The directors present the strategic report for the year ended 31 March 2025.

FY2025 was a transformative year for Bicycle London Group. In a climate of economic uncertainty, we didn't just grow; we outperformed our financial targets, forged powerful new client partnerships, and solidified our position as one of the UK's leading independent agencies.

We delivered a landmark 48% year-on-year growth in Gross Profit to £5.64m, with an EBITDA of £1.76m that surpassed our budget. This is more than a set of numbers; it's proof that our values-driven model, which champions long-term partnership over short-term gain, delivers extraordinary results. Our success is built on a distinct culture of ownership, attracting exceptional talent and ambitious clients who share our vision to leave the media industry better than we found it.

Our financial performance is the engine of our ambition. The 39% surge in Gross Profit demonstrates the increasing client confidence in our integrated model, while disciplined cost management saw our Staff Cost Ratio improve from 66% to 64%. This operational excellence generated £1.68m in free cash, providing a powerful foundation for future investment.

In recognition of this collective success, every employee shared in a company-wide bonus. We also expanded our MBO scheme to new senior leaders, deepening our culture of ownership that directly fuels our growth.

This was a milestone year for our client partnerships. Our pitch conversion rate exceeded 70%, leading to major new wins including Papa John's, OpenTable, and zooplus—all of whom have been retained into FY2026, validating our long-term partnership approach.

Our obsession with client success is reflected in a 75% retention rate and satisfaction scores consistently above 80%. But we go beyond satisfaction; we deliver impact.

• Integrated Impact: Our work with Papa Johns culminated in the launch of their new brand platform, 'Devoted to the Dough'. As our first fully integrated creative and media campaign, it drove a significant uptick in their sales performance.

• Industry Recognition: Our excellence was recognised across the board. We were awarded an 8 in Campaign Magazine’s Annual School Report—the highest of any UK independent—and named ‘One to Watch’ for 2025. This was followed by Bronze for Campaign’s Media Agency of the Year and the coveted Media Leader of The Year award for our CEO, Henry Daglish.

Our momentum is accelerating, with a powerful FY2026 pipeline already secured, including confirmed wins with Warner Hotels, Mishcon De Reya, and Five Guys.

Our success is driven by our people. This year, our headcount grew from 33 to 45, yet we maintained an industry-leading staff turnover of less than 10%. This is not by accident. We invest relentlessly in creating a culture where exceptional talent can thrive.

This culture is built on a foundation of purpose. As a certified B Corp™, we embed our values of Drive, Balance, and Freedom into every decision. We cultivate talent through our bespoke "Pedal to Success" training initiative and market-leading compensation, earning us our third consecutive IPA CPD Gold accreditation.

Our people are recognised as the best in the business. We are incredibly proud of Simone Gayle being named one of Management Today’s ‘35 Women Under 35’ and Alex Eyles featuring in Campaign’s ‘30 Under 30’.

Our B Corp™ certification guides our commitment to positive social and environmental impact. Key actions this year include:

• Social Impact: Continuing our XO Bikes partnership to support ex-offenders and strengthening our ethical screening process for all clients and suppliers.

• Environmental Responsibility: Maintaining our company-wide green pension scheme and scoping out detailed carbon footprint measurement to inform future reduction targets.

With a stable Board and strengthened governance, we proactively manage risk to ensure long-term resilience. Our strategy focuses on mitigating the primary challenges in our industry:

• Market Volatility: We counter economic uncertainty with a diverse client base, a focus on long-term partnerships, and an agile cost structure.

• Talent Competition: Our award-winning culture and investment in our people have resulted in an industry-leading staff turnover rate of under 10%, securing the top talent our clients depend on.

• Client Concentration: We actively de-risk revenue by continuously expanding our new business pipeline across multiple sectors and embedding long-term, multi-service relationships.

We enter FY2026 with confidence, momentum, and a clear vision for the future. Building on the powerful foundation of FY2025, we are moving into a deliberate phase of strategic investment.

Our targets are ambitious,  reflecting planned investments in our people and capabilities. We are evolving our service model to meet the growing client demand for data-led consultancy, expanding our expertise in:

• Embedded creative strategy and insight-driven planning

• Data engineering and AI-powered analytics

• Automated and scalable performance solutions

While we remain vigilant to market challenges and the race for talent, our diversified client base, strong financial footing, and award-winning culture provide a resilient foundation for this next phase of growth.

FY2025 was a defining year. FY2026 will be the year we build the agency of the future. We are scaling responsibly, investing strategically, and remain relentlessly focused on creating long-term value for our clients, our people, and our industry.

On behalf of the board

The directors present their annual report and financial statements for the year ended 31 March 2025.

The group’s principal activity is the provision of integrated media planning and buying services, creative solutions, and data-driven communication strategies. Our commitment to the "power of and" ensures seamless integration across disciplines, delivering value in technology, data, and digital innovation.

The results for the year are set out on page 9.

Ordinary dividends were paid amounting to £570,824 (2024 - £345,000). The directors do not recommend payment of a further dividend.

The directors who held office during the year and up to the date of signature of the financial statements were as follows:

The group's credit risk is primarily attributable to its trade receivables. Credit risk is managed by advance billing on projects where possible, running credit checks on new clients, taking into consideration clients funding, current financial health, country of domicile, and by monitoring payments against contractual agreements.

The principle business risks affecting the group are considered to relate to:

• Loss of key clients

• Retaining key talent

• Maintaining pace with technological advances

The auditor, Lindeyer Francis Ferguson Limited, is deemed to be reappointed under section 487(2) of the Companies Act 2006.

The directors are responsible for preparing the Annual Report and the financial statements in accordance with applicable law and regulations.

Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the group and company, and of the profit or loss of the group for that period. In preparing these financial statements, the directors are required to:

• select suitable accounting policies and then apply them consistently;

• make judgements and accounting estimates that are reasonable and prudent;

• state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements;

• prepare the financial statements on the going concern basis unless it is inappropriate to presume that the group and company will continue in business.

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

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

This report has been prepared in accordance with the provisions applicable to companies entitled to the medium-sized companies exemption.

We have audited the financial statements of Bicycle London Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 31 March 2025 which comprise the group statement of comprehensive income, the group balance sheet, the company balance sheet, the group statement of changes in equity, the company statement of changes in equity, the group statement of cash flows, the company statement of cash flows and notes to the financial statements, including significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

• give a true and fair view of the state of the group's and the parent company's affairs as at 31 March 2025 and of the group's 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 Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the group and parent company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

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

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

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

Other information

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

We have nothing to report in this regard.

Opinions on other matters prescribed by the Companies Act 2006

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

• 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.

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

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

• adequate accounting records have not been kept by the parent company, or returns adequate for our audit have not been received from branches not visited by us; or

• the parent company 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.

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

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

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud, is detailed below.

We obtained an understanding of the legal and regulatory framework applicable to the preparation of the financial statements of the group, and the procedures that management adopt to ensure compliance. We have considered the extent to which non-compliance might have a material effect on the financial statements, and in particular we identified: the Companies Act 2006 and Financial Reporting Standard 102.

We have also identified other laws and regulations that do not have a direct effect on the amounts or disclosures within the financial statements, but for which compliance is fundamental to the group's operations and to avoid material penalties, including the General Data Protection Regulation, employment law, health and safety and the Advertising Standards Authority's (ASA) advertising code.

Having reviewed the laws and regulations applicable to the group, we designed and performed audit procedures to obtain sufficient appropriate audit evidence. Specifically, we:

• Selected a team with sector experience to perform the audit;

• Obtained an understanding of the group’s procedures for ensuring compliance with laws and regulations;

• Obtained and reviewed internal policy and procedure documents;

• Made enquiries of management and the directors regarding whether they were aware of any actual or suspected incidences of non-compliance with laws and regulations;

• Obtained and reviewed meeting minutes;

• Obtained and reviewed correspondence with the ASA;

• Reviewed legal expenses accounts for indications of any possible non-compliance; and

• Reviewed the completeness and accuracy of any disclosures made in the financial statements.

We assessed the susceptibility of the group’s financial statements to material misstatement, including considering how fraud might occur. This was performed by:

• Making an assessment of the company’s control environment, systems and controls including identifying any weaknesses and considering the risk of management override of controls;

• Assessing the susceptibility of the company’s financial statements to material misstatement, including considering how fraud could occur;

• Considering whether there are any incentives or opportunities for management to manipulate financial results;

• Obtaining and evaluating the directors’ assessment of the risk of fraud, and enquiring as to whether they are aware of any actual or suspected incidences of fraud;

• Reviewing the accounting policies and accounting estimates for signs of management bias; and

• Identifying key risks relating to irregularities as relating to revenue recognition including fraud, management override of controls and the recoverability of debtors.

We then designed audit procedures in response to the risks identified, including performing substantive testing on all material income streams, tracing post year end receipts to confirm the recoverability of debtors and reviewing journal entries and accounting estimates for signs of management bias or override of controls.

The audit has been planned and performed in accordance with auditing standards, however, because of the inherent limitations of audit procedures there remains a risk that we will not detect all irregularities, including those that may lead to material misstatements in the financial statements. There are inherent difficulties in detecting irregularities, and irregularities that result from fraud may be more difficult to detect than irregularities that result from error, for example due to concealment, override of controls, collusion or misrepresentations. In addition, the further removed non-compliance with laws and regulations is from the events and transactions reflected in the financial statements, the less audit procedures are able to identify it.

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 parent 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 parent 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 parent company and the parent company’s members as a body, for our audit work, for this report, or for the opinions we have formed.

The statement of comprehensive income has been prepared on the basis that all operations are continuing operations.

These financial statements have been prepared in accordance with the provisions relating to medium-sized groups.

As permitted by section 408 of the 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 £660,509 (2024 - £573,922 profit).

These financial statements have been prepared in accordance with the provisions relating to medium-sized companies.

Bicycle London Limited (“the company”) is a private limited company domiciled and incorporated in England and Wales. The registered office is North House, 198 High Street, Tonbridge, Kent, TN9 1BE. The principal place of business is 1st and 2nd Floor, 300 St John Street, London, EC1V 4PA.

The group consists of Bicycle London Limited 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 group. Monetary amounts in these financial statements are rounded to the nearest pound.

The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

In the parent company financial statements, the cost of a business combination is the fair value at the acquisition date of the assets given, equity instruments issued and liabilities incurred or assumed, plus costs directly attributable to the business combination.

The consolidated group financial statements consist of the financial statements of the parent company Bicycle London Limited together with all entities controlled by the parent company (its subsidiaries).

All financial statements are made up to 31 March 2025. 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 represents the value for gross billings, net of value added tax, and fair value to the right of consideration in exchange for the performance of its contractual obligations in respect of services provided to customers.

Specifically, commissions are recognised as income when the related advertisements appear. Fees are recognised as income when earned in accordance with the contractual agreement with the client. Where revenue has been earned before the end of an accounting period but not billed, it is accrued in the financial statements.

The group acts as principal, controlling and negotiating services provided by third parties to clients, such as media costs. Revenue is recorded as the cost-to-client amount billed and is recognised based on costs incurred, reflecting the proportion of the contract performed to date.

In relation to creative advertising agency services, the nature of scope of the service will determine the revenue recognition policy to adopt. It will be adopted on either a percentage of completion basis or on a straight line basis.

Intangible assets comprise of computer software, are stated at cost less amortisation and are reviewed for impairment whenever there is an indication that the carrying value may be impaired.

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:

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:

The assets' residual values, useful lives, and depreciation methods are reviewed and adjusted prospectively if appropriate or if there is a significant chance since the last reporting date.

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.

Interests in subsidiaries, associates and jointly controlled entities are initially measured at cost and subsequently measured at cost less any accumulated impairment losses. The investments are assessed for impairment at each reporting date and any impairment losses or reversals of impairment losses are recognised immediately in profit or loss.

A subsidiary is an entity controlled by the parent company. 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 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).

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less.

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.

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, and loans from other third parties.

Financial instruments are recognised in the group's balance sheet when the group becomes party to the contractual provisions of the instrument.

Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the group.

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 group operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the company pays fixed contributions to a separate entity. Once the contributions are paid, the group has no further obligations. Contributions are recognised as an expense in profit or loss when they fall due. Unpaid amounts are shown in other creditors as a liability in the balance sheet. The assets of the plan are held separately from the company in independently administered funds.

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.

Transactions in currencies other than pounds sterling are recorded at the 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 rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss.

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.

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

Their aggregate remuneration comprised:

At the year-end, headcount, consisting of directors and employees, totalled 45 (2024: 34).

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 March 2025 are as follows:

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:

During the year, in Bicycle London Limited, payments amounting to £33,333 (2024: £65,000) were paid to a business of one of the directors in relation to professional services.

During the year, In Bicycle London Limited, payments amounting to £4,500 (2024: £4,000) were paid to the sole trade business of a second director in relation to professional services.

During the year, in Bicycle London Limited, payments accounting for £16,667 (2024: £33,333) were paid to the sole trader business of a close family member of one of the directors in relation to professional services.

During the year, in Bicycle London Limited, payments accounting for £16,668 (2024: £nil) were paid to the sole trader business of a close family member of a second director in relation to professional services.

During the year, in Bicycle International Limited, payments amounting to £66,667 (2024: £35,333) were paid to a business of one of the directors in relation to professional services.

During the year, in Bicycle International Limited, payments accounting for £33,333 (2024: £nil) were paid to the sole trader business of a close family member of one of the directors in relation to professional services.