Company registration number 09146046 (England and Wales)
AMPERE ANALYSIS LIMITED
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2024
AMPERE ANALYSIS LIMITED
COMPANY INFORMATION
Directors
Mr G Bisson
Mr N Bradford
Mr R Broughton
Mr B Colbeck
Miss L Green
Mr M Smith
Mr D Stevenson
Company number
09146046
Registered office
82 St John Street
London
EC1M 4JN
Auditor
Beavis Morgan Audit Ltd
82 St John Street
London
EC1M 4JN
AMPERE ANALYSIS LIMITED
CONTENTS
Page
Strategic report
1
Directors' report
2 - 3
Directors' responsibilities statement
4
Independent auditor's report
5 - 7
Profit and loss account
8
Group statement of comprehensive income
9
Group balance sheet
10
Company balance sheet
11
Group statement of changes in equity
12
Company statement of changes in equity
13
Group statement of cash flows
14
Notes to the financial statements
15 - 27
AMPERE ANALYSIS LIMITED
STRATEGIC REPORT
FOR THE YEAR ENDED 31 JULY 2024
- 1 -
The directors present the strategic report for the year ended 31 July 2024.
Review of the business
Ampere Analysis is a data analytics business covering the media & entertainment, advertising, sports and video games industry.
Our clients include the Hollywood Studios, technology companies, broadcasters, sports rights holders, video games publishers, investment banks and consulting firms.
Trading results have remained strong with a significant jump in subscription contracts. There was a reduction in ad-hoc project spend during the year. Subscriptions made up 94% of our revenues and are typically agreed for periods of one to three years.
Principal risks and uncertainties
During the past financial year, the Hollywood strikes and consequent slow-down in production impacted the business – particularly with a reduction in discretionary / ad-hoc spend.
Aside from this, the company's principal risks and uncertainties relate to macro-economic indicators. The increasing proportion of the company’s revenue generated in the US increases the group’s FX exposure. Our treasury function manages this risk through hedging facilities.
Development and performance
In many cases clients are now signed up to multi-year agreements (typically two or three years). The outlook for the financial year 24-25 is strong with all key clients renewing contracts and strong growth in the emerging sectors of video games and sports. A new advertising product will launch in the coming months.
Key performance indicators
Turnover for the group grew by 13%, however operating profits were down on the previous year, primarily due to significant investments in staff to support new product roll-outs. We have successfully established our office in LA, with a team of ten staff now in place. 50% of Ampere’s revenues are now billed out of the USA.
Subscription licence revenues grew by 20% and Ampere’s cash position remains strong with £4.58m cash in hand and debtors of £2.15m. A dividend was paid for the third year running.
The directors monitor progress of the company by reference to the following headline KPIs:
2024
2023
Turnover
10,177,704
9,037,694
Operating profit margin
1.94%
4.71%
Debtors
2,150,010
2,736,303
Cash at bank and in hand
4,575,601
3,839,499
Mr D Stevenson
Director
12 March 2025
AMPERE ANALYSIS LIMITED
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 JULY 2024
- 2 -
The directors present their annual report and financial statements for the year ended 31 July 2024.
Principal activities
The principal activity of the company and group continued to be that of media research and data analytics.
Results and dividends
The results for the year are set out on page 8.
Ordinary dividends were paid amounting to £550,004. The directors do not recommend payment of a further dividend.
Matters covered in the strategic report
As permitted, certain matters which are required to be disclosed in the directors' report have been omitted as they are included in the strategic report on page 1. This includes future developments and information in relation to the group's financial risk management and objectives.
Directors
The directors who held office during the year and up to the date of signature of the financial statements were as follows:
Mr G Bisson
Mr N Bradford
Mr R Broughton
Mr B Colbeck
Miss L Green
Mr M Smith
Mr D Stevenson
Research and development
The company continues to invest in research and development into proprietary software solutions. No research and development costs are capitalised, but are written off in the year they arise.
Auditor
Beavis Morgan Audit Limited have been appointed as the first auditor of the company. In accordance with the company's articles, a resolution proposing that Beavis Morgan Audit Limited be reappointed as auditor of the company will be put at a General Meeting.
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.
Medium-sized companies exemption
This report has been prepared in accordance with the provisions applicable to companies entitled to the medium-sized companies exemption.
AMPERE ANALYSIS LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2024
- 3 -
On behalf of the board
Mr D Stevenson
Director
12 March 2025
AMPERE ANALYSIS LIMITED
DIRECTORS' RESPONSIBILITIES STATEMENT
FOR THE YEAR ENDED 31 JULY 2024
- 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:
select suitable accounting policies and then apply them consistently;
make judgements and accounting estimates that are reasonable and prudent;
state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the ;
prepare the on the going concern basis unless it is inappropriate to presume that the group and company will continue in business.
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.
AMPERE ANALYSIS LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF AMPERE ANALYSIS LIMITED
- 5 -
Opinion
We have audited the financial statements of Ampere Analysis Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 31 July 2024 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:
give a true and fair view of the state of the group's and the parent company's affairs as at 31 July 2024 and of the group's 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.
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.
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.
Opinions on other matters prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of our 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.
AMPERE ANALYSIS LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF AMPERE ANALYSIS LIMITED
- 6 -
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:
adequate accounting records have not been kept by the parent company, or returns adequate for our audit have not been received from branches not visited by us; or
the parent company 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, 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 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 parent company or to cease operations, or have no realistic alternative but to do so.
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.
The extent to which our procedures are capable of detecting irregularities, including fraud, is detailed below.
AMPERE ANALYSIS LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF AMPERE ANALYSIS LIMITED
- 7 -
Capability of the audit in detecting irregularities, including fraud
Discussions with and enquiries of management and those charged with governance were held with a view to identifying those laws and regulations that could be expected to have a material impact on the financial statements. During the engagement team briefing, the outcomes of these discussions and enquiries were shared with the team, as well as consideration as to where and how fraud may occur in the entity.
The following laws and regulations were identified as being of significance to the group:
Those laws and regulations considered to have a direct effect on the financial statements include UK financial reporting standards, Company Law and Tax and Pensions legislation.
Those laws and regulations for which non-compliance may be fundamental to the operating aspects of the business and therefore may have a material effect on the financial statements include employment and environmental regulations.
Audit procedures undertaken in response to the potential risks relating to irregularities (which include fraud and non-compliance with laws and regulations) comprised of: inquiries of management and those charged with governance as to whether the entity complies with such laws and regulations; enquiries with the same concerning any actual or potential litigation or claims; inspection of relevant legal correspondence; review of board minutes; testing the appropriateness of journal entries; and the performance of analytical review to identify unexpected movements in account balances which may be indicative of fraud.
No instances of material non-compliance were identified. However, the likelihood of detecting irregularities, including fraud, is limited by the inherent difficulty in detecting irregularities, the effectiveness of the entity’s controls, and the nature, timing and extent of the audit procedures performed. Irregularities that result from fraud might be inherently more difficult to detect than irregularities that result from error. As explained above, there is an unavoidable risk that material misstatements may not be detected, even though the audit has been planned and performed in accordance with ISAs (UK).
A further description of our responsibilities is available on the Financial Reporting Council’s website at: https://www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report.
This report is made solely to the company’s members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company’s members those matters we are required to state to them in an auditor's 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.
Matthew Burge (Senior Statutory Auditor)
For and on behalf of Beavis Morgan Audit Ltd
13 March 2025
Chartered Accountants
Statutory Auditor
82 St John Street
London
EC1M 4JN
AMPERE ANALYSIS LIMITED
GROUP PROFIT AND LOSS ACCOUNT
FOR THE YEAR ENDED 31 JULY 2024
- 8 -
2024
2023
Notes
£
£
Turnover
3
10,177,704
9,037,694
Administrative expenses
(9,980,112)
(8,612,175)
Operating profit
4
197,592
425,519
Interest receivable and similar income
7
41,140
2,851
Profit before taxation
238,732
428,370
Tax on profit
8
17,168
17,145
Profit for the financial year
255,900
445,515
Profit for the financial year is all attributable to the owners of the parent company.
The profit and loss account has been prepared on the basis that all operations are continuing operations.
AMPERE ANALYSIS LIMITED
GROUP STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 JULY 2024
- 9 -
2024
2023
£
£
Profit for the year
255,900
445,515
Other comprehensive income
Currency translation loss taken to retained earnings
(93,017)
(4,981)
Total comprehensive income for the year
162,883
440,534
Total comprehensive income for the year is all attributable to the owners of the parent company.
AMPERE ANALYSIS LIMITED
GROUP BALANCE SHEET
- 10 -
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
10
51,901
65,510
Current assets
Debtors
13
2,150,010
2,736,303
Cash at bank and in hand
4,575,601
3,839,499
6,725,611
6,575,802
Creditors: amounts falling due within one year
14
(5,595,465)
(5,092,960)
Net current assets
1,130,146
1,482,842
Total assets less current liabilities
1,182,047
1,548,352
Provisions for liabilities
Deferred tax liability
15
10,302
1,986
(10,302)
(1,986)
Net assets
1,171,745
1,546,366
Capital and reserves
Called up share capital
17
1,041
1,031
Share premium account
65,573
53,083
Capital redemption reserve
9
9
Profit and loss reserves
1,105,122
1,492,243
Total equity
1,171,745
1,546,366
These financial statements have been prepared in accordance with the provisions relating to medium-sized groups.
The financial statements were approved by the board of directors and authorised for issue on 12 March 2025 and are signed on its behalf by:
12 March 2025
Mr D Stevenson
Director
Company registration number 09146046 (England and Wales)
AMPERE ANALYSIS LIMITED
COMPANY BALANCE SHEET
AS AT 31 JULY 2024
31 July 2024
- 11 -
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
10
44,722
58,291
Investments
11
179,885
179,885
224,607
238,176
Current assets
Debtors
13
3,009,160
2,322,585
Cash at bank and in hand
2,063,868
3,067,560
5,073,028
5,390,145
Creditors: amounts falling due within one year
14
(3,823,014)
(3,820,094)
Net current assets
1,250,014
1,570,051
Total assets less current liabilities
1,474,621
1,808,227
Provisions for liabilities
Deferred tax liability
15
10,302
1,986
(10,302)
(1,986)
Net assets
1,464,319
1,806,241
Capital and reserves
Called up share capital
17
1,041
1,031
Share premium account
65,573
53,083
Capital redemption reserve
9
9
Profit and loss reserves
1,397,696
1,752,118
Total equity
1,464,319
1,806,241
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 £195,582 (2023 - £366,745).
These financial statements have been prepared in accordance with the provisions relating to medium-sized companies.
The financial statements were approved by the board of directors and authorised for issue on 12 March 2025 and are signed on its behalf by:
12 March 2025
Mr D Stevenson
Director
Company registration number 09146046 (England and Wales)
AMPERE ANALYSIS LIMITED
GROUP STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 JULY 2024
- 12 -
Share capital
Share premium account
Capital redemption reserve
Profit and loss reserves
Total
Notes
£
£
£
£
£
Balance at 1 August 2022
988
9
1,801,707
1,802,704
Year ended 31 July 2023:
Profit for the year
-
-
-
445,515
445,515
Other comprehensive income:
Currency translation differences
-
-
-
(4,981)
(4,981)
Total comprehensive income
-
-
-
440,534
440,534
Issue of share capital
17
43
53,083
-
-
53,126
Dividends
9
-
-
-
(749,998)
(749,998)
Balance at 31 July 2023
1,031
53,083
9
1,492,243
1,546,366
Year ended 31 July 2024:
Profit for the year
-
-
-
255,900
255,900
Other comprehensive income:
Currency translation differences
-
-
-
(93,017)
(93,017)
Total comprehensive income
-
-
-
162,883
162,883
Issue of share capital
17
10
12,490
-
-
12,500
Dividends
9
-
-
-
(550,004)
(550,004)
Balance at 31 July 2024
1,041
65,573
9
1,105,122
1,171,745
AMPERE ANALYSIS LIMITED
COMPANY STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 JULY 2024
- 13 -
Share capital
Share premium account
Capital redemption reserve
Profit and loss reserves
Total
Notes
£
£
£
£
£
Balance at 1 August 2022
988
9
2,135,371
2,136,368
Year ended 31 July 2023:
Profit and total comprehensive income for the year
-
-
-
366,745
366,745
Issue of share capital
17
43
53,083
-
-
53,126
Dividends
9
-
-
-
(749,998)
(749,998)
Balance at 31 July 2023
1,031
53,083
9
1,752,118
1,806,241
Year ended 31 July 2024:
Profit and total comprehensive income
-
-
-
195,582
195,582
Issue of share capital
17
10
12,490
-
-
12,500
Dividends
9
-
-
-
(550,004)
(550,004)
Balance at 31 July 2024
1,041
65,573
9
1,397,696
1,464,319
AMPERE ANALYSIS LIMITED
GROUP STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 JULY 2024
- 14 -
2024
2023
Notes
£
£
£
£
Cash flows from operating activities
Cash generated from operations
21
1,261,264
1,008,349
Income taxes refunded/(paid)
90,887
(444,392)
Net cash inflow from operating activities
1,352,151
563,957
Investing activities
Purchase of tangible fixed assets
(26,668)
(41,043)
Interest received
41,140
2,851
Net cash generated from/(used in) investing activities
14,472
(38,192)
Financing activities
Proceeds from issue of shares
12,500
53,126
Dividends paid to equity shareholders
(550,004)
(749,998)
Net cash used in financing activities
(537,504)
(696,872)
Net increase/(decrease) in cash and cash equivalents
829,119
(171,107)
Cash and cash equivalents at beginning of year
3,839,499
4,015,586
Effect of foreign exchange rates
(93,017)
(4,980)
Cash and cash equivalents at end of year
4,575,601
3,839,499
AMPERE ANALYSIS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2024
- 15 -
1
Accounting policies
Company information
Ampere Analysis Limited (“the company”) is a private limited company domiciled and incorporated in England and Wales. The registered office is 82 St John Street, London, EC1M 4JN.
The group consists of Ampere Analysis Limited and its subsidiary.
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.
The company is a qualifying entity for the purposes of FRS 102, being a member of a group where the parent of that group prepares publicly available consolidated financial statements, including this company, which are intended to give a true and fair view of the assets, liabilities, financial position and profit or loss of the group. The company has therefore taken advantage of exemptions from the following disclosure requirements for parent company information presented within the consolidated financial statements:
1.2
Business combinations
In the consolidated financial statements, the cost of a business combination is the fair value at the acquisition date of the assets given, equity instruments issued and liabilities incurred or assumed, plus costs directly attributable to the business combination. The excess of the cost of a business combination over the fair value of the identifiable assets, liabilities and contingent liabilities acquired is recognised as goodwill. The cost of the combination includes the estimated amount of contingent consideration that is probable and can be measured reliably, and is adjusted for changes in contingent consideration after the acquisition date. Provisional fair values recognised for business combinations in previous periods are adjusted retrospectively for final fair values determined in the 12 months following the acquisition date. Investments in subsidiaries, joint ventures and associates are accounted for at cost less impairment.
Deferred tax is recognised on differences between the value of assets (other than goodwill) and liabilities recognised in a business combination accounted for using the purchase method and the amounts that can be deducted or assessed for tax, considering the manner in which the carrying amount of the asset or liability is expected to be recovered or settled. The deferred tax recognised is adjusted against goodwill or negative goodwill.
AMPERE ANALYSIS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2024
1
Accounting policies
(Continued)
- 16 -
1.3
Basis of consolidation
The consolidated group financial statements consist of the financial statements of the parent company Ampere Analysis 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 July 2024. Where necessary, adjustments are made to the financial statements of subsidiaries to bring the accounting policies used into line with those used by other members of the group.
All intra-group transactions, balances and unrealised gains on transactions between group companies are eliminated on consolidation. Unrealised losses are also eliminated unless the transaction provides evidence of an impairment of the asset transferred.
Subsidiaries are consolidated in the group’s financial statements from the date that control commences until the date that control ceases.
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 the amounts derived from provision of services which fall within the company's principal activity, stated net of value added tax. Turnover from rendering of services is recognised when services are rendered, no matter when cash is received. Turnover from subscription income is recognised only in the period to which it covers.
1.6
Tangible fixed assets
Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Leasehold improvements
5 years straight line
Fixtures and fittings
3 years straight line
Computers
3-5 years 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.
1.7
Fixed asset investments
Interests in subsidiaries are initially measured at cost and subsequently measured at cost less any accumulated impairment losses. The investments are assessed for impairment at each reporting date and any impairment losses or reversals of impairment losses are recognised immediately in profit or loss.
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.
AMPERE ANALYSIS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2024
1
Accounting policies
(Continued)
- 17 -
1.8
Impairment of fixed assets
At each reporting period end date, the group reviews the carrying amounts of its tangible 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.
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.
1.9
Cash and cash equivalents
Cash and cash equivalents are basic financial assets and include cash in hand and deposits held at call with banks.
1.10
Financial instruments
The group 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 group's balance sheet when the group becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset and the net amounts presented in the financial statements when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.
AMPERE ANALYSIS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2024
1
Accounting policies
(Continued)
- 18 -
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.
Derecognition of financial liabilities
Financial liabilities are derecognised when the group's contractual obligations expire or are discharged or cancelled.
1.11
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.
1.12
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
AMPERE ANALYSIS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2024
1
Accounting policies
(Continued)
- 19 -
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.
1.13
Employee benefits
The costs of short-term employee benefits are recognised as a liability and an expense.
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.
1.14
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
1.15
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.
1.16
Foreign exchange
Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss.
AMPERE ANALYSIS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2024
- 20 -
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.
3
Turnover and other revenue
2024
2023
£
£
Turnover analysed by class of business
Subscription Licenses
9,546,385
7,962,743
Project Consultancy
629,121
1,073,730
Other revenue
2,198
1,221
10,177,704
9,037,694
2024
2023
£
£
Turnover analysed by geographical market
UK
3,428,348
4,170,832
Europe
1,418,585
445,382
USA
5,106,868
4,149,105
Australia
223,903
272,375
10,177,704
9,037,694
2024
2023
£
£
Other revenue
Interest income
41,140
2,851
4
Operating profit
2024
2023
£
£
Operating profit for the year is stated after charging/(crediting):
Exchange (gains)/losses
(76,235)
49,802
Fees payable to the group's auditor for the audit of the group's financial statements
15,000
12,000
Depreciation of owned tangible fixed assets
40,277
45,855
Operating lease charges
443,850
426,504
AMPERE ANALYSIS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2024
- 21 -
5
Employees
The average monthly number of persons (including directors) employed by the group and company during the year was:
Group
Company
2024
2023
2024
2023
Number
Number
Number
Number
Directors
5
5
4
4
Admin
72
63
65
59
Total
77
68
69
63
Their aggregate remuneration comprised:
Group
Company
2024
2023
2024
2023
£
£
£
£
Wages and salaries
5,657,958
4,505,021
4,606,746
3,867,697
Social security costs
627,715
513,495
574,043
487,108
Pension costs
259,452
261,756
236,953
249,925
6,545,125
5,280,272
5,417,742
4,604,730
6
Directors' remuneration
2024
2023
£
£
Remuneration for qualifying services
858,791
1,035,710
Company pension contributions to defined contribution schemes
95,831
144,000
954,622
1,179,710
Remuneration disclosed above includes the following amounts paid to the highest paid director:
2024
2023
£
£
Remuneration for qualifying services
303,167
302,918
Company pension contributions to defined contribution schemes
833
36,000
7
Interest receivable and similar income
2024
2023
£
£
Interest income
Interest on bank deposits
41,140
2,851
AMPERE ANALYSIS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2024
- 22 -
8
Taxation
2024
2023
£
£
Current tax
UK corporation tax on profits for the current period
(22,908)
52,156
Adjustments in respect of prior periods
(2,576)
(60,851)
Total current tax
(25,484)
(8,695)
Deferred tax
Origination and reversal of timing differences
8,316
(8,450)
Total tax credit
(17,168)
(17,145)
In the year ended 31 July 2023, the UK government increased the rate of corporation tax to 25%, up from 19% in the previous financial year.
The actual credit 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:
2024
2023
£
£
Profit before taxation
238,732
428,370
Expected tax charge based on the standard rate of corporation tax in the UK of 25.00% (2023: 21.01%)
59,683
89,981
Tax effect of expenses that are not deductible in determining taxable profit
4,221
2,747
Research and development tax credit
(50,040)
(35,472)
Other permanent differences
555
Deferred tax adjustments in respect of prior years
(2,576)
(5,912)
Tax at marginal rate
(1,270)
(406)
Prior year adjustment
(60,851)
Fixed asset timing differences
11,683
(3,623)
Short term timing differences
1
US subsidiary's profits not subject to UK tax
(38,869)
(4,165)
Taxation credit
(17,168)
(17,145)
9
Dividends
2024
2023
Recognised as distributions to equity holders:
£
£
Interim paid
550,004
749,998
AMPERE ANALYSIS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2024
- 23 -
10
Tangible fixed assets
Group
Leasehold improvements
Fixtures and fittings
Computers
Total
£
£
£
£
Cost
At 1 August 2023
64,996
34,741
163,550
263,287
Additions
2,082
24,586
26,668
At 31 July 2024
64,996
36,823
188,136
289,955
Depreciation and impairment
At 1 August 2023
61,954
32,487
103,336
197,777
Depreciation charged in the year
1,826
1,826
36,625
40,277
At 31 July 2024
63,780
34,313
139,961
238,054
Carrying amount
At 31 July 2024
1,216
2,510
48,175
51,901
At 31 July 2023
3,042
2,254
60,214
65,510
Company
Leasehold improvements
Fixtures and fittings
Computers
Total
£
£
£
£
Cost
At 1 August 2023
64,996
34,741
154,512
254,249
Additions
2,082
22,461
24,543
At 31 July 2024
64,996
36,823
176,973
278,792
Depreciation and impairment
At 1 August 2023
61,954
32,487
101,517
195,958
Depreciation charged in the year
1,826
1,826
34,460
38,112
At 31 July 2024
63,780
34,313
135,977
234,070
Carrying amount
At 31 July 2024
1,216
2,510
40,996
44,722
At 31 July 2023
3,042
2,254
52,995
58,291
11
Fixed asset investments
Group
Company
2024
2023
2024
2023
Notes
£
£
£
£
Investments in subsidiaries
12
179,885
179,885
AMPERE ANALYSIS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2024
11
Fixed asset investments
(Continued)
- 24 -
Movements in fixed asset investments
Company
Shares in subsidiaries
£
Cost or valuation
At 1 August 2023 and 31 July 2024
179,885
Carrying amount
At 31 July 2024
179,885
At 31 July 2023
179,885
12
Subsidiaries
Details of the company's subsidiaries at 31 July 2024 are as follows:
Name of undertaking
Registered office
Nature of business
Class of
% Held
shares held
Direct
Ampere Analysis Inc
10000 Washington Blvd, WeWork#06116 Culver City, CA 90232
Media reseach and data analytics
Ordinary shares
100.00
13
Debtors
Group
Company
2024
2023
2024
2023
Amounts falling due within one year:
£
£
£
£
Trade debtors
1,170,892
1,724,990
505,323
1,344,699
Corporation tax recoverable
56,591
24,368
Amounts owed by group undertakings
-
-
1,572,425
23,653
Other debtors
61,303
49,386
42,830
43,182
Prepayments and accrued income
917,815
905,336
888,582
886,683
2,150,010
2,736,303
3,009,160
2,322,585
14
Creditors: amounts falling due within one year
Group
Company
2024
2023
2024
2023
£
£
£
£
Trade creditors
501,866
211,607
500,821
209,978
Corporation tax payable
8,812
8,812
Other taxation and social security
185,475
256,282
159,745
233,542
Other creditors
7,434
10,688
1,958
5,930
Accruals and deferred income
4,891,878
4,614,383
3,151,678
3,370,644
5,595,465
5,092,960
3,823,014
3,820,094
AMPERE ANALYSIS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2024
- 25 -
15
Deferred taxation
The following are the major deferred tax liabilities and assets recognised by the group and company, and movements thereon:
Liabilities
Liabilities
2024
2023
Group
£
£
Accelerated capital allowances
10,302
1,986
Liabilities
Liabilities
2024
2023
Company
£
£
Accelerated capital allowances
10,302
1,986
Group
Company
2024
2024
Movements in the year:
£
£
Liability at 1 August 2023
1,986
1,986
Charge to profit or loss
8,316
8,316
Liability at 31 July 2024
10,302
10,302
16
Retirement benefit schemes
2024
2023
Defined contribution schemes
£
£
Charge to profit or loss in respect of defined contribution schemes
259,452
261,756
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.
17
Share capital
Group and company
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of 1p each
104,109
103,109
1,041
1,031
AMPERE ANALYSIS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2024
- 26 -
18
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
2024
2023
2024
2023
£
£
£
£
Within one year
301,318
349,347
297,090
313,465
Between two and five years
252,598
247,538
252,598
247,538
553,916
596,885
549,688
561,003
19
Related party transactions
Company
During the year the company charged interest income of £10,699 (2023: £18,308) and management charges of £2,622,410 (2023: £679,757) to the wholly owned subsidiary Ampere Analysis Inc. It also made £1,342,866 of purchases from its subsidiary (2023: £1,277,135). At the balance sheet date, a net balance of £1,572,425 (2023: £23,653) was due from Ampere Analysis Inc. This is made up a of a loan balance of £nil (2023: £427,583) and the net of trade debtors/creditors balances of £1,572,425 (2023: -£403,930). The loan is unsecured and bears interest at the rate of 1% percent above the base rate of The Bank of England.
Group
The group did not engage in any related party transactions in either year.
Key management personnel compensation by salaries during the year was £1,292,863 (2023: £1,112,083).
20
Controlling party
The company is not deemed to be under the control of any one particular individual.
21
Cash generated from group operations
2024
2023
£
£
Profit for the year after tax
255,900
445,515
Adjustments for:
Taxation credited
(17,168)
(17,145)
Investment income
(41,140)
(2,851)
Depreciation and impairment of tangible fixed assets
40,277
45,855
Movements in working capital:
Decrease/(increase) in debtors
529,702
(1,109,116)
Increase in creditors
493,693
1,646,091
Cash generated from operations
1,261,264
1,008,349
AMPERE ANALYSIS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2024
- 27 -
22
Analysis of changes in net funds - group
1 August 2023
Cash flows
Exchange rate movements
31 July 2024
£
£
£
£
Cash at bank and in hand
3,839,499
829,119
(93,017)
4,575,601
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