The directors present the strategic report for the year ended 31 December 2024.
The results for the year for the group show an operating profit of £1,517,156 and turnover of £10,392,916. Last year operating profit was £1,086,596 on turnover of £8,995,642. The group had net assets of £3,805,773 at the reporting date. Net assets at the end of 2023 were £4,263,985.
2024 saw a solid trading performance across most key accounts, services, delivery groups, and geographies. Efforts started in 2023 to improve marketing and grow accounts were successful, and demand remained consistently high across 2024. This led to growth in headcount – particularly in the second half of the year – to keep up with demand.
As the Company continued to grow, systems, processes, and operating models became more mature. 2024 saw a number of new roles created to work across the Company – to lead on growth and delivery for service areas such as learning and templates. Early work was done to create additional leadership roles operating company-wide, with many of these filled in 2025.
The group also continues to invest in the product side of the business. The directors remain confident that this investment will – eventually – lead to healthy revenue growth. In 2024 the product team continued to re-engineer BrandIn to a more robust architecture. An internal pilot, and a single external pilot of the new BrandIn were successfully launched in 2024.
Growth of the product group led to international expansion – with new developers being hired in Bulgaria to offer an alternative pipeline for talent acquisition.
Inflation caused cost pressures for the group as employees (reasonably) requested higher pay. Staff costs represent most of the group’s spend – and so increases in staff costs necessarily impact margins. Increases to pay scales were announced in 2024 but only came into effect in 2025, alongside higher taxes for employers in the UK.
During the 2025 financial year the Company has continued to perform well and is trading ahead of budget, despite an uncertain economic environment in the group’s key markets.
The Company’s performance is impacted by the general economic climate in the USA, Europe, and UK. This risk is managed by operating across a broad range of industries and offering services to different departments within enterprise clients. Additional risks the Company has considered are detailed below.
Staff Retention – The Company often employs and develops new graduates or early-career professionals. Although the Company is well-positioned to attract, recruit, and train staff, experienced staff leaving can cause disruption. The Company works hard to retain staff – including through pay and offering an attractive culture - but this will continue to remain a key area of focus.
Exchange Rate Risk – The majority of the Company’s sales are made in USD, but most employment costs are in GBP. There is not yet a currency hedge strategy in place – although this policy will remain under review.
Client Concentration – The Company delivers services for many clients, across a broad range of industries. Although no single client represents more than 20% of revenue, some do still account for a share of revenue that would cause significant disruption if lost. These accounts all appear to be running well – and have continued to do so in 2025 – but the board continues to pay close attention to these accounts.
Presentation Technology Sales – the Company’s flagship commercial product BrandIn will be relaunched in 2025 using a new architecture and technology. The Company has invested in this product and has used extensive expertise and experience in presentation design to build a compelling offering. The market is crowded, and already contains well-established and capitalised competitors. There is a risk that differentiation and sales will prove difficult.
Artificial Intelligence – Microsoft, Google, Adobe, and others continue to introduce new technology to support their customers in presentation design, writing, and design more broadly. Microsoft’s Copilot works directly with PowerPoint, and Google’s Gemini does the same in Slides. Many companies are trialling these technologies; as the tools improve some work creative agencies currently do may be done by clients in-house using AI. The Company continues to monitor things closely. Current responses include seeking to add value that cannot easily be offered by AI, looking for ways to use these tools in an expert way, and examining ways to utilise AI in products such as BrandIn.
The Board of Directors consider, both individually and together, that they have acted in the way they consider, in good faith, would be most likely to promote the success of the company for the benefit of its members as a whole and having regard (among other matters) to factors (a) to (f) s172 Companies Act 2006, in the decisions taken during the year ended 31 December 2024.
Long-term – Our strategy prioritises sustainable growth through selling services to both existing and new clients, expanding in learning services and template design, and growing the product side of the Company.
Employees – We recognise our employees are fundamental to the long-term success of the business. Employees are asked to provide feedback to their managers and company leadership every two weeks through an engagement platform. The Company provides biannual appraisals for all employees where performance and career development are discussed. There are a wide-range of training opportunities – including through the BrightCarbon Academy, which was launched in 2023. Regular company meetings are held to share best practice, promote transparency, and support a strong culture.
The Company is inclusive and welcomes employees of all backgrounds and identities. Employees of any nationality; of black, white, Asian, or minority ethnic heritage; of any religious belief; of any working age; those with disabilities or neurodivergencies; and all members of the LGBTQ+ community are celebrated and welcomed. The Company attempts to proactively attract more diverse talent, and to retain and develop existing employees from under-represented backgrounds.
Customers – The Company provides services to many of the largest companies in IT, life sciences, financial services, and other sectors. The Company strives to work in partnership with clients, delighting them with high-quality service while remaining straightforward to work with.
Suppliers – The Company works closely with Microsoft and Google on the technical performance of the presentation-related products (PowerPoint and Slides) they provide. The Company is unique in employing two Microsoft MVPs for PowerPoint, which helps with bug reporting, feature requests, and understanding and making full use of the PowerPoint roadmap.
Community and Environment – The Company is a proud member of 1% for the Planet. This commitment means that the Company donates 1% of revenue to environmental causes. This giving is certified by the 1% for the Planet organisation. All donations were made in cash (not cash equivalents) for 2024. The Company’s Environment Committee nominated organisations (global, national, and local) to receive donations – and then all employees were engaged through a democratic process to decide how much each nominated charity received. The Company also has a proud record of donating pro-bono work for charities and community groups. Employees nominate organisations to receive this work, and it is then scheduled and delivered as normal.
Business Conduct – The Company recognises the importance of high standards of business conduct and governance. These standards are communicated to employees via leadership and managers, supported by Company policies, and reinforced through training and development.
Shareholders – The board’s intention is to behave responsibly towards our shareholders and treat them fairly and equally. Most shareholders work actively for the Company, regular dialogue is held with those who do not.
On behalf of the board
The directors present their annual report and financial statements for the year ended 31 December 2024.
The results for the year are set out on page 9.
Ordinary dividends were declared amounting to £1,744,453, with the balance remaining payable as at the year-end of £1,744,453.
The directors who held office during the year and up to the date of signature of the financial statements were as follows:
Ward Williams Limited were appointed as auditor to the group and in accordance with section 485 of the Companies Act 2006, a resolution proposing that they be re-appointed will be put at a General Meeting.
We have audited the financial statements of BrightCarbon Ltd (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).
Basis for 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
Opinions on other matters prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of our audit:
The information given in the strategic report and the directors' report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
The strategic report and the directors' report have been prepared in accordance with applicable legal requirements.
Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud, is detailed below.
The objectives of our audit are to identify and assess the risks of material misstatement of the financial statements due to fraud or error; to obtain sufficient appropriate audit evidence regarding the assessed risks of material misstatement due to fraud or error; and to respond appropriately to those risks. Owing to the inherent limitations of an audit, there is an unavoidable risk that material misstatements in the financial statements may not be detected, even though the audit is properly planned and performed in accordance with the ISAs (UK).
In identifying and assessing risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, our procedures included the following:
We obtained an understanding of the legal and regulatory frameworks applicable to the company and the sector in which they operate. We determined that the following were most significant: the Companies Act 2006 and UK corporate taxation laws.
We obtained an understanding of how the company are complying with those legal and regulatory frameworks by making inquiries to the management of the company. We corroborated our inquiries through our review of correspondence during our audit work.
We assessed the susceptibility of the company's financial statements to material misstatement, including how fraud might occur. Audit procedures performed included:
identifying and assessing the design and implementation of controls management has in place to prevent and detect fraud;
understanding how those charged with governance considered and addressed the potential for override of controls or other inappropriate influence over the financial reporting process;
challenging assumptions and judgements made by management in its significant accounting estimates;
identifying and testing journal entries, in particular and journal entries posted with unusual account combinations; and
assessing the extent of compliance with the relevant laws and regulations.
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.
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 £1,055,252 (2023 - £1,333,826).
BrightCarbon Ltd (“the company”) is a private limited company domiciled and incorporated in England and Wales. The registered office is Digital World Centre, The Quays, Media City, Salford, M50 3UB.
The principal activity of the company and group is that of provision of presentation design, training and learning content, and other creative services to a broad range of businesses in the US, Europe, UK, and globally. The company and the group also offer presentation technology products for businesses and individuals using PowerPoint.
The group consists of BrightCarbon Ltd and all of its subsidiaries.
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006.
The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
The consolidated group financial statements consist of the financial statements of the parent company BrightCarbon Ltd 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 with comparative information to 31 December 2022. 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.
Subsidiaries are consolidated in the group’s financial statements from the date that control commences until the date that control ceases.
At the time of approving the financial statements, the directors have a reasonable expectation that the group has adequate resources to continue in operational existence for the foreseeable future. Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements.
Turnover is recognised at the fair value of the consideration received or receivable for services provided in the normal course of business, and is shown net of VAT and other sales related taxes.
Revenue from contracts for the provision of services is recognised by reference to the stage of completion when the stage of completion, costs incurred and costs to complete can be estimated reliably.
The stage of completion is based on the project manager’s estimate of what is recoverable on the project as determined by the internal delivery milestones that have been met.
Where the outcome cannot be estimated reliably, revenue is recognised only to the extent of the expenses recognised that it is probable will be recovered.
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.
In the parent company financial statements, investments in subsidiaries are initially measured at cost and subsequently measured at cost less any accumulated impairment losses.
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.
At each reporting period end date, the group reviews the carrying amounts of its tangible 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.
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.
The group has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the group's balance sheet when the group becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset and the net amounts presented in the financial statements when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.
Financial assets, other than those held at fair value through profit and loss, are assessed for indicators of impairment at each reporting end date.
Financial assets are impaired where there is objective evidence that, as a result of one or more events that occurred after the initial recognition of the financial asset, the estimated future cash flows have been affected. If an asset is impaired, the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss is recognised in profit or loss.
If there is a decrease in the impairment loss arising from an event occurring after the impairment was recognised, the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been, had the impairment not previously been recognised. The impairment reversal is recognised in profit or loss.
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.
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the group after deducting all of its liabilities.
Basic financial liabilities, including creditors and loans from fellow group are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.
Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.
Financial liabilities are derecognised when the group's contractual obligations expire or are discharged or cancelled.
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.
The tax expense represents the sum of the tax currently payable and deferred 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.
The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leased asset are consumed.
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.
Judgements and Critical Estimates in Revenue Recognition
Key Sources of Estimation Uncertainty
Stage of Completion:
Judgement: Determining the stage of completion involves significant judgement. Project managers assess the progress of each project based on progress against key milestones.
Estimation Uncertainty: The accuracy of these estimates can be affected by unforeseen changes in project scope or delays.
Total Estimated Costs:
Judgement: Project costs are solely direct labour costs and these are reflected in the profit and loss account as they are incurred.
Estimating the total costs to complete a project requires careful consideration of various factors, including direct labour costs.
Estimation Uncertainty: Given direct labour costs are recognised as incurred, there is minimal uncertainty for costs.
Revenue Recognition:
Judgement: Revenue is recognised based on the stage of completion, which is determined based on a projects progress against key delivery milestones. This method requires continuous reassessment of project progress.
Estimation Uncertainty: Any revisions to project timelines can lead to adjustments in revenue recognition, impacting financial results.
Judgements Used in Revenue Recognition
Cost-to-Cost Method:
Judgement: The cost-to-cost method is used to measure the stage of completion. This approach assumes that costs incurred are directly proportional to the work completed and have in fact being completed in line with milestones achieved.
Application: Project managers regularly review and update cost estimates to ensure accurate revenue recognition and compare historical estimates made to actuals with the view of rectification of any variations going forward for similar projects.
Assessment of Contract Modifications:
Judgement: Evaluating contract modifications, such as change orders or claims, requires judgement to determine whether they should be accounted for as part of the existing contract or as a separate contract.
Application: This assessment impacts the timing and amount of revenue recognised.
The average monthly number of persons (including directors) employed by the group and company during the year was:
Their aggregate remuneration comprised:
Group and company key management personnel are the same as directors in office.
The actual charge for the year can be reconciled to the expected charge for the year based on the profit or loss and the standard rate of tax as follows:
Details of the company's subsidiaries at 31 December 2024 are as follows:
Subsequent Events
Subsequent to the year-end, on 26th February 2025, a new wholly owned entity, BrightCarbon EOOD was established and registered in Bulgaria. The entity issued a fully paid share capital of 1,000 BGN, which is entirely owned by Bright Carbon Limited.
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.
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:
The group and the company are exempt from disclosing related parties transactions under section 33.1A of FRS 102.
The Group is currently engaged in a copyright dispute with a small presentation software business regarding unauthorised use of the Group’s free proprietary software (BrightSlide), including source code, user interface components, and branding assets. The Group’s legal counsel has issued a cease-and-desist letter, and settlement discussions are ongoing.
The software business has disclosed approximately $60,000 in revenue from the disputed product. The Group is seeking full recovery of this revenue, deletion of infringing materials, and ongoing monitoring rights. The estimated financial impact ranges from $0 to $200,000 depending on the resolution path.
While a negotiated settlement is likely, litigation remains a possibility. Although the infringement is of intellectual property in software that the Group gives away for free, the board of directors believes a disclosure is appropriate due to the material nature of the claim and potential financial and reputational impact.