report
In accordance with the engagement letter dated 13 July 2020, and in order to assist you to fulfil your duties under the Companies Act 2006, we have compiled the financial statements of the company from the accounting records and information and explanations you have given to us.
This report is made to the director in accordance with the terms of our engagement. Our work has been undertaken to prepare for approval by the director the financial statements that we have been engaged to compile, to report to the director that we have done so, and to state those matters that we have agreed to state to them in this report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the Company and the Company's director for our work or for this report.
You have acknowledged on the balance sheet as at year ended 29 February 2024 your duty to ensure that the company has kept proper accounting records and to prepare financial statements that give a true and fair view under the Companies Act 2006. You consider that the company is exempt from the statutory requirement for an audit for the period.
We have not been instructed to carry out an audit of the financial statements. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the financial statements.
Signed
24/09/2024
Ashton McGill
25 Tay Street Lane
Dundee
DD1 4EF
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Profit and Loss Account
2024 2023
Notes £ £
TURNOVER 314,336 328,905
Cost of sales (172,777 ) (189,838 )
GROSS PROFIT 141,559 139,067
Administrative expenses (113,236 ) (133,395 )
OPERATING PROFIT 28,323 5,672
Loss on disposal of fixed assets - (29 )
Other interest receivable and similar income 1,450 1,211
Interest payable and similar charges (11,029 ) (7,994 )
PROFIT/(LOSS) BEFORE TAXATION 18,744 (1,140 )
Tax on Profit/(loss) (4,252 ) (22 )
PROFIT/(LOSS) AFTER TAXATION BEING PROFIT/(LOSS) FOR THE FINANCIAL YEAR 14,492 (1,162 )
The notes on pages 9 to 11 form part of these financial statements.
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Balance Sheet
2024 2023
Notes £ £ £ £
FIXED ASSETS
Tangible Assets 5 5,402 7,417
5,402 7,417
CURRENT ASSETS
Debtors 6 154,982 145,489
Cash at bank and in hand 1,608 -
156,590 145,489
Creditors: Amounts Falling Due Within One Year 7 (134,331 ) (124,737 )
NET CURRENT ASSETS (LIABILITIES) 22,259 20,752
TOTAL ASSETS LESS CURRENT LIABILITIES 27,661 28,169
Creditors: Amounts Falling Due After More Than One Year 8 (35,000 ) (50,000 )
NET LIABILITIES (7,339 ) (21,831 )
CAPITAL AND RESERVES
Called up share capital 9 6,000 6,000
Profit and Loss Account (13,339 ) (27,831 )
SHAREHOLDERS' FUNDS (7,339) (21,831)
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For the year ending 29 February 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The member has not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The director acknowledges her responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared in accordance with the provisions applicable to companies subject to the small companies' regime.
On behalf of the board
Ms Patricia Fox
Director
24/09/2024
The notes on pages 9 to 11 form part of these financial statements.
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Notes to the Financial Statements
1. General Information
Volpa Limited is a private company, limited by shares, incorporated in Scotland, registered number SC254058 . The registered office is 2/10, King James Vi Business Centre, Friarton Road, Perth, Perthshire, PH2 8DY.
2. Accounting Policies
2.1. Basis of Preparation of Financial Statements
The financial statements have been prepared under the historical cost convention and in accordance with Financial Reporting Standard 102 section 1A Small Entities "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006.
2.2. Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover is reduced for estimated customer returns, rebates and other similar allowances.
Sale of goods
Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods has transferred to the buyer. This is usually at the point that the customer has signed for the delivery of the goods.
Rendering of services
Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs. Turnover is only recognised to the extent of recoverable expenses when the outcome of a contract cannot be estimated reliably.
2.3. Tangible Fixed Assets and Depreciation
Tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. Depreciation is provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives on the following bases:
Plant & Machinery 20% SL
Fixtures & Fittings 20% SL
2.4. Taxation
Income tax expense represents the sum of the tax currently payable and deferred tax.
The tax currently payable is based on taxable profit for the period. Taxable profit differs from profit as reported in the statement of comprehensive income because of items of income or expense that are taxable or deductible in other year and items that are never taxable or deductible. The company's liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the end of the reporting period.
Deferred tax is recognised on timing differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit. Deferred tax liabilities are generally recognised for all taxable timing differences. Deferred tax assets are generally recognised for all deductible temporary differences to the extent that it is probable that taxable profits will be available against which those deductible timing differences can be utilised. The carrying amount of deferred tax assets is reviewed at the end of each reporting period 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 assets and liabilities are measured at the tax rates that are expected to apply in the period in which the liability is settled or the asset realised, based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period. Deferred tax liabilities are presented within provisions for liabilities and deferred tax assets within debtors. The measurement of deferred tax liabilities and asset reflects the tax consequences that would follow from the manner in which the Company expects, at the end of the reporting period, to recover or settle the carrying amount of its assets and liabilities.
Current or deferred tax for the period is recognised in profit or loss, except when they related to items that are recognised in other comprehensive income or directly in equity, in which case, the current and deferred tax is also recognised in other comprehensive income or directly in equity respectively.
3. Average Number of Employees
Average number of employees, including directors, during the year was: 7 (2023: 7)
7 7
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4. Intangible Assets
Goodwill
£
Cost
As at 1 March 2023 7,500
As at 29 February 2024 7,500
Amortisation
As at 1 March 2023 7,500
As at 29 February 2024 7,500
Net Book Value
As at 29 February 2024 -
As at 1 March 2023 -
5. Tangible Assets
Plant & Machinery Fixtures & Fittings Total
£ £ £
Cost
As at 1 March 2023 30,906 19,451 50,357
Additions 1,557 132 1,689
As at 29 February 2024 32,463 19,583 52,046
Depreciation
As at 1 March 2023 26,532 16,408 42,940
Provided during the period 1,723 1,981 3,704
As at 29 February 2024 28,255 18,389 46,644
Net Book Value
As at 29 February 2024 4,208 1,194 5,402
As at 1 March 2023 4,374 3,043 7,417
6. Debtors
2024 2023
£ £
Due within one year
Trade debtors 29,233 30,145
Prepayments and accrued income 11,338 13,076
Other debtors 25,532 22,468
Director's loan account 77,765 68,686
Amounts owed by other participating interests 11,114 11,114
154,982 145,489
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7. Creditors: Amounts Falling Due Within One Year
2024 2023
£ £
Trade creditors 10,096 10,084
Bank loans and overdrafts 19,751 18,537
Corporation tax 22,816 15,999
Other taxes and social security 11,268 8,372
VAT 39,252 30,482
Other creditors 26,662 31,325
Pension Control 1,022 947
Accruals and deferred income 3,464 8,991
134,331 124,737
8. Creditors: Amounts Falling Due After More Than One Year
2024 2023
£ £
Bank loans 35,000 50,000
9. Share Capital
2024 2023
£ £
Allotted, Called up and fully paid 6,000 6,000
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