Company registration number 08296573 (England and Wales)
FINN PARTNERS HOLDINGS LIMITED
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
FINN PARTNERS HOLDINGS LIMITED
COMPANY INFORMATION
Directors
Ms C Bowman-Boyles
Mr P Finn
Ms D Merriam
Secretary
Mr P Finn
Company number
08296573
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 HOLDINGS LIMITED
CONTENTS
Page
Strategic report
1 - 4
Directors' report
5 - 6
Independent auditor's report
7 - 9
Profit and loss account
10
Group statement of comprehensive income
11
Group balance sheet
12
Company balance sheet
13
Group statement of changes in equity
14
Company statement of changes in equity
15
Group statement of cash flows
16
Company statement of cash flows
17
Notes to the financial statements
18 - 35
FINN PARTNERS HOLDINGS 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 HOLDINGS 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:

 

 

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 HOLDINGS LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 3 -
Financial performance

 

The group'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:

 

2024

2023

2022

2021

 

£

£

£

£

Turnover

30,894,597

27,226,280

20,369,295

12,706,449

Gross profit

10,869,481

10,516,088

9,334,239

7,122,401

EBITDA

1,430,323

2,168,164

1,660,621

1,518,019

Net profit/(loss) after tax

(949,558)

(340,996)

47,464

378,389

 

As detailed above, while the group's results show a net loss during the years ended 31 December 2024 and 2023, this is largely due to the significant level of amortisation charged on the goodwill that has arisen from historic acquisitions. Therefore, the EBITDA figures are considered a more accurate reflection of the profitability and ability of the group to generate cash on an ongoing basis.

 

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.

FINN PARTNERS HOLDINGS LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 4 -
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 group'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 group and its other stakeholders.

 

In seeking to achieve this, we have regard to:

 

 

On behalf of the board

Mr P Finn
Director
12 June 2025
FINN PARTNERS HOLDINGS LIMITED
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 DECEMBER 2024
- 5 -

The directors present their annual report together with the Group strategic report and financial statements of Finn Partners Holdings Limited ('the company') and its subsidiaries (together 'the group') 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 further 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 P Finn
Ms D Merriam
Disabled persons

Applications for employment by disabled persons are always fully considered, bearing in mind the aptitudes of the applicant concerned. In the event of members of staff becoming disabled, every effort is made to ensure that their employment within the group continues and that the appropriate training is arranged. It is the policy of the group that the training, career development and promotion of disabled persons should, as far as possible, be identical to that of other employees.

Employee involvement

The group's policy is to consult and discuss with employees, through unions, staff councils and at meetings, matters likely to affect employees' interests.

 

Information about matters of concern to employees is given through information bulletins and reports which seek to achieve a common awareness on the part of all employees of the financial and economic factors affecting the group's performance.

 

There is no employee share scheme at present, but the directors are considering the introduction of such a scheme as a means of further encouraging the involvement of employees in the company's performance.

Auditor

The auditor, Kirk Rice LLP, is deemed to be reappointed under section 487(2) of the Companies Act 2006.

Energy and carbon report

As Finn Partners Holdings Limited has not consumed more than 40,000 kWh of energy in this reporting period, it qualifies as a low energy user under these regulations and is not required to report on its emissions, energy consumption or energy efficiency activities. Furthermore, as none of the group's subsidiaries qualify as large companies, the group is also not required to report on its emissions, energy consumption or energy efficiency activities.

FINN PARTNERS HOLDINGS LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 6 -
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 group and company, and of the profit or loss of the group for that period. In preparing these financial statements, the directors are required to:

 

 

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

Statement of disclosure to auditor

So far as each person who was a director at the date of approving this report is aware, there is no relevant audit information of which the auditor of the company is unaware. Additionally, the directors individually have taken all the necessary steps that they ought to have taken as directors in order to make themselves aware of all relevant audit information and to establish that the auditor of the company is aware of that information.

Strategic report

The group has chosen in accordance with s.414C(11) Companies Act 2006 to set out in the Group strategic report information required by Schedule 7 of the Large and Medium-sized Companies and Groups (Accounts and Reports) Regulations 2008 to be contained in the Directors report. It has done so in respect of discussions of future developments and the group's financial risk management policies and objectives.

On behalf of the board
Mr P Finn
Director
12 June 2025
FINN PARTNERS HOLDINGS LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF FINN PARTNERS HOLDINGS LIMITED
- 7 -
Opinion

We have audited the financial statements of Finn Partners Holdings Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 31 December 2024 which comprise the group profit and loss account, the group statement of comprehensive income, the group balance sheet, the company balance sheet, the group statement of changes in equity, the company statement of changes in equity, the group statement of cash flows, the company statement of cash flows and notes to the financial statements, including significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

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 group and parent company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

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

 

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

 

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

Other information

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

 

We have nothing to report in this regard.

Opinions on other matters prescribed by the Companies Act 2006

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

FINN PARTNERS HOLDINGS LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF FINN PARTNERS HOLDINGS LIMITED
- 8 -
Matters on which we are required to report by exception

In the light of the knowledge and understanding of the group and the parent company and their environment obtained in the course of the audit, we have not identified material misstatements in the strategic report or the directors' report.

 

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

Responsibilities of directors

As explained more fully in the directors' responsibilities statement, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. In preparing the financial statements, the directors are responsible for assessing the parent company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the parent company or to cease operations, or have no realistic alternative but to do so.

Auditor's responsibilities for the audit of the financial statements

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

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.

Our audit approach was developed by obtaining an understanding of the Group'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 Group and subsidiary companies 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 Group and the industry in which it operates, and considered the risk of acts by the Group 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 Group financial statements. Our tests included, but were not limited to:

 

FINN PARTNERS HOLDINGS LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF FINN PARTNERS HOLDINGS 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.

Use of our report

This report is made solely to the company’s members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company’s members those matters we are required to state to them in an auditor's report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company’s members as a body, for our audit work, for this report, or for the opinions we have formed.

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 HOLDINGS LIMITED
GROUP PROFIT AND LOSS ACCOUNT
FOR THE YEAR ENDED 31 DECEMBER 2024
- 10 -
2024
2023
Notes
£
£
Turnover
3
30,894,597
27,226,280
Cost of sales
(20,025,116)
(16,710,192)
Gross profit
10,869,481
10,516,088
Administrative expenses
(11,406,458)
(10,359,225)
Operating (loss)/profit
4
(536,977)
156,863
Interest receivable and similar income
8
1,724
5,526
Interest payable and similar expenses
9
(34,220)
(36,986)
(Loss)/profit before taxation
(569,473)
125,403
Tax on (loss)/profit
10
(380,085)
(466,399)
Loss for the financial year
24
(949,558)
(340,996)
Loss for the financial year is attributable to:
- Owners of the parent company
(979,182)
(311,619)
- Non-controlling interests
29,624
(29,377)
(949,558)
(340,996)
FINN PARTNERS HOLDINGS LIMITED
GROUP STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 DECEMBER 2024
- 11 -
2024
2023
£
£
Loss for the year
(949,558)
(340,996)
Other comprehensive income
-
-
Total comprehensive income for the year
(949,558)
(340,996)
Total comprehensive income for the year is attributable to:
- Owners of the parent company
(979,182)
(311,619)
- Non-controlling interests
29,624
(29,377)
(949,558)
(340,996)
FINN PARTNERS HOLDINGS LIMITED
GROUP BALANCE SHEET
AS AT 31 DECEMBER 2024
31 December 2024
- 12 -
2024
2023
Notes
£
£
£
£
Fixed assets
Goodwill
11
14,946,664
10,281,475
Tangible assets
12
788,138
434,971
Investments
13
187,201
189,301
15,922,003
10,905,747
Current assets
Debtors
16
11,819,880
8,180,984
Cash at bank and in hand
802,272
740,173
12,622,152
8,921,157
Creditors: amounts falling due within one year
17
(24,751,668)
(18,522,256)
Net current liabilities
(12,129,516)
(9,601,099)
Total assets less current liabilities
3,792,487
1,304,648
Creditors: amounts falling due after more than one year
18
(4,785,868)
(1,356,069)
Provisions for liabilities
Deferred tax liability
21
63,024
55,426
(63,024)
(55,426)
Net liabilities
(1,056,405)
(106,847)
Capital and reserves
Called up share capital
23
100
100
Profit and loss reserves
24
(1,169,807)
(190,625)
Equity attributable to owners of the parent company
(1,169,707)
(190,525)
Non-controlling interests
113,302
83,678
(1,056,405)
(106,847)
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:
12 June 2025
Mr P Finn
Director
Company registration number 08296573 (England and Wales)
FINN PARTNERS HOLDINGS LIMITED
COMPANY BALANCE SHEET
AS AT 31 DECEMBER 2024
31 December 2024
- 13 -
2024
2023
Notes
£
£
£
£
Fixed assets
Investments
13
2,412,360
2,412,360
Current assets
-
-
Creditors: amounts falling due within one year
17
(2,064,231)
(2,064,231)
Net current liabilities
(2,064,231)
(2,064,231)
Net assets
348,129
348,129
Capital and reserves
Called up share capital
23
100
100
Profit and loss reserves
24
348,029
348,029
Total equity
348,129
348,129

As permitted by s408 Companies Act 2006, the company has not presented its own profit and loss account and related notes. The company’s profit for the year was £0 (2023 - £0 profit).

These financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime.

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:
12 June 2025
Mr P Finn
Director
Company registration number 08296573 (England and Wales)
FINN PARTNERS HOLDINGS LIMITED
GROUP STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2024
- 14 -
Share capital
Profit and loss reserves
Total controlling interest
Non-controlling interest
Total
£
£
£
£
£
Balance at 1 January 2023
100
120,994
121,094
113,055
234,149
Year ended 31 December 2023:
Loss and total comprehensive income
-
(311,619)
(311,619)
(29,377)
(340,996)
Balance at 31 December 2023
100
(190,625)
(190,525)
83,678
(106,847)
Year ended 31 December 2024:
Loss and total comprehensive income
-
(979,182)
(979,182)
29,624
(949,558)
Balance at 31 December 2024
100
(1,169,807)
(1,169,707)
113,302
(1,056,405)
FINN PARTNERS HOLDINGS LIMITED
COMPANY STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2024
- 15 -
Share capital
Profit and loss reserves
Total
£
£
£
Balance at 1 January 2023
100
348,029
348,129
Year ended 31 December 2023:
Profit and total comprehensive income for the year
-
-
-
0
Balance at 31 December 2023
100
348,029
348,129
Year ended 31 December 2024:
Profit and total comprehensive income
-
-
-
0
Balance at 31 December 2024
100
348,029
348,129
FINN PARTNERS HOLDINGS LIMITED
GROUP STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 DECEMBER 2024
- 16 -
2024
2023
Notes
£
£
£
£
Cash flows from operating activities
Cash generated from operations
31
2,691,836
4,690,445
Interest paid
(34,220)
(36,986)
Income taxes paid
(702,333)
(424,596)
Net cash inflow from operating activities
1,955,283
4,228,863
Investing activities
Purchase of tangible fixed assets
(554,000)
(176,883)
Proceeds from disposal of tangible fixed assets
6,184
3,221
Purchase of subsidiaries, net of cash acquired
(1,138,534)
(4,104,749)
Interest received
1,724
5,526
Net cash used in investing activities
(1,684,626)
(4,272,885)
Financing activities
Repayment of bank loans
(50,496)
(99,180)
Payment of finance leases obligations
(158,062)
(107,020)
Net cash used in financing activities
(208,558)
(206,200)
Net increase/(decrease) in cash and cash equivalents
62,099
(250,222)
Cash and cash equivalents at beginning of year
740,173
990,395
Cash and cash equivalents at end of year
802,272
740,173
FINN PARTNERS HOLDINGS LIMITED
COMPANY STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 DECEMBER 2024
- 17 -
2024
2023
Notes
£
£
£
£
Cash flows from operating activities
Net increase in cash and cash equivalents
-
-
Cash and cash equivalents at beginning of year
-
0
-
0
Cash and cash equivalents at end of year
-
0
-
0
FINN PARTNERS HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
- 18 -
1
Accounting policies
Company information

Finn Partners Holdings Limited (“the company”) is a private limited company domiciled and incorporated in England and Wales. The registered office is 1st Floor Bentima House, 168-172 Old Street, London, EC1V 9BP.

 

The group consists of Finn Partners Holdings Limited and all of its subsidiaries.

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 Company has taken advantage of the exemption allowed under section 408 of the Companies Act 2006 and has not presented its own Statement of income and retained earnings in these financial statements.

 

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.

1.2
Business combinations

In the parent company financial statements, the cost of a business combination is the fair value at the acquisition date of the assets given, equity instruments issued and liabilities incurred or assumed, plus costs directly attributable to the business combination. The excess of the cost of a business combination over the fair value of the identifiable assets, liabilities and contingent liabilities acquired is recognised as goodwill. The cost of the combination includes the estimated amount of contingent consideration that is probable and can be measured reliably, and is adjusted for changes in contingent consideration after the acquisition date. Provisional fair values recognised for business combinations in previous periods are adjusted retrospectively for final fair values determined in the 12 months following the acquisition date. Investments in subsidiaries, joint ventures and associates are accounted for at cost less impairment.

 

Deferred tax is recognised on differences between the value of assets (other than goodwill) and liabilities recognised in a business combination accounted for using the purchase method and the amounts that can be deducted or assessed for tax, considering the manner in which the carrying amount of the asset or liability is expected to be recovered or settled. The deferred tax recognised is adjusted against goodwill or negative goodwill.

1.3
Basis of consolidation

The consolidated group financial statements consist of the financial statements of the parent company Finn Partners Holdings Limited together with all entities controlled by the parent company (its subsidiaries) and the group’s share of its interests in joint ventures and associates.

 

All financial statements are made up to 31 December 2024. Where necessary, adjustments are made to the financial statements of subsidiaries to bring the accounting policies used into line with those used by other members of the group.

 

All intra-group transactions, balances and unrealised gains on transactions between group companies are eliminated on consolidation. Unrealised losses are also eliminated unless the transaction provides evidence of an impairment of the asset transferred.

FINN PARTNERS HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
1
Accounting policies
(Continued)
- 19 -

The consolidated financial statements incorporate the results of business combinations using the purchase method. In the Statement of financial position, the acquiree's identifiable assets, liabilities and contingent liabilities are initially recognised at their fair value at the acquisition date. The results of acquired operations are included in the Consolidated statement of income and retained earnings from the date on which control is obtained. They are deconsolidated from the date control ceases.

1.4
Going concern

The Company, 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 that 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. The financial statements have therefore been prepared on the going concern basis.

1.5
Turnover

Turnover is recognised to the extent that it is probable that the economic benefits will flow to the Group 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:

Interest Income

Interest income is recognised in the Consolidated statement of income and retained earnings using the effective interest method.

1.6
Intangible fixed assets - goodwill

Goodwill represents the difference between amounts paid on the cost of a business combination and the acquirer's interest in the fair value of the Group's share of its identifiable assets and liabilities of the acquiree at the date of acquisition. Subsequent to initial recognition, goodwill is measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is amortised on a straight line basis to the Consolidated statement of income and retained earnings over its useful economic life which is considered to be 10 years. Where goodwill is acquired from variable consideration on deferred terms, the estimated fair value of the future consideration is assessed at each year end and an accrual for the consideration recognised as necessary.

1.7
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Leasehold improvements
5-10 years straight line basis
Fixtures and fittings
5 years straight line basis
Computers
5 years straight line basis
Motor vehicles
6-7 years straight line basis
Office equipment
4 years straight line basis
FINN PARTNERS HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
1
Accounting policies
(Continued)
- 20 -

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is recognised in the profit and loss account.

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.

1.8
Fixed asset investments

Investments in subsidiaries are measured at cost less accumulated impairment.

All borrowing costs are recognised in the Consolidated statement of income and retained earnings in the year in which they are incurred.

1.9
Impairment of fixed assets

At each reporting period end date, the group 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.

 

The carrying amount of the investments accounted for using the equity method is tested for impairment as a single asset. Any goodwill included in the carrying amount of the investment is not tested separately for impairment.

1.10
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.

1.11
Financial instruments

The Company only enters into basic financial instruments transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors and loans from banks.

Debtors

Short term debtors are measured at transaction price, less any impairments.

Creditors

Short term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transactions costs, and are measured subsequently at amortised cost using the effective interest method.

1.12
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 profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The group’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

FINN PARTNERS HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
1
Accounting policies
(Continued)
- 21 -
Deferred tax

Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

 

The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset if, and only if, there is a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.

1.13
Retirement benefits

The Group operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Group pays fixed contributions into a separate entity. Once the contributions have been paid the Group has no further payment obligations.

 

The contributions are recognised as an expense in the Consolidated statement of income and retained earnings when they fall due. Amounts not paid are shown in accruals as a liability in the Statement of financial position. The assets of the plan are held separately from the Group in independently administered funds.

1.14
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 balance sheet 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 paid under operating leases are charged to the Consolidated statement of income and retained earnings on a straight line basis over the lease term.

1.15
Foreign exchange

Foreign currency transactions are translate 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.

 

On consolidation, the results or overseas operations are translated into Sterling at rates approximating to those ruling when the transactions took place. All assets and liabilities of overseas operations are translated at the rate ruling at the reporting date. Exchange differences arising on translation the opening net assets at opening rate and the results of overseas operations at actual rate are recognised in other comprehensive income.

FINN PARTNERS HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
1
Accounting policies
(Continued)
- 22 -
1.16

Dormant status

The Company was dormant (within the meaning of section 408 of the Companies Act 2006) throughout the year ended 31 December 2024. The Company has not traded during the year. During the year, the Company received no income and incurred no expenditure and therefore made neither profit nor loss.

1.17

Finance costs

Finance costs are charged to the Consolidated 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.

2
Judgements and key sources of estimation uncertainty

The group makes estimates and assumptions concerning the future. Management are also required to exercise judgement in the process of applying the group's accounting policies. Estimates and judgements are continually evaluated and are based on historical experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. The estimates and assumptions that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year are addressed below.

Critical judgements

In preparing these financial statements, the directors have made the following judgements:

Goodwill and amortisation

The group establishes a reliable estimate of the useful life of goodwill and other intangible assets arising on business combinations. 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 to which the goodwill is attributed, 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 group 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.

FINN PARTNERS HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
2
Judgements and key sources of estimation uncertainty
(Continued)
- 23 -
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.

3
Turnover and other revenue
2024
2023
£
£
Turnover analysed by class of business
Total revenue
30,894,597
27,226,280
2024
2023
£
£
Turnover analysed by geographical market
United Kingdom
8,337,995
8,107,333
Rest of Europe
9,877,995
6,253,911
Rest of World
12,678,607
12,865,036
30,894,597
27,226,280
2024
2023
£
£
Other revenue
Interest income
1,724
5,526
4
Operating (loss)/profit
2024
2023
£
£
Operating (loss)/profit for the year is stated after charging/(crediting):
Exchange losses/(gains)
342,355
(303,508)
Depreciation of owned tangible fixed assets
204,761
324,277
Loss on disposal of tangible fixed assets
56,757
-
Amortisation of intangible assets
1,762,539
1,687,024
Operating lease charges
1,122,827
853,343
FINN PARTNERS HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 24 -
5
Auditor's remuneration
2024
2023
Fees payable to the company's auditor and associates:
£
£
For audit services
Audit of the financial statements of the group and company
2,500
1,800
Audit of the financial statements of the company's subsidiaries
66,500
62,000
69,000
63,800
For other services
Taxation compliance and accounting services
17,750
13,750
6
Employees

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

Group
Company
2024
2023
2024
2023
Number
Number
Number
Number
As restated
Staff
318
283
-
-
Directors
3
3
-
-
Total
321
286
-
0
-
0

Their aggregate remuneration comprised:

Group
Company
2024
2023
2024
2023
£
£
£
£
Wages and salaries
13,533,301
10,990,205
-
0
-
0
Social security costs
1,571,030
1,420,075
-
-
Pension costs
646,522
409,025
-
0
-
0
15,750,853
12,819,305
-
0
-
0

The average number of employees for the year ended 31 December 2023 has been restated as the number previously disclosed omitted the average number of employees for some of the group's subsidiaries. The average number of employees for the year ended 31 December 2023 has increased by 81.

FINN PARTNERS HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 25 -
7
Directors' remuneration
2024
2023
£
£
Remuneration for qualifying services
220,660
197,736
Company pension contributions to defined contribution schemes
15,446
15,446
236,106
213,182
Remuneration disclosed above includes the following amounts paid to the highest paid director:
2024
2023
£
£
Remuneration for qualifying services
220,660
197,736
Company pension contributions to defined contribution schemes
15,446
15,446
8
Interest receivable and similar income
2024
2023
£
£
Interest income
Interest on bank deposits
1,724
5,526
2024
2023
Investment income includes the following:
£
£
Interest on financial assets not measured at fair value through profit or loss
1,724
5,526
9
Interest payable and similar expenses
2024
2023
£
£
Other finance costs:
Other interest
34,220
36,986
10
Taxation
2024
2023
£
£
Current tax
UK corporation tax on profits for the current period
28,220
298,534
Adjustments in respect of prior periods
178,476
60,754
Total UK current tax
206,696
359,288
Foreign current tax on profits for the current period
166,584
97,404
Total current tax
373,280
456,692
FINN PARTNERS HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
10
Taxation
2024
2023
£
£
(Continued)
- 26 -
Deferred tax
Origination and reversal of timing differences
6,805
9,707
Total tax charge
380,085
466,399

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

2024
2023
£
£
(Loss)/profit before taxation
(569,473)
125,403
Expected tax (credit)/charge based on the standard rate of corporation tax in the UK of 25.00% (2023: 25.00%)
(142,368)
31,351
Tax effect of expenses that are not deductible in determining taxable profit
416,004
425,876
Unutilised tax losses carried forward
16,547
43,496
Effect of change in corporation tax rate
-
(11,338)
Group relief
-
0
(11,858)
Research and development tax credit
(40,000)
-
0
Other non-reversing timing differences
6,805
9,707
Effect of overseas tax rates
(19,451)
(92,987)
Under/(over) provided in prior years
178,476
60,754
Adjust closing deferred tax to average rate
-
0
11,398
Deferred tax not recognised
(35,928)
-
0
Taxation charge
380,085
466,399

From 1 April 2023 the standard rate of tax was 25%.

FINN PARTNERS HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 27 -
11
Intangible fixed assets
Group
Goodwill
£
Cost
At 1 January 2024
15,165,738
Additions
4,919,316
Adjustments to contingent consideration
1,508,412
At 31 December 2024
21,593,466
Amortisation and impairment
At 1 January 2024
4,884,263
Amortisation charged for the year
1,762,539
At 31 December 2024
6,646,802
Carrying amount
At 31 December 2024
14,946,664
At 31 December 2023
10,281,475
The company had no intangible fixed assets at 31 December 2024 or 31 December 2023.
12
Tangible fixed assets
Group
Leasehold improvements
Fixtures and fittings
Computers
Motor vehicles
Office equipment
Total
£
£
£
£
£
£
Cost
At 1 January 2024
660,497
230,997
521,221
34,566
82,673
1,529,954
Additions
423,945
9,194
184,782
2,948
-
0
620,869
Disposals
(658,747)
(174,280)
(181,310)
(4,626)
-
0
(1,018,963)
At 31 December 2024
425,695
65,911
524,693
32,888
82,673
1,131,860
Depreciation and impairment
At 1 January 2024
514,430
184,733
311,790
5,213
78,817
1,094,983
Depreciation charged in the year
100,254
20,940
72,536
11,031
-
0
204,761
Eliminated in respect of disposals
(607,482)
(168,743)
(179,797)
-
0
-
0
(956,022)
At 31 December 2024
7,202
36,930
204,529
16,244
78,817
343,722
Carrying amount
At 31 December 2024
418,493
28,981
320,164
16,644
3,856
788,138
At 31 December 2023
146,067
46,264
209,431
29,353
3,856
434,971
FINN PARTNERS HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
12
Tangible fixed assets
(Continued)
- 28 -
The company had no tangible fixed assets at 31 December 2024 or 31 December 2023.

The net carrying value of tangible fixed assets includes the following in respect of assets held under finance leases or hire purchase contracts.

Group
Company
2024
2023
2024
2023
£
£
£
£
Computers
18,763
86,645
-
0
-
0
Leasehold property
-
156,156
-
-
18,763
242,801
-
-
13
Fixed asset investments
Group
Company
2024
2023
2024
2023
Notes
£
£
£
£
Investments in subsidiaries
14
187,201
189,301
2,412,360
2,412,360
Movements in fixed asset investments
Group
Shares in subsidiaries
£
Cost or valuation
At 1 January 2024
189,301
Valuation changes
(2,100)
At 31 December 2024
187,201
Carrying amount
At 31 December 2024
187,201
At 31 December 2023
189,301
Movements in fixed asset investments
Company
Shares in subsidiaries
£
Cost or valuation
At 1 January 2024 and 31 December 2024
2,412,360
Carrying amount
At 31 December 2024
2,412,360
At 31 December 2023
2,412,360
FINN PARTNERS HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 29 -
14
Subsidiaries

Details of the company's subsidiaries at 31 December 2024 are as follows:

Name of undertaking
Registered office
Class of
% Held
shares held
Direct
Indirect
Finn Partners Limited
1st Floor, Bentima House, 168-172 Old Street, London, EC1V 9BP
Ordinary
100.00
-
The Brighter Group Limited
1st Floor, Bentima House, 168-172 Old Street, London, EC1V 9BP
Ordinary
0
100.00
Moorgate Communications Limited
1st Floor, Bentima House, 168-172 Old Street, London, EC1V 9BP
Ordinary
0
100.00
ZPR Limited
1st Floor, Bentima House, 168-172 Old Street, London, EC1V 9BP
Ordinary
0
100.00
Finn Partners SAS
9 Rue Du Four September, 75002, Paris 2, France
Ordinary
0
100.00
MintTwist Limited
1st Floor, Bentima House, 168-172 Old Street, London, EC1V 9BP
Ordinary
0
100.00
Pender & Associates Limited
50 Mount Street Upper, Dublin 2, Dublin D02 DP03
Ordinary
0
100.00
Finn Partners Germany GmbH
Herrnstr. 13, 80539, Munich, Germany
Ordinary
0
100.00
SPAG Consultants Private Limited
C-108, First Floor, Shivalik, New Delhi, South Delhi - 110017, Delhi, India
Ordinary
0
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, Haryana 122001, India
Ordinary
0
86.00
Hyderus Teoranta
Milltown, Tagoat, Co. Wexford, Wexford, Y35 A6C5, Ireland
Ordinary
0
100.00
Outre Creative Limited
1st Floor, Bentima House, 168-172 Old Street, London, EC1V 9BP
Ordinary
0
100.00
Balmain Design Limited
1st Floor, Bentima House, 168-172 Old Street, London, EC1V 9BP
Ordinary
0
100.00
Outre Creative Inc.
355 Lexington Avenue, New York, 10017 NY United States of America
Ordinary
0
100.00
La SAS Claudine Colin Communication
3 rue de Turbigo, 75001, Paris, France
Ordinary
0
100.00
Finn Partners ME
Yas Creative Hub, Yas Island, Abu Dhabi
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
0
99.99
15
Financial instruments
Group
Company
2024
2023
2024
2023
£
£
£
£
Carrying amount of financial assets
Instruments measured at fair value through profit or loss
802,272
740,173
-
-

Financial assets measured at fair value through profit or loss comprise of cash at bank and in hand.

FINN PARTNERS HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 30 -
16
Debtors
Group
Company
2024
2023
2024
2023
Amounts falling due within one year:
£
£
£
£
Trade debtors
3,777,899
4,107,844
-
0
-
0
Corporation tax recoverable
209,681
247,027
-
0
-
0
Amounts owed by group undertakings
5,833,968
2,710,085
-
-
Other debtors
1,469,349
681,924
-
0
-
0
Prepayments and accrued income
528,983
434,104
-
0
-
0
11,819,880
8,180,984
-
-
17
Creditors: amounts falling due within one year
Group
Company
2024
2023
2024
2023
Notes
£
£
£
£
Bank loans
19
38,029
42,064
-
0
-
0
Obligations under finance leases
20
-
0
133,989
-
0
-
0
Trade creditors
2,124,133
1,297,258
-
0
-
0
Amounts owed to group undertakings
17,569,478
10,827,176
2,064,231
2,064,231
Corporation tax payable
40,668
326,524
-
0
-
0
Other taxation and social security
636,314
502,389
-
-
Other creditors
292,704
224,312
-
0
-
0
Accruals and deferred income
4,050,342
5,168,544
-
0
-
0
24,751,668
18,522,256
2,064,231
2,064,231
18
Creditors: amounts falling due after more than one year
Group
Company
2024
2023
2024
2023
Notes
£
£
£
£
Bank loans and overdrafts
19
10,632
57,093
-
0
-
0
Obligations under finance leases
20
-
0
24,073
-
0
-
0
Accruals and deferred income
4,775,236
1,274,903
-
0
-
0
4,785,868
1,356,069
-
-
FINN PARTNERS HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 31 -
19
Loans and advances
Group
Company
2024
2023
2024
2023
£
£
£
£
Bank loans
48,661
99,157
-
0
-
0
Payable within one year
38,029
42,064
-
0
-
0
Payable after one year
10,632
57,093
-
0
-
0

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
Group
Company
2024
2023
2024
2023
£
£
£
£
Future minimum lease payments due under finance leases:
Within one year
-
133,989
-
0
-
0
In two to five years
-
24,073
-
0
-
0
-
158,062
-
-

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 group and company, and movements thereon:

Liabilities
Liabilities
2024
2023
Group
£
£
Accelerated capital allowances
63,024
55,426
The company has no deferred tax assets or liabilities.
FINN PARTNERS HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
21
Deferred taxation
(Continued)
- 32 -
Group
Company
2024
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
-
22
Retirement benefit schemes
2024
2023
Defined contribution schemes
£
£
Charge to profit or loss in respect of defined contribution schemes
646,522
409,025

A defined contribution pension scheme is operated for all qualifying employees. The assets of the scheme are held separately from those of the group in an independently administered fund. Contributions totalling £23,178 (2023: £50,424) were payable to the fund at the balance sheet date.

23
Share capital
Group and company
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary of £1 each
100
100
100
100

Ordinary shares rank equally for voting purposes.

24
Reserves
Profit and loss reserves

The profit and loss reserve represents cumulative profits and losses.

FINN PARTNERS HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 33 -
25
Acquisition of a business

On 1 July 2024 Finn Partners France SAS acquired 100% of the issued capital of La SAS Claudine Colin Communication. The primary reason for the business combination was to add an Arts division to the European group.

Book Value
Adjustments
Fair Value
Net assets acquired
£
£
£
Property, plant and equipment
43,764
-
43,764
Other financial fixed assets
23,105
-
23,105
Trade and other receivables
588,148
-
588,148
Cash and cash equivalents
862,884
-
862,884
Trade and other payables
(460,621)
-
(460,621)
Tax liabilities
(41,902)
-
(41,902)
Total identifiable net assets
1,015,378
-
1,015,378
Goodwill
4,919,316
Total consideration
5,934,694
The consideration was satisfied by:
£
Cash
2,001,418
Deferred consideration
2,070,936
Contingent consideration
1,862,340
5,934,694
Contribution by the acquired business for the reporting period included in the group statement of comprehensive income since acquisition:
£
Turnover
1,342,792
Profit after tax
299,533

The goodwill arising on the acquisition of the business is attributable to the Claudine Colin brand name which holds great weight in the European Arts industry. The nature of Claudine Colin's clients will ensure maximum exposure to the FINN brand. The goodwill is estimated to have a useful life of 10 years.

At the acquisition date, £1,862,340 of contingent consideration was recognised. The contingent consideration consists of earn-out payments which are based on 15% of the business unit's expected net income over a five year period from the date of acquisition. The maximum amount of the contingent consideration is unlimited, although this is not expected to exceed £2.9m.

FINN PARTNERS HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 34 -
26
Operating lease commitments
Lessee

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

Group
Company
2024
2023
2024
2023
£
£
£
£
Within one year
271,613
357,029
134,892
-
Between two and five years
2,049,842
-
2,023,380
-
2,321,455
357,029
2,158,272
-
27
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.

 

Key management personnel are considered to be the directors.

 

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, a company in which a close family member of one of the directors is a director provided consultancy services to MintTwist Limited. The total amount paid to the connected company for these services was £0 (2023: £15,600).

 

During the year, a close family member of one of the directors provided consultancy services to MintTwist Limited. The total amount paid to the close family member for these services was £11,210 (2023: £1,625).

 

During the year, Finn Partners Limited carried out the following transactions with SPAG Digital Private Limited Group, 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 Digital Private Limited was £390,464 (2023: £74,573).

28
Controlling party

During the year ended 31 December 2024, the company was a wholly owned subsidiary of Finn Partners Inc, a company incorporated in the United States of America. One of the directors, P Finn, had ultimate control of the company during the year ended 31 December 2024.

 

The smallest and 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, NY10022.

FINN PARTNERS HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 35 -
29
Cash absorbed by operations - company
2024
2023
£
£
Profit for the year after tax
-
-
Cash absorbed by operations
-
-
30
Analysis of changes in net funds - group
1 January 2024
Cash flows
31 December 2024
£
£
£
Cash at bank and in hand
740,173
62,099
802,272
Borrowings excluding overdrafts
(99,157)
50,496
(48,661)
Obligations under finance leases
(158,062)
158,062
-
482,954
270,657
753,611
31
Cash generated from group operations
2024
2023
£
£
Loss for the year after tax
(949,558)
(340,996)
Adjustments for:
Taxation charged
380,085
466,399
Finance costs
34,220
36,986
Investment income
(1,724)
(5,526)
Loss on disposal of tangible fixed assets
56,757
-
Amortisation and impairment of intangible assets
1,762,539
1,687,024
Depreciation and impairment of tangible fixed assets
204,761
324,277
Movements in working capital:
Increase in debtors
(3,088,094)
(261,763)
Increase in creditors
4,292,850
2,785,403
Cash generated from operations
2,691,836
4,691,804
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