ACCOUNTS - Final Accounts

Operating profit

The operating profit is stated after charging:

Registered number: 08828386

BRIGHT PARTNERSHIPS WORLDWIDE LIMITED

AUDITED

ANNUAL REPORT
AND FINANCIAL STATEMENTS

FOR THE YEAR ENDED
31 DECEMBER 2024

BRIGHT PARTNERSHIPS WORLDWIDE LIMITED

COMPANY INFORMATION

Directors	Mr R Bruce
	Ms A C Foot
	Mr A L R Hunt


Registered number	08828386


Registered office	Albany House
	Claremont Lane
	Esher
	Surrey
	KT10 9FQ


Independent auditors	Wellden Turnbull Limited
	Chartered Accountants & Statutory Auditors
	Albany House
	Claremont Lane
	Esher
	Surrey
	KT10 9FQ

BRIGHT PARTNERSHIPS WORLDWIDE LIMITED

CONTENTS

	Page
Strategic report	1 - 2
Directors' report	3 - 4
Independent auditors' report	5 - 8
Statement of income and retained earnings	9
Balance sheet	10
Statement of cash flows	11
Notes to the financial statements	12 - 25

BRIGHT PARTNERSHIPS WORLDWIDE LIMITED

STRATEGIC REPORT

FOR THE YEAR ENDED 31 DECEMBER 2024

Introduction

The Directors present their Strategic Report for year ended 31 December 2024. This report provides an overview of the Company’s performance, market environment, risks, and key strategic developments during the period.
The Company operates in the global marketing services industry, providing partnership marketing services to international B2B and B2C clients across strategy, activation campaigns, rights management, event management, digital marketing and creative services. The business operates in multiple jurisdictions.

Business review

During the year, the Company continued to operate strongly in an increasingly challenging international marketplace. Key strategic initiatives undertaken include:

∙Invested in new CRM, Project and Financial Accounting software ahead of the 2025 financal year to improve the way we manage our customer relationships, and to provide better financial oversight across the different offices within the Bright group of companies.

∙Successfully onboarded another three new clients to our growing portfolio of premium, international brands.

∙Awarded a Platinum Medal from EcoVadis (global leader in sustainability ratings) which placed the Company within the top 1% of companies rated worldwide in our sector.

∙Expanded into the Asia Pacific region at the end of the year with the opening of Bright’s second international office in Melbourne, Australia.

The marketing sector performed strongly in 2024, with overall advertising spend, especially in digital and online channels climbing as brands prioritised measurable, performance-driven activity. However, as expected, this headline growth masked a tougher reality for many areas of marketing. Overall marketing budgets fell as a proportion of Company revenue, leading to tighter controls, increased scrutiny, and cutbacks in broader brand-building and immersive brand activities including sponsorship.
Despite overall growth in client numbers, the anticipated reduction in spend across many of our existing clients had an impact on Company revenues and profit margins compared to 2023.

Principal risks and uncertainties

The Company operates in a dynamic and competitive global landscape. The key risks faced during the year include:

∙Economic & Market Risks: Continued slowdown in global economic conditions, and the associated impact on client budgets.

∙Technological Disruptions: Rapid advancements in AI, digital platforms, and automation disrupting internal resourcing needs and strategic marketing solutions.

The Company has established a risk and financial management framework whose primary objectives are to protect the Company from events that hinder the achievement of the Company's performance objectives. The objectives aim to limit undue counterparty exposure, ensure sufficient working capital exists and monitor the management of risk at the operational level.
The Company has considerable financial resources together with a diverse customer base. The Company manages its business risk through the Company’s policies and internal controls, as well as the close involvement of the management team on a day to day basis, in order to support the long term growth of the business.

Page 1

BRIGHT PARTNERSHIPS WORLDWIDE LIMITED

STRATEGIC REPORT (CONTINUED)

FOR THE YEAR ENDED 31 DECEMBER 2024

Credit risk is the risk that one party to a financial instrument will cause a financial loss for that other party by failing to discharge an obligation. Company policies are aimed at minimising such losses, and require that deferred terms are only granted to customers who demonstrate an appropriate payment history and satisfy credit worthiness procedures.
Liquidity risk is the risk that an entity will encounter difficulty in meeting obligations associated with financial liabilities. The Company aims to mitigate liquidity risk by managing cash generation by its operations.

Financial key performance indicators

The Company uses a series of key performance indicators to monitor the performance of the business.
2024 2023

000s 000s

Turnover £12,354 £15,281
Gross margin 19.64% 24.09%

Other key performance indicators

The Company also measures its performance through:

∙Client Retention Rate: 92%

∙Employee Engagement & Retention: More than 92% average staff satisfaction score across 6 key metrics.

∙Sustainability : Awarded a Platinum medal from Ecovadis, the leading sustainability intelligence platform.

This report was approved by the board and signed on its behalf.

Mr A L R Hunt

Director

Date: 29 December 2025

Page 2

BRIGHT PARTNERSHIPS WORLDWIDE LIMITED

DIRECTORS' REPORT

FOR THE YEAR ENDED 31 DECEMBER 2024

The Directors present their report and the financial statements for the year ended 31 December 2024.

Directors' responsibilities statement

The Directors are responsible for preparing the Strategic report, the Directors' report and the financial statements in accordance with applicable law and regulations.

Company law requires the Directors to prepare financial statements for each financial year. Under that law the Directors have elected to prepare the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland'. Under company law the Directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the Company and of the profit or loss of the Company for that period.

In preparing these financial statements, the Directors are required to:

∙select suitable accounting policies for the Company's financial statements and then apply them consistently;

∙make 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 to enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the Company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Principal activity

The principal activity during the year was that of the provision of marketing, sponsorship and PR services.

Results and dividends

The Company continues to be profitable year on year.
The Directors declared dividends to PHX3 International Ltd of £817,160 (2024 - £969,715).

Directors

The Directors who served during the year were:

Mr R Bruce

Ms A C Foot

Mr A L R Hunt

Page 3

BRIGHT PARTNERSHIPS WORLDWIDE LIMITED

DIRECTORS' REPORT (CONTINUED)

FOR THE YEAR ENDED 31 DECEMBER 2024

Future developments

Looking ahead to 2025 and beyond, it seems likely that the Company will face the prospect of further challenging economic conditions that will continue to have an impact on client budgets and activities. We expect our existing clients to continue to be cautious with their budgets for the majority of 2025. Therefore, the priority of the Company will be to continue to deliver exceptional value to existing clients, whilst delivering on our growth ambitions through the acquisition of new clients. Bright Partnerships remains committed to strengthening its position by:

∙Investing in AI and other new technologies to drive efficiency and creativity in to our business.

∙Continuing to invest in the brightest talent that can deliver exceptional service to our clients.

∙Delivering pioneering solutions for our existing clients.

∙Adding one or two new clients to the Bright family.

Despite ongoing challenges in the global market, the Directors are confident in the Company’s strategy and capabilities to deliver growth in 2025 and beyond.

Matters covered in the Strategic report

The business review and principal risks and uncertainties of the business have been included in the strategic report.

Disclosure of information to auditors

Each of the persons who are Directors at the time when this Directors' report is approved has confirmed that:

∙so far as the Director is aware, there is no relevant audit information of which the Company's auditors are unaware, and

∙the Director has taken all the steps that ought to have been taken as a Director in order to be aware of any relevant audit information and to establish that the Company's auditors are aware of that information.

Auditors

Under section 487(2) of the Companies Act 2006, Wellden Turnbull Limited will be deemed to have been reappointed as auditors 28 days after these financial statements were sent to members or 28 days after the latest date prescribed for filing the accounts with the registrar, whichever is earlier.

This report was approved by the board and signed on its behalf.

Mr A L R Hunt

Director

Date: 29 December 2025

Page 4

BRIGHT PARTNERSHIPS WORLDWIDE LIMITED

INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF BRIGHT PARTNERSHIPS WORLDWIDE LIMITED

Opinion

We have audited the financial statements of Bright Partnerships Worldwide Limited (the 'Company') for the year ended 31 December 2024, which comprise the Statement of income and retained earnings, the Balance sheet, the 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 Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

∙give a true and fair view of the state of the Company's affairs as at 31 December 2024 and of its profit for the year then ended;

∙have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and

∙have been prepared in accordance with the requirements of the Companies Act 2006.

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the Company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the United Kingdom, including the Financial Reporting Council's Ethical Standard and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

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

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

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

Other information

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

We have nothing to report in this regard.

Page 5

BRIGHT PARTNERSHIPS WORLDWIDE LIMITED

INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF BRIGHT PARTNERSHIPS WORLDWIDE LIMITED (CONTINUED)

Opinion on other matters prescribed by the Companies Act 2006

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

∙the information given in the Strategic report and the Directors' report for the financial year for which the financial statements are prepared is consistent with the financial statements; and

∙the Strategic report and the Directors' report have been prepared in accordance with applicable legal requirements.

Matters on which we are required to report by exception

In the light of the knowledge and understanding of the Company and its environment obtained in the course of the audit, we have not identified material misstatements in the Strategic report or the Directors' report.

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

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

∙the financial statements are not in agreement with the accounting records and returns; or

∙certain disclosures of Directors' remuneration specified by law are not made; or

∙we have not received all the information and explanations we require for our audit.

Responsibilities of directors

As explained more fully in the Directors' responsibilities statement set out on page 3, the Directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the Directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the Directors are responsible for assessing the Company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the Directors either intend to liquidate the Company or to cease operations, or have no realistic alternative but to do so.

Page 6

BRIGHT PARTNERSHIPS WORLDWIDE LIMITED

INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF BRIGHT PARTNERSHIPS WORLDWIDE LIMITED (CONTINUED)

Auditors' responsibilities for the audit of the financial statements

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

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. We have identified the greatest risk of a material impact on the financial statements from irregularities, including fraud, to relate to the timing and recognition of revenue and the override of controls by management. We have obtained an understanding of the legal and regulatory frameworks that the Company operates within including both those that directly have an impact on the financial statements and more widely those for which non-compliance could have a significant impact on the Company’s operations and reputation. The Companies Act 2006, employee legislation, health and safety legislation and data protection are those we have identified in this regard. Auditing standards limit the required procedures as to non-compliance with laws and regulations to enquiries of those charged with governance and review of any applicable correspondence.

The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

∙Enquiry of management and those charged with governance as to actual and potential litigation and claims;

∙Enquiry of management and those charged with governance to identify any instances of non-compliance with laws and regulations;

∙Reviewing financial statement disclosures and verification to supporting documentation to assess compliance with applicable laws and regulations;

∙Assessing the reasonableness of revenue recognition against contractual terms and obligations and in the context of accounting standards to ensure the correct application of sales cut off; and

∙Performing audit work over the risk of management override of controls, including testing of journal entries and other adjustments for appropriateness, evaluating the business rationale of significant transactions
outside the normal course of business.

Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our Auditors' report.

Page 7

BRIGHT PARTNERSHIPS WORLDWIDE LIMITED

INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF BRIGHT PARTNERSHIPS WORLDWIDE LIMITED (CONTINUED)

Use of our report

This report is made solely to the Company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the Company's members those matters we are required to state to them in an Auditors' report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the Company and the Company's members, as a body, for our audit work, for this report, or for the opinions we have formed.

Mark Nelligan FCA (Senior statutory auditor)

for and on behalf of

Wellden Turnbull Limited

Chartered Accountants

Statutory Auditors

Albany House

Claremont Lane

Esher

Surrey

KT10 9FQ

29 December 2025

Page 8

BRIGHT PARTNERSHIPS WORLDWIDE LIMITED

STATEMENT OF INCOME AND RETAINED EARNINGS

FOR THE YEAR ENDED 31 DECEMBER 2024

	2024	2023
Note	£	£


Turnover	4	12,354,178	15,281,412
Cost of sales		(9,928,353)	(11,600,647)
Gross profit		2,425,825	3,680,765
Administrative expenses		(1,725,431)	(2,002,541)
Other operating income	5	-	106
Operating profit	6	700,394	1,678,330
Interest receivable and similar income		6,279	-
Interest payable and similar expenses	11	(270)	(29,808)
Profit before tax		706,403	1,648,522
Tax on profit	12	(179,124)	(417,072)
Profit after tax		527,279	1,231,450



Retained earnings at the beginning of the year		1,323,228	1,061,493
Profit for the year		527,279	1,231,450
Dividends declared and paid	13	(817,160)	(969,715)
Retained earnings at the end of the year		1,033,347	1,323,228

There were no recognised gains and losses for 2024 or 2023 other than those included in the statement of income and retained earnings.

The notes on pages 12 to 25 form part of these financial statements.

Page 9

BRIGHT PARTNERSHIPS WORLDWIDE LIMITED

REGISTERED NUMBER: 08828386

BALANCE SHEET

AS AT 31 DECEMBER 2024

		2024		2023
Note		£		£

Fixed assets
Intangible assets	14		84,737		2,621
Tangible assets	15		31,669		62,672
			116,406		65,293
Current assets
Debtors: amounts falling due after more than one year	16	39,639		-
Debtors: amounts falling due within one year	16	2,245,589		3,794,523
Cash at bank and in hand	17	768,768		1,364,291
		3,053,996		5,158,814
Current liabilities
Creditors: amounts falling due within one year	18	(2,111,069)		(3,891,397)
Net current assets			942,927		1,267,417
Total assets less current liabilities			1,059,333		1,332,710
Provisions for liabilities
Deferred tax	19	(25,889)		(9,383)
			(25,889)		(9,383)
Net assets			1,033,444		1,323,327

Capital and reserves
Called up share capital	20	100	100
Profit and loss account	21	1,033,347	1,323,228
Shareholders' funds		1,033,447	1,323,328

The financial statements were approved and authorised for issue by the board and were signed on its behalf by:

Mr A L R Hunt

Director

Date: 29 December 2025

The notes on pages 12 to 25 form part of these financial statements.

Page 10

BRIGHT PARTNERSHIPS WORLDWIDE LIMITED

STATEMENT OF CASH FLOWS

FOR THE YEAR ENDED 31 DECEMBER 2024

			2024	2023
			£	£

Cash flows from operating activities
Profit for the financial year	527,279	1,231,450
Adjustments for:
Amortisation of intangible assets	2,415	2,415
Depreciation of tangible assets	37,793	28,602
Loss on disposal of tangible assets	6,902	-
Interest payable	270	29,808
Interest received	(6,279)	-
Taxation charge	179,124	417,072
Decrease in debtors	2,070,416	97,273
(Increase)/decrease in amounts owed by groups	(561,118)	458,076
(Decrease) in creditors	(1,779,114)	(1,030,034)
Increase in amounts owed to groups	178,665	3,026
Corporation tax (paid)	(342,501)	(326,940)
Net cash generated from operating activities	313,852	910,748

Cash flows from investing activities
Purchase of intangible fixed assets	(84,737)	-
Purchase of tangible fixed assets	(13,487)	(36,367)
Interest received	6,279	-
Net cash from investing activities	(91,945)	(36,367)
Cash flows from financing activities
Repayment of loans	-	(410,033)
Dividends paid	(817,160)	(969,715)
Interest paid	(270)	(29,808)
Net cash used in financing activities	(817,430)	(1,409,556)
Net (decrease) in cash and cash equivalents	(595,523)	(535,175)
Cash and cash equivalents at beginning of year	1,364,291	1,899,466
Cash and cash equivalents at the end of year	768,768	1,364,291

Cash and cash equivalents at the end of year comprise:
Cash at bank and in hand	768,768	1,364,291

Page 11

BRIGHT PARTNERSHIPS WORLDWIDE LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

1.	General information

Bright Partnerships Worldwide Limited is a private company, limited by shares and incorporated in England and Wales, registered number 08828386. The address of the registered office is Albany House, Claremont Lane, Esher, Surrey, KT10 9FQ.
During the year the place of business was First Floor, 8 Boundary Row, London, SE1 8HP.

2.Accounting policies

2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgment in applying the Company's accounting policies (see note 3).

The following principal accounting policies have been applied:

2.2

Compliance with accounting standards

The financial statements have been prepared in accordance with the provisions of FRS 102. There were no material departures from that standard.

2.3

Going concern

These Financial Statements have been prepared on a going concern basis which means that the Company will continue to meet its liabilities as they fall due for a period of at least 12 months from the date of approval of the financial statements. In assessing the appropriateness of the going concern basis of preparation the Directors have taken into account the key risks of the business. In doing so the Directors have considered the Company’s business model and availability of cash resources. Having undertaken this assessment, the Directors have a reasonable expectation that the Company has sufficient resources to meet its liabilities as they fall due for a period of at least 12 months from the date of approval of these Financial Statements and the Directors considers it appropriate to prepare the Financial Statements on a going concern basis.

Page 12

BRIGHT PARTNERSHIPS WORLDWIDE LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

2.Accounting policies (continued)

2.4

Foreign currency translation

Functional and presentation currency

The Company's functional and presentational currency is GBP. The financial statements are rounded to nearest £.

Transactions and balances

Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions.

At each period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined.

Foreign exchange gains and losses resulting from the settlement of transactions and from the translation at period-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in profit or loss except when deferred in other comprehensive income as qualifying cash flow hedges.

2.5

Revenue

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

Rendering of services

Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:

∙the amount of revenue can be measured reliably;

∙it is probable that the Company will receive the consideration due under the contract;

∙the stage of completion of the contract at the end of the reporting period can be measured reliably; and

∙the costs incurred and the costs to complete the contract can be measured reliably.

2.6

Operating leases: the Company as lessee

Rentals paid under operating leases are charged to profit or loss on a straight-line basis over the lease term.

2.7

Interest income

Interest income is recognised in profit or loss using the effective interest method.

2.8

Finance costs

Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

Page 13

BRIGHT PARTNERSHIPS WORLDWIDE LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

2.Accounting policies (continued)

2.9

Pensions

Defined contribution pension plan

The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations.

The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Balance sheet. The assets of the plan are held separately from the Company in independently administered funds.

2.10

Current and deferred taxation

The tax expense for the year comprises current and deferred tax. Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the Company operates and generates income.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the balance sheet date, except that:

∙The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and

∙Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

2.11

Intangible assets

Intangible assets are initially recognised at cost. After recognition, under the cost model, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

At each reporting date the company assesses whether there is any indication of impairment. If such indication exists, the recoverable amount of the asset is determined which is the higher of its fair value less costs to sell and its value in use. An impairment loss is recognised where the carrying amount exceeds the recoverable amount.

All intangible assets are considered to have a finite useful life. If a reliable estimate of the useful life cannot be made, the useful life shall not exceed ten years.

The estimated useful lives range as follows:

Computer software

years

Page 14

BRIGHT PARTNERSHIPS WORLDWIDE LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

2.Accounting policies (continued)

2.12

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

At each reporting date the Company assesses whether there is any indication of impairment. If such indication exists, the recoverable amount of the asset is determined which is the higher of its fair value less costs to sell and its value in use. An impairment loss is recognised where the carrying amount exceeds the recoverable amount.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.

Depreciation is provided on the following basis:

Short-term leasehold property	-	33%
Fixtures and fittings	-	33%
Office equipment	-	33%
Computer equipment	-	33%

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

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

2.13

Debtors

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

2.14

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

In the Statement of cash flows, cash and cash equivalents are shown net of bank overdrafts that are repayable on demand and form an integral part of the Company's cash management.

2.15

Creditors

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

Page 15

BRIGHT PARTNERSHIPS WORLDWIDE LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

2.Accounting policies (continued)

2.16

Financial instruments

The Company has elected to apply the provisions of Section 11 “Basic Financial Instruments” of FRS 102 to all of its financial instruments.

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

Financial assets and liabilities are offset, with 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

Basic financial assets, which include trade and other receivables, cash and bank balances, are initially measured at their transaction price including transaction costs and are subsequently carried at their amortised cost using the effective interest method, less any provision for impairment, 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.

Discounting is omitted where the effect of discounting is immaterial. The Company's cash and cash equivalents, trade and most other receivables due with the operating cycle fall into this category of financial instruments.

Impairment of financial assets

Financial assets are assessed for indicators of impairment at each reporting date.

Financial assets are impaired when events, subsequent to their initial recognition, indicate the estimated future cash flows derived from the financial asset(s) have been adversely impacted. The impairment loss will be the difference between the current carrying amount and the present value of the future cash flows at the asset(s) original effective interest rate.

If there is a favourable change in relation to the events surrounding the impairment loss then the impairment can be reviewed for possible reversal. The reversal will not cause the current carrying amount to exceed the original carrying amount had the impairment not been recognised. The impairment reversal is recognised in the profit or loss.

Financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instruments any contract that evidences a residual interest in the assets of the Company after the deduction of all its liabilities.

Basic financial liabilities, which include trade and other payables, bank loans and other loans are initially measured at their transaction price after transaction costs. When this constitutes a financing transaction, whereby the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Discounting is omitted where the effect of discounting is immaterial.

Debt instruments are subsequently carried at their amortised cost using the effective interest rate method.

Trade payables are obligations to pay for goods and services that have been acquired in the ordinary course of business from suppliers. Trade payables are classified as current liabilities if the payment is due within one year. If not, they represent non-current liabilities. Trade payables are initially recognised at their transaction price and subsequently are measured at amortised cost using the

Page 16

BRIGHT PARTNERSHIPS WORLDWIDE LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

2.Accounting policies (continued)

2.16

Financial instruments (continued)

effective interest method. Discounting is omitted where the effect of discounting is immaterial.

Derecognition of financial instruments

Derecognition of financial assets

Financial assets are derecognised when their contractual right to future cash flow expire, or are settled, or when the Company transfers the asset and substantially all the risks and rewards of ownership to another party. If significant risks and rewards of ownership are retained after the transfer to another party, then the Company will continue to recognise the value of the portion of the risks and rewards retained.

Derecognition of financial liabilities

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

2.17

Dividends

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.

3.	Judgments in applying accounting policies and key sources of estimation uncertainty

In preparing these financial statements, management is required to make judgements, estimates and assumptions which affect expected reported income, expenses, assets and liabilities and disclosure of contingent assets and liabilities. Use of available information and application of judgement are inherent in the formation of estimates, together with past experience and expectations of future events that are believed to be reasonable under the circumstances. Actual results in the future could differ from such estimates.
Management do not consider the Company to have any key sources of estimation uncertainty nor significant judgements or assumptions in preparing these financial statements.

Page 17

BRIGHT PARTNERSHIPS WORLDWIDE LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

Turnover

An analysis of turnover by geographical market is as follows:

					2024	2023
					£	£


UK	6,750,459	8,281,366
Europe	4,167,696	4,963,125
Rest of world	1,436,023	2,036,920
	12,354,178	15,281,411

5.	Other operating income
		2024	2023
		£	£

	Sundry income	-	106

Exchange differences	61,340	(1,140)
Other operating lease rentals	246,274	244,072
Depreciation	37,793	28,602

Fees payable to the Company's auditors for the audit of the Company's financial statements

22,000

14,000

Page 18

BRIGHT PARTNERSHIPS WORLDWIDE LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

Wages and salaries	2,386,155	2,657,692
Social security costs	284,267	276,419
Cost of defined contribution scheme	169,502	471,992
	2,839,924	3,406,103

The average monthly number of employees, including the Directors, during the year was as follows:

	2024	2023
	No.	No.

Employees	49	56

9.	Directors' remuneration
		2024	2023
		£	£

Directors' emoluments	27,056	25,896
Company contributions to defined contribution pension schemes	120,000	420,000
	147,056	445,896

During the year retirement benefits were accruing to 3 Directors (2023 - 3) in respect of defined contribution pension schemes.

10.	Interest receivable
		2024	2023
		£	£

Other interest receivable

6,279

11.	Interest payable and similar expenses
		2024	2023
		£	£

Bank interest payable	-	26,249
Other interest payable	270	3,559
	270	29,808

Page 19

BRIGHT PARTNERSHIPS WORLDWIDE LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

Corporation tax
Current tax on profits for the year	162,618	415,709
Adjustments in respect of previous periods	-	(879)

Total current tax	162,618	414,830

	Deferred tax
	Deferred tax - current year	16,506	2,242


	Tax on profit	179,124	417,072

Profit on ordinary activities before tax

706,403

1,648,522

Profit on ordinary activities multiplied by standard rate of corporation tax in the UK of 25% (2023 - 23.52%)	176,601	387,732
Effects of:
Expenses not deductible for tax purposes, other than goodwill amortisation and impairment	1,524	31,170
Adjustments to tax charge in respect of prior periods	-	(879)
Capital allowances super deduction	-	(195)
Other differences leading to an increase (decrease) in the tax charge	-	10
Group relief	-	(3,020)
Change in tax rate	999	2,254
Total tax charge for the year	179,124	417,072

Page 20

BRIGHT PARTNERSHIPS WORLDWIDE LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

13.	Dividends
		2024	2023
		£	£

A Ordinary
Dividends paid	204,524	323,238
B Ordinary
Dividends paid	205,042	323,238
C Ordinary
Dividends paid	207,594	323,239
D Ordinary
Dividends paid	200,000	-
	817,160	969,715

14.	Intangible assets

		Computer software
		£
	Cost
	At 1 January 2024	7,246
	Additions	84,737
	Disposals	(7,246)
	At 31 December 2024	84,737

	At 1 January 2024	4,625
	Charge for the year on owned assets	2,416
	On disposals	(7,041)
	At 31 December 2024	-
	Net book value
	At 31 December 2024	84,737
	At 31 December 2023	2,621

Page 21

BRIGHT PARTNERSHIPS WORLDWIDE LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

15.	Tangible fixed assets

	Short-term leasehold property	Fixtures and fittings	Office equipment	Computer equipment	Total
	£	£	£	£	£
Cost or valuation
At 1 January 2024	19,572	2,494	3,232	135,175	160,473
Additions	4,431	4,144	-	4,912	13,487
Disposals	-	-	(3,232)	(81,682)	(84,914)
At 31 December 2024	24,003	6,638	-	58,405	89,046
Depreciation
At 1 January 2024	2,779	485	2,215	92,323	97,802
Charge for the year on owned assets	7,119	3,461	572	26,641	37,793
Disposals	-	-	(2,787)	(75,431)	(78,218)
At 31 December 2024	9,898	3,946	-	43,533	57,377
Net book value
At 31 December 2024	14,105	2,692	-	14,872	31,669
At 31 December 2023	16,793	2,009	1,018	42,852	62,672

16.	Debtors
		2024	2023
		£	£

Due after more than one year
Amounts owed by group undertakings	39,639	-

					2024	2023
					£	£

Due within one year
Trade debtors	1,072,779	3,617,177
Amounts owed by group undertakings	521,478	-
Other debtors	17,488	4,311
Prepayments and accrued income	633,844	173,035
	2,245,589	3,794,523

Page 22

BRIGHT PARTNERSHIPS WORLDWIDE LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

17.	Cash and cash equivalents
		2024	2023
		£	£

	Cash at bank and in hand	768,768	1,364,291

18.	Creditors: Amounts falling due within one year
		2024	2023
		£	£

Trade creditors	229,903	454,747
Amounts owed to group undertakings	181,691	3,026
Corporation tax	93,939	273,822
Other taxation and social security	111,343	282,268
Other creditors	377,781	60,659
Deferred income	837,261	1,807,050
Accruals	279,151	1,009,825
	2,111,069	3,891,397

19.	Deferred taxation

	2024	2023
	£	£

At beginning of year	9,382	7,141
Charged to profit or loss	16,506	2,242
At end of year	25,888	9,383

The provision for deferred taxation is made up as follows:
	2024	2023
	£	£

Accelerated capital allowances

25,888

9,383

Page 23

BRIGHT PARTNERSHIPS WORLDWIDE LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

20.	Share capital
		2024	2023
		£	£

Allotted, called up and fully paid

25 (2023 - 25) A Ordinary shares of £1.00 each	25	25
25 (2023 - 25) B Ordinary shares of £1.00 each	25	25
25 (2023 - 25) C Ordinary shares of £1.00 each	25	25
25 (2023 - 25) D Ordinary shares of £1.00 each	25	25

	100	100

21.

Reserves

Profit and loss account

The profit and loss account represents cumulative profits and losses, net of dividends and other adjustments.

22.	Analysis of net debt

		At 1 January 2024	Cash flows	At 31 December 2024
		£	£	£

	Cash at bank and in hand	1,364,291	(595,523)	768,768
		1,364,291	(595,523)	768,768

23.	Pension commitments

The Company operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the Company in an independently administered fund. The pension cost charge represents contributions payable by the Company to the fund and amounted to £169,502 (2023 - £471,992). Contributions totalling £Nil (2023 - £10,967) were payable to the fund at the balance sheet date and are included in creditors.

Page 24

BRIGHT PARTNERSHIPS WORLDWIDE LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

Land and buildings
Not later than 1 year	121,625	243,250
Later than 1 year and not later than 5 years	-	121,625
	121,625	364,875

25.	Transactions with directors

During the year the Company made payments on behalf of the Director amounting to £7,594. The loan was interest free and repaid in full before the year end.
During the year the Company made payments on behalf of the Director amounting to £4,524. The loan was interest free and repaid in full before the year end..
During the year the Company made payments on behalf of the Director amounting to £5,042. The loan was interest free and repaid in full before the year end.

26.	Related party transactions
	The Company has taken advantage of Section 33 paragraph 1A not to disclose transactions with wholly owned group members.

27.	Controlling party

The parent company is PHX3 International Ltd which has a 100% holding in the company. The registered office and principal place of business is Albany house, Claremont Lane, Esher, Surrey, KT10 9FQ.

Page 25