Company registration number 08239749 (England and Wales)
BBL/P LTD
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2024
BBL/P LTD
COMPANY INFORMATION
Directors
Mr I M Kerrigan
Mr P J Petrella
Ms B Harding
(Appointed 17 September 2024)
Mr D Wood
(Appointed 17 September 2024)
Company number
08239749
Registered office
C/O Bishops Chartered Accountants
Phoenix Park
Blakewater Road
Blackburn
Lancashire
United Kingdom
BB1 5BG
Auditor
Bishops Audit Limited
1 Croft Court
Plumpton Close
Whitehills Business Park
Blackpool
Lancashire
FY4 5PR
BBL/P LTD
CONTENTS
Page
Strategic report
1 - 2
Directors' report
3
Directors' responsibilities statement
4
Independent auditor's report
5 - 7
Income statement
8
Statement of comprehensive income
9
Statement of financial position
10
Statement of changes in equity
11
Notes to the financial statements
12 - 21
BBL/P LTD
STRATEGIC REPORT
FOR THE YEAR ENDED 31 OCTOBER 2024
- 1 -

The directors present the strategic report for the year ended 31 October 2024.

Fair review of the business

 

BBL/P Ltd continues to grow in-line and slightly exceeding the Director’s expectations. An additional net 3 people joined the team in the period as our service provision both deepened and broadened. Once again, revenues increased whilst costs were kept under control.

Our existing services of data management, reporting and analysis, data consulting and econometrics were enhanced with additional expertise and partnerships in market research and advertising testing with a strong reliance on AI for rapid result interpretation.

Our consulting team was further augmented with specialists in brand mapping and strategy, business strategy and positioning - all with a digital ‘lens’. We will be joined in early February by a new Strategy Director, fresh from a previous role as Head of Strategy at the Apple/TBWA JV Media Arts Lab.

The Creative Innovation team also saw its capability and operations expand with ever more AI integrations, digital platform innovation, experience and service design.

The fast growing Communications team of Executive Content Producers were joined by new team members who specialise in art buying, music consultancy, rights management and archive, to add to the capabilities already in the now substantial team of advertising production and management.

In a fresh move, BBL/P now also has a team of “show runners” and their supporting writers, editors and researchers who are experienced specialists in the arena of “unscripted” content production with a focus on streamers.

All these additions to the team mean that, with reluctance, we must leave the seventeenth century townhouse in Soho that has been our home since pandemic and will relocate in spring 2025 to a more suitable building in nearby Alfred Place.

The most significant moment of the year came on the 17th of September 2024 when the business transitioned to be 100% employee owned. The former owners, the newly appointed Directors of the Operating Board and the Trustee Board and the whole team have since been excitedly adapting to new opportunities and responsibilities.

Principal risks and uncertainties

 

We have long term contracts in place with all clients but the greatest risk to the business is a reliance on one major client. We work intensively to constantly measure the performance of our team and the warmth of the relationship. Our team constantly ask themselves “what’s it like to work with us and how can we do better?”

Nevertheless, work continues to diversify the client base with some notable successes to be announced in the spring of 2025.

Another risk is the impact on service and our culture if we were to lose team members and we’re pleased to report we had no voluntary departures in the period. To mitigate the risk, we continue to invest in Learning & Development, we provide a very pleasant working environment with above market salaries and benefits.

Our greatest uncertainty is brought by the new (2024) UK government in the form of unexpected (and un-budgeted) tax rises and more complicated employment legislation. We have decided to invest in outsourced HR consultancy to bolster our internal capability in order to deal with the implications and it is likely the costs and the impositions will reduce our ambitions for growth going forward.

BBL/P LTD
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2024
- 2 -
Development and performance

 

Our performance measure is client feedback and we have received very positive commentary throughout the period. A new series of Quarterly Business Performance reviews has added a layer of welcome formality and an enhanced monitoring opportunity.

This is especially important as we add new competencies and team members whilst ensuring a continued commitment to work of the highest quality.

Key performance indicators

 

The Board are pleased with the 5.6% increase in revenue over the period and a marginal shift in gross margin from 16.1% to 15.8%.  Despite exceptional costs associated with the transition to employee ownership, profit before tax again increased YoY to £1,110k.

KPI’s have been successfully incorporated into the QBR process.

Internally, we continue with the process of “Expectations Reviews” and have established clear competency frameworks for all team members - so, for example, people have a clear sense of what’s expected of them and the benchmarks of achievement towards goals.

Our on-line HR platform has very recently changed to the much more capable “HiBob” which will enable much greater collaboration on appraisal systems and enable more detailed metrics on all aspects of employment.

Our finance KPI’s continue to focus on growth and profitability which have all seen positive movements in the period.

Other information and explanations

 

The business uses online platforms for management and co-ordination including Monday, Slack and Xero. As mentioned we have invested in HiBob as a superior HR platform, we have made significant investments in various AI platforms and software to enhance our work. We have taken rigorous steps to ensure our Apple based network is secure and protected using the Google Enterprise software with 2 factor authentication. The business uses Bit Defender (endpoint) anti-virus protection and enforces the various MDM security policies via Moysle.

We continue very successful relationships with our bankers Arbuthnot Latham, wealth management and employee benefits consultants Connor Broadley and our accountants and strategic advisors Bishops and Partners. BBL/P Ltd is now a member of the Employee Ownership Association.

On behalf of the board

Mr I M Kerrigan
Director
27 February 2025
BBL/P LTD
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 OCTOBER 2024
- 3 -

The directors present their annual report and financial statements for the year ended 31 October 2024.

Principal activities

The principal activity of the company continued to be that of advertising consultancy.

Results and dividends

The results for the year are set out on page 8.

Ordinary dividends were paid amounting to £1,523,144. The directors do not recommend payment of a final dividend.

Directors

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

Mr I M Kerrigan
Mr P J Petrella
Ms B Harding
(Appointed 17 September 2024)
Mr D Wood
(Appointed 17 September 2024)
Research and development

As part of our commitment to ever improving service quality we constantly develop our software capability to new and more efficient analytical capability. We also work with partners - for example Sprinklr - to devise new data sources and analysis techniques. As a result our service offer continues to expand.

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 company’s auditor 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 company’s auditor 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.

On behalf of the board
Mr I M Kerrigan
Mr P J Petrella
Director
Director
Ms B Harding
Mr D Wood
Director
Director
27 February 2025
BBL/P LTD
DIRECTORS' RESPONSIBILITIES STATEMENT
FOR THE YEAR ENDED 31 OCTOBER 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 company and of the profit or loss of the company for that period. In preparing these financial statements, the directors are required to:

 

 

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

BBL/P LTD
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF BBL/P LTD
- 5 -
Opinion

We have audited the financial statements of BBL/P Ltd (the 'company') for the year ended 31 October 2024 which comprise the income statement, the statement of comprehensive income, the statement of financial position, the statement of changes in equity and notes to the financial statements, including significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the 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 company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

 

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

Other information

The other information comprises the information included in the annual report other than the financial statements and our auditor's report thereon. The directors are responsible for the other information contained within the annual report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.

 

We have nothing to report in this regard.

Opinions on other matters prescribed by the Companies Act 2006

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

BBL/P LTD
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF BBL/P LTD (CONTINUED)
- 6 -
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:

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 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.

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.

- Enquiry of management and those charged with governance around actual and potential litigation and claims.

- Reviewing minutes of meetings of those charged with governance.

- Reviewing financial statement disclosures and testing to supporting documentation to assess compliance with applicable laws and regulations.

- Auditing the risk of management override of controls, including through testing journal entries and other adjustments for appropriateness, and 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 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.

Use of our report

This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken 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.

BBL/P LTD
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF BBL/P LTD (CONTINUED)
- 7 -
David Evans BA FCA
Senior Statutory Auditor
For and on behalf of Bishops Audit Limited
27 February 2025
Chartered Accountants
Statutory Auditor
1 Croft Court
Plumpton Close
Whitehills Business Park
Blackpool
Lancashire
FY4 5PR
BBL/P LTD
INCOME STATEMENT
FOR THE YEAR ENDED 31 OCTOBER 2024
- 8 -
2024
2023
Notes
£
£
Turnover
6
16,294,988
15,391,108
Cost of sales
(13,716,108)
(13,009,826)
Gross profit
2,578,880
2,381,282
Administrative expenses
(1,469,277)
(1,345,499)
Operating profit
3
1,109,603
1,035,783
Interest receivable and similar income
7
43,266
14,380
Interest payable and similar expenses
8
(91)
(4,092)
Profit before taxation
1,152,778
1,046,071
Tax on profit
11
(302,672)
(252,084)
Profit for the financial year
850,106
793,987

The income statement has been prepared on the basis that all operations are continuing operations.

BBL/P LTD
STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 OCTOBER 2024
- 9 -
2024
2023
£
£
Profit for the year
850,106
793,987
Other comprehensive income
-
-
Total comprehensive income for the year
850,106
793,987

The notes on pages 12 to 21 form part of these financial statements.

BBL/P LTD
STATEMENT OF FINANCIAL POSITION
AS AT
31 OCTOBER 2024
31 October 2024
- 10 -
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
12
61,191
61,919
Investments
13
41,457
19,748
102,648
81,667
Current assets
Debtors
14
2,758,131
470,679
Cash at bank and in hand
1,864,873
4,940,882
4,623,004
5,411,561
Creditors: amounts falling due within one year
15
(3,611,552)
(3,705,908)
Net current assets
1,011,452
1,705,653
Total assets less current liabilities
1,114,100
1,787,320
Provisions for liabilities
Deferred tax liability
16
15,298
15,480
(15,298)
(15,480)
Net assets
1,098,802
1,771,840
Capital and reserves
Called up share capital
17
114
114
Share premium account
15,421
15,421
Capital redemption reserve
36
36
Profit and loss reserves
1,083,231
1,756,269
Total equity
1,098,802
1,771,840

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 27 February 2025 and are signed on its behalf by:
Mr I M Kerrigan
Mr P J Petrella
Director
Director
Ms B Harding
Mr D Wood
Director
Director
Company registration number 08239749 (England and Wales)
BBL/P LTD
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 OCTOBER 2024
- 11 -
Share capital
Share premium account
Capital redemption reserve
Profit and loss reserves
Total
Notes
£
£
£
£
£
Balance at 1 November 2022
114
15,421
36
1,112,282
1,127,853
Year ended 31 October 2023:
Profit and total comprehensive income
-
-
-
793,987
793,987
Dividends
10
-
-
-
(150,000)
(150,000)
Balance at 31 October 2023
114
15,421
36
1,756,269
1,771,840
Year ended 31 October 2024:
Profit and total comprehensive income
-
-
-
850,106
850,106
Dividends
10
-
-
-
(1,523,144)
(1,523,144)
Balance at 31 October 2024
114
15,421
36
1,083,231
1,098,802
BBL/P LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2024
- 12 -
1
Accounting policies
Company information

BBL/P Ltd is a private company limited by shares incorporated in England and Wales. The registered office is C/O Bishops Chartered Accountants, Phoenix Park, Blakewater Road, Blackburn, Lancashire, United Kingdom, BB1 5BG.

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.

This 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:

 

 

The financial statements of the company are consolidated in the financial statements of IP Daily Limited. These consolidated financial statements are available from its registered office, C/O Bishops Chartered Accountants, Phoenix Park, Blakewater Road, Blackburn, Lancashire, United Kingdom, BB1 5BG.

1.2
Going concern

Atruet the time of approving the financial statements, the directors have a reasonable expectation that the company 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.

1.3
Turnover

Turnover is recognised at the fair value of the consideration received or receivable for services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

 

When cash inflows are deferred and represent a financing arrangement, the fair value of the consideration is the present value of the future receipts. The difference between the fair value of the consideration and the nominal amount received is recognised as interest income.

 

BBL/P LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2024
1
Accounting policies
(Continued)
- 13 -
1.4
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:

Fixtures and fittings
15% on reducing balance
Computers
33% on cost

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 credited or charged to profit or loss.

1.5
Fixed asset investments

Unlisted investments 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.

1.6
Impairment of fixed assets

At each reporting period end date, the company 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.

1.7
Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

1.8
Financial instruments

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

 

Financial instruments are recognised in the company's statement of financial position 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.

Other financial assets

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

BBL/P LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2024
1
Accounting policies
(Continued)
- 14 -
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 company 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.

Other financial liabilities

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

 

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

Derecognition of financial liabilities

Financial liabilities are derecognised when the company’s contractual obligations expire or are discharged or cancelled.

1.9
Equity instruments

Equity instruments issued by the company 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 company.

1.10
Taxation

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

Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the income statement 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 company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

BBL/P LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2024
1
Accounting policies
(Continued)
- 15 -
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.

 

1.11
Employee benefits

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

 

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

 

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

1.12
Retirement benefits

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

1.13
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 leases asset are consumed.

1.14
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.

2
Judgements and key sources of estimation uncertainty

In the application of the company’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.

 

The only accounting estimate is the depreciation rates applied to the fixed assets.

BBL/P LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2024
- 16 -
3
Operating profit
2024
2023
Operating profit for the year is stated after charging/(crediting):
£
£
Exchange (gains)/losses
(2,187)
12,939
Fees payable to the company's auditor for the audit of the company's financial statements
17,600
15,400
Depreciation of owned tangible fixed assets
29,385
20,027
Profit on disposal of tangible fixed assets
(12)
-
Operating lease charges
653,454
720,586
4
Employees

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

2024
2023
Number
Number
Production
40
37
Admin
4
4
Total
44
41

Their aggregate remuneration comprised:

2024
2023
£
£
Wages and salaries
2,896,171
2,817,852
Social security costs
349,891
343,441
Pension costs
334,953
97,703
3,581,015
3,258,996
5
Directors' remuneration
2024
2023
£
£
Remuneration for qualifying services
108,391
-
0
Company pension contributions to defined contribution schemes
7,883
-
116,274
-
0
6
Turnover and other revenue
2024
2023
£
£
Turnover analysed by class of business
Rendering of services
16,294,988
15,391,108
BBL/P LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2024
6
Turnover and other revenue
(Continued)
- 17 -
2024
2023
£
£
Turnover analysed by geographical market
Switzerland
16,294,988
15,375,498
Germany
-
15,610
16,294,988
15,391,108
2024
2023
£
£
Other revenue
Interest income
43,266
14,380
7
Interest receivable and similar income
2024
2023
£
£
Interest income
Interest on bank deposits
38,615
13,535
Other interest income
4,651
845
Total income
43,266
14,380
8
Interest payable and similar expenses
2024
2023
£
£
Other interest
91
4,092
9
Auditor's remuneration
2024
2023
Fees payable to the company's auditor and associates:
£
£
For audit services
Audit of the financial statements of the company
17,600
15,400
10
Dividends
2024
2023
£
£
Interim paid
1,523,144
150,000
BBL/P LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2024
- 18 -
11
Taxation
2024
2023
£
£
Current tax
UK corporation tax on profits for the current period
302,854
244,802
Deferred tax
Origination and reversal of timing differences
(182)
7,282
Total tax charge
302,672
252,084

The main rate of corporation tax in the UK is charged at 25% .

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

2024
2023
£
£
Profit before taxation
1,152,778
1,046,071
Expected tax charge based on the standard rate of corporation tax in the UK of 25.00% (2023: 25.00%)
288,195
261,518
Tax effect of expenses that are not deductible in determining taxable profit
14,477
15,267
Effect of change in corporation tax rate
-
0
(26,985)
Deferred tax rate change
-
0
2,589
Tax effect of superdeduction
-
0
(305)
Taxation charge for the year
302,672
252,084
BBL/P LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2024
- 19 -
12
Tangible fixed assets
Fixtures and fittings
Computers
Total
£
£
£
Cost
At 1 November 2023
27,650
122,146
149,796
Additions
7,100
22,353
29,453
Disposals
-
0
(3,413)
(3,413)
At 31 October 2024
34,750
141,086
175,836
Depreciation and impairment
At 1 November 2023
8,556
79,321
87,877
Depreciation charged in the year
3,675
25,710
29,385
Eliminated in respect of disposals
-
0
(2,617)
(2,617)
At 31 October 2024
12,231
102,414
114,645
Carrying amount
At 31 October 2024
22,519
38,672
61,191
At 31 October 2023
19,094
42,825
61,919
13
Fixed asset investments
2024
2023
£
£
Unlisted investments
41,457
19,748
Movements in fixed asset investments
Investments
£
Cost or valuation
At 1 November 2023
19,748
Additions
21,709
At 31 October 2024
41,457
Carrying amount
At 31 October 2024
41,457
At 31 October 2023
19,748
BBL/P LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2024
- 20 -
14
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
2,037,328
102,108
Other debtors
208,820
231,862
Prepayments and accrued income
511,983
136,709
2,758,131
470,679
15
Creditors: amounts falling due within one year
2024
2023
£
£
Trade creditors
324,665
654,862
Corporation tax
302,854
244,690
Other taxation and social security
115,399
107,640
Other creditors
31,193
28,468
Accruals and deferred income
2,837,441
2,670,248
3,611,552
3,705,908
16
Deferred taxation

The following are the major deferred tax liabilities and assets recognised by the company and movements thereon:

Liabilities
Liabilities
2024
2023
Balances:
£
£
Accelerated capital allowances
15,298
15,480
2024
Movements in the year:
£
Liability at 1 November 2023
15,480
Credit to profit or loss
(182)
Liability at 31 October 2024
15,298

The deferred tax liability set out above is expected to reverse within 12 months and relates to accelerated capital allowances that are expected to mature within the same period.

BBL/P LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2024
- 21 -
17
Share capital
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary P of £1 each
57
57
57
57
Ordinary I of £1 each
57
57
57
57
114
114
114
114
18
Operating lease commitments
Lessee

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

2024
2023
£
£
Within one year
280,000
605,000
19
Related party transactions

During the year, BBL/P Ltd contracted companies owned by key management personnel. The contracts were worth £1,550,000 (2023: £1,413,333). The balance outstanding at the year end was £ NIL (2023: £360,000).

 

 

20
Ultimate controlling party

The parent company is IP Daily Limited. At the balance sheet date 100% of the share capital of IP Daily Ltd was owned by an Employee Ownership Trust (EOT). The Trustee of this EOT is BBL/P Trustees Limited, is a company limited by guarantee, which holds these shares for the benefit of the employees of the group.

The consolidated accounts of IP Daily Limited are available from Companies House.

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