Company registration number 02701507 (England and Wales)
FINN PARTNERS LIMITED
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
FINN PARTNERS LIMITED
COMPANY INFORMATION
Directors
Ms C Bowman-Boyles
Mr N Finn
Mr P Finn
Ms D Merriam
Company number
02701507
Registered office
1st Floor Bentima House
168-172 Old Street
London
EC1V 9BP
Auditor
Kirk Rice LLP
Zeeta House
200 Upper Richmond Road
Putney
London
SW15 2SH
FINN PARTNERS LIMITED
CONTENTS
Page
Strategic report
1 - 4
Directors' report
5 - 6
Independent auditor's report
7 - 9
Statement of comprehensive income
10
Statement of financial position
11
Statement of changes in equity
12
Notes to the financial statements
13 - 29
FINN PARTNERS LIMITED
STRATEGIC REPORT
FOR THE YEAR ENDED 31 DECEMBER 2024
- 1 -
The directors present the strategic report for the year ended 31 December 2024.
About Finn Partners
Finn Partners was founded by Peter Finn, who made the decision to set up a new style of marketing communications agency, after spending 11 years serving as co-CEO and over 20 years in total working at an historic agency that carried his father's name. Peter's vision was to build something different, bold, meaningful and amazing for clients, colleagues and the community.
This was to be a "new" agency model, driven by a collaborative spirit, with ‘making a difference in the world’ at its core. At our founding we had $18m in fees, 150 colleagues, and six offices, mainly in the US. We now stand, in 2025, projecting $200m in fees, with over 1,400 colleagues and 36 offices, on three continents. We have created this industry leading growth, by employing a strategic approach to acquiring smaller agencies led by entrepreneurial individuals who wish to become part of something bigger, and by a strong focus on growing our client base organically. Our founding Managing Partners, highly respected colleagues who took the leap and founded our agency with Peter Finn, have been joined in this endeavour by industry leaders and the principals of the agencies that became Finn Partners’ companies.
Finn Partners is a full-service integrated marketing agency. We are able to provide our clients with the full range of marketing support services, including, but not limited to: Advertising, Branding and Positioning, Content Creation, Corporate Reputation, Corporate Social Responsibility and Social Impact, Crisis (Preparedness and Management), Digital Marketing, Event Management and Support, Influencer Programmes, Public affairs, Public Relations, Research & insights, Social media, International coordination and Media relations.
During 2024 we acquired Claudine Colin Communications, the most respected agency in the European Arts & Culture sector, based in Paris. Over the next two years we will transition the Claudine Colin brand and the group will become known as Finn Partners Arts & Culture. The team at Claudine Colin works with some of the best known museums, galleries, and architecture firms in the world, including, Centre Georges Pompidou, Musee Picasso, Qatar Museums Authority, Louvre Lens, Pinault Collection, Fondation Cartier, Luma Arles, MUCEM and le Grand Palais. Many clients are ‘private’ collections or foundations, backed by large luxury groups such as Kering. Our aim is to introduce our luxury team to these clients over time, and expand our relationships with these global brands.
Our industry standing
In 2024, Finn Partners EMEA was shortlisted for 42 industry awards, including mid-sized consultancy of the year by PR Week, and PRovoke, the two leading industry publications/awards programmes in the region. Three of our managing partners were named to the PR Week UK Powerbook, whilst the senior partner responsible for our office in Abu Dhabi was named to the PR Week MENA Powerbook. Our travel practice was named Travel PR Agency of the Year, and the leader of that practice, Business Leader of the Year. We also saw client campaigns, and our younger professionals being recognised as best in class.
Clients we work with
We work with some of the world's leading organisations, covering many different market sectors including technology, sustainability, education, foreign direct investment, travel, financial services, consumer and lifestyle, health, social impact and the arts. Our clients include Accor, Pan Pacific Hotel Group, ADP, Musee Picasso, Centre Georges Pompidou, Langham Group, The Partnership Fund for a Resilient Ukraine, DCSA, Forrester Research, Memorial Sloan Kettering, Boston Scientific, Aldi, Sanofi, University of East London, Tourism Ireland, Allianz, IDA Ireland, Chubb, IEEE, NetScout, Deutsche Bank, Commerzbank, BNY Mellon, 2K Games, Waitrose, N Brown, Dole and Toolstation. Many of our clients rely on FINN Partners for support in multiple countries and international coordination is a key differentiator for us.
FINN PARTNERS LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 2 -
How we work with our clients
Our business would not exist without our clients, many of whom have been working with us (or our constituent parts) for 15 to 20 years. Our relationships with our clients are built on the principles of:
Proactivity, communication, transparency, reliability, pragmatism and trust;
We invest time in getting under the skin of a new client's business, often embedding team members at client sites on a weekly or monthly basis. We hold monthly review meetings to check our work is achieving immediate goals, and quarterly and annual progress meetings to review KPIs and set/re-set programme objectives and new KPIs. Once a year we survey our clients to ensure our partnerships are delivering the value we have promised.
Our employees
Our employees are our most important asset, integral to the success of our business. We regularly conduct employee satisfaction surveys, have a robust performance improvement system in place, and ensure all employees undertake training. This training has developed over recent years to include internal webinars from colleagues all over the Finn Partners team, as well as local specialists, ensuring all our team are motivated and constantly developing.
We encourage our staff to become members of the Public Relations Consultants Association (PRCA) and further their understanding of the industry. The company itself has achieved the Gold Award in the PRCA Consultancy Management Standard audit on multiple occasions, most recently in March 2025.
Finn Partners prefers to recruit at the junior level and invests significant time and energy into training its people. Our people tend to stay with us for longer than the industry average and are promoted and given new and better career opportunities regularly. Our rewards and benefits system was in 2022 recognised by PRWeek as being one of the best in the UK, and we were shortlisted in the PR Week Best Place to Work Awards again in 2024. The company recognises the benefits of a diverse workforce and aims to continue to improve in all sectors. Our UK board of Directors has over 50% female participation and 14% of our workforce is from non-white communities. We encourage people of all religions and all genders to follow a career with FINN Partners. We see this as strategically important and will continue to encourage as diverse a team as possible as we grow.
Our growth strategy
In the UK and EMEA, our growth strategy mirrors that of our business in the US. As well as a proactive new business and organic growth programme, we seek to grow by acquisition to deepen our capabilities in a sector or broaden our appeal to new industry sectors. Following acquisitions in recent years, we now represent almost as many of the industry sectors within the UK as our parent company does in the United States. Over the coming years we intend to acquire or grow organically into additional sectors, and countries, so that we can offer all our clients the FINN level of service in whichever geography or vertical market they require.
FINN PARTNERS LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 3 -
Financial performance
The company's financial performance is monitored on a continual basis. This includes reviews of monthly management accounts, comparisons with budget and consideration of reforecasting requirements.
The main KPI's that are reviewed are:
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Net profit/(loss) after tax | | | | |
All our existing teams and newly acquired companies adhere to our key performance indicators, the most important of which we call the fee:salary ratio. This ratio is applied to our whole team, enabling us to ensure the key costs of our business are controlled. With 80% of our income deriving from retained contracts, we are able to use forecasting tools to ensure recruitment is both timely and at the right level, so that we can provide the correct service to our clients and maintain employee satisfaction.
The success of our business is dependent on the support of all our stakeholders - our shareholders, our colleagues, our clients and suppliers and the local community. Building good positive relationships with stakeholders that share our values is important to us and working together this with them towards shared goals assists us in delivering long-term sustainable success.
Regular staff surveys and client communication have guaranteed that everyone's opinion has been heard and taken into consideration, continuing to build on the collective spirit of the Finn Partners family.
A potential risk we acknowledge is foreign exchange, to which we are exposed from sales to overseas clients. There is also the potential of credit risk to our clients from any external economic downturn.
Commitment to community
As part of our commitment to our local community we continue to use local suppliers where possible and focus our recruitment and internship schemes on local schools and universities in the East End of London. We support the PRCA apprenticeship programme, have a comprehensive training programme and sponsor Shoreditch Youth Football Club - which provides training and mentoring to youths and families in the area around our office, as well as the University of Kent’s Netball Club, which has helped us recruit graduates from a diverse range of backgrounds.
Our Managing Partners are mentors, trustees of multiple charities and play an active role in furthering the PR and communications industry.
S172 declaration
As directors, we are aware of our duty under section 172 of the Companies Act 2006 to act in the way we consider, in good faith, would be most likely to promote the company's success for the benefit of the shareholders as a whole, and to have regard to the long term effect of our decisions on the company and its other stakeholders.
In seeking to achieve this, we have regard to:
FINN PARTNERS LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 4 -
Mr P Finn
Director
12 June 2025
FINN PARTNERS LIMITED
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 DECEMBER 2024
- 5 -
The directors present their annual report and financial statements for the year ended 31 December 2024.
Results and dividends
The results for the year are set out on page 10.
No ordinary dividends were paid. The directors do not recommend payment of a final dividend.
Directors
The directors who held office during the year and up to the date of signature of the financial statements were as follows:
Ms C Bowman-Boyles
Mr N Finn
Mr P Finn
Ms D Merriam
Auditor
The auditor, Kirk Rice LLP, is deemed to be reappointed under section 487(2) of the Companies Act 2006.
Statement of directors' responsibilities
The directors are responsible for preparing the annual report and the financial statements in accordance with applicable law and regulations.
Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period. In preparing these financial statements, the directors are required to:
select suitable accounting policies and then apply them consistently;
make judgements and accounting estimates that are reasonable and prudent;
prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.
The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company’s transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
Statement of disclosure to auditor
So far as each person who was a director at the date of approving this report is aware, there is no relevant audit information of which the company’s auditor is unaware. Additionally, the directors individually have taken all the necessary steps that they ought to have taken as directors in order to make themselves aware of all relevant audit information and to establish that the company’s auditor is aware of that information.
Medium-sized companies exemption
This report has been prepared in accordance with the provisions applicable to companies entitled to the medium-sized companies exemption.
FINN PARTNERS LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 6 -
On behalf of the board
Mr P Finn
Director
12 June 2025
FINN PARTNERS LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF FINN PARTNERS LIMITED
- 7 -
Opinion
We have audited the financial statements of Finn Partners Limited (the 'company') for the year ended 31 December 2024 which comprise the statement of comprehensive income, the statement of financial position, the statement of changes in equity and notes to the financial statements, including significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).
In our opinion the financial statements:
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.
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
Conclusions relating to going concern
In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.
Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.
Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.
The other information comprises the information included in the annual report other than the financial statements and our auditor's report thereon. The directors are responsible for the other information contained within the annual report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.
We have nothing to report in this regard.
Opinions on other matters prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of our audit:
the information given in the strategic report and the directors' report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
the strategic report and the directors' report have been prepared in accordance with applicable legal requirements.
FINN PARTNERS LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF FINN PARTNERS LIMITED
- 8 -
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, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. In preparing the financial statements, the directors are responsible for assessing the company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the company or to cease operations, or have no realistic alternative but to do so.
Auditor's responsibilities for the audit of the financial statements
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.
The extent to which our procedures are capable of detecting irregularities, including fraud, is detailed below.
Our audit approach was developed by obtaining an understanding of the Company's activities, the key functions undertaken on behalf of the Board by management and by service organisations, and the overall control environment. Based on this understanding we assessed those aspects of the Company's transactions and balances which were most likely to give rise to a material misstatement and were most susceptible to irregularities including fraud or error. Specifically, we identified what we considered to be key audit risks and planned our approach accordingly.
We gained an understanding of the legal and regulatory framework applicable to the Company and the industry in which it operates, and considered the risk of acts by the Company which were contrary to applicable laws and regulations, including fraud. These included but were not limited to compliance with Companies Act 2006 and FRS 102.
We designed audit procedures to respond to the risk, recognising that the risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate concealment by, for example, forgery, misrepresentation or through collusion.
We focused on laws and regulations that could give rise to a material misstatement in the financial statements. Our tests included, but were not limited to:
FINN PARTNERS LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF FINN PARTNERS LIMITED
- 9 -
There are inherent limitations in the audit procedures described above and the further removed non-compliance with laws and regulations is from the events and transactions reflected in the financial statements, the less likely we would become aware of it. As in all of our audits we also addressed the risk of management override of internal controls, including testing journals and evaluating whether there was evidence of bias by the directors that represented a risk of material misstatement due to fraud.
A further description of our responsibilities is available on the Financial Reporting Council’s website at: https://www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report.
This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in an auditor's report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members as a body, for our audit work, for this report, or for the opinions we have formed.
David Forinton
Senior Statutory Auditor
For and on behalf of Kirk Rice LLP
13 June 2025
Statutory Auditor
Zeeta House
200 Upper Richmond Road
Putney
London
SW15 2SH
FINN PARTNERS LIMITED
STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 DECEMBER 2024
- 10 -
2024
2023
Notes
£
£
Turnover
3
21,667,992
14,068,842
Cost of sales
(16,903,533)
(10,962,230)
Gross profit
4,764,459
3,106,612
Administrative expenses
(4,350,885)
(2,859,415)
Operating profit
4
413,574
247,197
Interest payable and similar expenses
8
(17,518)
(13,489)
Amounts written off investments
9
2,565,734
(3,085,131)
Profit/(loss) before taxation
2,961,790
(2,851,423)
Tax on profit/(loss)
10
(189,827)
(62,610)
Profit/(loss) for the financial year
2,771,963
(2,914,033)
The income statement has been prepared on the basis that all operations are continuing operations.
FINN PARTNERS LIMITED
STATEMENT OF FINANCIAL POSITION
AS AT 31 DECEMBER 2024
31 December 2024
- 11 -
2024
2023
Notes
£
£
£
£
Fixed assets
Goodwill
12
3,381,474
3,262,563
Tangible assets
13
664,324
264,195
Investments
14
13,693,139
10,132,596
17,738,937
13,659,354
Current assets
Debtors
16
12,911,418
7,796,235
Cash at bank and in hand
302,888
135,401
13,214,306
7,931,636
Creditors: amounts falling due within one year
17
(28,350,995)
(23,114,259)
Net current liabilities
(15,136,689)
(15,182,623)
Total assets less current liabilities
2,602,248
(1,523,269)
Creditors: amounts falling due after more than one year
18
(2,661,521)
(1,315,565)
Provisions for liabilities
Deferred tax liability
21
63,024
55,426
(63,024)
(55,426)
Net liabilities
(122,297)
(2,894,260)
Capital and reserves
Called up share capital
23
140
140
Profit and loss reserves
(122,437)
(2,894,400)
Total equity
(122,297)
(2,894,260)
These financial statements have been prepared in accordance with the provisions relating to medium-sized companies.
The financial statements were approved by the board of directors and authorised for issue on 12 June 2025 and are signed on its behalf by:
Mr P Finn
Director
Company registration number 02701507 (England and Wales)
FINN PARTNERS LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2024
- 12 -
Share capital
Profit and loss reserves
Total
£
£
£
Balance at 1 January 2023
140
19,633
19,773
Year ended 31 December 2023:
Loss and total comprehensive income
-
(2,914,033)
(2,914,033)
Balance at 31 December 2023
140
(2,894,400)
(2,894,260)
Year ended 31 December 2024:
Profit and total comprehensive income
-
2,771,963
2,771,963
Balance at 31 December 2024
140
(122,437)
(122,297)
FINN PARTNERS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
- 13 -
1
Accounting policies
Company information
Finn Partners Limited is a private company limited by shares incorporated in England and Wales. The registered office is 1st Floor Bentima House, 168-172 Old Street, London, EC1V 9BP.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006.
The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
This company is a qualifying entity for the purposes of FRS 102, being a member of a group where the parent of that group prepares publicly available consolidated financial statements, including this company, which are intended to give a true and fair view of the assets, liabilities, financial position and profit or loss of the group. The company has therefore taken advantage of exemptions from the following disclosure requirements:
Section 7 ‘Statement of Cash Flows’: Presentation of a statement of cash flow and related notes and disclosures;
Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instrument Issues: Interest income/expense and net gains/losses for financial instruments not measured at fair value; basis of determining fair values; details of collateral, loan defaults or breaches, details of hedges, hedging fair value changes recognised in profit or loss and in other comprehensive income;
Section 26 ‘Share based Payment’: Share-based payment expense charged to profit or loss, reconciliation of opening and closing number and weighted average exercise price of share options, how the fair value of options granted was measured, measurement and carrying amount of liabilities for cash-settled share-based payments, explanation of modifications to arrangements;
The financial statements of the company are consolidated in the financial statements of Finn Partners Holdings Limited. These consolidated financial statements are available from its registered office: First Floor, Bentima House, 168-172 Old Street, London, England, EC1V 9BP.
1.2
Going concern
The companytrue, with the support of its parent company, has sufficient liquid resources to continue as a going concern for the foreseeable future and the directors believe the company will be able to meet its liabilities as they fall due for at least twelve months from the date of approval of these financial statements. Therefore the financial statements have been prepared on a going concern basis.
FINN PARTNERS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
1
Accounting policies
(Continued)
- 14 -
1.3
Turnover
Turnover is recognised to the extent that it is probable that the economic benefits will flow to the company and the turnover can be reliably measured. Turnover 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 turnover is recognised:
Rendering of services
Turnover 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:
1.4
Intangible fixed assets - goodwill
Goodwill represents the excess of the cost of acquisition of unincorporated businesses over the fair value of net assets acquired. It is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is considered to have a finite useful life and is amortised on a systematic basis over its expected life, which is ten years.
For the purposes of impairment testing, goodwill is allocated to the cash-generating units expected to benefit from the acquisition. Cash-generating units to which goodwill has been allocated are tested for impairment at least annually, or more frequently when there is an indication that the unit may be impaired. If the recoverable amount of the cash-generating unit is less than the carrying amount of the unit, the impairment loss is allocated first to reduce the carrying amount of any goodwill allocated to the unit and then to the other assets of the unit pro-rata on the basis of the carrying amount of each asset in the unit.
1.5
Tangible fixed assets
Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Leasehold improvements
10-20% straight line
Fixtures and fittings
20% straight line
Computer equipment
20% straight line
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.
1.6
Fixed asset investments
Interests in subsidiaries, associates and jointly controlled entities are initially measured at cost and subsequently measured at cost less any accumulated impairment losses. The investments are assessed for impairment at each reporting date and any impairment losses or reversals of impairment losses are recognised immediately in profit or loss.
A subsidiary is an entity controlled by the company. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities.
FINN PARTNERS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
1
Accounting policies
(Continued)
- 15 -
1.7
Impairment of fixed assets
At each reporting period end date, the company reviews the carrying amounts of its tangible and intangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.
1.8
Cash and cash equivalents
Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
1.9
Financial instruments
Other financial assets
Other financial assets, including investments in equity instruments which are not subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the transaction price. Such assets are subsequently carried at fair value and the changes in fair value are recognised in profit or loss, except that investments in equity instruments that are not publicly traded and whose fair values cannot be measured reliably are measured at cost less impairment.
Debtors
Debtors do not carry interest and are stated at their nominal value. Appropriate allowances for estimated irrecoverable amounts are recognised in the Profit and Loss account when there is objective evidence that the asset is impaired.
Impairment of financial assets
Financial assets, other than those held at fair value through profit and loss, are assessed for indicators of impairment at each reporting end date.
Financial assets are impaired where there is objective evidence that, as a result of one or more events that occurred after the initial recognition of the financial asset, the estimated future cash flows have been affected. If an asset is impaired, the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss is recognised in profit or loss.
If there is a decrease in the impairment loss arising from an event occurring after the impairment was recognised, the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been, had the impairment not previously been recognised. The impairment reversal is recognised in profit or loss.
Derecognition of financial assets
Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when the company transfers the financial asset and substantially all the risks and rewards of ownership to another entity, or if some significant risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party.
FINN PARTNERS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
1
Accounting policies
(Continued)
- 16 -
Other financial liabilities
Derivatives, including interest rate swaps and forward foreign exchange contracts, are not basic financial instruments. Derivatives are initially recognised at fair value on the date a derivative contract is entered into and are subsequently re-measured at their fair value. Changes in the fair value of derivatives are recognised in profit or loss in finance costs or finance income as appropriate, unless hedge accounting is applied and the hedge is a cash flow hedge.
Debt instruments that do not meet the conditions in FRS 102 paragraph 11.9 are subsequently measured at fair value through profit or loss. Debt instruments may be designated as being measured at fair value through profit or loss to eliminate or reduce an accounting mismatch or if the instruments are measured and their performance evaluated on a fair value basis in accordance with a documented risk management or investment strategy.
Creditors
Creditors are not interest bearing and are included at their nominal value.
Derecognition of financial liabilities
Financial liabilities are derecognised when the company’s contractual obligations expire or are discharged or cancelled.
1.10
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the income statement because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
Deferred tax
Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.
The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the income statement, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.
FINN PARTNERS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
1
Accounting policies
(Continued)
- 17 -
1.11
Retirement benefits
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 the statement of income and retained earnings when they fall due. Amounts not paid are shown in other creditors as a liability in the statement of financial position.
The assets of the plan are held separately from the company in independently administered funds.
1.12
Leases
Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessees. All other leases are classified as operating leases.
Assets held under finance leases are recognised as assets at the lower of the assets fair value at the date of inception and the present value of the minimum lease payments. The related liability is included in the statement of financial position as a finance lease obligation. Lease payments are treated as consisting of capital and interest elements. The interest is charged to profit or loss so as to produce a constant periodic rate of interest on the remaining balance of the liability.
Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leases asset are consumed.
1.13
Foreign exchange
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 the statement of income and retained earnings 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 the statement of income and retained earnings within 'other operating income'.
1.14
Finance costs are charged to the Statement of income and retained earnings 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.
FINN PARTNERS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 18 -
2
Judgements and key sources of estimation uncertainty
In the application of the company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.
Critical judgements
The following judgements (apart from those involving estimates) have had the most significant effect on amounts recognised in the financial statements.
Investments
The company establishes a reliable estimate of the investment cost on the acquisition of subsidiaries, which is based on future revenues and subject to possible impairment write-downs. This estimate is based on a variety of factors such as the expected consideration payable to acquire the business, use of the acquired business, the expected useful life of the cash generating units, any legal, regulatory or contractual provisions that can limit useful life and assumptions that market participants would consider in respect of similar businesses.
Depreciation and residual values
The directors have reviewed the asset lives and associated residual values of all fixed asset classes and have concluded that asset lives and residual values are appropriate.
The actual lives of the assets and residual values are assessed annually and may vary depending on a number of factors. In re-assessing asset lives, factors such as technological innovation, product life cycles and maintenance programmes are taken into account. Residual value assessments consider issues such as future market conditions, the remaining life of the asset and projected disposal values.
Provisions
A provision is recognised when the company has a present legal or constructive obligation as a result of a past event for which it is probable that an outflow of resources will be required to settle the obligation and the amount can be reliably estimated. If the effect is material, provisions are determined by discounting the expected future cash flow at a rate that reflects the time value of money and the risks specific to the liability.
Whether a present obligation is probable or not requires judgement. The nature and type of risks for these provisions differ and management's judgement is applied regarding the nature and extent of obligations in deciding if an outflow of resources is probable or not.
Key sources of estimation uncertainty
The estimates and assumptions which have a significant risk of causing a material adjustment to the carrying amount of assets and liabilities are as follows.
Accrued contingent consideration
Many of the group's business combinations include an element of contingent consideration which is paid to the selling shareholders over a number of years, dependent upon the business unit achieving financial targets over that period, as specified in the Share Purchase Agreements. On acquisition, an accrual is recognised for the contingent consideration which is expected to be paid over the contractual earn-out period. Subsequently, the estimated fair value of the future consideration is assessed at each year end and the contingent consideration accrual is adjusted as necessary. There is uncertainty when estimating the future financial performance of the business units, and therefore whether the financial targets will be achieved. As such, there is a significant risk that the carrying amount of the contingent consideration accrual may require material adjustments at each reporting date.
FINN PARTNERS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 19 -
3
Turnover
2024
2023
£
£
Turnover analysed by class of business
Total revenue
21,667,992
14,068,842
2024
2023
£
£
Turnover analysed by geographical market
United Kingdom
7,367,117
4,422,333
Rest of Europe
4,116,919
2,763,532
Rest of World
10,183,956
6,882,977
21,667,992
14,068,842
4
Operating profit
2024
2023
Operating profit for the year is stated after charging/(crediting):
£
£
Exchange losses/(gains)
347,741
(410,492)
Depreciation of owned tangible fixed assets
93,970
185,517
Loss on disposal of tangible fixed assets
22,576
-
Amortisation of intangible assets
362,189
333,746
Operating lease charges
845,583
598,627
5
Auditor's remuneration
In accordance with the exemption provided by Regulation 5 of the Companies (Disclosure of Auditor Remuneration and Liability Limitation Agreements) Regulations 2008, the company has not disclosed the auditor's remuneration in these financial statements. This information is included in the consolidated financial statements of the parent company, Finn Partners Holdings Limited, which are publicly available at Companies House.
6
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2024
2023
Number
Number
154
118
FINN PARTNERS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
6
Employees
(Continued)
- 20 -
Their aggregate remuneration comprised:
2024
2023
£
£
Wages and salaries
8,249,299
5,851,924
Social security costs
953,758
710,688
Pension costs
469,423
239,758
9,672,480
6,802,370
7
Directors' remuneration
2024
2023
£
£
Remuneration for qualifying services
716,260
321,352
Company pension contributions to defined contribution schemes
48,146
21,446
764,406
342,798
Remuneration disclosed above include the following amounts paid to the highest paid director:
2024
2023
£
£
Remuneration for qualifying services
220,660
321,352
Company pension contributions to defined contribution schemes
15,446
21,446
8
Interest payable and similar expenses
2024
2023
£
£
Other interest
17,518
13,489
9
Amounts written off investments
2024
2023
£
£
Other gains and losses
2,565,734
(3,085,131)
FINN PARTNERS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 21 -
10
Taxation
2024
2023
£
£
Current tax
UK corporation tax on profits for the current period
28,220
158,816
Adjustments in respect of prior periods
154,802
(105,913)
Total current tax
183,022
52,903
Deferred tax
Origination and reversal of timing differences
6,805
9,707
Total tax charge
189,827
62,610
The actual charge for the year can be reconciled to the expected charge/(credit) for the year based on the profit or loss and the standard rate of tax as follows:
2024
2023
£
£
Profit/(loss) before taxation
2,961,790
(2,851,423)
Expected tax charge/(credit) based on the standard rate of corporation tax in the UK of 25.00% (2023: 25.00%)
740,448
(712,856)
Tax effect of expenses that are not deductible in determining taxable profit
(543,490)
880,785
Effect of change in corporation tax rate
(10,740)
Group relief
(86,748)
Research and development tax credit
(40,000)
Other non-reversing timing differences
6,805
9,707
Under/(over) provided in prior years
154,802
(105,913)
Deferred tax not provided for
(47,632)
1,627
Profit on sale of tangible asset
5,642
Taxation charge for the year
189,827
62,610
11
Impairments
Impairment tests have been carried out where appropriate and the following impairment losses have been recognised in profit or loss:
2024
2023
Notes
£
£
In respect of:
Fixed asset investments
14
519,397
3,085,131
Recognised in:
Amounts written off investments
519,397
3,085,131
FINN PARTNERS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
11
Impairments
(Continued)
- 22 -
The impairment losses in respect of financial assets are recognised in other gains and losses in the income statement.
Reversals of previous impairment losses have been recognised in profit or loss as follows:
2024
2023
Notes
£
£
In respect of:
Fixed asset investments
14
3,085,131
-
Recognised in:
Amounts written off investments
3,085,131
-
The directors have assessed the carrying values of the company's fixed asset investments as at the balance sheet date for any indicators of impairment. In the prior year, an impairment loss was recognised in respect of the investments held in two subsidiaries for which the trading activity had been hived up in to Finn Partners Limited. However, the directors have re-considered the carrying values of the investments in these subsidiaries as at 31 December 2024, with consideration given to the net assets which remain in these subsidiaries. The directors have concluded that the recoverable amount of the investments in these subsidiaries is in excess of their impaired carrying values, and so in accordance with the requirements of FRS 102 Section 27, the company has reversed £3,085,131 of the previously recognised impairment loss. The carrying value of the investment has been adjusted accordingly, with the impairment reversal recognised within amounts written off investments in the Statement of Comprehensive Income.
12
Intangible fixed assets
Goodwill
£
Cost
At 1 January 2024
3,622,396
Adjustments to contingent consideration
481,100
At 31 December 2024
4,103,496
Amortisation and impairment
At 1 January 2024
359,833
Amortisation charged for the year
362,189
At 31 December 2024
722,022
Carrying amount
At 31 December 2024
3,381,474
At 31 December 2023
3,262,563
FINN PARTNERS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 23 -
13
Tangible fixed assets
Leasehold improvements
Fixtures and fittings
Computer equipment
Total
£
£
£
£
Cost
At 1 January 2024
272,636
178,638
457,282
908,556
Additions
409,854
889
105,933
516,676
Disposals
(270,886)
(134,433)
(93,674)
(498,993)
At 31 December 2024
411,604
45,094
469,541
926,239
Depreciation and impairment
At 1 January 2024
237,726
145,845
260,790
644,361
Depreciation charged in the year
21,071
12,971
59,928
93,970
Eliminated in respect of disposals
(253,205)
(129,537)
(93,674)
(476,416)
At 31 December 2024
5,592
29,279
227,044
261,915
Carrying amount
At 31 December 2024
406,012
15,815
242,497
664,324
At 31 December 2023
34,910
32,793
196,492
264,195
The net carrying value of tangible fixed assets includes the following in respect of assets held under finance leases or hire purchase contracts.
2024
2023
£
£
Computer equipment
18,763
86,645
Leasehold improvements
-
45,000
18,763
131,645
14
Fixed asset investments
2024
2023
Notes
£
£
Investments in subsidiaries
15
13,693,139
10,132,596
FINN PARTNERS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
14
Fixed asset investments
(Continued)
- 24 -
Movements in fixed asset investments
Shares in subsidiaries
£
Cost or valuation
At 1 January 2024
13,217,727
Adjustments to contingent consideration
994,810
At 31 December 2024
14,212,537
Impairment
At 1 January 2024
3,085,131
Impairment losses
(2,565,733)
At 31 December 2024
519,398
Carrying amount
At 31 December 2024
13,693,139
At 31 December 2023
10,132,596
15
Subsidiaries
Details of the company's subsidiaries at 31 December 2024 are as follows:
FINN PARTNERS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
15
Subsidiaries
(Continued)
- 25 -
Name of undertaking
Registered office
Class of
% Held
shares held
Direct
Indirect
The Brighter Group Limited
1st Floor, Bentima House, 168-172 Old Street, London, EC1V 9BP
Ordinary
100.00
-
Moorgate Communications Limited
1st Floor, Bentima House, 168-172 Old Street, London, EC1V 9BP
Ordinary
100.00
-
ZPR Limited
1st Floor, Bentima House, 168-172 Old Street, London, EC1V 9BP
Ordinary
100.00
-
Finn Partners SAS
9 Rue Du Four September, 75002, Paris 2, France
Ordinary
100.00
-
Finn Partners Germany GmbH
Herrnstr. 13, 80539, Munich, Germany
Ordinary
100.00
-
MintTwist Limited
1st Floor, Bentima House, 168-172 Old Street, London, EC1V 9BP
Ordinary
100.00
-
Pender & Associates Limited
50 Mount Street Upper, Dublin 2, Dublin D02 DP03
Ordinary
100.00
-
SPAG Consultants Private Limited
C-108, First Floor, Shivalik, New Delhi, South Delhi - 110017, Delhi, India
Ordinary
86.00
-
Spag Asia Pte Limited
7 Temasek Boulevard, #12-07, Suntec Tower One, Singapore (038987)
Ordinary
0
86.00
DI Yellow Elephant PVT. Ltd
1287, SEC-57, Gurugram, Gurgaon, 122001, Haryana, India
Ordinary
0
86.00
SPAG Digital Private Limited
D3 Tower, 004, Parasnath Exotica, Golf Course Road, Gurgaon, Haryana, Gurgaon, India
Ordinary
0
86.00
Hyderus Teoranta
Milltown, Tagoat, Co. Wexford, Wexford, Y35 A6C5, Ireland
Ordinary
100.00
-
Outre Creative Limited
1st Floor, Bentima House, 168-172 Old Street, London, EC1V 9BP
Ordinary
100.00
-
Balmain Design Limited
1st Floor, Bentima House, 168-172 Old Street, London, EC1V 9BP
Ordinary
100.00
-
Outre Creative Inc
355 Lexington Avenue, New York, 10017 NY United States of America
Ordinary
100.00
-
La SAS Claudine Colin Communication
3 rue de Turbigo, 75001, Paris, France
Ordinary
0
100.00
SPAG Consultant SDN. BHD.
Level 2, Menara BT, Tower 3, Avenue 7, Bangsar South, No.8, Jalan Kerinchi, Kuala Lumpur 59200
Ordinary
99.99
-
Finn Partners ME
Yas Creative Hub, Yas Island, Abu Dhabi
Ordinary
100.00
-
Finn Partners Limited is exempt from the requirement to prepare and deliver group accounts because it is itself a subsidiary undertaking of Finn Partners Holdings Limited.
The ultimate controlling parent company is, Finn Partners Inc, a company incorporated in the United States of America.
The smallest group undertaking for which consolidated financial statements are prepared, which include the company, is Finn Partners Holdings Limited. Its registered office is 1st Floor, Bentima House, 168-172 Old Street, London, United Kingdom, EC1V 9BP.
The largest group undertaking for which consolidated financial statements are prepared which include the company is Finn Partners Inc.
Finn Partners Inc. registered office is: 301 East 57th Street, New York, NY 10022.
FINN PARTNERS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 26 -
16
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
2,378,483
2,078,293
Corporation tax recoverable
20,153
Amounts owed by group undertakings
9,448,500
4,971,189
Other debtors
694,534
376,478
Prepayments and accrued income
369,748
370,275
12,911,418
7,796,235
Included within other debtors are rent deposits of £323.741 (2023: £298,908) receivable after more than one year.
17
Creditors: amounts falling due within one year
2024
2023
Notes
£
£
Bank loans
19
10,332
10,077
Obligations under finance leases
20
61,842
Trade creditors
1,849,081
657,478
Amounts owed to group undertakings
23,187,821
17,502,386
Corporation tax
105,383
Other taxation and social security
319,469
278,224
Other creditors
43,181
88,427
Accruals and deferred income
2,941,111
4,410,442
28,350,995
23,114,259
18
Creditors: amounts falling due after more than one year
2024
2023
Notes
£
£
Bank loans and overdrafts
19
6,335
16,589
Obligations under finance leases
20
24,073
Accruals and deferred income
2,655,186
1,274,903
2,661,521
1,315,565
FINN PARTNERS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 27 -
19
Loans and overdrafts
2024
2023
£
£
Bank loans
16,667
26,666
Payable within one year
10,332
10,077
Payable after one year
6,335
16,589
Included within bank loans are Bounce Back loans. These loans carry a fixed rate of interest of 2.5% and are repayable by August 2026.
20
Finance lease obligations
2024
2023
Future minimum lease payments due under finance leases:
£
£
Within one year
61,842
In two to five years
24,073
85,915
Finance lease payments represent rentals payable by the company or group for certain items of plant and machinery. Leases include purchase options at the end of the lease period, and no restrictions are placed on the use of the assets. The average lease term is 4.5 years. All leases are on a fixed repayment basis and no arrangements have been entered into for contingent rental payments.
21
Deferred taxation
The following are the major deferred tax liabilities and assets recognised by the company and movements thereon:
Liabilities
Liabilities
2024
2023
Balances:
£
£
Accelerated capital allowances
63,024
55,426
2024
Movements in the year:
£
Liability at 1 January 2024
55,426
Charge to profit or loss
7,598
Liability at 31 December 2024
63,024
FINN PARTNERS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 28 -
22
Retirement benefit schemes
2024
2023
Defined contribution schemes
£
£
Charge to profit or loss in respect of defined contribution schemes
469,423
239,758
The company operates a defined contribution pension scheme for all qualifying employees. The assets of the scheme are held separately from those of the company in an independently administered fund.
23
Share capital
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of £1 each
140
140
140
140
24
Pension commitments
The company operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the company in an independently administered fund. The pension cost charge in respect of these schemes amounted to £469,423 (2023: £239,758) and contributions totalling £9,456 (2023: £41,222) were payable to the fund at the balance sheet date and are included in other creditors.
25
Operating lease commitments
Lessee
At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, which fall due as follows:
2024
2023
£
£
Within one year
27,593
357,029
26
Related party transactions
The company has taken advantage of the exemptions in paragraph 1AC.35 of FRS 102 and has not disclosed transactions with wholly owned members of the group.
During the year, a close family member of one of the directors provided IT infrastructure consultancy services to Finn Partners Limited. The total amount paid to the close family member for these services was £31,463 (2023: £39,123).
During the year, Finn Partners Limited carried out the following transactions with SPAG Consultants Private Limited, an 86% subsidiary. The total sales during the year were £3,750 (2023: £96,717) and total purchases were £141,665 (2023: £22,144). The intercompany balance at the year end with SPAG Consultants Private Limited was £390,464 (2023: £74,573).
FINN PARTNERS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 29 -
27
Ultimate controlling party
At 31 December 2024, the company's immediate parent undertaking was Finn Partners Holdings Limited, a company registered in England and Wales.
The company's ultimate parent undertaking is Finn Partners Inc., a company incorporated in the United States of America. The company is controlled by P Finn.
The smallest group undertaking for which consolidated financial statements are prepared, which include the company, is Finn Partners Holdings Limited. Its registered office is 1st Floor, Bentima House, 168-172 Old Street, London, United Kingdom, EC1V 9BP.
The largest group undertaking for which consolidated financial statements are prepared, which include the company, is Finn Partners Inc. Its registered office is 301 East 57th Street, New York, NY 10022.
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