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Registered number: 03766240









EMOTIVE (AGENCY) LIMITED









ANNUAL REPORT AND FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

 
EMOTIVE (AGENCY) LIMITED
 
 
COMPANY INFORMATION


Director
C T Edmonds 




Registered number
03766240



Registered office
1010 Eskdale Road

Winnersh Triangle

Wokingham

RG41 5TS




Trading Address
Holden House
57 Rathbone Place

London

W1T 1JU






Independent auditors
FLB Audit LLP
Chartered Accountants & Statutory Auditors

1010 Eskdale Road

Winnersh Triangle

Wokingham

RG41 5TS





 
EMOTIVE (AGENCY) LIMITED
 

CONTENTS



Page
Strategic report
1 - 3
Director's report
4 - 5
Independent auditors' report
6 - 9
Statement of income and retained earnings
10
Balance sheet
11
Notes to the financial statements
12 - 30


 
EMOTIVE (AGENCY) LIMITED
 
 
STRATEGIC REPORT
FOR THE YEAR ENDED 31 DECEMBER 2024

Introduction
 
The director presents the Strategic Report for Emotive (Agency) Limited ("Emotive") for the year ended 31 December 2024.
Emotive is a successful, independent medical communications agency with its UK office in London and a subsidiary, Emotive Agency Inc. based in Boston, US.
Our principal aim is to be the strategic medical communications agency partner of choice for global biotechnology and pharmaceutical companies. We provide strategy and tactical execution services across both medical & scientific affairs and creative brand engagement.
As part of the Synaptiq Health network, we work in close collaboration with Initiate, a market access & HEOR consultancy and Beyond PR, a specialist healthcare PR & Advocacy agency.

Page 1

 
EMOTIVE (AGENCY) LIMITED
 

STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024

Business review
 
Having separated our PR & Advocacy division at the end of 2023 and amidst continuing challenges in the medical communications sector, the legacy medical communications arm of Emotive experienced solid growth of 3.1% on an adjusted underlying basis in 2024. In addition to strengthening our partnerships with existing clients, we saw significant growth of 687% in our US domestic business, successfully wining two new clients during the second half of the year. These additions will produce significant growth in 2025 and further augment our US capabilities and experience. 
Throughout 2024, we took significant steps to streamline the agency and improve efficiency. These measures have led to an overall reduction in headcount across both core agency functions and shared services without any loss of our ability to service our clients fully and successfully. We have also almost entirely dispensed with the requirement for freelance support and maintained a stricter approach to salary increases and promotions in order to ensure that our capacity and skill-levels are fully aligned with the needs of our clients and work volume. As a result, although severance payments were recorded in the year, our gross and net profitability margin have improved and will continue to improve further in coming years. Despite this realignment, we remain a talent-led business and our commitment to strategic hiring where required and nurturing the right talent and skill base remains resolute.
We remain proud of our continued, pro-bono support of Medics4Rare, a charity we began working with in 2019. Their mission of expanding awareness of rare disease within the medical profession to reduce the diagnostic odyssey, closely aligns with our own deep fulfilment from working in the rare disease field. In 2023, we delivered services across a number of areas and to date, Emotive have invested over £250,000 in pro-bono fees, supporting M4RD with a wide array of activities including fund-raising, annual symposia, ambassador engagement, student voice prizes, social media strategy, policy change and an extensive online learning platform. 
The agency continues to experience strong cashflows and maintains a solid cash balance on hand. The outstanding debt burden (2020 CBILS term loan from BoS) is minimal at less than 0.1 x Operational EBIT and will be fully repaid by mid-year 2025. Foreign exchange gains are realised when practical, based on exchange rate variances and local currency requirements. The directors will continue to monitor cash surpluses and future cash requirements to decide if this loan should be repaid ahead of schedule. Current cashflow forecasts, which allow for a degree of change and are sensitive to such, indicate that the company will have sufficient cash reserves to pay all obligations within 12 months of signing the financial statements.
In summary, the director is pleased with the robust financial and operational performance achieved in 2024, highlighting the company's resilience and adaptability amidst a difficult market landscape. With a solid financial foundation, a talented team, and unwavering commitment to excellence, the company is strategically poised to seize forthcoming opportunities and foster sustainable growth in the foreseeable future. We move forward into 2025 cautious but confident in our team's ability to sustain superior margin performance and navigate evolving market conditions effectively, whilst guided by our key strategic imperatives; Growth, Efficiency and Team. We continue to evaluate the practical implementation of Artificial Intelligence (AI) that could help our both operational efficiency and client deliverables. 

Page 2

 
EMOTIVE (AGENCY) LIMITED
 

STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024

Principal risks and uncertainties
 
As a talent led business, the key risk to Emotive lies in the ability to attract and retain exceptional talent who are trained in the skills and have the right experience required. To mitigate this risk, we maintain a proactive approach by consistently benchmarking our salary packages across all positions and regularly reassessing our salary bandings. Scheduled pay reviews are conducted every six months to ensure alignment with appropriate bands for all team members. Additionally, we provide comprehensive benefits to sustain competitiveness in the market. We are committed to the continuing development of our team, providing them with a robust foundation for personal growth and career advancement. By aiming for high levels of productivity, ensuring optimal utilisation of team members and upwardly adjusting our fee rates for clients where possible, we are confident that the continued improvements on margins and profitability will be continued.
The second risk to the business remains around clients and their products. We look to mitigate this risk by aiming to maintain a balanced portfolio approach to our clients with no single client or therapy area/product/function accounting for more than 20% of our total fee revenue. We also seek to ensure that although we remain enthusiastic about pre-launch biotechnology and small pharma bringing novel products to market, our client base remains diverse, with established clients and oncology products at the forefront.

Financial key performance indicators
 
We consider that our key performance indicators are those that communicate the financial performance and strengths of the Company, those being sales growth, gross profit and operating margin:
Sales growth        3.1% (2023: 0.5%) (adjusted underlying medical communications division)
Gross profit margin      51.5% (2023: 50%)
Operating profit margin     17.3% (2023: 19%)


This report was approved by the board on 20 May 2025 and signed on its behalf.



C T Edmonds
Director

Page 3

 
EMOTIVE (AGENCY) LIMITED
 
 
 
DIRECTOR'S REPORT
FOR THE YEAR ENDED 31 DECEMBER 2024

The director presents his report and the financial statements for the year ended 31 December 2024.

Director's responsibilities statement

The director is responsible for preparing the Strategic report, the Director's report and the financial statements in accordance with applicable law and regulations.
 
Company law requires the director to prepare financial statements for each financial year. Under that law the director has 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 director must not approve the financial statements unless he is 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 director is 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 director is 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 him to ensure that the financial statements comply with the Companies Act 2006He is 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.

Results and dividends

The profit for the year, after taxation, amounted to £1,044,320 (2023 - £364,260).

The dividends declared to shareholders were £150,000 (2023 - £60,000).

Director

The director who served during the year was:

C T Edmonds 

Future developments

We will continue to focus on building and retaining a team who will deliver excellent quality work to the right client partners through the execution of our strategic plan. We will seek opportunities which may come through adding new services, potential acquisitions and expanding our overseas presence. We may also seek investment to further these ambitions if required.

Page 4

 
EMOTIVE (AGENCY) LIMITED
 
 
 
DIRECTOR'S REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024

Disclosure of information to auditors

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

he 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.

Post balance sheet events

On 31 January 2025, the company declared dividends to shareholders totalling £2,500,000.

Auditors

The auditorsFLB Audit LLPwill be proposed for reappointment in accordance with section 485 of the Companies Act 2006.

This report was approved by the board on 20 May 2025 and signed on its behalf.
 





C T Edmonds
Director

Page 5

 
EMOTIVE (AGENCY) LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF EMOTIVE (AGENCY) LIMITED
 

Opinion


We have audited the financial statements of Emotive (Agency) Limited (the 'Company') for the year ended 31 December 2024, which comprise the Statement of income and retained earnings, the Balance sheet 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 2024 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 director's 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 director with respect to going concern are described in the relevant sections of this report.


Page 6

 
EMOTIVE (AGENCY) LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF EMOTIVE (AGENCY) LIMITED (CONTINUED)


Other information


The other information comprises the information included in the Annual Report other than the financial statements and our Auditors' report thereon. The director is 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.


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 Director's report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
the Strategic report and the Director's 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 Director's 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 director's 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 Director's responsibilities statement set out on page 4, the director is 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 director determines 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 director is 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 director either intends to liquidate the Company or to cease operations, or have no realistic alternative but to do so.


Page 7

 
EMOTIVE (AGENCY) LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF EMOTIVE (AGENCY) 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 our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

enquiring of management concerning actual and potential litigation and claims;
performing analytical procedures to identify any unusual results that may indicate risks of material misstatement due to fraud;
reading minutes of meetings;
assessing any management override of controls by testing journal entries and other adjustments and reviewing accounting estimates for indications of potential bias; 
evaluating any transactions that are unusual or outside the normal course of business; and
maintaining alert to any fraud risks throughout the audit.
 
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.


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.


Page 8

 
EMOTIVE (AGENCY) LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF EMOTIVE (AGENCY) LIMITED (CONTINUED)





Daniel Reid FCA (Senior statutory auditor)
  
for and on behalf of
FLB Audit LLP
 
Chartered Accountants
Statutory Auditors
  
1010 Eskdale Road
Winnersh Triangle
Wokingham
RG41 5TS

10 June 2025
Page 9

 
EMOTIVE (AGENCY) LIMITED
 
 
STATEMENT OF INCOME AND RETAINED EARNINGS
FOR THE YEAR ENDED 31 DECEMBER 2024

2024
2023
Note
£
£

  

Turnover
 4 
8,241,301
9,012,298

Cost of sales
  
(3,994,564)
(4,518,216)

Gross profit
  
4,246,737
4,494,082

Administrative expenses
  
(2,495,578)
(2,760,883)

Exceptional administrative expenses
 13 
(325,000)
-

Operating profit
 5 
1,426,159
1,733,199

Amounts written off investments
  
-
(876,395)

Interest receivable and similar income
 9 
92,202
2,356

Interest payable and similar expenses
 10 
(11,639)
(22,477)

Profit before tax
  
1,506,722
836,683

Tax on profit
 11 
(462,402)
(472,423)

Profit after tax
  
1,044,320
364,260

  

  

Retained earnings at the beginning of the year
  
2,905,456
2,601,196

  
2,905,456
2,601,196

Profit for the year
  
1,044,320
364,260

Dividends declared and paid
  
(150,000)
(60,000)

Retained earnings at the end of the year
  
3,799,776
2,905,456
The notes on pages 12 to 30 form part of these financial statements.

Page 10

 
EMOTIVE (AGENCY) LIMITED
REGISTERED NUMBER: 03766240

BALANCE SHEET
AS AT 31 DECEMBER 2024

2024
2023
Note
£
£

Fixed assets
  

Intangible assets
 14 
-
1,000,000

Tangible assets
 15 
78,370
113,549

Investments
 16 
1
1

  
78,371
1,113,550

Current assets
  

Debtors: amounts falling due within one year
 17 
2,479,962
2,513,801

Cash at bank and in hand
 18 
3,293,811
2,049,548

  
5,773,773
4,563,349

Creditors: amounts falling due within one year
 19 
(1,880,126)
(2,507,573)

Net current assets
  
 
 
3,893,647
 
 
2,055,776

Total assets less current liabilities
  
3,972,018
3,169,326

Creditors: amounts falling due after more than one year
 20 
-
(83,329)

Provisions for liabilities
  

Deferred tax
 22 
(15,329)
(23,628)

  
 
 
(15,329)
 
 
(23,628)

Net assets
  
3,956,689
3,062,369


Capital and reserves
  

Called up share capital 
 23 
156,913
156,913

Profit and loss account
 24 
3,799,776
2,905,456

  
3,956,689
3,062,369


The financial statements were approved and authorised for issue by the board and were signed on its behalf on 20 May 2025.




C T Edmonds
Director

The notes on pages 12 to 30 form part of these financial statements.

Page 11

 
EMOTIVE (AGENCY) LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

1.


General information

Emotive (Agency) Limited is a private company limited by shares. The company was incorporated in the United Kingdom and is registered in England and Wales. The registration number is 03766240. The registered office address is 1010 Eskdale Road, Winnersh Triangle, Wokingham, United Kingdom, RG41 5TS. The trading address is Holden House, 57 Rathbone Place, London, W1T 1JU.

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

Financial Reporting Standard 102 - reduced disclosure exemptions

The Company has taken advantage of the following disclosure exemptions in preparing these financial statements, as permitted by the FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland":
the requirements of Section 7 Statement of Cash Flows;
the requirements of Section 3 Financial Statement Presentation paragraph 3.17(d).

This information is included in the consolidated financial statements of Synaptiq Health Limited as at 31 December 2024 and these financial statements may be obtained from 1010 Eskdale Road, Winnersh Triangle, Wokingham, United Kingdom, RG41 5TS.

 
2.3

Exemption from preparing consolidated financial statements

The Company is a parent company that is also a subsidiary included in the consolidated financial statements of a larger group by a parent undertaking established under the law of any part of the United Kingdom and is therefore exempt from the requirement to prepare consolidated financial statements under section 400 of the Companies Act 2006.

Page 12

 
EMOTIVE (AGENCY) LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

2.Accounting policies (continued)

 
2.4

Foreign currency translation

Functional and presentation currency

The Company's functional and presentational currency is GBP.

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.

Foreign exchange gains and losses that relate to borrowings and cash and cash equivalents are presented in the Statement of income and retained earnings within 'finance income or costs'. All other foreign exchange gains and losses are presented in profit or loss within 'other operating income'.

 
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.

Page 13

 
EMOTIVE (AGENCY) LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

2.Accounting policies (continued)

 
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.

Benefits received and receivable as an incentive to sign an operating lease are recognised on a straight-line basis over the lease term, unless another systematic basis is representative of the time pattern of the lessee's benefit from the use of the leased asset.

 
2.7

Interest income

Interest income is recognised in profit or loss using the effective interest method.

 
2.8

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.

 
2.9

Borrowing costs

All borrowing costs are recognised in profit or loss in the year in which they are incurred.

 
2.10

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.

Page 14

 
EMOTIVE (AGENCY) LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

2.Accounting policies (continued)

 
2.11

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.


 
2.12

Exceptional items

Exceptional items are transactions that fall within the ordinary activities of the Company but are presented separately due to their size or incidence.

Page 15

 
EMOTIVE (AGENCY) LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

2.Accounting policies (continued)

 
2.13

Intangible assets

Goodwill

Goodwill represents the difference between amounts paid on the cost of a business combination and the acquirer’s interest in the fair value of its identifiable assets and liabilities of the acquiree at the date of acquisition. Subsequent to initial recognition, goodwill is measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is amortised on a straight-line basis to the Statement of income and retained earnings over its useful economic life.

Other 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.

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.

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.

 
2.14

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.

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:

Fixtures and fittings
-
20%
Office equipment
-
20%
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.

Page 16

 
EMOTIVE (AGENCY) LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

2.Accounting policies (continued)

 
2.15

Impairment of fixed assets and goodwill

Assets that are subject to depreciation or amortisation are assessed at each balance sheet date to determine whether there is any indication that the assets are impaired. Where there is any indication that an asset may be impaired, the carrying value of the asset (or cash-generating unit to which the asset has been allocated) is tested for impairment. An impairment loss is recognised for the amount by which the asset's carrying amount exceeds its recoverable amount. The recoverable amount is the higher of an asset's (or CGU's) fair value less costs to sell and value in use. For the purposes of assessing impairment, assets are grouped at the lowest levels for which there are separately identifiable cash flows (CGUs). Non-financial assets that have been previously impaired are reviewed at each balance sheet date to assess whether there is any indication that the impairment losses recognised in prior periods may no longer exist or may have decreased.

 
2.16

Valuation of investments

Investments in subsidiaries are measured at cost less accumulated impairment.

 
2.17

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.

 
2.18

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.

 
2.19

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.

 
2.20

Provisions for liabilities

Provisions are recognised when an event has taken place that gives rise to a legal or constructive obligation, a transfer of economic benefits is probable and a reliable estimate can be made.
Provisions are measured as the best estimate of the amount required to settle the obligation, taking into account the related risks and uncertainties.
 
Increases in provisions are generally charged as an expense to profit or loss.

 
2.21

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.

The Company has elected to apply the recognition and measurement provisions of IFRS 9 Financial Instruments (as adopted by the UK Endorsement Board) with the disclosure requirements of
Page 17

 
EMOTIVE (AGENCY) LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

2.Accounting policies (continued)


2.21
Financial instruments (continued)

Sections 11 and 12 and the other presentation requirements of FRS 102.

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 debtors, cash and bank balances, are initially measured at their transaction price (adjusted for transaction costs except in the initial measurement of financial assets that are subsequently measured at fair value through profit and loss) 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 debtors due with the operating cycle fall into this category of financial instruments.

Other financial assets

Other financial assets, which includes investments in equity instruments which are not classified as subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the recognised transaction price. Such assets are subsequently measured at fair value with the changes in fair value being recognised in the profit or loss. Where other financial assets are not publicly traded, hence their fair value cannot be measured reliably, they are measured at cost less impairment.

Impairment of financial assets

At the end of each reporting period financial assets measured at amortised cost are assessed for objective evidence of impairment. 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. 

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
Page 18

 
EMOTIVE (AGENCY) LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

2.Accounting policies (continued)


2.21
Financial instruments (continued)

contractual arrangements entered into. An equity instrument is 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 creditors, bank loans and other loans are initially measured at their transaction price (adjusting for transaction costs except in the initial measurement of financial liabilities that are subsequently measured at fair value through profit and loss). 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 creditors are obligations to pay for goods and services that have been acquired in the ordinary course of business from suppliers. Trade creditors are classified as current liabilities if the payment is due within one year. If not, they represent non-current liabilities. Trade creditors are initially recognised at their transaction price and subsequently are measured at amortised cost using the effective interest method. Discounting is omitted where the effect of discounting is immaterial.

Other financial instruments

Derivatives, including forward exchange contracts, futures contracts and interest rate swaps, are not classified as basic financial instruments. These are initially recognised at fair value on the date the derivative contract is entered into, with costs being charged to the profit or loss. They are subsequently measured at fair value with changes in the profit or loss.

Debt instruments that do not meet the conditions as set out in FRS 102 paragraph 11.9 are subsequently measured at fair value through the profit or loss. This recognition and measurement would also apply to financial instruments where the performance is evaluated on a fair value basis as with a documented risk management or investment strategy.

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.

Page 19

 
EMOTIVE (AGENCY) LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

2.Accounting policies (continued)

 
2.22

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

The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported for assets and liabilities as at the balance sheet date and the amount reported for revenues and expenses during the year. However, the nature of estimation means that the actual outcomes could differ from those estimates. The following judgements have had the most significant effect on amounts recognised in the financial statements:
Depreciation and amortisation
Tangible and intangible fixed assets are depreciated and amortised, respectively, over their useful economic lives. The actual lives of the assets are assessed annually and may vary depending on a range of factors. These factors include product life cycles, maintenance programs of the assets, as well as technological innovation.
The applicable accounting policies detailing these areas are shown in note 2.13 and 2.14. 
Creditors, provisions, and liabilities
These are recognised at the balance sheet date. Although these estimates are reviewed on a regular basis and adjusted to reflect management's best current estimates, the judgemental nature of these items means that future amounts settled may be different from those provided. 
The deferred consideration payable by the company is based on certain performance targets being met. Management's best estimate has been used to judge the likelihood of these targets being met. 
Valuation of investments
Investments are recognised at cost less impairment. The recoverable amount of the investment is used to determine if an impairment is required. Calculating the recoverable amount requires an estimate of future cash flows expected to arise, and this amount involves the judgement of management.
Turnover
Revenue from services is accounted for using the stage of completion method. An estimate must be made by management of the stage of completion on projects. 
Bad debt provision
Bad debts are provided when recoverability is considered to be doubtful. 

Page 20

 
EMOTIVE (AGENCY) LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

4.


Turnover

The whole of the turnover is attributable to healthcare communications consultancy.

Analysis of turnover by country of destination:

2024
2023
£
£

United Kingdom
3,080,060
3,176,032

United States
3,457,478
3,733,803

Rest of the world
1,703,763
2,102,463

8,241,301
9,012,298



5.


Operating profit

The operating profit is stated after charging:

2024
2023
£
£

Exchange differences
16,124
51,073

Other operating lease rentals
227,594
238,735

Amortisation
-
289,783

Depreciation
69,199
59,177


6.


Auditors' remuneration

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


2024
2023
£
£

Fees payable to the Company's auditors for the audit of the Company's financial statements
13,765
13,105

The Company has taken advantage of the exemption not to disclose amounts paid for non-audit services as these are disclosed in the consolidated accounts of the parent Company.

Page 21

 
EMOTIVE (AGENCY) LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

7.


Employees

Staff costs, including director's remuneration, were as follows:


2024
2023
£
£

Wages and salaries
3,222,609
3,320,105

Social security costs
428,115
390,096

Cost of defined contribution scheme
199,263
293,109

3,849,987
4,003,310


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


        2024
        2023
            No.
            No.







Operations
58
64



Management
8
8

66
72


8.


Director's remuneration

2024
2023
£
£

Director's emoluments
150,264
150,264

Company contributions to defined contribution pension schemes
8,890
58,890

159,154
209,154


During the year retirement benefits were accruing to 1 director (2023 - 1) in respect of defined contribution pension schemes.


9.


Interest receivable

2024
2023
£
£


Other interest receivable
92,202
2,356

92,202
2,356

Page 22

 
EMOTIVE (AGENCY) LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

10.


Interest payable and similar expenses

2024
2023
£
£


Bank interest payable
11,639
22,477

11,639
22,477


11.


Taxation


2024
2023
£
£

Corporation tax


Current tax on profits for the year
384,244
394,925


384,244
394,925

Foreign tax


Foreign tax on income for the year
86,457
79,802

86,457
79,802

Total current tax
470,701
474,727

Deferred tax


Origination and reversal of timing differences
(8,299)
(2,304)

Total deferred tax
(8,299)
(2,304)


Tax on profit
462,402
472,423
Page 23

 
EMOTIVE (AGENCY) LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
 
11.Taxation (continued)


Factors affecting tax charge for the year

The tax assessed for the year is higher than (2023 - higher than) the standard rate of corporation tax in the UK of 25% (2023 - 25%). The differences are explained below:

2024
2023
£
£


Profit on ordinary activities before tax
1,506,722
836,683


Profit on ordinary activities multiplied by standard rate of corporation tax in the UK of 25% (2023 - 25%)
376,681
209,171

Effects of:


Non-tax deductible amortisation of goodwill and impairment
81,250
261,246

Expenses not deductible for tax purposes, other than goodwill amortisation and impairment
1,668
2,006

Other differences leading to an increase (decrease) in the tax charge
2,803
-

Total tax charge for the year
462,402
472,423


Factors that may affect future tax charges

There were no factors that may affect future tax charges.


12.


Dividends

2024
2023
£
£


Dividends paid - Ordinary 1P Shares
150,000
60,000

150,000
60,000

Page 24

 
EMOTIVE (AGENCY) LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

13.


Exceptional items

2024
2023
£
£


Loan write-off
325,000
-

325,000
-

The loan write-off relates to amounts owed from a company with common shareholders arising from the sale of Beyond PR (Agency) Limited (see note 27 for further information).


14.


Intangible assets




Goodwill

£





At 1 January 2024
2,897,827


On disposal of subsidiaries
(2,897,827)



At 31 December 2024

-





At 1 January 2024
1,897,827


On disposals
(1,897,827)



At 31 December 2024

-



Net book value



At 31 December 2024
-



At 31 December 2023
1,000,000





Page 25

 
EMOTIVE (AGENCY) LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

15.


Tangible fixed assets





Fixtures and fittings
Office equipment
Computer equipment
Total

£
£
£
£



Cost or valuation


At 1 January 2024
15,167
107,779
176,739
299,685


Additions
-
-
34,020
34,020



At 31 December 2024

15,167
107,779
210,759
333,705



Depreciation


At 1 January 2024
14,705
63,869
107,562
186,136


Charge for the year on owned assets
413
25,108
43,678
69,199



At 31 December 2024

15,118
88,977
151,240
255,335



Net book value



At 31 December 2024
49
18,802
59,519
78,370



At 31 December 2023
462
43,910
69,177
113,549


16.


Fixed asset investments





Investments in subsidiary companies

£



Cost or valuation


At 1 January 2024
1



At 31 December 2024
1




Page 26

 
EMOTIVE (AGENCY) LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

Subsidiary undertakings


The following were subsidiary undertakings of the Company:

Name

Class of shares

Holding

Spink Holdings Limited
Ordinary
100%
Emotive (Agency) Inc
Ordinary
100%


17.


Debtors

2024
2023
£
£


Trade debtors
1,762,010
1,862,706

Amounts owed by group undertakings
141,510
69,876

Amounts owed by joint ventures and associated undertakings
94
81

Other debtors
60,458
49,003

Prepayments and accrued income
515,890
532,135

2,479,962
2,513,801



18.


Cash and cash equivalents

2024
2023
£
£

Cash at bank and in hand
3,293,811
2,049,548

3,293,811
2,049,548


Page 27

 
EMOTIVE (AGENCY) LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

19.


Creditors: Amounts falling due within one year

2024
2023
£
£

Bank loans
83,324
200,004

Trade creditors
111,316
69,120

Amounts owed to group undertakings
47,529
126,020

Corporation tax
227,445
219,578

Other taxation and social security
101,553
118,885

Other creditors
29,825
25,863

Accruals and deferred income
1,279,134
1,748,103

1,880,126
2,507,573



20.


Creditors: Amounts falling due after more than one year

2024
2023
£
£

Bank loans
-
83,329

-
83,329



21.


Loans


Analysis of the maturity of loans is given below:


2024
2023
£
£

Amounts falling due within one year

Bank loans
83,324
200,004


83,324
200,004

Amounts falling due 1-2 years

Bank loans
-
83,329


-
83,329



83,324
283,333


Page 28

 
EMOTIVE (AGENCY) LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

22.


Deferred taxation




2024
2023


£

£






At beginning of year
(23,628)
(25,932)


Charged to profit or loss
8,299
2,304



At end of year
(15,329)
(23,628)

The provision for deferred taxation is made up as follows:

2024
2023
£
£


Accelerated capital allowances
(19,592)
(27,145)

Pension creditor
4,263
3,517

(15,329)
(23,628)


23.


Share capital

2024
2023
£
£
Allotted, called up and fully paid



15,691,250 (2023 - 15,691,250) Ordinary 1P Shares shares of £0.01 each
156,913
156,913



24.


Reserves

Profit and loss account

This reserve includes all current and prior period retained profits and loss made by the company. Dividends declared reduce the value of this reserve.


25.


Pension commitments

The company operated a defined contributions pension scheme. The assets of the pension 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 £190,373 (2023: £293,109). Contributions totalling £26,710 (2023: £23,935) were payable to the fund at the balance sheet date and are included in other creditors.

Page 29

 
EMOTIVE (AGENCY) LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

26.


Commitments under operating leases

At 31 December 2024 the Company had future minimum lease payments due under non-cancellable operating leases for each of the following periods:

2024
2023
£
£


Not later than 1 year
59,540
192,408

Later than 1 year and not later than 5 years
17,792
17,792

77,332
210,200


27.


Related party transactions

The company has taken advantage of the exemption allowed by FRS 102 not to disclose transactions with other wholly owned members of the group.
During the year, the shares of Beyond PR (Agency) Limited, subsidiary company of Spink Holdings Limited, were sold to a company jointly owned by the ultimate controlling party for the consideration of £1,000,000. 


28.


Post balance sheet events

On 31 January 2025, the company declared dividends to shareholders totalling £2,500,000.


29.


Controlling party

Synaptiq Health Limited, a company registered in the United Kingdom, is the immediate parent company by virtue of its 100% shareholding. 
Ceriter Investments 2 Limited, a company registered in the United Kingdom, is the ultimate parent company, by virtue of its 54% shareholding in Synaptiq Health Limited.
The ultimate controlling party is C Edmonds, by virtue of his 36% shareholding in Synaptiq Health Limited and his 100% shareholding in Ceriter Investments 2 Limited. 
Consolidated Group financial statements for Ceriter Investments 2 Limited and Synaptiq Health Limited can be obtained from 1010 Eskdale Road, Winnersh Triangle, Wokingham, United Kingdom, RG41 5TS. 

 
Page 30