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Registered number: 08828386










BRIGHT PARTNERSHIPS WORLDWIDE LIMITED

AUDITED
ANNUAL REPORT
AND FINANCIAL STATEMENTS

FOR THE YEAR ENDED
31 DECEMBER 2023
 






 



 






 
BRIGHT PARTNERSHIPS WORLDWIDE LIMITED
 

COMPANY INFORMATION


Directors
Mr R Bruce 
Ms A C Foot 
Mr A L R Hunt 




Registered number
08828386



Registered office
Albany House
Claremont Lane

Esher

Surrey

KT10 9FQ




Independent auditors
Wellden Turnbull Limited
Chartered Accountants & Statutory Auditors

Albany House

Claremont Lane

Esher

Surrey

KT10 9FQ





 
BRIGHT PARTNERSHIPS WORLDWIDE LIMITED
 

CONTENTS



Page
Strategic report
 
 
1 - 2
Directors' report
 
 
3 - 4
Independent auditors' report
 
 
5 - 8
Statement of income and retained earnings
 
 
9
Balance sheet
 
 
10
Statement of cash flows
 
 
11
Notes to the financial statements
 
 
12 - 25


 
BRIGHT PARTNERSHIPS WORLDWIDE LIMITED
 

STRATEGIC REPORT
FOR THE YEAR ENDED 31 DECEMBER 2023

Introduction
 
The Directors present their Strategic Report for year ended 31 December 2023. This report provides an overview of the Company’s performance, market environment, risks, and key strategic developments during the period.
The Company operates in the global marketing services industry, providing partnership marketing services to international B2B and B2C clients across strategy, activation campaigns, rights management, event management, digital marketing & creative services. The business operates in multiple jurisdictions.

Business review
 
During the year, the Company continued to operate strongly in an increasingly challenging international marketplace. Key strategic initiatives undertaken include:
 
Expanded into the US with the opening of Bright’s first international office, in New York.

Invested in new audience & insights technologies and tools to power our strategic and creative responses.

Launched a new HR system to improve automation & efficiency, to provide better reporting and   transparency, to improve onboarding & training and to enhance the user experience

Successfully onboarded four new clients to our growing portfolio of premium, international brands
 
The marketing services sector on the whole showed some resilience despite an overall economic slowdown in growth compared to 2022, and as a result of factors such as inflation, supply chain disruptions and geopolitical uncertainties, tension and conflict. The industry saw a significant shift towards data-driven strategy and artificial intelligence, as well as the continued growing importance of Influencer Marketing in brands being able to reach larger and more engaged audiences. 
The Company experienced good growth with revenue increasing by £3.4m, 29% up on the prior year.

Principal risks and uncertainties
 
The Company operates in a dynamic and competitive global landscape. The key risks faced during the year include:
 
Economic & Market Risks: Continued slowdown in global economic conditions, and the associated impact on client budgets. 

Technological Disruptions: Rapid advancements in AI, digital platforms, and automation disrupting internal resourcing needs and strategic marketing solutions.
 
The Company has established a risk and financial management framework whose primary objectives are to protect the Company from events that hinder the achievement of the Company's performance objectives. The objectives aim to limit undue counterparty exposure, ensure sufficient working capital exists and monitor the management of risk at the operational level.
The Company has considerable financial resources together with a diverse customer base. The Company manages its business risk through the Company’s policies and internal controls, as well as the close involvement of the management team on a day to day basis, in order to support the long term growth of the business.
Credit risk is the risk that one party to a financial instrument will cause a financial loss for that other party by failing to discharge an obligation. Company policies are aimed at minimising such losses, and require that deferred terms are only granted to customers who demonstrate an appropriate payment history and satisfy credit worthiness procedures.

 
Page 1

 
BRIGHT PARTNERSHIPS WORLDWIDE LIMITED
 

STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023

Principal risks and uncertainties (continued)
Liquidity risk is the risk that an entity will encounter difficulty in meeting obligations associated with financial liabilities. The Company aims to mitigate liquidity risk by managing cash generation by its operations.
 

Financial key performance indicators
 
The Company uses a series of key performance indiators to monitor the performance of the business.
                                                          2023                               2022   
 
                    000s                                000s

Turnover                                       £15,281                            £11,849
Gross margin                                  24.09%                           23.85% 
 

Other key performance indicators
 
The Company also measures its performance through:
 
Client Retention Rate:                          91%
 
Employee Engagement & Retention:   More than 90% average staff satisfaction score across 6 key metrics.
 
Sustainability :        Awarded a Gold medal from Ecovadis, the leading sustainability               intelligence platform.
 


This report was approved by the board and signed on its behalf.



Mr A L R Hunt
Director

Date: 6 March 2025

Page 2

 
BRIGHT PARTNERSHIPS WORLDWIDE LIMITED
 

 
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 DECEMBER 2023

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

Directors' responsibilities statement

The Directors are responsible for preparing the Strategic report, the Directors' 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 applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland'. 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 Company and of the profit or loss of the Company for that period.

 In preparing these financial statements, the Directors are required to:


select suitable accounting policies for the Company's financial statements and then apply them consistently;

make judgments and accounting estimates that are reasonable and prudent;

prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Company will continue in business.

The Directors are responsible for keeping adequate accounting records that are sufficient to show and explain the Company's transactions and disclose with reasonable accuracy at any time the financial position of the Company and to enable them to ensure that the financial statements comply with the Companies Act 2006They are also responsible for safeguarding the assets of the Company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Principal activity

The principal activity during the year was that of the provision of marketing, sponsorship and PR services.

Results and dividends

The Company continues to be profitable year on year.
The Directors declared dividends to PHX3 International Ltd of £969,715 (2022 - £560,434).

Directors

The Directors who served during the year were:

Mr R Bruce 
Ms A C Foot 
Mr A L R Hunt 

Page 3

 
BRIGHT PARTNERSHIPS WORLDWIDE LIMITED
 

 
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023

Future developments

Looking ahead to 2024, it seems likely that the Company will face the prospect of continued tightening in economic conditions. We expect our existing clients to be cautious with their budgets in the first half of the year, but with half the global population going to the ballot box in 2024 elections, we are cautiously optimistic that growth will return towards the second half of 2024. Bright Partnerships remains committed to strengthening its position by:
 
investing in new technologies to drive efficiency and creativity in to our business.
 
continuing to invest in the brightest talent that can deliver exceptional service to our clients.
 
delivering pioneering solutions for our existing clients.
 
adding one or two new clients to the Bright family.
 
Despite ongoing challenges in the global market, the Directors are confident in the Company’s strategy and capabilities to deliver another solid year in 2024.

Matters covered in the Strategic report

The business review and principal risks and uncertainties of the business have been included in the strategic report.

Disclosure of information to auditors

Each of the persons who are Directors at the time when this Directors' report is approved has confirmed that:
 
so far as the Director is aware, there is no relevant audit information of which the Company's auditors are unaware, and

the Director has taken all the steps that ought to have been taken as a Director in order to be aware of any relevant audit information and to establish that the Company's auditors are aware of that information.

Auditors

Under section 487(2) of the Companies Act 2006Wellden Turnbull Limited will be deemed to have been reappointed as auditors 28 days after these financial statements were sent to members or 28 days after the latest date prescribed for filing the accounts with the registrar, whichever is earlier.

This report was approved by the board and signed on its behalf.
 





Mr A L R Hunt
Director

Date: 6 March 2025

Page 4

 
BRIGHT PARTNERSHIPS WORLDWIDE LIMITED
 

 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF BRIGHT PARTNERSHIPS WORLDWIDE LIMITED
 

Opinion


We have audited the financial statements of Bright Partnerships Worldwide Limited (the 'Company') for the year ended 31 December 2023, which comprise the Statement of income and retained earnings, the Balance sheet, the Statement of cash flows and the related notes, including a summary of significant accounting policiesThe 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:


give a true and fair view of the state of the Company's affairs as at 31 December 2023 and of its profit for the year then ended;
have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
have been prepared in accordance with the requirements of the Companies Act 2006.


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 Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the Company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the United Kingdom, including the Financial Reporting Council'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 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 Auditors' report thereon. The Directors are responsible for the other information contained within the Annual ReportOur 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.


Page 5

 
BRIGHT PARTNERSHIPS WORLDWIDE LIMITED
 

 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF BRIGHT PARTNERSHIPS WORLDWIDE LIMITED (CONTINUED)


Opinion on other matters prescribed by the Companies Act 2006
 

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


the information given in the Strategic report and the Directors' report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
the Strategic report and the Directors' report have been prepared in accordance with applicable legal requirements.


Matters on which we are required to report by exception
 

In the light of the knowledge and understanding of the Company and its 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:


adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or
the financial statements are not in agreement with the accounting records and returns; or
certain disclosures of Directors' remuneration specified by law are not made; or
we have not received all the information and explanations we require for our audit.


Responsibilities of directors
 

As explained more fully in the Directors' responsibilities statement set out on page 3, 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 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 Company or to cease operations, or have no realistic alternative but to do so.


Page 6

 
BRIGHT PARTNERSHIPS WORLDWIDE LIMITED
 

 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF BRIGHT PARTNERSHIPS WORLDWIDE LIMITED (CONTINUED)


Auditors' 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 Auditors' 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.


Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. We have identified the greatest risk of a material impact on the financial statements from irregularities, including fraud, to relate to the timing and recognition of revenue and the override of controls by management. We have obtained an understanding of the legal and regulatory frameworks that the Company operates within including both those that directly have an impact on the financial statements and more widely those for which non-compliance could have a significant impact on the Company’s operations and reputation. The Companies Act 2006, employee legislation, health and safety legislation and data protection are those we have identified in this regard. Auditing standards limit the required procedures as to non-compliance with laws and regulations to enquiries of those charged with governance and review of any applicable correspondence.

The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

Enquiry of management and those charged with governance as to actual and potential litigation and claims;
 
Enquiry of management and those charged with governance to identify any instances of non-compliance with laws and regulations;
 
Reviewing financial statement disclosures and verification to supporting documentation to assess compliance with applicable laws and regulations;
 
Assessing the reasonableness of revenue recognised in the period based on contractual terms and obligations and the requirement of accounting standards; and
 
Performing audit work over the risk of management override of controls, including testing of journal entries and other adjustments for appropriateness, evaluating the business rationale of significant transactions
outside the normal course of business.
 
Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.


A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our Auditors' report.


Other matters 
 

The financial statements for the year ended 31/12/2022 were not audited.


Page 7

 
BRIGHT PARTNERSHIPS WORLDWIDE LIMITED
 

 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF BRIGHT PARTNERSHIPS WORLDWIDE LIMITED (CONTINUED)


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 2006Our audit work has been undertaken so that we might state to the Company's members those matters we are required to state to them in an Auditors' 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 members, as a body, for our audit work, for this report, or for the opinions we have formed.





Mark Nelligan FCA (Senior statutory auditor)
  
for and on behalf of
Wellden Turnbull Limited
 
Chartered Accountants
Statutory Auditors
  
Albany House
Claremont Lane
Esher
Surrey
KT10 9FQ

 
Date: 
6 March 2025
Page 8

 
BRIGHT PARTNERSHIPS WORLDWIDE LIMITED
 

STATEMENT OF INCOME AND RETAINED EARNINGS
FOR THE YEAR ENDED 31 DECEMBER 2023

2023
2022
                                                                                                               Note
£
£

  

Turnover
 4 
15,281,412
11,849,043

Cost of sales
  
(11,600,647)
(9,023,207)

Gross profit
  
3,680,765
2,825,836

Administrative expenses
  
(2,002,541)
(1,085,856)

Other operating income
 5 
106
800

Operating profit
 6 
1,678,330
1,740,780

Interest payable and similar expenses
 10 
(29,808)
(16,063)

Profit before tax
  
1,648,522
1,724,717

Tax on profit
 11 
(417,072)
(325,954)

Profit after tax
  
1,231,450
1,398,763

  

  

Retained earnings at the beginning of the year
  
1,061,493
223,164

Profit for the year
  
1,231,450
1,398,763

Dividends declared and paid
 12 
(969,715)
(560,434)

Retained earnings at the end of the year
  
1,323,228
1,061,493

There were no recognised gains and losses for 2023 or 2022 other than those included in the statement of income and retained earnings.

The notes on pages 12 to 25 form part of these financial statements.

Page 9

 
BRIGHT PARTNERSHIPS WORLDWIDE LIMITED
REGISTERED NUMBER: 08828386

BALANCE SHEET
AS AT 31 DECEMBER 2023

2023
2022
                                                                         Note
£
£

Fixed assets
  

Intangible assets
 13 
2,621
5,036

Tangible assets
 14 
62,672
54,907

  
65,293
59,943

Current assets
  

Debtors: amounts falling due within one year
 15 
3,794,523
4,349,871

Cash at bank and in hand
 16 
1,364,291
1,899,466

  
5,158,814
6,249,337

Current liabilities
  

Creditors: amounts falling due within one year
 17 
(3,891,396)
(4,959,449)

Net current assets
  
 
 
1,267,418
 
 
1,289,888

Total assets less current liabilities
  
1,332,711
1,349,831

Creditors: amounts falling due after more than one year
 18 
-
(281,097)

Provisions for liabilities
  

Deferred tax
 21 
(9,383)
(7,141)

  
 
 
(9,383)
 
 
(7,141)

Net assets
  
1,323,328
1,061,593


Capital and reserves
  

Called up share capital 
 22 
100
100

Profit and loss account
 23 
1,323,228
1,061,493

Shareholders' funds
  
1,323,328
1,061,593


The financial statements were approved and authorised for issue by the board and were signed on its behalf by: 




Mr A L R Hunt
Director

Date: 6 March 2025

The notes on pages 12 to 25 form part of these financial statements.

Page 10

 
BRIGHT PARTNERSHIPS WORLDWIDE LIMITED
 

STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 DECEMBER 2023

2023
2022
£
£

Cash flows from operating activities

Profit for the financial year
1,231,450
1,398,763

Adjustments for:

Amortisation of intangible assets
2,415
2,210

Depreciation of tangible assets
28,602
22,613

Loss on disposal of tangible assets
-
147

Interest payable
29,808
16,063

Taxation charge
417,072
325,954

Decrease/(increase) in debtors
97,272
(982,310)

Decrease/(increase) in amounts owed by groups
458,077
(458,073)

(Decrease)/increase in creditors
(1,030,035)
1,263,984

Increase in amounts owed to groups
3,026
-

Corporation tax (paid)
(326,940)
(302,880)

Net cash generated from operating activities

910,747
1,286,471


Cash flows from investing activities

Purchase of intangible fixed assets
-
(7,246)

Purchase of tangible fixed assets
(36,366)
(42,275)

Sale of tangible fixed assets
-
(1)

Net cash from investing activities

(36,366)
(49,522)

Cash flows from financing activities

New secured loans
-
450,000

Repayment of loans
(410,033)
(251,468)

Dividends paid
(969,715)
(560,434)

Interest paid
(29,808)
(16,063)

Net cash used in financing activities
(1,409,556)
(377,965)

Net (decrease)/increase in cash and cash equivalents
(535,175)
858,984

Cash and cash equivalents at beginning of year
1,899,466
1,040,482

Cash and cash equivalents at the end of year
1,364,291
1,899,466


Cash and cash equivalents at the end of year comprise:

Cash at bank and in hand
1,364,291
1,899,466


The notes on pages 12 to 25 form part of these financial statements.

Page 11

 
BRIGHT PARTNERSHIPS WORLDWIDE LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

1.


General information

Bright Partnerships Worldwide Limited is a private company, limited by shares and incorporated in England and Wales, registered number 08828386. The address of the registered office is Albany House, Claremont Lane, Esher, Surrey, KT10 9FQ. 
During the year the place of business was First Floor, 8 Boundary Row, London, SE1 8HP.

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgment in applying the Company's accounting policies (see note 3).

The following principal accounting policies have been applied:

  
2.2

Compliance with accounting standards

The financial statements have been prepared in accordance with the provisions of FRS 102. There were no material departures from that standard.

 
2.3

Going concern

These Financial Statements have been prepared on a going concern basis which means that the Company will continue to meet its liabilities as they fall due for a period of at least 12 months from the date of approval of the financial statements. In assessing the appropriateness of the going concern basis of preparation the Directors have taken into account the key risks of the business. In doing so the Directors have considered the Company’s business model and availability of cash resources. Having undertaken this assessment, the Directors have a reasonable expectation that the Company has sufficient resources to meet its liabilities as they fall due for a period of at least 12 months from the date of approval of these Financial Statements and the Directors considers it appropriate to prepare the Financial Statements on a going concern basis.

Page 12

 
BRIGHT PARTNERSHIPS WORLDWIDE LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

 
2.4

Foreign currency translation

Functional and presentation currency

The Company's functional and presentational currency is GBP. The financial statements are rounded to nearest £.

Transactions and balances

Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions.

At each period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined.

Foreign exchange gains and losses resulting from the settlement of transactions and from the translation at period-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in profit or loss except when deferred in other comprehensive income as qualifying cash flow hedges.

 
2.5

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Rendering of services

Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:
the amount of revenue can be measured reliably;
it is probable that the Company will receive the consideration due under the contract;
the stage of completion of the contract at the end of the reporting period can be measured reliably; and
the costs incurred and the costs to complete the contract can be measured reliably.

 
2.6

Operating leases: the Company as lessee

Rentals paid under operating leases are charged to profit or loss on a straight-line basis over the lease term.

 
2.7

Finance costs

Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

Page 13

 
BRIGHT PARTNERSHIPS WORLDWIDE LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

 
2.8

Pensions

Defined contribution pension plan

The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations.

The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Balance sheet. The assets of the plan are held separately from the Company in independently administered funds.

 
2.9

Current and deferred taxation

The tax expense for the year comprises current and deferred tax. Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the Company operates and generates income.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the balance sheet date, except that:
The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and
Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

 
2.10

Intangible assets

Intangible assets are initially recognised at cost. After recognition, under the cost model, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

All intangible assets are considered to have a finite useful life. If a reliable estimate of the useful life cannot be made, the useful life shall not exceed ten years.

 The estimated useful lives range as follows:

Computer software
-
3
years

Page 14

 
BRIGHT PARTNERSHIPS WORLDWIDE LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

 
2.11

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

At each reporting date the Company assesses whether there is any indication of impairment. If such indication exists, the recoverable amount of the asset is determined which is the higher of its fair value less costs to sell and its value in use. An impairment loss is recognised where the carrying amount exceeds the recoverable amount.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.

Depreciation is provided on the following basis:

Short-term leasehold property
-
33%
Fixtures and fittings
-
33%
Office equipment
-
33%
Computer equipment
-
33%

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

 
2.12

Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

 
2.13

Cash and cash equivalents

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

In the Statement of cash flows, cash and cash equivalents are shown net of bank overdrafts that are repayable on demand and form an integral part of the Company's cash management.

 
2.14

Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

Page 15

 
BRIGHT PARTNERSHIPS WORLDWIDE LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

 
2.15

Financial instruments

The Company has elected to apply the provisions of Section 11 “Basic Financial Instruments” of FRS 102 to all of its financial instruments.

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

Financial assets and liabilities are offset, with 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 trade and other receivables, cash and bank balances, are initially measured at their transaction price including transaction costs and are subsequently carried at their amortised cost using the effective interest method, less any provision for impairment, 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.

Discounting is omitted where the effect of discounting is immaterial. The Company's cash and cash equivalents, trade and most other receivables due with the operating cycle fall into this category of financial instruments.

Impairment of financial assets

Financial assets are assessed for indicators of impairment at each reporting date. 

Financial assets are impaired when events, subsequent to their initial recognition, indicate the estimated future cash flows derived from the financial asset(s) have been adversely impacted. The impairment loss will be the difference between the current carrying amount and the present value of the future cash flows at the asset(s) original effective interest rate.

If there is a favourable change in relation to the events surrounding the impairment loss then the impairment can be reviewed for possible reversal. The reversal will not cause the current carrying amount to exceed the original carrying amount had the impairment not been recognised. The impairment reversal is recognised in the profit or loss.

Financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instruments any contract that evidences a residual interest in the assets of the Company after the deduction of all its liabilities.

Basic financial liabilities, which include trade and other payables, bank loans and other loans are initially measured at their transaction price after transaction costs. When this constitutes a financing transaction, whereby the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Discounting is omitted where the effect of discounting is immaterial.

Debt instruments are subsequently carried at their amortised cost using the effective interest rate method.

Trade payables are obligations to pay for goods and services that have been acquired in the ordinary course of business from suppliers. Trade payables are classified as current liabilities if the payment is due within one year. If not, they represent non-current liabilities. Trade payables are initially recognised at their transaction price and subsequently are measured at amortised cost using the
Page 16

 
BRIGHT PARTNERSHIPS WORLDWIDE LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)


2.15
Financial instruments (continued)

effective interest method. Discounting is omitted where the effect of discounting is immaterial.

Derecognition of financial instruments

Derecognition of financial assets

Financial assets are derecognised when their contractual right to future cash flow expire, or are settled, or when the Company transfers the asset and substantially all the risks and rewards of ownership to another party. If significant risks and rewards of ownership are retained after the transfer to another party, then the Company will continue to recognise the value of the portion of the risks and rewards retained.

Derecognition of financial liabilities

Financial liabilities are derecognised when the Company's contractual obligations expire or are discharged or cancelled.

 
2.16

Dividends

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.


3.


Judgments in applying accounting policies and key sources of estimation uncertainty

In preparing these financial statements, management is required to make judgements, estimates and assumptions which affect expected reported income, expenses, assets and liabilities and disclosure of contingent assets and liabilities. Use of available information and application of judgement are inherent in the formation of estimates, together with past experience and expectations of future events that are believed to be reasonable under the circumstances. Actual results in the future could differ from such estimates.
Management do not consider the Company to have any key sources of estimation uncertainty nor significant judgements or assumptions in preparing these financial statements.
 

Page 17

 
BRIGHT PARTNERSHIPS WORLDWIDE LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

4.


Turnover

An analysis of turnover by geographical market is as follows:

2023
2022
£
£



UK
8,281,366
6,916,514

Europe
4,963,125
3,196,208

Rest of world
2,036,920
1,736,321

15,281,411
11,849,043


5.


Other operating income

2023
2022
£
£

Sundry income
106
800



6.


Operating profit

The operating profit is stated after charging:

2023
2022
£
£

Exchange differences
(1,140)
(52,734)

Other operating lease rentals
244,072
137,957

Depreciation
28,602
22,613


7.


Auditors' remuneration

During the year, the Company obtained the following services from the Company's auditors:


2023
2022
£
£

Fees payable to the Company's auditors for the audit of the Company's financial statements
14,000
-

Page 18

 
BRIGHT PARTNERSHIPS WORLDWIDE LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

8.


Employees

Staff costs, including Directors' remuneration, were as follows:


2023
2022
£
£

Wages and salaries
2,657,692
2,229,864

Social security costs
276,419
290,889

Cost of defined contribution scheme
471,992
40,363

3,406,103
2,561,116


The average monthly number of employees, including the Directors, during the year was as follows:


        2023
        2022
            No.
            No.







Employees
56
46


9.


Directors' remuneration

2023
2022
£
£

Directors' emoluments
25,896
30,499

Company contributions to defined contribution pension schemes
420,000
-

445,896
30,499


During the year retirement benefits were accruing to 3 Directors (2022 - 3) in respect of defined contribution pension schemes.


10.


Interest payable and similar expenses

2023
2022
£
£


Bank interest payable
26,249
16,063

Other interest payable
3,559
-

29,808
16,063

Page 19

 
BRIGHT PARTNERSHIPS WORLDWIDE LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

11.


Taxation


2023
2022
£
£

Corporation tax


Current tax on profits for the year
415,709
323,932

Adjustments in respect of previous periods
(879)
(53)


Total current tax
414,830
323,879

Deferred tax


Origination and reversal of timing differences
2,242
2,075

Total deferred tax
2,242
2,075


Tax on profit
417,072
325,954

Factors affecting tax charge for the year

The tax assessed for the year is higher than (2022 - lower than) the standard rate of corporation tax in the UK of 23.52% (2022 - 19%). The differences are explained below:

2023
2022
£
£


Profit on ordinary activities before tax
1,648,522
1,724,717


Profit on ordinary activities multiplied by standard rate of corporation tax in the UK of 23.52% (2022 - 19%)
387,732
327,696

Effects of:


Expenses not deductible for tax purposes, other than goodwill amortisation and impairment
31,170
378

Depreciation in excess of capital allowances
-
125

Adjustments to tax charge in respect of prior periods
(879)
-

Capital allowances super deduction
(195)
(2,355)

Other differences leading to an increase (decrease) in the tax charge
10
110

Group relief
(3,020)
-

Change in tax rate
2,254
-

Total tax charge for the year
417,072
325,954

The increase in the corporation tax from 19% to 25% has been applied from April 2023. The effect taxrate for the period was 23.52%.

Page 20

 
BRIGHT PARTNERSHIPS WORLDWIDE LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

12.


Dividends

2023
2022
£
£

A Ordinary


Dividends paid
323,238
168,536

B Ordinary


Dividends paid
323,238
168,536

C Ordinary


Dividends paid
323,239
168,536

D Ordinary


Dividends paid
-
54,826

969,715
560,434


13.


Intangible assets




Computer software

£



Cost


At 1 January 2023
7,246



At 31 December 2023

7,246



Amortisation


At 1 January 2023
2,210


Charge for the year on owned assets
2,415



At 31 December 2023

4,625



Net book value



At 31 December 2023
2,621



At 31 December 2022
5,036



Page 21

 
BRIGHT PARTNERSHIPS WORLDWIDE LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

14.


Tangible fixed assets





Short-term leasehold property
Fixtures and fittings
Office equipment
Computer equipment
Total

£
£
£
£
£



Cost or valuation


At 1 January 2023
8,197
-
2,275
113,635
124,107


Additions
11,375
2,494
958
21,540
36,367



At 31 December 2023

19,572
2,494
3,233
135,175
160,474



Depreciation


At 1 January 2023
660
-
1,475
67,065
69,200


Charge for the year on owned assets
2,119
485
740
25,258
28,602



At 31 December 2023

2,779
485
2,215
92,323
97,802



Net book value



At 31 December 2023
16,793
2,009
1,018
42,852
62,672



At 31 December 2022
7,537
-
800
46,570
54,907


15.


Debtors

2023
2022
£
£


Trade debtors
3,617,177
3,685,130

Amounts owed by group undertakings
-
458,075

Other debtors
4,311
43,404

Prepayments and accrued income
173,035
163,262

3,794,523
4,349,871



16.


Cash and cash equivalents

2023
2022
£
£

Cash at bank and in hand
1,364,291
1,899,466


Page 22

 
BRIGHT PARTNERSHIPS WORLDWIDE LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

17.


Creditors: Amounts falling due within one year

2023
2022
£
£

Bank loans
-
128,935

Trade creditors
454,747
904,710

Amounts owed to group undertakings
3,026
-

Corporation tax
273,822
185,932

Other taxation and social security
282,268
194,325

Other creditors
60,659
197,206

Deferred income
1,807,050
3,007,581

Accruals
1,009,824
340,760

3,891,396
4,959,449



18.


Creditors: Amounts falling due after more than one year

2023
2022
£
£

Bank loans
-
281,097


Mr R Bruce, Mr A L R Hunt and Mrs A C Foot have provide a guarantee to the bank to cover the oustanding bank loan value at the year end date.


19.


Loans


Analysis of the maturity of loans is given below:


2023
2022
£
£

Amounts falling due within one year

Bank loans
-
128,935

Amounts falling due 1-2 years

Bank loans
-
281,097



-
410,032


Page 23

 
BRIGHT PARTNERSHIPS WORLDWIDE LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

20.


Financial instruments

2023
2022
£
£

Financial assets


Financial assets measured at fair value through profit or loss
1,364,291
1,899,466




Financial assets measured at fair value through profit or loss comprise of cash at bank and in hand.


21.


Deferred taxation




2023
2022


£

£






At beginning of year
7,141
5,066


Charged to profit or loss
2,242
2,075



At end of year
9,383
7,141

The provision for deferred taxation is made up as follows:

2023
2022
£
£


Accelerated capital allowances
9,383
7,141


22.


Share capital

2023
2022
£
£
Allotted, called up and fully paid



25 (2022 - 25) A Ordinary shares of £1.00 each
25
25
25 (2022 - 25) B Ordinary shares of £1.00 each
25
25
25 (2022 - 25) C Ordinary shares of £1.00 each
25
25
25 (2022 - 25) D Ordinary shares of £1.00 each
25
25

100

100



23.


Reserves

Profit and loss account

The profit and loss account represents cumulative profits and losses, net of dividends and other adjustments.

Page 24

 
BRIGHT PARTNERSHIPS WORLDWIDE LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

24.


Pension commitments

The Company operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the Company in an independently administered fund. The pension cost charge represents contributions payable by the Company to the fund and amounted to £471,992 (2022 - £40,363). Contributions totalling £10,967 (2022 - £14,824) were payable to the fund at the balance sheet date and are included in creditors.


25.


Commitments under operating leases

At 31 December 2023 the Company had future minimum lease payments due under non-cancellable operating leases for each of the following periods:

2023
2022
£
£

Land and buildings


Not later than 1 year
243,250
244,710

Later than 1 year and not later than 5 years
243,250
243,250

Later than 5 years
-
121,625

486,500
609,585


26.


Transactions with directors

At the start of the year a Director owed the Company £5,150, during the year the Company made additional payments on behalf of the Director amounting to £5,956. The loan was interest free and repaid in full before the year end.
At the start of the year a Director owed the Company £3,563, during the year the Company made additional payments on behalf of the Director amounting to £3,913. The loan was interest free and repaid in full before the year end. 
At the start of the year a Director owed the Company £3,773, during the year the Company made additional payments on behalf of the Director amounting to £4,051. The loan was interest free and repaid in full before the year end.


27.


Related party transactions

The Company has taken advantage of Section 33 paragraph 1A not to disclose transactions with wholly owned group members.


28.


Controlling party

The parent company is PHx3 International Ltd which has a 100% holding in the company. The registered office and principal place of business is Albany house, Claremont Lane, Esher, Surrey, KT10 9FQ. 


Page 25