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Registered number: 05412266 Dept Personalised Content Limited Annual Report and Financial Statements For the year ended 31 December 2024
Dept Personalised Content Limited Company Information
Directors | H T Luu
| F L Schmid
Registered number | 05412266
Registered office | Floor 9 & 10
| Featherstone Building
| 66 City Road
| London
| EC1Y 2AL
Independent auditors | Hurst Accountants Limited
| Chartered Accountants & Statutory Auditors
| 3 Stockport Exchange
| Stockport
| Cheshire
| SK1 3GG
Dept Personalised Content Limited Contents
| Page
Strategic Report | 1 - 2
Directors' Report | 3 - 4
Independent Auditors' Report | 5 - 8
Statement of Income and Retained Earnings | 9
Statement of Financial Position | 10
Notes to the Financial Statements | 11 - 24
Dept Personalised Content Limited Strategic Report For the year ended 31 December 2024
Introduction
The Directors present their Strategic Report for the period ended 31 December 2024. Dept Personalised Content Limited is a fast-growing digital marketing agency that derives its revenues from digital advertising services helping clients build relationships with their customers throughout the complete lifecycle, delivering transformational growth. In the current period, the business has continued to deepen its relationship with its core customers, whilst seeking to expand its overall customer base.
DEPT®’s mission
Less than a decade ago, DEPT® was born from a collection of independent companies that believed they could make a bigger impact together than they ever could alone. Since then, we have continued to bring together the best in technology and marketing to form a single team, one built to solve whatever comes next. At DEPT®, we exist to unlock tomorrow’s possibilities for today’s most ambitious companies. Our unique model is a true 50/50 blend of technology and marketing; this ensures we do not just react to change; we drive it. We pair strategic consultation with world-class execution, bringing together visionary thinking with the ability to build, scale, and create meaningful impact. With over 170 partners leading the way, we combine the agility of an independent with the scale of a global player. We build brands that shape culture, products that elevate experiences, and systems that power the future. But we are not just focused on growth, we are committed to doing business the right way. We are united in building a company that has a positive impact on our people, our clients, and society. As a Certified B Corp, we are proud to be part of a global community of businesses balancing purpose and profit to be a force for good. B Corp Certification At DEPT®, we continue to be proud of our B Corp Certification and believe that it serves as an important signal of our commitment to using our business as a force for good. B Corps meet high standards of overall social and environmental performance, accountability, transparency and are required to recertify every three years. We are proud of achieving recertification at the beginning of 2025. In 2024, we worked towards our first recertification and as such we have been preparing the necessary data, documentation and implementing improvement initiatives to ensure we recertify in a timely and efficient manner. The recertification reflects and assesses the significant growth we have experienced at DEPT®. Awards In 2024, DEPT® achieved significant recognition across multiple prestigious award platforms: Webby Awards: DEPT® was honoured as Agency of the Year and Network of the Year for the third consecutive year. The agency secured 21 wins, 10 nominations, and 18 honorees for collaborations with brands such as Gucci, Bang & Olufsen, and Virgin Galactic. Lovie Awards: DEPT® was named Agency of the Year for the fourth time, earning a total of 31 awards: 8 Gold, 17 Silver, and 6 Bronze. Additionally, the agency received 21 People's Lovie Awards for work with clients including Sesame Workshop, Just Eat Takeaway, GANNI, and Strava. Anthem Awards: DEPT® was recognized as Agency of the Year, securing 20 awards. Presented by The Webby Awards, the Anthem Awards strive to amplify the voices that spark global change and define a new benchmark for impactful work that inspires others to take action within their own communities. This accolade highlights the agency's commitment to purpose- and mission-driven work. Campaign’s Global Agency of the Year Awards: DEPT® received the Silver award for Global Digital Innovation Agency of the Year, acknowledging its innovative use of technology in projects such as AI tools for teaching American Sign Page 1
Dept Personalised Content Limited Strategic Report (continued) For the year ended 31 December 2024 Language and immersive experiences for brands like Boss in Dubai. These accolades underscore DEPT®'s dedication to innovation, creativity, and impactful work in the digital agency landscape. In 2024, we focused on strengthening our foundation with #OneDEPT, refining both our organization and our approach to client work. With a new executive team in place, we sharpened our strategy to drive growth within existing clients while strategically expanding our client base. This foundation positions us for a strong 2025, marked by returning to growth and pioneering work. Our commercial strategy in 2024 delivered a robust pipeline and an improved win ratio. In 2025, we will build on this momentum by expanding cross-sell and upsell opportunities within our existing client portfolio, increasing CSAT, and boosting revenue retention. Additionally, we will accelerate global client growth through strategic partnerships and centres of excellence.
Financial key performance indicators
Turnover has increased by £4.7m to £44m in 2024, an increase of 12%. Gross profit, which internally we refer to as ‘net income’, has increased by £1.7m in 2024 to £14m. Administrative expenses over the year increased by £0.8m in 2024 to £8.8m. The company has also maintained a strong cash flow position and operates with no debt, other than trade creditors. This report was approved by the board and signed on its behalf.
H T Luu Director
Date: 5 September 2025
Page 2
Dept Personalised Content Limited Directors' Report For the year ended 31 December 2024 The directors present their report and the financial statements for the year ended 31 December 2024.
Directors' responsibilities statement
The directors are responsible for preparing the strategic report, the directors' report and the financial statements in accordance with applicable law and regulations. Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland'. Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the Company and of the profit or loss of the Company for that period. In preparing these financial statements, the directors are required to: ∙select suitable accounting policies for the Company's financial statements and then apply them consistently; ∙make judgements and accounting estimates that are reasonable and prudent; ∙prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Company will continue in business. The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the Company's transactions and disclose with reasonable accuracy at any time the financial position of the Company and to enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the Company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
Results and dividends
The profit for the year, after taxation, amounted to £4,882,248 (2023 - £5,111,512). Ordinary dividends of £5,420,784 (2023: £6,318,805) were paid. The directors do not recommend payment of a final dividend.
Directors
The directors who served during the year were:
A M Lloyd (resigned 22 April 2024)
H T Luu
M M S Lynch (resigned 22 April 2024)
F L Schmid
Future developments
Dept continues to see opportunities for strong growth in the UK both organically and via acquisitions and will continue our buy-and-build strategy and the integration of the previously acquired companies. Page 3
Dept Personalised Content Limited Directors' Report (continued) For the year ended 31 December 2024
Disclosure of information to auditors
Each of the persons who are directors at the time when this directors' report is approved has confirmed that: ∙so far as the director is aware, there is no relevant audit information of which the Company's auditors are unaware, and ∙the director has taken all the steps that ought to have been taken as a director in order to be aware of any relevant audit information and to establish that the Company's auditors are aware of that information.
Post balance sheet events
There have been no significant events affecting the Company since the year end.
Auditors
The auditors, Hurst Accountants Limited, will be proposed for reappointment in accordance with section 485 of the Companies Act 2006. This report was approved by the board and signed on its behalf.
H T Luu Director
Date: 5 September 2025
Page 4
Dept Personalised Content Limited Independent Auditors' Report to the Members of Dept Personalised Content Limited
Opinion
We have audited the financial statements of Dept Personalised Content Limited (the 'Company') for the year ended 31 December 2024, which comprise the statement of income and retained earnings, the statement of financial position and the related notes, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice). In our opinion the financial statements: ∙give a true and fair view of the state of the Company's affairs as at 31 December 2024 and of its profit for the year then ended; ∙have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and ∙have been prepared in accordance with the requirements of the Companies Act 2006.
Basis for opinion
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the Company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the United Kingdom, including the Financial Reporting Council's Ethical Standard and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
Conclusions relating to going concern
In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate. Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the Company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue. Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.
Other information
The other information comprises the information included in the Annual Report other than the financial statements and our auditors' 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. Page 5
Dept Personalised Content Limited Independent Auditors' Report to the Members of Dept Personalised Content Limited (continued)
Opinion on other matters prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of the audit: ∙the information given in the strategic report and the directors' report for the financial year for which the financial statements are prepared is consistent with the financial statements; and ∙the strategic report and the directors' report have been prepared in accordance with applicable legal requirements.
Matters on which we are required to report by exception
In the light of the knowledge and understanding of the Company and its environment obtained in the course of the audit, we have not identified material misstatements in the strategic report or the directors' report. We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion: ∙adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or ∙the financial statements are not in agreement with the accounting records and returns; or ∙certain disclosures of directors' remuneration specified by law are not made; or ∙we have not received all the information and explanations we require for our audit.
Responsibilities of directors
As explained more fully in the directors' responsibilities statement set out on page 3, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. In preparing the financial statements, the directors are responsible for assessing the Company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the Company or to cease operations, or have no realistic alternative but to do so.
Auditors' responsibilities for the audit of the financial statements
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditors' report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements. Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below: We identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, and then design and perform audit procedures responsive to those risks, including obtaining audit evidence that is sufficient and appropriate to provide a basis for our opinion. Page 6
Dept Personalised Content Limited Independent Auditors' Report to the Members of Dept Personalised Content Limited (continued) Identifying and assessing potential risks related to irregularities In identifying and assessing the risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, we considered the following: ∙The nature of the industry and sector, control environment and business performance including key drivers for directors' remuneration, bonus levels and performance targets. ∙Enquiring of local management, including obtaining and reviewing supporting documentation, concerning the Company's policies and procedures relating to: °Identifying, evaluating and complying with laws and regulations and whether they were aware of any instances of non-compliance; °Detecting and responding to the risks of fraud and whether they have knowledge of any actual, suspected of alleged fraud; ∙The internal controls established to mitigate risks related to fraud or non-compliance with laws and regulations. ∙Discussing among the engagement team regarding how and where fraud might occur in the financial statements and any potential indicators of fraud; ∙Obtaining an understanding of the legal and regulatory frameworks that the Company operates in, focusing on those laws and regulations that had a direct effect on the financial statements, such as the Companies Act 2006, pensions and tax legislation, or that had a fundamental effect on the operations of the Company, including General Data Protection requirements, Anti-bribery and corruption policy, and Health & Safety. Audit response to risks identified Our procedures to respond to risk identified included the following: ∙Reviewing the financial statement disclosures and testing to supporting documentation to assess compliance with provisions of relevant laws and regulations described as having a direct effect on the financial statements; ∙Discussions with management, including consideration of known or suspected instances of non-compliance with laws and regulations and fraud; ∙Evaluation of management’s controls designed to prevent and detect irregularities; ∙Enquiring of management concerning actual and potential litigation and claims; ∙Performing analytical procedures to identify any unusual or unexpected relationships that may indicate risks of material misstatement due to fraud; ∙Reading minutes of meetings of those charged with governance, reviewing internal audit reports and correspondence with regulators. We have also considered the risks noted above in addressing the risk of fraud through management override of controls: ∙Testing the appropriateness of journal entries and other adjustments. We have used data analytics software to identify accounting transactions which may pose a heightened risk of material misstatement, whether due to fraud or error. ∙Challenging assumptions made by management in their significant accounting estimates, and assessing whether the judgements made in making accounting estimates are indicative of a potential bias; and ∙Evaluating the business rationale of any significant transactions that are unusual or outside the normal course of business. We also communicated relevant identified laws and regulations and potential fraud risks to all engagement team members and remained alert to any indications of fraud or non-compliance with laws and regulations throughout the audit. Page 7
Dept Personalised Content Limited Independent Auditors' Report to the Members of Dept Personalised Content Limited (continued) Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation. A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditors' report.
Use of our report
This report is made solely to the Company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 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 auditors' report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the Company and the Company's members, as a body, for our audit work, for this report, or for the opinions we have formed. Anthony Woodings (Senior Statutory Auditor) for and on behalf of Hurst Accountants Limited Chartered Accountants Statutory Auditors 3 Stockport Exchange Stockport Cheshire SK1 3GG 5 September 2025 Page 8
Dept Personalised Content Limited Statement of Income and Retained Earnings For the year ended 31 December 2024
| 2024 | As restated 2023
Note | £ | £
Turnover | 4 | 43,982,147 | 39,329,922
Cost of sales |  | (30,026,313) | (27,113,737)
Gross profit |  | 13,955,834 | 12,216,185
Administrative expenses |  | (8,799,818) | (7,996,081)
Other operating income | 5 | 198,443 | 804,205
Operating profit | 6 | 5,354,459 | 5,024,309
Income from shares in group undertakings | 10 | - | 352,293
Interest receivable and similar income | 11 | 10,277 | 17,281
Interest payable and similar expenses | 12 | (191,838) | (170,037)
Profit before tax |  | 5,172,898 | 5,223,846
Tax on profit | 13 | (290,650) | (112,334)
Profit after tax |  | 4,882,248 | 5,111,512
Retained earnings at the beginning of the year |  | 3,920,840 | 5,128,133
Profit for the year |  | 4,882,248 | 5,111,512
Dividends declared and paid | 14 | (5,420,784) | (6,318,805)
Retained earnings at the end of the year |  | 3,382,304 | 3,920,840
There were no recognised gains and losses for 2024 or 2023 other than those included in the statement of income and retained earnings.
The notes on pages 11 to 24 form part of these financial statements.
Page 9
Dept Personalised Content Limited Registered number: 05412266 Statement of Financial Position As at 31 December 2024
|  | 2024 |  | 2023
Note |  | £ |  | £
Fixed assets |  |  |  |  |
Tangible assets | 15 |  | 1,136,266 |  | 1,350,539
Investments | 16 |  | 28,743 |  | 28,743
|  |  | 1,165,009 |  | 1,379,282
Current assets |  |  |  |  |
Debtors: amounts falling due within one year | 17 | 5,148,526 |  | 7,932,702 |
Cash at bank and in hand | 18 | 4,301,977 |  | 4,456,395 |
|  | 9,450,503 |  | 12,389,097 |
Creditors: amounts falling due within one year | 19 | (7,027,978) |  | (9,588,585) |
Net current assets |  |  | 2,422,525 |  | 2,800,512
Total assets less current liabilities |  |  | 3,587,534 |  | 4,179,794
Provisions for liabilities |  |  |  |  |
Deferred tax | 20 |  | (205,130) |  | (258,854)
Net assets |  |  | 3,382,404 |  | 3,920,940
Capital and reserves |  |  |  |  |
Called up share capital | 21 |  | 100 |  | 100
Profit and loss account | 22 |  | 3,382,304 |  | 3,920,840
|  |  | 3,382,404 |  | 3,920,940
The financial statements were approved and authorised for issue by the board and were signed on its behalf by:
H T Luu
Director
Date: 5 September 2025
The notes on pages 11 to 24 form part of these financial statements. Page 10
Dept Personalised Content Limited Notes to the Financial Statements For the year ended 31 December 2024
1. | General information
Dept Personalised Content Limited is a private company limited by shares incorporated in England and Wales. The registered office is Dept Personalised Content Limited, Floor 9 & 10, Featherstone Building, 66 City Road, London, EC1Y 2AL. The principal activity of the Company is the provision of digital marketing and content creation services. 2.Accounting policies
| 2.1 | Basis of preparation of financial statements
The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006. The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgement in applying the Company's accounting policies (see note 3). The following principal accounting policies have been applied:
| 2.2 | Financial Reporting Standard 102 - reduced disclosure exemptions
The Company has taken advantage of the following disclosure exemptions in preparing these financial statements, as permitted by the FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland": ∙the requirements of Section 7 Statement of Cash Flows; ∙the requirements of Section 3 Financial Statement Presentation paragraph 3.17(d); ∙the requirements of Section 11 Financial Instruments paragraphs 11.42, 11.44 to 11.45, 11.47, 11.48(a)(iii), 11.48(a)(iv), 11.48(b) and 11.48(c); ∙the requirements of Section 12 Other Financial Instruments paragraphs 12.26 to 12.27, 12.29(a), 12.29(b) and 12.29A; ∙the requirements of Section 33 Related Party Disclosures paragraph 33.7. This information is included in the consolidated financial statements of Digital Agency Holding B.V. as at 31 December 2024 and these financial statements may be obtained from Generaal Vetterstraat 66, 1059 BW, Amsterdam, Netherlands..
| 2.3 | Going concern
The group has prepared the financial statements for the financial year ending 31st December 2024 on a going concern basis which assumes continuity of current business activities and the realisation of assets and settlement of liabilities in the ordinary course of business. The group headed by Digital Agency Holding B.V. has prepared financial forecasts for FY25 and the directors have concluded that it is appropriate to prepare the financial statements on a going concern basis. Page 11
Dept Personalised Content Limited Notes to the Financial Statements For the year ended 31 December 2024 2.Accounting policies (continued)
| 2.4 | Foreign currency translation
Functional and presentation currency The Company's functional and presentational currency is GBP. Transactions and balances Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions. At each period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined. Foreign exchange gains and losses resulting from the settlement of transactions and from the translation at period-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in profit or loss except when deferred in other comprehensive income as qualifying cash flow hedges. Foreign exchange gains and losses that relate to borrowings and cash and cash equivalents are presented in the statement of income and retained earnings within 'finance income or costs'. All other foreign exchange gains and losses are presented in profit or loss within 'other operating income'.
| 2.5 | Revenue
Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised: Rendering of services Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied: ∙the amount of revenue can be measured reliably; ∙it is probable that the Company will receive the consideration due under the contract; ∙the stage of completion of the contract at the end of the reporting period can be measured reliably; and ∙the costs incurred and the costs to complete the contract can be measured reliably.
| 2.6 | Interest income
Interest income is recognised in profit or loss using the effective interest method.
| 2.7 | Finance costs
Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument. Page 12
Dept Personalised Content Limited Notes to the Financial Statements For the year ended 31 December 2024 2.Accounting policies (continued)
| 2.8 | Pensions
Defined contribution pension plan The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations. The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the statement of financial position. The assets of the plan are held separately from the Company in independently administered funds.
| 2.9 | Current and deferred taxation
The tax expense for the year comprises current and deferred tax. Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively. The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the Company operates and generates income. Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the reporting date, except that: ∙The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and ∙Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met. Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.
| 2.10 | Tangible fixed assets
Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management. Page 13
Dept Personalised Content Limited Notes to the Financial Statements For the year ended 31 December 2024 2.Accounting policies (continued)
| 2.10 | Tangible fixed assets (continued)
Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method. Depreciation is provided on the following basis:
|  |  |  | Long-term leasehold property | - |  | Over 10 year length of lease
|  |  |  | Fixtures and fittings | - | 25% |
|  |  |  | Office equipment | - | 25% |
The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date. Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.
| 2.11 | Valuation of investments
Investments in subsidiaries are measured at cost less accumulated impairment.
| 2.12 | Debtors
Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.
| 2.13 | Cash
Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours.
| 2.14 | Creditors
Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.
| 2.15 | Provisions for liabilities
Provisions are recognised when an event has taken place that gives rise to a legal or constructive obligation, a transfer of economic benefits is probable and a reliable estimate can be made. Provisions are measured as the best estimate of the amount required to settle the obligation, taking into account the related risks and uncertainties. Increases in provisions are generally charged as an expense to profit or loss. Page 14
Dept Personalised Content Limited Notes to the Financial Statements For the year ended 31 December 2024 2.Accounting policies (continued)
| 2.16 | 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 accounts receivable. 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. 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 Statement of comprehensive income. For financial assets measured at amortised cost, the impairment loss is measured as the difference between an asset's carrying amount and the present value of estimated cash flows discounted at the asset's original effective interest rate. If a financial asset has a variable interest rate, the discount rate for measuring any impairment loss is the current effective interest rate determined under the contract. Financial assets and liabilities are offset and the net amount reported in the Balance sheet when there is an enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
| 2.17 | Dividends
Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.
3. | Judgements in applying accounting policies and key sources of estimation uncertainty
Preparation of the financial statements requires management to make judgements and estimates that affect amounts recognised for assets and liabilities at the reporting date and the amounts of revenue and expenses incurred during the reporting period. Actual outcomes may differ from these judgements, estimates and assumptions. The directors believe that judgements, estimates and assumptions do not have a significant risk of causing a material difference to the carrying amount of the assets and liabilities within the next financial year. Page 15
Dept Personalised Content Limited Notes to the Financial Statements For the year ended 31 December 2024
4. | Turnover
| An analysis of turnover by class of business is as follows:
|  |  |  |  | 2024 | 2023
|  |  |  |  | £ | £
| Sales of services | 43,982,147 | 39,329,922
Analysis of turnover by country of destination:
|  |  |  |  | 2024 | 2023
|  |  |  |  | £ | £
| United Kingdom | 4,398,214 | 1,966,496
| Rest of Europe | 17,592,859 | 19,664,961
| Rest of the world | 21,991,074 | 17,698,465
|  | 43,982,147 | 39,329,922
5. | Other operating income
|  |  |  |  | 2024 | As restated 2023
|  |  |  |  | £ | £
| Other operating income | - | 714,962
| Net rents receivable | 164,326 | 16,744
| Government grants receivable | - | 500
| Management charges receivable | 34,117 | 71,999
|  | 198,443 | 804,205
6. | Operating profit
| The operating profit is stated after charging:
|  |  |  |  | 2024 | 2023
|  |  |  |  | £ | £
| Exchange differences | 206,378 | 359,506
| Other operating lease rentals | 1,355,363 | 1,151,098
Page 16
Dept Personalised Content Limited Notes to the Financial Statements For the year ended 31 December 2024
7. | Auditors' remuneration
| During the year, the Company obtained the following services from the Company's auditors:
|  |  |  |  | 2024 | 2023
|  |  |  |  | £ | £
| Fees payable to the Company's auditors for the audit of the Company's financial statements | 12,550 | 12,350
| Fees payable to the Company's auditors in respect of: |  |
| Taxation compliance services | 1,000 | 1,000
8. | Employees
| Staff costs, including directors' remuneration, were as follows:
|  |  |  |  | 2024 | 2023
|  |  |  |  | £ | £
| Wages and salaries | 7,826,267 | 7,006,372
| Social security costs | 899,959 | 735,634
| Cost of defined contribution scheme | 243,335 | 226,238
|  | 8,969,561 | 7,968,244
| The average monthly number of employees, including the directors, during the year was as follows:
|  |  | 2024 | 2023
|  |  | No. | No.
|  | Staff | 183 | 161
|  | Directors | 2 | 3
|  |  | 185 | 164
Page 17
Dept Personalised Content Limited Notes to the Financial Statements For the year ended 31 December 2024
9. | Directors' remuneration
|  |  |  |  | 2024 | 2023
|  |  |  |  | £ | £
| Directors' emoluments | 484,827 | 568,439
| Company contributions to defined contribution pension schemes | 14,899 | 13,394
|  | 499,726 | 581,833
| During the year retirement benefits were accruing to 1 director (2023 - 2) in respect of defined contribution pension schemes.
| The highest paid director received remuneration of £224,094 (2023 - £194,355).
| The value of the Company's contributions paid to a defined contribution pension scheme in respect of the highest paid director amounted to £7,479 (2023 - £NIL).
10. | Income from investments
|  |  |  |  | 2024 | 2023
|  |  |  |  | £ | £
| Income from shares in group undertakings | - | 352,293
11. | Interest receivable
|  |  |  |  | 2024 | 2023
|  |  |  |  | £ | £
| Interest receivable from group companies | 8,233 | 17,281
| Other interest receivable | 2,044 | -
|  | 10,277 | 17,281
12. | Interest payable and similar expenses
|  |  |  |  | 2024 | 2023
|  |  |  |  | £ | £
| Loans from group undertakings | 191,838 | 170,037
Page 18
Dept Personalised Content Limited Notes to the Financial Statements For the year ended 31 December 2024
13. | Taxation
|  |  |  |  | 2024 | 2023
|  |  |  |  | £ | £
| Corporation tax |  |
| Current tax on profits for the year | 340,000 | 584,949
| Adjustments in respect of previous periods | 4,374 | (466,746)
|  | 344,374 | 118,203
| Total current tax | 344,374 | 118,203
| Deferred tax |  |
| Origination and reversal of timing differences | (53,724) | (5,869)
| Total deferred tax | (53,724) | (5,869)
| Tax on profit | 290,650 | 112,334
| Factors affecting tax charge for the year
| The tax assessed for the year is lower than (2023 - lower than) the standard rate of corporation tax in the UK of 25% (2023 - 23.52%). The differences are explained below:
|  |  |  |  | 2024 | 2023
|  |  |  |  | £ | £
| Profit on ordinary activities before tax | 5,172,898 | 5,223,846
| Profit on ordinary activities multiplied by standard rate of corporation tax in the UK of 25% (2023 - 23.52%) | 1,293,225 | 1,228,649
| Effects of: |  |
| Expenses not deductible for tax purposes, other than goodwill amortisation and impairment | 13,896 | 164,768
| Adjustments to tax charge in respect of prior periods | 4,374 | (466,746)
| Short-term timing difference leading to an increase (decrease) in taxation | - | (60,588)
| Tax rate changes | - | 3,239
| Non-taxable income less expenses not deductible for tax purposes, other than goodwill and impairment | - | (251,018)
| Other differences leading to an increase (decrease) in the tax charge | - | (2,881)
| Group relief | (1,020,845) | (503,089)
| Total tax charge for the year | 290,650 | 112,334
Page 19
Dept Personalised Content Limited Notes to the Financial Statements For the year ended 31 December 2024 13.Taxation (continued)
| Factors that may affect future tax charges
There were no factors that may affect future tax charges.
14. | Dividends
|  |  |  |  | 2024 | 2023
|  |  |  |  | £ | £
| Dividends | 5,420,784 | 6,318,805
15. | Tangible fixed assets
|  | Long-term leasehold property | Fixtures and fittings | Office equipment | Total
|  | £ | £ | £ | £
| Cost or valuation |  |  |  |
| At 1 January 2024 | 906,268 | 374,878 | 710,130 | 1,991,276
| Additions | 8,941 | 3,114 | 127,797 | 139,852
| Disposals | - | - | (3,243) | (3,243)
| At 31 December 2024 | 915,209 | 377,992 | 834,684 | 2,127,885
| Depreciation |  |  |  |
| At 1 January 2024 | 172,963 | 131,207 | 336,567 | 640,737
| Charge for the year | 117,097 | 80,220 | 156,808 | 354,125
| Disposals | - | - | (3,243) | (3,243)
| At 31 December 2024 | 290,060 | 211,427 | 490,132 | 991,619
| Net book value |  |  |  |
| At 31 December 2024 | 625,149 | 166,565 | 344,552 | 1,136,266
| At 31 December 2023 | 733,305 | 243,671 | 373,563 | 1,350,539
Page 20
Dept Personalised Content Limited Notes to the Financial Statements For the year ended 31 December 2024
16. | Fixed asset investments
|  | Investments in subsidiary companies
|  | £
| Cost or valuation |
| At 1 January 2024 | 28,743
| At 31 December 2024 | 28,743
| Subsidiary undertakings
| The following were subsidiary undertakings of the Company:
| Name | Registered office | Class of shares | Holding
| Dept Personalised Content GmbH | Hagelberger Straße 53/54,10965, Berlin, Germany | Ordinary | 100%
| Dept Personalised Content Inc | 350 10th Ave, Suite 700,San Diego, CA 92101,USA | Ordinary | 100%
| Dept Personalised Content Canada Ltd | 410 Adelaide St W,Toronto, ON M5V 1S8,Canada | Ordinary | 100%
17. | Debtors
|  |  |  |  | 2024 | 2023
|  |  |  |  | £ | £
| Trade debtors | 1,654,797 | 2,930,858
| Amounts owed by group undertakings | 1,183,580 | 2,045,512
| Other debtors | 1,152,191 | 1,240,146
| Prepayments and accrued income | 1,157,958 | 1,716,186
|  | 5,148,526 | 7,932,702
| Amounts owed by group undertakings are unsecured and repayable on demand. They bear interest based on the monthly floating rate on the currency of the loan +2.5%.
Page 21
Dept Personalised Content Limited Notes to the Financial Statements For the year ended 31 December 2024
18. | Cash
|  |  |  |  | 2024 | 2023
|  |  |  |  | £ | £
| Cash at bank and in hand | 4,301,977 | 4,456,395
19. | Creditors: Amounts falling due within one year
|  |  |  |  | 2024 | 2023
|  |  |  |  | £ | £
| Trade creditors | 573,135 | 154,207
| Amounts owed to group undertakings | 3,924,445 | 6,289,718
| Other taxation and social security | 246,505 | 207,290
| Other creditors | 940,559 | 1,161,779
| Accruals and deferred income | 1,343,334 | 1,775,591
|  | 7,027,978 | 9,588,585
| Amounts owed to group undertakings are unsecured and repayable on demand. They bear interest based on the monthly floating rate on the currency of the loan +2.5%.
20. | Deferred taxation
|  | 2024
|  | £
| At beginning of year | (258,854)
| Charged to profit or loss | 53,724
| At end of year | (205,130)
| The provision for deferred taxation is made up as follows:
|  |  |  |  | 2024 | 2023
|  |  |  |  | £ | £
| Accelerated capital allowances | (217,636) | (268,859)
| Other timing differences | 12,506 | 10,005
|  | (205,130) | (258,854)
Page 22
Dept Personalised Content Limited Notes to the Financial Statements For the year ended 31 December 2024
21. | Share capital
|  |  |  |  | 2024 | 2023
|  |  |  |  | £ | £
|  | Allotted, called up and fully paid |  |
|  | 100,000 (2023 - 100,000) Ordinary shares of £0.001 each | 100 | 100
22. | Reserves
Profit and loss account The profit and loss account represents the cumulative profits or losses net of dividends paid.
23. | Prior year adjustment
In the current year, management charge income of £34,117 has been reclassified from administrative expenses to other operating income to more appropriately reflect its nature. Comparative figures of £71,999 have been adjusted on the same basis. This reclassification has no impact on profit, net assets or equity. In the current year, rent receivable income of £164,326 has been reclassified from administrative expenses to other operating income to more appropriately reflect its nature. Comparative figures of £16,744 have been adjusted on the same basis. This reclassification has no impact on profit, net assets or equity.
24. | Pension commitments
The Company operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the Company in an independently administered fund. The pension cost charge represents contributions payable by the Company to the fund and amounted to £243,335 (2023: £226,238). Contributions totalling £50,021 (2023: £40,020) were payable to the fund at the reporting date and are included in creditors.
25. | Commitments under operating leases
| At 31 December 2024 the Company had future minimum lease payments due under non-cancellable operating leases for each of the following periods:
|  |  |  |  | 2024 | 2023
|  |  |  |  | £ | £
| Not later than 1 year | 929,618 | 1,186,476
| Later than 1 year and not later than 5 years | 1,271,684 | 2,251,308
|  | 2,201,302 | 3,437,784
Page 23
Dept Personalised Content Limited Notes to the Financial Statements For the year ended 31 December 2024
26. | Controlling party
The immediate parent undertaking is Dept Personalised Content Group Limited, a company registered in England and Wales, company number 11937482. The smallest group for which consolidated accounts are prepared is Digital Agency Subholding B.V., a company registered in The Netherlands at Generaal Vetterstraat 66, 1059 BW, Amsterdam, The Netherlands. The largest group for which consolidated accounts are prepared is Digital Agency Holding B.V., a company registered in The Netherlands at the same address as above. Consolidated accounts are available from the registered offices listed above. The Carlyle Group Inc. is the ultimate parent undertaking.
Page 24