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COMPANY REGISTRATION NUMBER: 08836613
Green Park Content Limited
Financial Statements
31 December 2024
Green Park Content Limited
Financial Statements
Year ended 31 December 2024
Contents
Page
Strategic report
1
Directors' report
2
Independent auditor's report to the members
4
Consolidated statement of comprehensive income
8
Consolidated statement of financial position
9
Company statement of financial position
10
Consolidated statement of changes in equity
11
Company statement of changes in equity
12
Consolidated statement of cash flows
13
Notes to the financial statements
14
Green Park Content Limited
Strategic Report
Year ended 31 December 2024
Business review Green Park Content is a global Omnichannel Search and content agency with operations across Brazil, US, Europe, Singapore, the Philippines, and Indonesia. The company's objective is to strengthen its position as a leading performance search partner, delivering tailored content solutions across digital platforms. During 2024, the business experienced a shift in client priorities which resulted in changes to budgets and resource allocation. In response, Green Park accelerated its focus on artificial intelligence, embedding new capabilities to enhance efficiency and evolve its service offering. These developments supported the company's commitment to providing clients with deeper insights and innovative solutions to drive growth. The year also brought changes to the UK leadership structure and a realignment of of teams, ensuring that both existing and new clients benefit from the latest advancements in content and search strategies. Principle risks and uncertainties In 2024, the company continued to track key performance indicators including client retention, revenue per client, and overall profitability. While market conditions presented challenges, performance remained resilient, supported by proactive account management and the delivery of measurable outcomes for clients. The business faced ongoing pressures from client budget adjustments, intensifying competition, and the broader commoditisation of SEO services. These risks were further highlighted by the reliance on certain key client relationships. To mitigate these factors, the company has increased its focus on service diversification and the integration of artificial intelligence to enhance its offering. Future developments Looking forward, Green Park Content will continue to prioritise investment in technology, particularly in artificial intelligence and data-led solutions, alongside the development of talent across its global operations. The company is also broadening its capabilities in emerging areas such as social search, search in LLMs and integrated digital strategies, with the aim of further enhancing value for clients. The Directors remain satisfied with the company's progress during 2024 and are confident in its ability to respond effectively to evolving market dynamics. The business remains committed to sustainable growth, underpinned by innovation, operational efficiency, and a client-focused approach.
This report was approved by the board of directors on 22 December 2025 and signed on behalf of the board by:
Mr S Lung
Director
Registered office:
40 High West Street
Dorchester
England
DT1 1UR
Green Park Content Limited
Directors' Report
Year ended 31 December 2024
The directors present their report and the financial statements of the group for the year ended 31 December 2024 .
Directors
The directors who served the company during the year were as follows:
Mr S Lung
Mr O Ostin
Sir W M Goodenough
(Resigned 31 December 2024)
Dividends
Particulars of recommended dividends are detailed in note 12 to the financial statements.
Directors' responsibilities statement
The directors are responsible for preparing the strategic report, 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 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 the company and 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 judgments 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 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.
Auditor
Each of the persons who is a director at the date of approval of this report confirms that:
- so far as they are aware, there is no relevant audit information of which the group and the company's auditor is unaware; and - they have taken all steps that they ought to have taken as a director to make themselves aware of any relevant audit information and to establish that the group and the company's auditor is aware of that information.
This report was approved by the board of directors on 22 December 2025 and signed on behalf of the board by:
Mr S Lung
Director
Registered office:
40 High West Street
Dorchester
England
DT1 1UR
Green Park Content Limited
Independent Auditor's Report to the Members of Green Park Content Limited
Year ended 31 December 2024
Opinion
We have audited the financial statements of Green Park Content Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 31 December 2024 which comprise the consolidated statement of comprehensive income, consolidated statement of financial position, company statement of financial position, consolidated statement of changes in equity, company statement of changes in equity, consolidated statement of cash flows 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 FRS 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 of the parent company's affairs as at 31 December 2024 and of the group's profit for the year then ended; - have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; - 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 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 or the 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. 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. In connection with our audit of the financial statements, 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 audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether there is a material misstatement in the financial statements or a material misstatement of the other information. 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 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 group and the parent 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 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.
Responsibilities of directors
As explained more fully in the directors' responsibilities statement, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. In preparing the financial statements, the directors are responsible for assessing the group's and 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 group or the parent company or to cease operations, or have no realistic alternative but to do so.
Auditor's responsibilities for the audit of the financial statements
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements. Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below: 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. In identifying and assessing risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, we have considered; the nature of the industry, control environment and business performance. We also consider the results of our enquiries of management and the Audit Committee, relating to their own identification and assessment of the risks of irregularities and possible related fraud. This includes reviewing available documentation on their policies and procedures and performing tests of controls to evidence their effectiveness. Throughout the audit testing we are considering the incentives that may exist within the organisation for fraud. Key areas include timing of recognising income around the year end, posting of unusual journals and manipulating the Company's performance measures to meet remuneration targets and bank covenants. In common with all audits under ISAs (UK), we are also required to perform specific procedures to respond to the risk of management override. We ensure we have an understanding of the relevant laws and regulations and remain alert to possible non-compliance throughout the audit. Despite proper planning and audit work in accordance with auditing standards there are inherent limitations and unavoidable risk that we may not detect some irregularities and material misstatements in the financial statements. We are not responsible for preventing non-compliance and cannot be expected to detect non-compliance with all laws and regulations. As part of an audit in accordance with ISAs (UK), we exercise professional judgment and maintain professional scepticism throughout the audit. We also: - Identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control. - Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the group's internal control. - Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by the directors. - Conclude on the appropriateness of the directors' use of the going concern basis of accounting and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the group's or the parent company's ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our auditor’s report to the related disclosures in the financial statements or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our auditor’s report. However, future events or conditions may cause the group or the parent company to cease to continue as a going concern. - Evaluate the overall presentation, structure and content of the financial statements, including the disclosures, and whether the financial statements represent the underlying transactions and events in a manner that achieves fair presentation. - Obtain sufficient appropriate audit evidence regarding the financial information of the entities or business activities within the group to express an opinion on the consolidated financial statements. We are responsible for the direction, supervision and performance of the group audit. We remain solely responsible for our audit opinion. We communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit. 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.
Thomas Saltmer
(Senior Statutory Auditor)
For and on behalf of
Burgess Hodgson Audit Limited
Chartered accountants & statutory auditor
Camburgh House
27 New Dover Road
Canterbury
Kent
CT1 3DN
22 December 2025
Green Park Content Limited
Consolidated Statement of Comprehensive Income
Year ended 31 December 2024
2024
2023
Note
£
£
Turnover
4
10,327,933
12,845,192
Cost of sales
6,503,920
8,595,943
-------------
-------------
Gross profit
3,824,013
4,249,249
Administrative expenses
3,724,045
3,705,497
------------
------------
Operating profit
5
99,968
543,752
Other interest receivable and similar income
9
–
154
Interest payable and similar expenses
10
105,917
73,333
------------
------------
(Loss)/profit before taxation
( 5,949)
470,573
Tax on (loss)/profit
11
( 138,279)
152,175
---------
---------
Profit for the financial year
132,330
318,398
---------
---------
Foreign currency retranslation
( 12,262)
( 75,515)
---------
---------
Total comprehensive income for the year
120,068
242,883
---------
---------
All the activities of the group are from continuing operations.
Green Park Content Limited
Consolidated Statement of Financial Position
31 December 2024
2024
2023
Note
£
£
Fixed assets
Intangible assets
13
260,956
312,339
Tangible assets
14
71,055
71,882
Investments
15
1,118
819
---------
---------
333,129
385,040
Current assets
Stocks
16
–
29,022
Debtors
17
3,562,329
3,482,781
Cash at bank and in hand
115
57,328
------------
------------
3,562,444
3,569,131
Creditors: amounts falling due within one year
19
3,612,415
3,379,871
------------
------------
Net current (liabilities)/assets
( 49,971)
189,260
---------
---------
Total assets less current liabilities
283,158
574,300
Creditors: amounts falling due after more than one year
20
119,585
214,731
Provisions
21
244,220
–
---------
---------
Net assets
407,793
359,569
---------
---------
Capital and reserves
Called up share capital
25
1,365
1,365
Share premium account
26
2,085,384
2,085,384
Other reserves, including the fair value reserve
26
( 184,005)
( 171,743)
Profit and loss account
26
( 1,494,951)
( 1,555,437)
------------
------------
Shareholders funds
407,793
359,569
------------
------------
These financial statements have been prepared in accordance with the provisions applicable to companies subject to the medium companies regime.
These financial statements were approved by the board of directors and authorised for issue on 22 December 2025 , and are signed on behalf of the board by:
Mr S Lung
Director
Company registration number: 08836613
Green Park Content Limited
Company Statement of Financial Position
31 December 2024
2024
2023
Note
£
£
Fixed assets
Tangible assets
14
38,173
26,506
Investments
15
683,267
701,799
---------
---------
721,440
728,305
Current assets
Stocks
16
–
29,022
Debtors
17
2,814,986
2,758,141
------------
------------
2,814,986
2,787,163
Creditors: amounts falling due within one year
19
2,879,087
2,924,658
------------
------------
Net current liabilities
64,101
137,495
---------
---------
Total assets less current liabilities
657,339
590,810
Creditors: amounts falling due after more than one year
20
119,585
214,731
Provisions
21
244,220
–
---------
---------
Net assets
781,974
376,079
---------
---------
Capital and reserves
Called up share capital
25
1,365
1,365
Share premium account
26
2,085,384
2,085,384
Profit and loss account
26
( 1,304,775)
( 1,710,670)
------------
------------
Shareholders funds
781,974
376,079
------------
------------
The profit for the financial year of the parent company was £ 405,895 (2023: £ 261,449 ).
These financial statements have been prepared in accordance with the provisions applicable to companies subject to the medium companies regime.
These financial statements were approved by the board of directors and authorised for issue on 22 December 2025 , and are signed on behalf of the board by:
Mr S Lung
Director
Company registration number: 08836613
Green Park Content Limited
Consolidated Statement of Changes in Equity
Year ended 31 December 2024
Called up share capital
Share premium account
Other reserves, including the fair value reserve
Profit and loss account
Total
£
£
£
£
£
At 1 January 2023
1,365
2,085,384
( 96,228)
( 1,714,157)
276,364
Profit for the year
318,398
318,398
Other comprehensive income for the year:
Foreign currency retranslation
–
–
( 75,515)
–
( 75,515)
-------
------------
--------
------------
---------
Total comprehensive income for the year
–
–
( 75,515)
318,398
242,883
Dividends paid and payable
12
–
–
–
( 159,678)
( 159,678)
-------
------------
--------
------------
---------
Total investments by and distributions to owners
–
–
–
( 159,678)
( 159,678)
At 31 December 2023
1,365
2,085,384
( 171,743)
( 1,555,437)
359,569
Profit for the year
132,330
132,330
Other comprehensive income for the year:
Foreign currency retranslation
–
–
( 12,262)
–
( 12,262)
-------
------------
---------
------------
---------
Total comprehensive income for the year
–
–
( 12,262)
132,330
120,068
Dividends paid and payable
12
–
–
–
( 71,844)
( 71,844)
----
----
----
--------
--------
Total investments by and distributions to owners
–
–
–
( 71,844)
( 71,844)
-------
------------
---------
------------
---------
At 31 December 2024
1,365
2,085,384
( 184,005)
( 1,494,951)
407,793
-------
------------
---------
------------
---------
Green Park Content Limited
Company Statement of Changes in Equity
Year ended 31 December 2024
Called up share capital
Share premium account
Profit and loss account
Total
£
£
£
£
At 1 January 2023
1,365
2,085,384
( 1,972,119)
114,630
Profit for the year
261,449
261,449
-------
------------
------------
---------
Total comprehensive income for the year
–
–
261,449
261,449
At 31 December 2023
1,365
2,085,384
( 1,710,670)
376,079
Profit for the year
405,895
405,895
-------
------------
------------
---------
Total comprehensive income for the year
–
–
405,895
405,895
-------
------------
------------
---------
At 31 December 2024
1,365
2,085,384
( 1,304,775)
781,974
-------
------------
------------
---------
Green Park Content Limited
Consolidated Statement of Cash Flows
Year ended 31 December 2024
2024
2023
Note
£
£
Cash flows from operating activities
Profit for the financial year
132,330
318,398
Adjustments for:
Depreciation of tangible assets
42,218
50,651
Amortisation of intangible assets
32,851
34,704
Tax on profit
( 138,279)
152,175
Accrued (income)/expenses
( 992,247)
514,315
Changes in:
Stocks
29,022
52,211
Trade and other debtors
733,893
( 412,720)
Trade and other creditors
217,912
( 174,883)
---------
---------
Cash generated from operations
57,700
534,851
Tax paid
( 89,955)
( 152,175)
--------
---------
Net cash (used in)/from operating activities
( 32,255)
382,676
--------
---------
Cash flows from investing activities
Purchase of tangible assets
( 42,924)
( 35,555)
Proceeds from sale of tangible assets
1,533
–
Acquisition of subsidiaries
18,532
( 351,994)
Purchases of other investments
( 299)
( 819)
--------
---------
Net cash used in investing activities
( 23,158)
( 388,368)
--------
---------
Cash flows from financing activities
Proceeds from borrowings
–
273,162
Repayments of borrowings
( 9,391)
( 254,986)
Dividends paid
( 71,844)
( 159,678)
--------
---------
Net cash used in financing activities
( 81,235)
( 141,502)
--------
---------
Net decrease in cash and cash equivalents
( 136,648)
( 147,194)
Cash and cash equivalents at beginning of year
(523,546)
(305,788)
Exchange losses on cash and cash equivalents
( 12,262)
( 70,564)
---------
---------
Cash and cash equivalents at end of year
18
( 672,456)
( 523,546)
---------
---------
Green Park Content Limited
Notes to the Financial Statements
Year ended 31 December 2024
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is 40 High West Street, Dorchester, DT1 1UR, England.
2. Statement of compliance
These financial statements have been prepared in compliance with FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Going concern
The accounts have been prepared on a going concern basis which relies upon the continuing support of the directors.
Disclosure exemptions
The parent company satisfies the criteria of being a qualifying entity as defined in FRS 102. As such, advantage has been taken of the following reduced disclosures available under FRS 102:
(a) Disclosures in respect of each class of share capital have not been presented.
(b) No cash flow statement has been presented for the company.
(c) Disclosures in respect of financial instruments have not been presented.
(d) No disclosure has been given for the aggregate remuneration of key management personnel.
Consolidation
The financial statements consolidate the financial statements of Green Park Content Limited and all of its subsidiary undertakings.
The results of subsidiaries acquired or disposed of during the year are included from or to the date that control passes.
The parent company has applied the exemption contained in section 408 of the Companies Act 2006 and has not presented its individual profit and loss account.
Judgements and key sources of estimation uncertainty
The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. The judgements, estimates and assumptions that management has made in the process of applying the entity's accounting policies and that have the most significant effect on the amounts recognised in the financial statements are as follows: (i) Purchase recognition - Directors recognise the purchases when significant risks and rewards of ownership are passed to them as buyer. They consider this has taken place on delivery and therefore record all deliveries not yet invoiced as accruals at the year end. (ii) Bad debt - Directors have included bad debt provisions for items which have not been paid between the year end date and the date of signing the accounts. Any debts which are in legal disputes have been reviewed and a proportions has been provided based on expected outcome. (iii) Useful economic life of fixed assets - The annual depreciation and amortisation charges are based upon management's assessment of the useful economic lives and residual values of the company's tangible assets. These are re-assessed annually and amended where necessary.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable and represents amounts receivable for services rendered, stated net of discounts and of Value Added Tax. Revenue from the rendering of services is measured by reference to the stage of completion of the service transaction at the end of the reporting period provided that the outcome can be reliably estimated. When the outcome cannot be reliably estimated, revenue is recognised only to the extent that it is probable the expenses recognised will be recovered.
Income tax
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Foreign currencies
Foreign currency transactions are initially recorded in the functional currency, by applying the spot exchange rate as at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are translated at the exchange rate ruling at the reporting date, with any gains or losses being taken to the profit and loss account.
Operating leases
Lease payments are recognised as an expense over the lease term on a straight-line basis. The aggregate benefit of lease incentives is recognised as a reduction to expense over the lease term, on a straight-line basis.
Goodwill
Goodwill arises on business acquisitions and represents the excess of the cost of the acquisition over the company's interest in the net amount of the identifiable assets, liabilities and contingent liabilities of the acquired business. Goodwill is measured at cost less accumulated amortisation and accumulated impairment losses. It is amortised on a straight-line basis over its useful life. Where a reliable estimate of the useful life of goodwill or intangible assets cannot be made, the life is presumed not to exceed ten years.
Amortisation
Amortisation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful life of that asset as follows:
Goodwill
-
10 Year straight line
If there is an indication that there has been a significant change in amortisation rate, useful life or residual value of an intangible asset, the amortisation is revised prospectively to reflect the new estimates.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Plant and machinery
-
3 Year straight line
Fixtures and fittings
-
3 Year straight line
Equipment
-
3 Year straight line
Investments
Fixed asset investments are initially recorded at cost, and subsequently stated at cost less any accumulated impairment losses.
Impairment of fixed assets
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs.
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition.
Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised as a finance cost in profit or loss in the period it arises.
Financial instruments
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at transaction price. Any losses arising from impairment are recognised in the profit and loss account in other administrative expenses. Loans and borrowings are initially recognised at the transaction price including transaction costs. Subsequently, they are measured at amortised cost using the effective interest rate method, less impairment. If an arrangement constitutes a finance transaction it is measured at present value.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.
Share-based payments
Equity-settled share-based payment transactions are measured at fair value at the date of grant. The fair value is expensed on a straight-line basis over the vesting period, with a corresponding increase in equity. This is based upon the company's estimate of the shares or share options that will eventually vest which takes into account all vesting conditions and non-market performance conditions, with adjustments being made where new information indicates the number of shares or share options expected to vest differs from previous estimates.
Fair value is determined using an appropriate pricing model. All market conditions and non-vesting conditions are taken into account when estimating the fair value of the shares or share options. As long as all other vesting conditions are satisfied, no adjustment is made irrespective of whether market or non-vesting conditions are met.
Where the terms of an equity-settled transaction are modified, an expense is recognised as if the terms had not been modified. In addition, an expense is recognised for any increase in the fair value of the transaction, as measured at the date of modification.
Where an equity-settled transaction is cancelled or settled, it is treated as if it had vested on the date of cancellation or settlement, and any expense not yet recognised in profit or loss is expensed immediately.
Cash-settled share-based payment transactions are measured at the fair value of the liability. Until the liability is settled, the fair value of the liability is re-measured at each reporting date and at the date of settlement, with any changes in fair value recognised in profit or loss for the period.
4. Turnover
Turnover arises from:
2024
2023
£
£
Rendering of services
10,327,933
12,845,192
-------------
-------------
The turnover is attributable to the principal activity of the group undertaken in the United Kingdom, Singapore, Brazil and Indonesia.
5. Operating profit
Operating profit or loss is stated after charging/crediting:
2024
2023
£
£
Amortisation of intangible assets
32,851
34,704
Depreciation of tangible assets
42,218
50,651
Foreign exchange differences
137,268
( 92,206)
---------
--------
6. Auditor's remuneration
2024
2023
£
£
Fees payable for the audit of the financial statements
12,000
10,500
--------
--------
7. Staff costs
The average number of persons employed by the company during the year amounted to 85 (2023: 125 ).
The aggregate payroll costs incurred during the year, relating to the above, were:
2024
2023
£
£
Wages and salaries
5,678,153
6,703,223
Social security costs
73,871
189,838
Other pension costs
48,707
57,988
------------
------------
5,800,731
6,951,049
------------
------------
8. Directors' remuneration
The directors' aggregate remuneration in respect of qualifying services was:
2024
2023
£
£
Remuneration
–
179,347
----
---------
9. Other interest receivable and similar income
2024
2023
£
£
Interest on cash and cash equivalents
–
154
----
----
10. Interest payable and similar expenses
2024
2023
£
£
Other interest payable and similar charges
105,917
73,333
---------
--------
11. Tax on profit
Major components of tax (income)/expense
2024
2023
£
£
Current tax:
UK current tax income
–
( 2,558)
Adjustments in respect of prior periods
41,312
–
--------
-------
Total UK current tax
41,312
( 2,558)
Foreign current tax expense
64,629
154,733
---------
---------
Total current tax
105,941
152,175
---------
---------
Deferred tax:
Origination and reversal of timing differences
( 244,220)
–
---------
---------
Tax on profit
( 138,279)
152,175
---------
---------
Certain subsidiary entities consolidated in these financial statements are subject to taxes on their own profits and this tax expense is reported in these consolidated statements. The tax expense is the sum of the current charges to those entities and is calculated using tax rates that have been enacted or substantively enacted at the reported date. Current taxes are recognised in the income statement, except where they relate to items that are recognised in other comprehensive income, in which case they are recognised in other comprehensive income. Current tax assets and liabilities are offset where the entity has a legally enforceable right to offset and intends to settle on a net basis, or to realise the asset and settle the liability simultaneously.
Reconciliation of tax (income)/expense
The tax assessed on the (loss)/profit on ordinary activities for the year is lower than (2023: higher than) the standard rate of corporation tax in the UK of 25 % (2023: 25 %).
2024
2023
£
£
(Loss)/profit on ordinary activities before taxation
( 5,949)
470,573
-------
---------
(Loss)/profit on ordinary activities by rate of tax
( 6,496)
129,236
Adjustment to tax charge in respect of prior periods
41,312
( 2,558)
Effect of expenses not deductible for tax purposes
23,921
18,970
Effect of capital allowances and depreciation
( 1,890)
3,125
Utilisation of tax losses
( 51,639)
( 73,075)
Effect of different tax rates on earnings through subsidiaries
82,778
76,477
Deferred tax
(244,220)
–
Foreign withholding tax
17,955
–
---------
---------
Tax on profit
( 138,279)
152,175
---------
---------
12. Dividends
2024
2023
£
£
Dividends paid during the year (excluding those for which a liability existed at the end of the prior year )
71,844
159,678
--------
---------
13. Intangible assets
Group
Goodwill
£
Cost
At 1 January 2024
347,043
Other movements
( 18,532)
---------
At 31 December 2024
328,511
---------
Amortisation
At 1 January 2024
34,704
Charge for the year
32,851
---------
At 31 December 2024
67,555
---------
Carrying amount
At 31 December 2024
260,956
---------
At 31 December 2023
312,339
---------
The company has no intangible assets.
14. Tangible assets
Group
Plant and machinery
Fixtures and fittings
Equipment
Total
£
£
£
£
Cost
At 1 January 2024
24,159
102,205
323,031
449,395
Additions
258
27,187
15,479
42,924
Disposals
–
( 4,133)
–
( 4,133)
--------
---------
---------
---------
At 31 December 2024
24,417
125,259
338,510
488,186
--------
---------
---------
---------
Depreciation
At 1 January 2024
24,159
99,610
253,744
377,513
Charge for the year
72
4,167
37,979
42,218
Disposals
–
( 2,600)
–
( 2,600)
--------
---------
---------
---------
At 31 December 2024
24,231
101,177
291,723
417,131
--------
---------
---------
---------
Carrying amount
At 31 December 2024
186
24,082
46,787
71,055
--------
---------
---------
---------
At 31 December 2023
–
2,595
69,287
71,882
--------
---------
---------
---------
Company
Plant and machinery
Fixtures and fittings
Equipment
Total
£
£
£
£
Cost
At 1 January 2024
24,159
94,116
196,188
314,463
Additions
258
27,187
6,903
34,348
Disposals
–
( 872)
–
( 872)
--------
---------
---------
---------
At 31 December 2024
24,417
120,431
203,091
347,939
--------
---------
---------
---------
Depreciation
At 1 January 2024
24,159
93,801
169,997
287,957
Charge for the year
72
3,476
18,818
22,366
Disposals
–
( 557)
–
( 557)
--------
---------
---------
---------
At 31 December 2024
24,231
96,720
188,815
309,766
--------
---------
---------
---------
Carrying amount
At 31 December 2024
186
23,711
14,276
38,173
--------
---------
---------
---------
At 31 December 2023
–
315
26,191
26,506
--------
---------
---------
---------
15. Investments
Group
Other investments other than loans
£
Cost
At 1 January 2024
819
Additions
299
-------
At 31 December 2024
1,118
-------
Impairment
At 1 January 2024 and 31 December 2024
–
-------
Carrying amount
At 31 December 2024
1,118
-------
At 31 December 2023
819
-------
Company
Shares in group undertakings
£
Cost
At 1 January 2024
701,799
Other movements
( 18,532)
---------
At 31 December 2024
683,267
---------
Impairment
At 1 January 2024 and 31 December 2024
–
---------
Carrying amount
At 31 December 2024
683,267
---------
At 31 December 2023
701,799
---------
Subsidiaries, associates and other investments
Details of the investments in which the group and the parent company have an interest of 20% or more are as follows:
Class of share
Percentage of shares held
Subsidiary undertakings
Green Park Content LTDA - Av. Nove de Julho, 5017, 12º andar, Jardim Paulista
Ordinary
100
PT Green Park Content - Menara Rajawali, Ground Floor, Jl. DR. Ide Anak Agung, Gde Agung Lot 5.1, 12950
Ordinary
100
Green Park Content Inc - 55 East 59th Street, 9th Floor, New York, NY, 10022
Ordinary
100
Green Park Content Pte. Ltd. - Mapletree Business City, Level 3 20 Pasir Panjang Road, (East Wing), 117439
Ordinary
100
Green Park Content (Pty) Ltd - 1 Krinkhout Street, Mayberry Park, Alberton, Gauteng, 1448
Ordinary
100
Think Social Tech Pte. Ltd. - 160 Robinson Road #14-04 Singapore Business Federation Centre, Singapore, Singapore, 068914.
Ordinary
100
Intermobile LTDA - Avenida Engenheiro Carlos Goulart, No. 24, sala 1.202, State of Minas Gerais 30493-030
Ordinary
100
16. Stocks
Group
Company
2024
2023
2024
2023
£
£
£
£
Work in progress
–
29,022
–
29,022
----
--------
----
--------
17. Debtors
Group
Company
2024
2023
2024
2023
£
£
£
£
Trade debtors
2,098,592
2,922,640
1,312,607
1,708,714
Amounts owed by group undertakings
–
–
1,437,530
900,032
Prepayments and accrued income
1,038,002
214,726
18,559
19,381
Corporation tax repayable
–
8,113
–
89,984
Directors loan account
9,832
7,133
9,832
7,133
Other debtors
415,903
330,169
36,458
32,897
------------
------------
------------
------------
3,562,329
3,482,781
2,814,986
2,758,141
------------
------------
------------
------------
18. Cash and cash equivalents
Cash and cash equivalents comprise the following:
2024
2023
£
£
Cash at bank and in hand
115
57,328
Bank overdrafts
( 672,571)
( 580,874)
---------
---------
( 672,456)
( 523,546)
---------
---------
19. Creditors: amounts falling due within one year
Group
Company
2024
2023
2024
2023
£
£
£
£
Bank loans and overdrafts
681,963
590,266
1,081,959
703,993
Trade creditors
372,301
418,093
227,042
204,838
Amounts owed to group undertakings
–
–
200,266
228,062
Accruals and deferred income
2,092,234
1,648,156
1,123,335
1,311,605
Corporation tax
15,986
–
–
–
Social security and other taxes
314,809
537,563
150,418
339,134
Other creditors
135,122
185,793
96,067
137,026
------------
------------
------------
------------
3,612,415
3,379,871
2,879,087
2,924,658
------------
------------
------------
------------
Bank loans and overdrafts are secured by a fixed and floating charge over the property and all other assets.
20. Creditors: amounts falling due after more than one year
Group
Company
2024
2023
2024
2023
£
£
£
£
Bank loans and overdrafts
15,564
24,955
15,564
24,955
Other creditors
104,021
189,776
104,021
189,776
---------
---------
---------
---------
119,585
214,731
119,585
214,731
---------
---------
---------
---------
Bank loans and overdrafts are secured by a fixed and floating charge over the property and all other assets.
21. Provisions
Group and company
Deferred tax (note 22)
£
At 1 January 2024
–
Charge against provision
( 244,220)
---------
At 31 December 2024
( 244,220)
---------
22. Deferred tax
The deferred tax included in the statement of financial position is as follows:
Group
Company
2024
2023
2024
2023
£
£
£
£
Included in provisions (note 21)
( 244,220)
–
( 244,220)
–
---------
----
---------
----
The deferred tax account consists of the tax effect of timing differences in respect of:
Group
Company
2024
2023
2024
2023
£
£
£
£
Accelerated capital allowances
6,224
–
6,224
–
Unused tax losses
( 250,444)
–
( 250,444)
–
---------
----
---------
----
(244,220)
–
(244,220)
–
---------
----
---------
----
23. Employee benefits
Defined contribution plans
The amount recognised in profit or loss as an expense in relation to defined contribution plans was £ 48,707 (2023: £ 57,988 ).
24. Share-based payments
The company operates a share option scheme for employees.
The number and weighted average exercise prices (WAEP) of share options during the year are as follows:
2024
2024
2023
2023
£
£
£
£
Outstanding at 1 January
14,000
1
14,000
1
Outstanding at 31 December
14,000
1
14,000
1
The directors believe the value of the service is equal to the fair value of the share equity-settled options granted and therefore, is measured at the grant date using the Black-Scholes option pricing model taking into account the terms and conditions upon which the instruments were granted. The model assumes the government gilt rate at the time of issue as the risk free rate, and has 50% as its volatility, which is similar to public companies undertaking comparable trades.
Based on this models measurement, the shared-based payment charge was at a clearly trivial amount. Therefore no expense has been charged in the profit or loss.
25. Called up share capital
Issued, called up and fully paid
2024
2023
No.
£
No.
£
Ordinary shares of £ 0.01 each
102,528
1,025
102,528
1,025
A Ordinary shares of £ 0.01 each
33,983
340
33,983
340
---------
-------
---------
-------
136,511
1,365
136,511
1,365
---------
-------
---------
-------
26. Reserves
Share premium account - This reserve records the amount above the nominal value received for shares sold, less transaction costs. Profit and loss account - This reserve records retained earnings and accumulated losses. Foreign currency translation reserve - This reserve records the accumulated foreign exchange differences arising from the translation of the financial statements of the Group's foreign operations when the Group's entities are consolidated.
27. Analysis of changes in net debt
At 1 Jan 2024
Cash flows
At 31 Dec 2024
£
£
£
Cash at bank and in hand
57,328
(57,213)
115
Bank overdrafts
(580,874)
(91,697)
(672,571)
Debt due within one year
(9,392)
–
(9,392)
Debt due after one year
(24,955)
9,391
(15,564)
---------
---------
---------
( 557,893)
( 139,519)
( 697,412)
---------
---------
---------
28. Operating leases
The total future minimum lease payments under non-cancellable operating leases are as follows:
Group
Company
2024
2023
2024
2023
£
£
£
£
Not later than 1 year
141,150
141,150
141,150
141,150
Later than 1 year and not later than 5 years
105,863
247,013
105,863
247,013
---------
---------
---------
---------
247,013
388,163
247,013
388,163
---------
---------
---------
---------
29. Directors' advances, credits and guarantees
At the year end a director owed the group £9,832 (2023: £7,133).
Green Park Content Limited
Notes to the Financial Statements (continued)
Year ended 31 December 2024
30. Related party transactions
Company
During the year fees of £317,748 (2023: £316,704) were paid to a company under the control of a director.