Company registration number 05616343 (England and Wales)
COGORA GROUP LIMITED
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
PAGES FOR FILING WITH REGISTRAR
COGORA GROUP LIMITED
COMPANY INFORMATION
Directors
Mr Edward Burkle
Mr David Burns
Mr Iain Jacob
Mr Malcolm Moss
Mr John Pettifor
Mr Craig Hughes
Secretary
Mr K Grant
Company number
05616343
Registered office
1 Giltspur Street
London
EC1A 9DD
Auditor
Kirk Rice LLP
Zeeta House
200 Upper Richmond Road
Putney
London
SW15 2SH
COGORA GROUP LIMITED
CONTENTS
Page
Strategic report
1
Group balance sheet
2
Company balance sheet
3
Group statement of changes in equity
4
Company statement of changes in equity
5
Notes to the financial statements
6 - 19
COGORA GROUP LIMITED
STRATEGIC REPORT
FOR THE YEAR ENDED 31 DECEMBER 2024
- 1 -

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

Fair review of the business

Cogora is one of the UK’s leading data-led engagement and marketing services groups for clients seeking to access the healthcare professional (HCP) community, with a first party data set of over 590,000 HCPs spanning primary and secondary care in domestic and international markets. Cogora’s full-service provision includes three core divisions of media, events and marketing services across UK, Europe and US markets.

 

During the year, Cogora discontinued its final remaining print products, which reduced revenues by £0.6m, and scaled back its marketing services offering to focus on its most profitable activities, which reduced net revenues from this division by £0.7m. The Group’s Media and Events divisions remained stable and generated a strong opening order book position for 2025.

 

Cost of sales was reduced by just under £1.0m which resulted in an increased gross profit margin, as shown in the key performance indicators below. A key driver of this was the reduction in headcount across the Group from 83 in 2023 to 69 in 2024. Further benefit from this action will be realised in future periods as the savings are annualised.

Principal risks and uncertainties

The key business risk and uncertainty affecting the company is the ability to recruit, train and retain high quality employees to exploit the opportunities presented. The Company therefore continues to focus on staff retention initiatives including flexible working and competitive benefits.

 

The business must also keep up with technologic advances in order to maintain and grow its market share within the advertising landscape. During the year the Company implemented upgrades to its technology stack and data warehouses to ensure it can continue to meet its clients demands.

Key performance indicators

 

2024

 

2023

 

 

£

£

Profit / (Loss) for the year

(800,871)

(43,264)

Gross Profit

4,099,612

5,024,896

Gross Profit %

64%

63%

 

The net loss for the Group increased from £43,264 in 2023 to £800,871 in 2024, and Gross profit dropped from £5.0 million to £4.1 million, but gross profit as a percentage of net revenues increased from 63% to 64%.

Future Outlook

The Directors are confident that their strategy of focusing on the Group’s most profitable activities, while driving revenue growth in key areas, will deliver strong results for the coming year and beyond.

On behalf of the board

Mr John Pettifor
Director
7 August 2025
COGORA GROUP LIMITED
GROUP BALANCE SHEET
AS AT
31 DECEMBER 2024
31 December 2024
- 2 -
2024
2023
Notes
£
£
£
£
Fixed assets
Intangible assets
6
308,380
442,046
Tangible assets
7
42,792
44,774
351,172
486,820
Current assets
Debtors
10
1,318,539
1,513,020
Cash at bank and in hand
135,459
163,582
1,453,998
1,676,602
Creditors: amounts falling due within one year
12
(7,646,245)
(3,132,814)
Net current liabilities
(6,192,247)
(1,456,212)
Total assets less current liabilities
(5,841,075)
(969,392)
Creditors: amounts falling due after more than one year
13
(932,048)
(5,003,220)
Net liabilities
(6,773,123)
(5,972,612)
Capital and reserves
Called up share capital
17
1,743,632
1,892,272
Share premium account
18
963,494
963,494
Capital redemption reserve
19
740,474
591,474
Other reserves
(30,000)
(30,000)
Profit and loss reserves
21
(10,190,723)
(9,389,852)
Total equity
(6,773,123)
(5,972,612)

The directors of the group have elected not to include a copy of the profit and loss account within the financial statements.

The financial statements were approved by the board of directors and authorised for issue on 7 August 2025 and are signed on its behalf by:
07 August 2025
Mr John Pettifor
Director
Company registration number 05616343 (England and Wales)
COGORA GROUP LIMITED
COMPANY BALANCE SHEET
AS AT 31 DECEMBER 2024
31 December 2024
- 3 -
2024
2023
Notes
£
£
£
£
Fixed assets
Investments
8
1,991,056
1,991,056
Current assets
Debtors
10
124,991
121,618
Cash at bank and in hand
11,334
2,573
136,325
124,191
Creditors: amounts falling due within one year
12
(5,204,522)
(657,416)
Net current liabilities
(5,068,197)
(533,225)
Total assets less current liabilities
(3,077,141)
1,457,831
Creditors: amounts falling due after more than one year
13
(932,048)
(5,003,220)
Net liabilities
(4,009,189)
(3,545,389)
Capital and reserves
Called up share capital
17
1,743,632
1,892,272
Share premium account
18
963,494
963,494
Capital redemption reserve
19
740,474
591,474
Profit and loss reserves
21
(7,456,789)
(6,992,629)
Total equity
(4,009,189)
(3,545,389)

As permitted by s408 Companies Act 2006, the company has not presented its own profit and loss account and related notes. The company's loss for the year was £464,160 (2023 - £555,334).

The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true

These financial statements have been prepared and delivered 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 7 August 2025 and are signed on its behalf by:
07 August 2025
Mr John Pettifor
Director
Company registration number 05616343 (England and Wales)
COGORA GROUP LIMITED
GROUP STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2024
- 4 -
Share capital
Share premium account
Capital redemption reserve
Capital redemption reserve
Profit and loss reserves
Total
Notes
£
£
£
£
£
£
Balance at 1 January 2023
1,892,272
963,494
591,474
(30,000)
(9,346,588)
(5,929,348)
Year ended 31 December 2023:
Loss and total comprehensive income for the year
-
-
-
-
(43,264)
(43,264)
Balance at 31 December 2023
1,892,272
963,494
591,474
(30,000)
(9,389,852)
(5,972,612)
Year ended 31 December 2024:
Loss and total comprehensive income for the year
-
-
-
-
(800,871)
(800,871)
Issue of share capital
17
1,360
-
0
-
-
-
1,360
Redemption of shares
17
(150,000)
-
149,000
-
-
(1,000)
Balance at 31 December 2024
1,743,632
963,494
740,474
(30,000)
(10,190,723)
(6,773,123)
COGORA GROUP LIMITED
COMPANY STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2024
- 5 -
Share capital
Share premium account
Capital redemption reserve
Profit and loss reserves
Total
Notes
£
£
£
£
£
Balance at 1 January 2023
1,892,272
963,494
591,474
(6,437,295)
(2,990,055)
Year ended 31 December 2023:
Loss and total comprehensive income for the year
-
-
-
(555,334)
(555,334)
Balance at 31 December 2023
1,892,272
963,494
591,474
(6,992,629)
(3,545,389)
Year ended 31 December 2024:
Profit and total comprehensive income
-
-
-
(464,160)
(464,160)
Issue of share capital
17
1,360
-
0
-
-
1,360
Redemption of shares
17
(150,000)
-
149,000
-
(1,000)
Balance at 31 December 2024
1,743,632
963,494
740,474
(7,456,789)
(4,009,189)
COGORA GROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
- 6 -
1
Accounting policies
Company information

Cogora Group Limited (“the company”) is a private company, limited by shares, domiciled and incorporated in England and Wales. The registered office is 1 Giltspur Street, London, EC1A 9DD.

 

The group consists of Cogora Group Limited and all of its subsidiaries.

1.1
Accounting convention

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the requirements of the Companies Act 2006 as applicable to the small companies regime. The disclosure requirements applicable to small companies have been applied other than where the directors have opted to include additional disclosure.

 

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 comprehensive income 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
Basis of consolidation

The consolidated financial statements present the results of the Company and its own subsidiaries ("the Group") as if they form a single entity. Intercompany transactions and balances between group companies are therefore eliminated in full.

 

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 values at the acquisition date. The results of acquired operations are included in the Consolidated Statement of Comprehensive Income from the date on which control is obtained. They are deconsolidated from the date control ceases.

 

In accordance with the transitional exemption available in FRS 102, the group has chosen not to retrospectively apply the standard to business combinations that occurred before the date of transition to FRS 102, being 1 January 2015.

 

As a Consolidated Statement of Comprehensive Income is published, a separate Statement of Comprehensive Income for the parent company is omitted from the group financial statements by virtue of section 408 of the Companies Act 2006.

1.3
Going concern

These accounts have been prepared on the going concern basis following the directors' review of future forecasts and the continued financial support of the shareholders. Following a strategic re-structure in 2024 the directors are confident of an improved performance over the coming years.

COGORA GROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
1
Accounting policies
(Continued)
- 7 -
1.4
Turnover

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Group and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

 

Rendering of services

 

The turnover shown in the profit and loss account represents amounts receivable for goods and services provided during the year in the normal course of business, net of trade discounts, VAT and other sales related transactions.

 

Revenues are recognised for the various categories of turnover as follows:

 

1.5
Research and development expenditure

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

 

If it is not possible to distinguish between the research phase and the development phase of an internal project, the expenditure is treated as if it were all incurred in the research phase only.

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 its identifiable assets and liabilities of the acquiree at the sate of acquisition. Subsequent to initial recognition, goodwill is measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is amortised on a straight line basis to the Statement of Comprehensive Income over a period between 10 to 15 years, depending on its useful economic life.

1.7
Intangible fixed assets other than goodwill

Intangible assets acquired separately from a business are recognised at cost and are subsequently measured at cost less accumulated amortisation and accumulated impairment losses.

 

Intangible assets acquired on business combinations are recognised separately from goodwill at the acquisition date where it is probable that the expected future economic benefits that are attributable to the asset will flow to the entity and the fair value of the asset can be measured reliably; the intangible asset arises from contractual or other legal rights; and the intangible asset is separable from the entity.

Amortisation 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:

Software
Over 3 years
Development costs
Over 3 -6 years

Amortisation of intangible assets is included within administrative expenses in the Profit and Loss Account.

COGORA GROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
1
Accounting policies
(Continued)
- 8 -
1.8
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:

Plant and equipment
Over 3 - 5 years
Fixtures and fittings
Over 3 - 7 years
Computers
Over 3 years

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.

1.9
Fixed asset investments

Investments in subsidiaries are measured at cost less accumulated impairment.

A subsidiary is an entity controlled by the group. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities.

1.10
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.

Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.

 

If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.

Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased to apply. Where an impairment loss subsequently reverses, the carrying amount of the asset (or cash-generating unit) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset (or cash-generating unit) in prior years. A reversal of an impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase.

1.11
Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

COGORA GROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
1
Accounting policies
(Continued)
- 9 -
1.12
Financial instruments

The Group only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in non-puttable ordinary shares.

 

Debt instruments (other than those wholly repayable or receivable within one year), including loans and other accounts receivable and payable, are initially measured at present value of the future cash flows and subsequently at amortised cost using the effective interest method. Debt instruments that are payable or receivable within one year, typically trade debtors and creditors, are measured, initially and subsequently, at the undiscounted amount of the cash or other consideration expected to be paid or received. However, if the arrangements of a short-term instrument constitute a financing transaction, like the payment of a trade debt beyond normal business terms or financed at a rate of interest that is not a market rate or in the case of an out-right short-term loan not at market rate, the financial asset or liability is measured, initially, at the present value of the future cash flow discounted at a market rate of interest for a similar debt instrument and subsequently at amortised cost.

 

Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in the Consolidated Statement of Comprehensive Income.

Debtors

Short term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

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 group 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.

Creditors

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

Derecognition of financial liabilities

Financial liabilities are derecognised when the group's contractual obligations expire or are discharged or cancelled.

1.13
Equity instruments

Equity instruments issued by the group are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the group.

1.14
Taxation

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

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.

COGORA GROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
1
Accounting policies
(Continued)
- 10 -
1.15
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 Statement of comprehensive income 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.

1.16
Share-based payments

Equity-settled share-based payments are measured at fair value at the date of grant by reference to the fair value of the equity instruments granted using the Black-Scholes model. The fair value determined at the grant date is expensed on a straight-line basis over the vesting period, based on the estimate of shares that will eventually vest. A corresponding adjustment is made to equity.

When the terms and conditions of equity-settled share-based payments at the time they were granted are subsequently modified, the fair value of the share-based payment under the original terms and conditions and under the modified terms and conditions are both determined at the date of the modification. Any excess of the modified fair value over the original fair value is recognised over the remaining vesting period in addition to the grant date fair value of the original share-based payment. The share-based payment expense is not adjusted if the modified fair value is less than the original fair value.

 

Cancellations or settlements (including those resulting from employee redundancies) are treated as an acceleration of vesting and the amount that would have been recognised over the remaining vesting period is recognised immediately.

1.17
Leases

Rentals paid under operating leases are changed to the Consolidated statement of comprehensive income on a straight line basis over the lease term.

 

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

1.18
Foreign exchange

Transactions in currencies other than pounds sterling are recorded at the spot rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the spot rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss.

1.19

Loan notes

Loan notes have been recognised at cost. Interest is recognised using the effective interest method. Any premium payable on redemption of the loan notes is recognised on a straight line basis over the expected life of the notes.

COGORA GROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 11 -
2
Judgements and key sources of estimation uncertainty

In the application of the group’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.

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.

Trade and other debtors recoverability

The Company makes an estimate of the recoverable value of trade and other debtors. When assessing impairment of trade and other debtors, management considered factors, the ageing profile of debtors and historical experience.

Tangible fixed assets

Assumptions have been made around the useful life of tangible fixed assets and have been made in accordance with the usual replacement period for fixed assets.

Intangible fixed assets

Assumptions have been made around the useful life of intangible fixed assets and have been based on the knowledge of the industry and ongoing contracts.

Project completion

The Company makes estimates of the stage of completion of ongoing projects. Management review the controls and procedures used to ensure they are as accurate as possible.

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.

3
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
31,425
29,930
For other services
Taxation compliance services
5,250
5,000
COGORA GROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 12 -
4
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
Administrative
8
8
-
-
Agency Services
25
37
-
-
Content
17
20
-
-
Events
7
7
-
-
Sales
12
11
-
-
Total
69
83
0
0

The staff costs within the financial statements include amounts recharged by other group companies as well as deductions for amounts recharged to other group companies. The staff costs shown are after deducting capitalised wages of £196,290.

5
Directors' remuneration
2024
2023
£
£
Remuneration for qualifying services
674,184
676,957
Company pension contributions to defined contribution schemes
3,963
3,963
678,147
680,920
Remuneration disclosed above includes the following amounts paid to the highest paid director:
2024
2023
£
£
Remuneration for qualifying services
183,855
183,702

There were no retirement benefits accruing to directors under defined contribution pension schemes and there were none in the prior year.

COGORA GROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 13 -
6
Intangible fixed assets
Group
Goodwill
Software
Development costs
Total
£
£
£
£
Cost
At 1 January 2024
7,132,734
261,138
939,692
8,333,564
Additions
-
0
8,954
196,728
205,682
Disposals
-
0
(45,433)
(480,938)
(526,371)
At 31 December 2024
7,132,734
224,659
655,482
8,012,875
Amortisation and impairment
At 1 January 2024
7,132,734
248,738
510,046
7,891,518
Amortisation charged for the year
-
0
6,994
332,354
339,348
Disposals
-
0
(45,433)
(480,938)
(526,371)
At 31 December 2024
7,132,734
210,299
361,462
7,704,495
Carrying amount
At 31 December 2024
-
0
14,360
294,020
308,380
At 31 December 2023
-
0
12,400
429,646
442,046
The company had no intangible fixed assets at 31 December 2024 or 31 December 2023.
7
Tangible fixed assets
Group
Plant and equipment
Fixtures and fittings
Computers
Total
£
£
£
£
Cost
At 1 January 2024
83,306
19,421
48,347
151,074
Additions
32,704
-
0
199
32,903
Disposals
(37,465)
(4,757)
(30,406)
(72,628)
At 31 December 2024
78,545
14,664
18,140
111,349
Depreciation and impairment
At 1 January 2024
48,620
11,547
46,133
106,300
Depreciation charged in the year
27,889
4,583
2,413
34,885
Eliminated in respect of disposals
(37,465)
(4,757)
(30,406)
(72,628)
At 31 December 2024
39,044
11,373
18,140
68,557
Carrying amount
At 31 December 2024
39,501
3,291
-
0
42,792
At 31 December 2023
34,686
7,874
2,214
44,774
The company had no tangible fixed assets at 31 December 2024 or 31 December 2023.
COGORA GROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
7
Tangible fixed assets
(Continued)
- 14 -
8
Fixed asset investments
Group
Company
2024
2023
2024
2023
Notes
£
£
£
£
Investments in subsidiaries
9
-
0
-
0
1,991,056
1,991,056
Movements in fixed asset investments
Company
Shares in subsidiaries
£
Cost or valuation
At 1 January 2024 and 31 December 2024
1,991,056
Carrying amount
At 31 December 2024
1,991,056
At 31 December 2023
1,991,056
9
Subsidiaries

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

Name of undertaking
Address
Nature of business
Class of
% Held
shares held
Direct
Indirect
Cogora Limited
1 Giltspur Street, London, England, EC1A 9DD
Media and marketing services
Ordinary
100.00
-
PCM Healthcare Limited
1 Giltspur Street, London, England, EC1A 9DD
Media and marketing services
Ordinary
-
100.00
O for Outcomes Limited
1 Giltspur Street, London, England, EC1A 9DD
Holding company
Ordinary
-
100.00
Campden Media Corporate Trustee Company Limited
1 Giltspur Street, London, England, EC1A 9DD
Investment holding company
Ordinary
100.00
-

Cogora Group Limited has provided a guarantee under s479 and all subsidiaries listed above have exercised the exemption available under s479. Therefore, Cogora Group Limited have fully guaranteed all the liabilities of the subsidiaries listed. The subsidiaries are therefore exempt from audit obligations in accordance with section 479A of Companies Act 2006.

 

The following Group entities are exempt from audit by virtue of Section 479A of the Companies Act 2006. Cogora Group Limited has provided statutory guarantees to the following entities in accordance with Section 479C of the Companies Act 2006:

 

Cogora Limited                     Registered number 02147432

PCM Healthcare Limited                 Registered number 06337665

O For Outcomes Limited                 Registered number 09285419

Campden Media Corporate Trustee Company Limited     Registered number 06113514

 

COGORA GROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 15 -
10
Debtors
Group
Company
2024
2023
2024
2023
Amounts falling due within one year:
£
£
£
£
Trade debtors
957,509
1,010,832
-
0
-
0
Corporation tax recoverable
96,395
119,642
20,517
19,642
Amounts owed by group undertakings
-
0
-
0
29,999
29,999
Other debtors
72,800
101,195
74,475
71,977
Prepayments and accrued income
191,835
281,351
-
0
-
0
1,318,539
1,513,020
124,991
121,618
11
Financial instruments
Group
Company
2024
2023
2024
2023
£
£
£
£
Carrying amount of financial assets
Debt instruments measured at amortised cost
1,030,310
1,112,027
104,474
101,976
Carrying amount of financial liabilities
Measured at amortised cost
7,725,536
7,358,754
5,897,713
5,658,662
12
Creditors: amounts falling due within one year
Group
Company
2024
2023
2024
2023
Notes
£
£
£
£
Debenture loans
14
4,631,341
446,916
4,631,341
446,916
Bank loans and overdrafts
14
379,527
-
0
-
0
-
0
Other borrowings
14
259,108
171,180
259,108
171,180
Trade creditors
548,801
713,708
75,356
37,346
Amounts owed to group undertakings
-
0
-
0
237,873
-
0
Corporation tax payable
844
813
844
813
Other taxation and social security
851,913
776,467
-
0
1,161
Other creditors
41,290
58,391
-
0
-
0
Accruals and deferred income
933,421
965,339
-
0
-
0
7,646,245
3,132,814
5,204,522
657,416

Pension contributions totalling £19,035 (2023: £19,656) were payable to the fund at the reporting date and are included in creditors. £4,216,899 of the debenture loans falling due within one year at the balance sheet date was restructured in June 2025. This is detailed further in the post year end balance sheet events note.

 

 

COGORA GROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 16 -
13
Creditors: amounts falling due after more than one year
Group
Company
2024
2023
2024
2023
Notes
£
£
£
£
Debenture loans
14
875,000
4,935,817
875,000
4,935,817
Other borrowings
14
57,048
67,403
57,048
67,403
932,048
5,003,220
932,048
5,003,220
14
Loans and overdrafts
Group
Company
2024
2023
2024
2023
£
£
£
£
Debenture loans
5,506,341
5,382,733
5,506,341
5,382,733
Bank overdrafts
379,527
-
0
-
0
-
0
Other loans
316,156
238,583
316,156
238,583
6,202,024
5,621,316
5,822,497
5,621,316
Payable within one year
5,269,976
618,096
4,890,449
618,096
Payable after one year
932,048
5,003,220
932,048
5,003,220
The bank borrowings which are included in Other loans and Bank Loans are secured by a fixed and floating charge over the assets of the group. These have associated financial covenants not all of which were met as at 31 December 2024. The lending authority was notified of the condition that was not met and the company has obtained written confirmation from the lender that no further action will be taken.
The following tables summarise the debenture loan position of the company along with the key terms and conditions of each debt instrument.
Loan note description
Outstanding balance as at 31 December 2024
Accrued interest and redemption premium as at 31 December 2024
Total outstanding as at 31 December 2024
Repayable by
Interest rate per annum
Shareholder loans
£666,344
£ 292,473
£958,817
See note below
Bank of England base rate plus 0.4%
Shareholder loans
£250,000
£332,945
£582,945
See note below
8%
Shareholder loans
£1,500,000
£2,050,137
£3,550,137
See note below
9%
Other loans
£161,311
£36,225
£197,536
01/07/2025
12%
Director loans
£48,048
£15,408
£63,457
01/07/2025
12%
Bank loan
£132,059
£21,390
£153,449
30/06/2025
Bank of England base rate plus 3.99%
COGORA GROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
14
Loans and overdrafts
(Continued)
- 17 -
£2,757,762
£2,748,579
£5,506,341
Shareholder Loans
£4,216,899 of the shareholder loans outstanding at the balance sheet date was restructured in June 2025 leaving a balance of £875,000 which will accrue interest at 8% from 01/01/2026 and is repayable by 31/12/2026.
This is detailed further in the post year end balance sheet events note.
15
Share based payments

At 31 December 2024 the company had issued 484,320 share options under approved EMI schemes and 48,815 share options under unapproved schemes that remained outstanding at the year end. The share options are all in relation to Ordinary D shares and are available for exercise upon various conditions as detailed by the scheme rules, including a change in control of the group. The deemed cost of the share options has been estimated using the Black Scholes valuation technique and is not considered material to the accounts and so no provision has been recognised in the accounts. The share options under approved EMI schemes lapse after 10 years in accordance with the scheme rules.

16
Retirement benefit schemes
2024
2023
Defined contribution schemes
£
£
Charge to profit or loss in respect of defined contribution schemes
85,166
90,580

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.

17
Share capital
Group and company
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary of £1 each
841,062
841,062
841,062
841,062
A Ordinary of £1 each
548,110
548,110
548,110
548,110
B Ordinary of £1 each
329,170
329,170
329,170
329,170
C Ordinary of £1 each
-
150,000
-
150,000
D Ordinary of 20p each
119,650
119,650
23,930
23,930
E Ordinary of £1 each
1,360
-
1,360
-
1,839,352
1,987,992
1,743,632
1,892,272
COGORA GROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
17
Share capital
(Continued)
- 18 -

Ordinary A and C shares rank equally as a priority over all other types of shares, these shareholders are entitled to a participating dividend equal to 11.38% of net profits.

 

Ordinary, Ordinary B and Ordinary D shares all rank equally as second to Ordinary A and Ordinary C shares, these shares are entitled to an ordinary dividend of 5% of net profits.

 

Ordinary A, B and D shares carry full voting rights.

 

119,650 D Ordinary shares are held by the company's subsidiaries.

 

18
Share premium account

This reserve records the amount above the nominal value received for shares sold, less transaction costs.

19
Capital redemption reserve

This reserve records the nominal value of the shares repurchased by the company.

20
Share repurchase reserve

This reserve records the company's interest in its own shares.

21
Profit and loss reserves

This reserve records retained earnings and accumulated losses.

22
Operating lease commitments

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
200,540
303,607
200,540
273,623
Between two and five years
189,552
273,560
189,552
13,554
390,092
577,167
390,092
287,177
23
Events after the reporting date

In June 2025 the Company converted £2,416,344 of shareholder loans to 767,094 A Ordinary Shares and wrote off £1,800,555 of the associated accrued interest that was outstanding at the balance sheet date, as well as the interest that had accrued since the balance sheet date. This increased the equity in the business by £2,416,344 and reduced the debenture loans balance by £4,216,899. The preferential return attached to the new and existing A Ordinary Shares was increased to 1.525 times the subscription price to compensate the noteholders for the accrued interest which was written off.

 

COGORA GROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 19 -
24
Related party transactions

Included within other debtors due within one year is a loan to J Pettifor, a director, amounting to £74,475 (2023: £71,975). Amounts repaid during the year totalled £Nil (2023: £Nil). The interest payable on the unpaid principal is calculated at the rate of 5% per annum.

 

Also included within other debtors due within one year is a loan to D Burns, a director, amounting to £1,360. The is no interest payable on the unpaid principal.

 

The entity has taken exemption from disclosure of intra-group transactions with wholly owned members of the group.

25
Controlling party

There is no ultimate controlling party.

26
Audit report information

As the income statement has been omitted from the filing copy of the financial statements, the following information in relation to the audit report on the statutory financial statements is provided in accordance with s444(5B) of the Companies Act 2006:

The auditor's report was unqualified.

Senior Statutory Auditor:
David Forinton
Statutory Auditor:
Kirk Rice LLP
Date of audit report:
11 August 2025
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