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Registered number: 12651100









FORBES DIGITAL MARKETING LIMITED (PREVIOUSLY MARKETPLACE PLATFORMS LIMITED)









ANNUAL REPORT AND FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

 
FORBES DIGITAL MARKETING LIMITED (PREVIOUSLY MARKETPLACE PLATFORMS LIMITED)
 
 
COMPANY INFORMATION


Directors
C A Thermistocleous 
T J Callahan 




Registered number
12651100



Registered office
45 Pall Mall

London

United Kingdom

SW1Y 5JG




Independent auditor
Hillier Hopkins LLP
Chartered Accountants & Statutory Auditor

Radius House

51 Clarendon Road

Watford

Herts

WD17 1HP





 
FORBES DIGITAL MARKETING LIMITED (PREVIOUSLY MARKETPLACE PLATFORMS LIMITED)
 

CONTENTS



Page
Strategic Report
1 - 4
Directors' Report
5 - 7
Independent Auditor's Report
8 - 11
Statement of Comprehensive Income
12
Balance Sheet
13 - 14
Statement of Changes in Equity
15
Statement of Cash Flows
16 - 17
Analysis of Net Debt
18
Notes to the Financial Statements
19 - 34


 
FORBES DIGITAL MARKETING LIMITED (PREVIOUSLY MARKETPLACE PLATFORMS LIMITED)
 
 
STRATEGIC REPORT
FOR THE YEAR ENDED 31 DECEMBER 2024

Introduction
 
The directors present their Strategic report on the company for the year ended 31st December 2024.
The name of the company had been changed from Marketplace Platforms Limited to Forbes Digital Marketing Limited on 25th February 2025.
Forbes Digital Marketing Limited manages websites on behalf of global publishers. We aim to create independent and objective content that educates consumers on household and personal finances (investing, banking, insurance, loans, mortgages) and business.
At Forbes Digital Marketing Limited our mission is to help readers turn their aspirations into reality. We provide trusted guidance, empowering people to make informed decisions they feel confident in, so they can focus on the things that matter most to them.

Principal activities and business review
 
The principal activity of the company is the publication and supply of consumer and business content. Forbes Digital Marketing Limited's  revenues were 3.0% above last year. The company had net assets of £316,178,832 (2023: £306,869,587).

Future developments

The directors believe there is more opportunity ahead and the company is making significant investments in data, security, technology and people to capture that in the coming year.

Results and dividends

The revenue in the financial year amounted to £69,201,882 (2023: £67,184,656). The profit for the financial year amounted to £9,309,245 (2023: £16,137,767). There were no dividends paid during the year (2023:nil) and the directors do not propose a final dividend (2023: £nil).

Page 1

 
FORBES DIGITAL MARKETING LIMITED (PREVIOUSLY MARKETPLACE PLATFORMS LIMITED)
 

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

Principal risks and uncertainties
 
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Page 2

 
FORBES DIGITAL MARKETING LIMITED (PREVIOUSLY MARKETPLACE PLATFORMS LIMITED)
 

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

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Key performance indicators
 
The key financial and other performance indicators are revenue growth and page views. Total Revenue £69,201,882 (2023: £67,184,656), Sales revenues were £1,009,875 (2023: £727,971). Website page views were 5.94m (2023: 7.4m). The main drivers of the increased revenues in FY 2024 were improvements in group performance, which boosted our share of the group profit from £66,456,685 to £68,192,007.

Page 3

 
FORBES DIGITAL MARKETING LIMITED (PREVIOUSLY MARKETPLACE PLATFORMS LIMITED)
 

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

Directors' statement of compliance with duty to promote the success of the Company
 
As directors of Forbes Digital Marketing Limited, we are committed to promoting the long-term success of the company for the benefit of all its members. In line with our duties under Section 172 of the Companies Act 2006, we carefully consider the impact of our decisions on all stakeholders, including employees, customers, suppliers, shareholders, and the broader community.
Key Stakeholder Engagement
Employees: Our people are central to our success. We prioritize creating a supportive work environment that fosters employee development, well-being, and retention. Regular reviews ensure our strategies align with these objectives, including the recruitment and retention of talent.
Suppliers and Customers: Strong, long-term relationships with our suppliers and customers are critical. We collaborate closely with them to ensure ethical sourcing, reliable supply chains, and the delivery of high-quality products and services that meet customer needs.
Community and Environment: We take our responsibilities to the community and environment seriously. The company actively works to reduce its environmental impact and supports local communities through various initiatives.
Business Conduct: Upholding high standards of business conduct is crucial to maintaining our reputation and achieving sustainable success. We operate with integrity and transparency across all aspects of our business.
Long-Term Strategy
The directors consistently evaluate the long-term impact of our decisions to ensure they are in line with our mission and values. We actively support the leadership of our parent company and its affiliates, helping them achieve the group's strategic objectives.
In conclusion, our approach to stakeholder engagement and long-term planning underpins our commitment to sustaining the company’s success, building on the strong relationships we have developed with all stakeholders since the company's incorporation.


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



................................................
T J Callahan
Director

Date: 25 July 2025

Page 4

 
FORBES DIGITAL MARKETING LIMITED (PREVIOUSLY MARKETPLACE PLATFORMS LIMITED)
 
 
 
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 DECEMBER 2024

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

Directors' responsibilities statement

The directors are responsible for preparing the Strategic Report, the Directors' Report and the financial statements in accordance with applicable law and regulations.
 
Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland'. Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the Company and of the profit or loss of the Company for that period.

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


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

make judgments and accounting estimates that are reasonable and prudent;

state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements;

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

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

Results and dividends

The profit for the year, after taxation, amounted to £9,309,245 (2023 - £16,137,767).

The directors do not recommend the payment of a dividend.

Directors

The directors who served during the year were:

C A Thermistocleous 
T J Callahan 

Future developments

The directors are focused on driving the company's growth in the coming year. We plan to expand our offerings and invest in new technology to strengthen our position and support long-term success that align with our strategic goals.

Page 5

 
FORBES DIGITAL MARKETING LIMITED (PREVIOUSLY MARKETPLACE PLATFORMS LIMITED)
 
 
 
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024

Going concern

After reviewing our current financial position and future outlook, the directors believe the company is in a strong position to continue operating smoothly. We’re confident that we have the resources needed to meet our obligations and keep the business on track.

Engagement with suppliers, customers and others

The directors firmly believe that the company’s success is rooted in the strength of our relationships with key stakeholders, including employees, suppliers, customers, and other partners. We are dedicated to nurturing these relationships through a foundation of trust, mutual respect, and shared objectives. This commitment is reflected in our everyday business practices and strategic decisions.
For our employees, we are committed to creating an environment that supports their growth, performance, and well-being. We recognize that our people are at the heart of our operations, and their development is essential to the company’s overall success. We focus on talent management, encouraging continuous learning and providing opportunities for advancement.
In our interactions with suppliers and customers, we prioritize collaboration and communication. By working closely with our suppliers, we ensure the delivery of high-quality products and services that meet the needs of our customers. Our dedication to customer satisfaction drives us to constantly refine our offerings and remain responsive to their evolving expectations.
Overall, our strategic approach to stakeholder engagement is a core element of our business culture. The directors and management team continuously prioritize these relationships, understanding that they are critical to sustaining our high standards and promoting the long-term success of the company. This commitment is also aligned with our duties under Section 172 of the Companies Act, as detailed in our Strategic Report.

Greenhouse gas emissions, energy consumption and energy efficiency action

The Company has not disclosed information in respect of greenhouse gas emissions, energy consumption and energy efficiency action as its energy consumption in the United Kingdom for the year is 40,000kWh or lower.





Page 6

 
FORBES DIGITAL MARKETING LIMITED (PREVIOUSLY MARKETPLACE PLATFORMS LIMITED)
 
 
 
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024


Disclosure of information to auditor

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

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

Post balance sheet events

The company has repaid the loan from a group company of £20,715,318 (US$26,000,000) on 27 January 2025.

Auditor

The auditor, Hillier Hopkins LLPwill be proposed for reappointment in accordance with section 485 of the Companies Act 2006.

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





................................................
T J Callahan
Director

Date: 25 July 2025

Page 7

 
FORBES DIGITAL MARKETING LIMITED (PREVIOUSLY MARKETPLACE PLATFORMS LIMITED)
 
 
 
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF FORBES DIGITAL MARKETING LIMITED (PREVIOUSLY MARKETPLACE PLATFORMS LIMITED)
 

Opinion


We have audited the financial statements of Forbes Digital Marketing Limited (Previously Marketplace Platforms Limited) (the 'Company') for the year ended 31 December 2024, which comprise the Statement of Comprehensive Income, the Balance Sheet, the Statement of Cash Flows, the Statement of Changes in Equity 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 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 United Kingdom, including the Financial Reporting Council's Ethical Standard and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.


Conclusions relating to going concern


In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.


Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the Company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.


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


Page 8

 
FORBES DIGITAL MARKETING LIMITED (PREVIOUSLY MARKETPLACE PLATFORMS LIMITED)
 
 
 
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF FORBES DIGITAL MARKETING LIMITED (PREVIOUSLY MARKETPLACE PLATFORMS LIMITED) (CONTINUED)


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


Matters on which we are required to report by exception
 

In the light of the knowledge and understanding of the Company and its environment obtained in the course of the audit, we have not identified material misstatements in the Strategic Report or the Directors' Report.


We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:


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


Responsibilities of directors
 

As explained more fully in the Directors' Responsibilities Statement set out on page 5, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.


In preparing the financial statements, the directors are responsible for assessing the Company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the Company or to cease operations, or have no realistic alternative but to do so.


Page 9

 
FORBES DIGITAL MARKETING LIMITED (PREVIOUSLY MARKETPLACE PLATFORMS LIMITED)
 
 
 
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF FORBES DIGITAL MARKETING LIMITED (PREVIOUSLY MARKETPLACE PLATFORMS LIMITED) (CONTINUED)


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.


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:
the nature of the industry and sector, control environment and business performance including the remuneration incentives and pressures of key management;
the primary responsibility for the prevention and detection of fraud rests with both those charged with governance of the entity and management. We consider the results of our enquiries of management about their own identification and assessment of the risks of irregularities;
any matters we identified having obtained and reviewed the Company’s documentation of their policies and procedures relating to:
°identifying, evaluating and complying with laws and regulations and whether they were aware of any instances of non-compliance;
°detecting and responding to the risks of fraud and whether they have knowledge of any actual, suspected or alleged fraud;
°the internal controls established to mitigate risks of fraud or non-compliance with laws and regulations;
the matters discussed among the audit engagement team, regarding how and where fraud might occur in the financial statements and any potential indicators of fraud.

As a result of these procedures, we considered the opportunities and incentives that may exist within the organisation for fraud and identified the greatest potential for fraud. In common with all audits under ISAs (UK), we are also required to perform specific procedures to respond to the risk of management override, including testing journals and evaluating whether there was evidence of bias by the directors that represented a risk of material misstatement due to fraud. 
We also obtained an understanding of the legal and regulatory frameworks that the Company operates in, focusing on provisions of those laws and regulations that had a direct effect on the determination of material amounts and disclosures in the financial statements. We focused on laws and regulations that could give rise to a material misstatement in the financial statements, including, but not limited to, the Companies Act 2006 and relevant tax legislation.


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 Auditor's Report.


Page 10

 
FORBES DIGITAL MARKETING LIMITED (PREVIOUSLY MARKETPLACE PLATFORMS LIMITED)
 
 
 
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF FORBES DIGITAL MARKETING LIMITED (PREVIOUSLY MARKETPLACE PLATFORMS LIMITED) (CONTINUED)


Use of our report
 

This report is made solely to the Company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006Our audit work has been undertaken so that we might state to the Company's members those matters we are required to state to them in an 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.





Gary Wong BFP FCA (Senior Statutory Auditor)
  
for and on behalf of
Hillier Hopkins LLP
 
Chartered Accountants
Statutory Auditor
  
Radius House
51 Clarendon Road
Watford
Herts
WD17 1HP

25 July 2025
Page 11

 
FORBES DIGITAL MARKETING LIMITED (PREVIOUSLY MARKETPLACE PLATFORMS LIMITED)
 
 
STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 DECEMBER 2024

2024
2023
Note
£
£

  

Turnover
 4 
69,201,882
67,184,656

Cost of sales
  
(4,808,795)
(4,735,416)

Gross profit
  
64,393,087
62,449,240

Administrative expenses
  
(50,998,185)
(40,777,249)

Operating profit
 5 
13,394,902
21,671,991

Interest receivable and similar income
 9 
235,593
205,449

Interest payable and similar expenses
 10 
(1,218,688)
(1,606,392)

Profit before tax
  
12,411,807
20,271,048

Tax on profit
 11 
(3,102,562)
(4,133,281)

Profit for the financial year
  
9,309,245
16,137,767

Other comprehensive income for the year
  

Total comprehensive income for the year
  
9,309,245
16,137,767

The notes on pages 19 to 34 form part of these financial statements.

Page 12

 
FORBES DIGITAL MARKETING LIMITED (PREVIOUSLY MARKETPLACE PLATFORMS LIMITED)
REGISTERED NUMBER: 12651100

BALANCE SHEET
AS AT 31 DECEMBER 2024

2024
2023
Note
£
£

Fixed assets
  

Intangible assets
 12 
247,018,603
282,326,757

Tangible assets
 13 
50,619
42,088

  
247,069,222
282,368,845

Current assets
  

Debtors: amounts falling due within one year
 14 
69,004,399
65,388,043

Cash at bank and in hand
 15 
25,988,453
31,624,809

  
94,992,852
97,012,852

Creditors: amounts falling due within one year
 16 
(5,167,924)
(9,087,761)

Net current assets
  
 
 
89,824,928
 
 
87,925,091

Total assets less current liabilities
  
336,894,150
370,293,936

Creditors: amounts falling due after more than one year
 17 
(20,715,318)
(62,794,349)

Provisions for liabilities
  

Other provisions
 18 
-
(630,000)

  
 
 
-
 
 
(630,000)

Net assets
  
316,178,832
306,869,587


Capital and reserves
  

Called up share capital 
 19 
1,000
1,000

Share premium account
 20 
293,569,680
293,569,680

Profit and loss account
 20 
22,608,152
13,298,907

  
316,178,832
306,869,587


Page 13

 
FORBES DIGITAL MARKETING LIMITED (PREVIOUSLY MARKETPLACE PLATFORMS LIMITED)
REGISTERED NUMBER: 12651100
    
BALANCE SHEET (CONTINUED)
AS AT 31 DECEMBER 2024

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




................................................
T J Callahan
Director

Date: 25 July 2025

The notes on pages 19 to 34 form part of these financial statements.

Page 14

 
FORBES DIGITAL MARKETING LIMITED (PREVIOUSLY MARKETPLACE PLATFORMS LIMITED)
 

STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2024


Called up share capital
Share premium account
Other reserves
Profit and loss account
Total equity

£
£
£
£
£


At 1 January 2023
1
-
293,570,679
(2,838,860)
290,731,820


Comprehensive income for the year

Profit for the year
-
-
-
16,137,767
16,137,767
Total comprehensive income for the year
-
-
-
16,137,767
16,137,767

Shares issued during the year
999
293,569,680
-
-
293,570,679

Transfer on issue of shares
-
-
(293,570,679)
-
(293,570,679)



At 1 January 2024
1,000
293,569,680
-
13,298,907
306,869,587


Comprehensive income for the year

Profit for the year
-
-
-
9,309,245
9,309,245
Total comprehensive income for the year
-
-
-
9,309,245
9,309,245


Total transactions with owners
-
-
-
-
-


At 31 December 2024
1,000
293,569,680
-
22,608,152
316,178,832


The notes on pages 19 to 34 form part of these financial statements.

Page 15

 
FORBES DIGITAL MARKETING LIMITED (PREVIOUSLY MARKETPLACE PLATFORMS LIMITED)
 

STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 DECEMBER 2024

2024
2023
£
£

Cash flows from operating activities

Profit for the financial year
9,309,245
16,137,767

Adjustments for:

Amortisation of intangible assets
35,313,243
35,285,340

Depreciation of tangible assets
36,657
5,180

Interest paid
1,218,688
1,606,392

Interest received
(235,593)
(205,449)

Taxation charge
3,102,562
4,133,281

Decrease in debtors
179,331
712,403

(Increase) in amounts owed by groups
(3,188,795)
(13,991,179)

Increase in creditors
227,222
1,128,899

(Decrease) in amounts owed to groups
(45,471,131)
(8,885,085)

(Decrease)/increase in provisions
(630,000)
630,000

Corporation tax (paid)
(4,464,412)
(3,378,322)

Net cash generated from operating activities

(4,602,983)
33,179,227


Cash flows from investing activities

Purchase of intangible fixed assets
(5,090)
(106,207)

Purchase of tangible fixed assets
(45,188)
(47,268)

Interest received
235,593
205,449

Net cash from investing activities

185,315
51,974

Cash flows from financing activities

Interest paid
(1,218,688)
(1,606,392)

Net cash used in financing activities
(1,218,688)
(1,606,392)

Net (decrease)/increase in cash and cash equivalents
(5,636,356)
31,624,809

Cash and cash equivalents at beginning of year
31,624,809
-

Cash and cash equivalents at the end of year
25,988,453
31,624,809


Cash and cash equivalents at the end of year comprise:

Cash at bank and in hand
25,988,453
31,624,809

25,988,453
31,624,809


Page 16

 
FORBES DIGITAL MARKETING LIMITED (PREVIOUSLY MARKETPLACE PLATFORMS LIMITED)
 
The notes on pages 19 to 34 form part of these financial statements.

Page 17

 
FORBES DIGITAL MARKETING LIMITED (PREVIOUSLY MARKETPLACE PLATFORMS LIMITED)
 

ANALYSIS OF NET DEBT
FOR THE YEAR ENDED 31 DECEMBER 2024




At 1 January 2024
Cash flows
At 31 December 2024
£

£

£

Cash at bank and in hand

31,624,809

(5,636,356)

25,988,453


31,624,809
(5,636,356)
25,988,453

The notes on pages 19 to 34 form part of these financial statements.

Page 18

 
FORBES DIGITAL MARKETING LIMITED (PREVIOUSLY MARKETPLACE PLATFORMS LIMITED)
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

1.


General information

Forbes Digital Marketing Limited (previously Marketplace Platforms Limited) is a private company limited by shares incorporated in England within the United Kingdom. The address of the registered office is 45 Pall Mall, London, United Kingdom, SW1Y 5JG.
The company changed its name from Marketplace Platforms Limited to Forbes Digital Marketing Limited on 25th February 2025. 
The company's principal activity is the publication and supply of consumer and business content. 

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 financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in the financial statements are rounded to the nearest £1.

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

Going concern

As at the year end, the Company had net current asset of £89,824,928 (2023: £87,925,091), net assets of £316,178,832 (2023: £306,869,587) and generated a profit before tax of £12,411,807 (2023: £20,271,048).
The financial statements have been prepared on a going concern basis as the parent undertaking, Forbes Marketplace Holdings Limited, has indicated that it will continue to support the company financially for at least twelve months from the date of the audit report. Having due regard to these matters and after making appropriate enquiries including preparing budgets and forecasts, the Director has reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future.
Therefore, the financial statements have been prepared on the going concern basis which assumes that the company will continue in operational existence for a period of at least 12 months following the approval of these financial statements.

Page 19

 
FORBES DIGITAL MARKETING LIMITED (PREVIOUSLY MARKETPLACE PLATFORMS LIMITED)
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

2.Accounting policies (continued)

 
2.3

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 Comprehensive Income within 'finance income or costs'. All other foreign exchange gains and losses are presented in profit or loss within 'other operating income'.

 
2.4

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 20

 
FORBES DIGITAL MARKETING LIMITED (PREVIOUSLY MARKETPLACE PLATFORMS LIMITED)
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

2.Accounting policies (continued)

 
2.5

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.

 
2.6

Research and development

In the research phase of an internal project it is not possible to demonstrate that the project will generate future economic benefits and hence all expenditure on research shall be recognised as an expense when it is incurred. Intangible assets are recognised from the development phase of a project if and only if certain specific criteria are met in order to demonstrate the asset will generate probable future economic benefits and that its cost can be reliably measured. The capitalised development costs are subsequently amortised on a straight-line basis over their useful economic lives, which range from 3 to 6 years.
If it is not possible to distinguish between the research phase and the development phase of an internal project, the expenditure is treated as if it were all incurred in the research phase only.

 
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

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 21

 
FORBES DIGITAL MARKETING LIMITED (PREVIOUSLY MARKETPLACE PLATFORMS LIMITED)
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

2.Accounting policies (continued)

 
2.10

Taxation

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.


 
2.11

Intangible assets

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

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

 The estimated useful lives range as follows:

Trademarks
-
10
years
Website Development
-
3
years

 
2.12

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:

Computer equipment
-
50%
straight-line

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

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

 
2.13

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.

Page 22

 
FORBES DIGITAL MARKETING LIMITED (PREVIOUSLY MARKETPLACE PLATFORMS LIMITED)
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

2.Accounting policies (continued)

 
2.14

Cash and cash equivalents

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

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

 
2.15

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.

 
2.16

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.

 
2.17

Financial instruments

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

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

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets

Basic financial assets, which include trade and other 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.

Impairment of financial assets

Page 23

 
FORBES DIGITAL MARKETING LIMITED (PREVIOUSLY MARKETPLACE PLATFORMS LIMITED)
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

2.Accounting policies (continued)


2.17
Financial instruments (continued)

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.

Basic financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the 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.

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 24

 
FORBES DIGITAL MARKETING LIMITED (PREVIOUSLY MARKETPLACE PLATFORMS LIMITED)
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

2.Accounting policies (continued)


2.17
Financial instruments (continued)



3.


Judgments in applying accounting policies and key sources of estimation uncertainty

The preparation of the financial statements in conformity with generally accepted accounting principles require the directors to make estimations and assumptions that affect the reported amounts of assets and lliabilities at the date of financial statements  and the reported amoutns of revenues and expenses during the reporting period. Actual results in the future could differ from those estimates. 
Valuation of Intellectual property
Intellectual properties are all held at cost less amortisation and impairment in accordance with valuations carried out by external valuers. Valuations are based on a number of key assumptions, including estimates of future income and terminal value. The intellectual property is subject to annual impairment reviews.
The intellectual property is subject to impairment reviews.


4.


Turnover

An analysis of turnover by class of business is as follows:


2024
2023
£
£

Group profit share
68,192,007
66,456,685

Sales
1,009,875
727,971

69,201,882
67,184,656


Analysis of turnover by country of destination:

2024
2023
£
£

United Kingdom
1,009,875
727,971

Rest of the world
68,192,007
66,456,685

69,201,882
67,184,656


Page 25

 
FORBES DIGITAL MARKETING LIMITED (PREVIOUSLY MARKETPLACE PLATFORMS LIMITED)
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

5.


Operating profit

The operating profit/(loss) is stated after charging/(crediting):

2024
2023
£
£

Exchange differences
849,252
(3,429,401)

Other operating lease rentals
124,375
99


6.


Auditor's remuneration

During the year, the Company obtained the following services from the Company's auditor and its associates:


2024
2023
£
£

Fees payable to the Company's auditor for the audit of the Company's financial statements
60,000
57,000

Fees payable to the Company's auditor in respect of:

Audit-related assurance services
3,250
3,000

Taxation compliance services
4,900
7,550

Other Services
11,250
10,075


7.


Employees

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


2024
2023
£
£

Wages and salaries
10,871,303
6,376,331

Social security costs
1,091,684
680,089

Cost of defined contribution scheme
411,755
226,473

12,374,742
7,282,893


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


        2024
        2023
            No.
            No.







Employees
102
63

Page 26

 
FORBES DIGITAL MARKETING LIMITED (PREVIOUSLY MARKETPLACE PLATFORMS LIMITED)
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

8.


Directors' remuneration

2024
2023
£
£

Directors' emoluments
330,044
295,690

Company contributions to defined contribution pension schemes
6,965
7,410

337,009
303,100


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

The highest paid director received remuneration of £330,044 (2023 - £295,690).

The value of the Company's contributions paid to a defined contribution pension scheme in respect of the highest paid director amounted to £6,965 (2023 - £7,410).


9.


Interest receivable

2024
2023
£
£


Other interest receivable
235,593
205,449

235,593
205,449


10.


Interest payable and similar expenses

2024
2023
£
£


Loans from group undertakings
1,145,114
1,606,392

Other interest payable
73,574
-

1,218,688
1,606,392

Page 27

 
FORBES DIGITAL MARKETING LIMITED (PREVIOUSLY MARKETPLACE PLATFORMS LIMITED)
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

11.


Taxation


2024
2023
£
£

Corporation tax


Current tax on profits for the year
3,102,562
4,133,281


3,102,562
4,133,281


Total current tax
3,102,562
4,133,281

Deferred tax

Total deferred tax
-
-


3,102,562
4,133,281
Page 28

 
FORBES DIGITAL MARKETING LIMITED (PREVIOUSLY MARKETPLACE PLATFORMS 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 lower than (2023 - lower than) the standard rate of corporation tax in the UK of 25% (2023 - 23.5%). The differences are explained below:

2024
2023
£
£


Profit on ordinary activities before tax
12,411,807
20,271,048


Profit on ordinary activities multiplied by standard rate of corporation tax in the UK of 25% (2023 - 23.5%)
3,102,952
4,763,396

Effects of:


Expenses not deductible for tax purposes, other than goodwill amortisation and impairment
894
(28,077)

Capital allowances for year in excess of depreciation
(2,133)
(14,578)

Utilisation of tax losses
-
(598,912)

Changes in provisions leading to an increase (decrease) in the tax charge
(26,548)
11,452

Other differences leading to an increase (decrease) in the tax charge
27,397
-

Total tax charge for the year
3,102,562
4,133,281


Factors that may affect future tax charges

There were no factors that may affect future tax charges.

Page 29

 
FORBES DIGITAL MARKETING LIMITED (PREVIOUSLY MARKETPLACE PLATFORMS LIMITED)
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

12.


Intangible assets




Website Development
Trademarks
Total

£
£
£



Cost


At 1 January 2024
106,207
352,784,322
352,890,529


Additions
5,090
-
5,090



At 31 December 2024

111,297
352,784,322
352,895,619



Amortisation


At 1 January 2024
6,908
70,556,864
70,563,772


Charge for the year on owned assets
34,811
35,278,433
35,313,244



At 31 December 2024

41,719
105,835,297
105,877,016



Net book value



At 31 December 2024
69,578
246,949,025
247,018,603



At 31 December 2023
99,299
282,227,458
282,326,757


The individual intangible assets which are material to the financial statements are as follows:


Net book value
Remaining amortisation period (years)

2024
2023
2024
2023
£
£



Trademarks

Trademark licence agreement
246,949,025
282,227,458
7
8




Page 30

 
FORBES DIGITAL MARKETING LIMITED (PREVIOUSLY MARKETPLACE PLATFORMS LIMITED)
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
 
           12.Intangible assets (continued)

The individual intangible assets which are material to the financial statements is the licence agreement for the use of the Forbes' trademark and Intellectual Property.
This was purchased from a group company at the value of £352,784,322 (equivalent to US$ 476,625,731) on 1 January 2022 and paid for by the company via an intercompany loan of £59,213,643 (US$ 80,000,000), with the balancing amount of £293,570,679 (US$ 326,625,731) settled by way of issue of share capital. 999 ordinary shares of £1 each were issued at a premium, with the price paid per share of £293,865.
These were subscribed for on 1 January 2022 but not issued until 3 October 2023. As a result, this was included in "other reserves" in the year end 31 December 2022, and was transferred to share capital and share premium in the prior year's financial statements.
The Directors have reviewed the intangible asset for impairment at year end and concluded there were no indicators of impairment. 



13.


Tangible fixed assets





Computer equipment

£



Cost 


At 1 January 2024
47,268


Additions
45,188



At 31 December 2024

92,456



Depreciation


At 1 January 2024
5,180


Charge for the year on owned assets
36,657



At 31 December 2024

41,837



Net book value



At 31 December 2024
50,619



At 31 December 2023
42,088

Page 31

 
FORBES DIGITAL MARKETING LIMITED (PREVIOUSLY MARKETPLACE PLATFORMS LIMITED)
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

14.


Debtors

2024
2023
£
£


Trade debtors
83,176
310,206

Amounts owed by group undertakings
68,083,475
64,894,680

Other debtors
673,359
16,311

Prepayments and accrued income
164,389
166,846

69,004,399
65,388,043



15.


Cash and cash equivalents

2024
2023
£
£

Cash at bank and in hand
25,988,453
31,624,809

25,988,453
31,624,809



16.


Creditors: Amounts falling due within one year

2024
2023
£
£

Trade creditors
1,584,339
861,892

Amounts owed to group undertakings
41,919
3,434,019

Corporation tax
-
754,959

Other taxation and social security
959,228
135,288

Other creditors
307,362
229,510

Accruals and deferred income
2,275,076
3,672,093

5,167,924
9,087,761



17.


Creditors: Amounts falling due after more than one year

2024
2023
£
£

Amounts owed to group undertakings
20,715,318
62,794,349


The amounts owed to group undertakings is a loan from a group company of US$26,000,000 (2023: US$80,000,000). This carries interest at the rate of 2.5% and repayable within 4 years.

Page 32

 
FORBES DIGITAL MARKETING LIMITED (PREVIOUSLY MARKETPLACE PLATFORMS LIMITED)
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

18.


Provisions





Other provision

£





At 1 January 2024
630,000


Released in year
(630,000)



At 31 December 2024
-

The company has established a provision based on management's best estimate of the potential liability to third parties.


19.


Share capital

2024
2023
£
£
Allotted, called up and fully paid



1,000 (2023 - 1,000) Ordinary shares shares of £1.00 each
1,000
1,000



20.


Reserves

Share premium account

Includes any premiums received on issue of share capital. Any transactions associated with the issuing of shares are deducted from the share premium.

Profit and loss account

Includes all current and prior period retained profit and losses.


21.


Pension commitments

The Company operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the Company  in an independently administered fund. The pension cost charge represents contributions payable by the Company  to the fund and amounted to £411,755 (2023:  £226,473). Contributions totalling £402 (2023: £48,734) were payable to the fund at the balance sheet date and are included in creditors.

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FORBES DIGITAL MARKETING LIMITED (PREVIOUSLY MARKETPLACE PLATFORMS LIMITED)
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

22.


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
17,466
28,801

17,466
28,801


23.Other financial gurarantees

The company had secured a debenture by giving fixed and floating charges including negative pledges over its assets to HSBC UK Bank Plc on 14 March 2023. These charges have been satisfied on 7 August 2024.


24.


Related party transactions

The company is a subsidiary of Forbes Digital Marketing Holdings Limited. As the parent company, Forbes Digital Marketing Holdings Limited publishes consolidated group accounts and the company has accordingly taken advantage of the exemption not to report transactions with other group company as permitted by FRS 102 section 33.1A.


25.


Post balance sheet events

The company has repaid the loan from a group company of £20,715,318 (US$26,000,000) on 27 January 2025.


26.


Controlling party

The company is a wholly owned subsidiary of Forbes Digital Markeing Holdings Limited, a company incorporated in the British Virgin Islands. Company number 1957605. Registered Office c/o Vistra (BVI) Limited, Vistra Corporate Services Centre, Wickhams Cay II, Road Town, VG1110, VG. 
 
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