Company registration number 11167070 (England and Wales)
RIDE SHOTGUN LTD
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
RIDE SHOTGUN LTD
COMPANY INFORMATION
Directors
Mr J J Dark
Mr A R Weir
Mr M J Mallinder
Company number
11167070
Registered office
275 Kirkstall Road
Kirkstall Industrial Estate
Leeds
West Yorkshire
United Kingdom
LS4 2BX
Auditor
Azets Audit Services
Alpha House
4 Greek Street
Stockport
United Kingdom
SK3 8AB
RIDE SHOTGUN LTD
CONTENTS
Page
Strategic report
1 - 2
Directors' report
3
Directors' responsibilities statement
4
Independent auditor's report
5 - 8
Group income statement
9
Group statement of comprehensive income
10
Group balance sheet
11 - 12
Company balance sheet
13 - 14
Group statement of changes in equity
15
Company statement of changes in equity
16
Group statement of cash flows
17
Notes to the financial statements
18 - 38
RIDE SHOTGUN LTD
STRATEGIC REPORT
FOR THE YEAR ENDED 31 DECEMBER 2024
- 1 -

The directors present the strategic report for the year ended 31 December 2024.

Ride Shotgun Brand

Ride Shotgun specialises in creating and delivering joined up brand journeys. The business was launched in 2022 through the merger of Cry Havoc Limited (a creative content production company) and Born + Raised (a brand strategy and activation business). Since the merger, a further five modestly sized acquisitions have been completed and integrated into the enlarged business.

Ride Shotgun operates as a single brand, business and P&L. This provides a consistent customer experience and enables the business to deliver a solution agnostic proposition.

The combination of strong ambition, high quality talent and a client centric approach has enabled sales growth from c.£4million in 2021 to over £13 million in the year ending December 2024.

Business review

2024 was a year of rapid growth and the team faced multiple challenges managing the increase in business and integrating acquisitions.

During the year it became clear that the finance function was not keeping pace with the growth of the Group. The Board took steps to improve and strengthen the team although, with hindsight, this should have been done sooner.

2024’s accounts represent the first fully audited year and, for the reasons noted above, there have been significant adjustments which have impacted profitability. However, the Group generated cash from operations and was able to continue repaying its CBILS loans on time, whilst also funding growth.

Financial performance

2024 resulted in a pre-adjusted EBITDA of £981k, which following a reclassification of income/costs to 2023 resulted in post adjustment EBITDA of £586k.

There were adjustments to operating costs in the year, the most significant of which related to the impairement of goodwill on acquisitions (£386k) and trade debtor write-offs (£346k) relating to customer insolvencies.

Whilst the majority of Ride Shotgun’s acquisitions to-date have proved successful, it became apparent by October 2025 that, even after significant restructuring, Volume (Reading) Ltd wasn’t a viable business so was put into a CVL.

Looking ahead, at the time of writing, the 2025 financial year is now complete and can report that, following extensive restructuring and a relentless focus on building even stronger client relationships, the business has performed well against a very uncertain market. Losses have reduced dramatically and, on an adjusted basis, have returned to a respectable profit level.

Employees

During 2024 the Group employed an average of 152 employees across its UK and overseas operations. The business has exceptional talent who are the heart of the business and their dedication and commitment is a key component of the Group's success.

2025 has seen a reduction of headcount as the business has been right-sized to reflect market uncertainty through the year created by the political landscape, both domestically and internationally, as well as addressing the rapid advancement in technology and AI, which is now a key part of Ride Shotgun’s proposition.

RIDE SHOTGUN LTD
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 2 -
Principal risks and uncertainties

The main risks to the business are well understood by the Board and, as far as is practically possible, are actively managed and controlled. The risks are: Market Risk; Credit Risk; and People Risk.

Market risk: the Groupv is exposed to the wider economic environment and, in particular, to UK based international clients. To defend against this risk client concentration is actively managed to ensure no single client dominates (the largest client accounts for 15% of sales) and is supported by a strong sales & marketing plan to attract and win new clients.

Credit risk: trade debtors are actively managed and, on average, payments are received within 60 days. RBS Invoice Finance supports the business to provide day to day liquidity, and this facility also ensures a clean debtors ledger is maintained.

People risk: people are at the heart of the business, and the Group is dependent on the teams’ skills and expertise. Ride Shotgun has an open and supportive culture which is designed to retain and motivate talent.

In 2025’s Strategic Report more focus will be given to the risk (and opportunities) posed by AI. 2024 saw little or no impact. However, throughout 2025, Ride Shotgun has invested heavily in technology in line with changing client needs and this, combined with a consultative approach to Digital Transformation, is proving successful to mitigate any risk.

The future

The second half of 2025 saw a significant improvement in performance for Ride Shotgun. On a run-rate basis, the business was ahead of expectations and confidence is high in the 2026 budget. Having weathered something of a geopolitical storm for the last 12 months, the business is now in much better shape to capitalise on the opportunities in the market.

The management team, particularly in finance and customer service, are stronger than ever and all are focused on building even stronger client relationships to help them navigate the ever-changing market and deliver success for all.

On behalf of the board

Mr A R Weir
Director
18 February 2026
RIDE SHOTGUN LTD
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 DECEMBER 2024
- 3 -

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

Principal activities

The principal activity of the company and group continued to be that of an advertising agency.

Results and dividends

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

No ordinary dividends were paid. The directors do not recommend payment of a further dividend.

Directors

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

Mr A M Littlewood
(Resigned 23 August 2024)
Mr J J Dark
Mr A R Weir
Mr M J Mallinder
Auditor

Azets Audit Services were appointed as auditor to the group and in accordance with section 485 of the Companies Act 2006, a resolution proposing that they be re-appointed will be put at a General Meeting.

Statement of disclosure to auditor

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

Medium-sized companies exemption

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

On behalf of the board
Mr A R Weir
Director
18 February 2026
RIDE SHOTGUN LTD
DIRECTORS' RESPONSIBILITIES STATEMENT
FOR THE YEAR ENDED 31 DECEMBER 2024
- 4 -

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

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

- select suitable accounting policies and then apply them consistently;

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

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

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

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

RIDE SHOTGUN LTD
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF RIDE SHOTGUN LTD
- 5 -

Qualified opinion on the financial statements for the period ended 31 December 2024

We have audited the financial statements of Ride Shotgun Ltd (the 'parent company') and its subsidiaries (the 'group') for the year ended 31 December 2024 which comprise the group profit and loss account, the group statement of comprehensive income, the group balance sheet, the company balance sheet, the group statement of changes in equity, the company statement of changes in equity, the group statement of cash flows and notes to the financial statements, including significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).

In our opinion, except for the effects of the matter described in the Basis for Qualified Opinion paragraph, 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 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 qualified opinion

The financial statements for the year ended 31 December 2023 were unaudited. We were appointed as auditors during the year and we have been unable to carry out auditing procedures necessary to obtain adequate assurance regarding the opening balances and comparative figures as at 31 December 2023.

Prior year restatements have been processed in this financial year which have restated the opening balances and comparative figures, however, we have been unable to obtain sufficient assurance on those restated opening balances.

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

Conclusions relating to going concern

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

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

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

RIDE SHOTGUN LTD
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF RIDE SHOTGUN LTD
- 6 -

Other information

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

We have nothing to report in this regard.

Opinions on other matters prescribed by the Companies Act 2006

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

- T he information given in the strategic report and the directors' r eport 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 their environment obtained in the course of the audit, we have not identifie d material misstatements in the strategic report or the directors' r eport.

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

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.

A further description of our responsibilities is available on the Financial Reporting Council’s website at: https://www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report.

RIDE SHOTGUN LTD
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF RIDE SHOTGUN LTD
- 7 -

Extent to which the audit was considered capable of detecting irregularities, including fraud

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above and on the Financial Reporting Council’s website, to detect material misstatements in respect of irregularities, including fraud.

We obtain and update our understanding of the entity, its activities, its control environment, and likely future developments, including in relation to the legal and regulatory framework applicable and how the entity is complying with that framework. Based on this understanding, we 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. This includes consideration of the risk of acts by the entity that were contrary to applicable laws and regulations, including fraud.

In response to the risk of irregularities and non-compliance with laws and regulations, including fraud, we designed procedures which included:

- Enquiry of management and those charged with governance around actual and potential litigation and claims as well as actual, suspected and alleged fraud;

- Reviewing minutes of meetings of those charged with governance;

- Assessing the extent of compliance with the laws and regulations considered to have a direct material effect on the financial statements or the operations of the entity through enquiry and inspection;

- Reviewing financial statement disclosures and testing to supporting documentation to assess compliance with applicable laws and regulations;

- Performing audit work over the risk of management bias and 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 and reviewing accounting estimates for indicators of potential bias.

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 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.

Other matters which we are required to address

The financial statements include comparative information for the year ended 31 December 2023. As described in the basis for qualified opinion, the comparative financial statements were not audited and we express no opinion on the comparative information.

Our opinion on the current year financial statements is modified in respect of this matter.

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.

RIDE SHOTGUN LTD
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF RIDE SHOTGUN LTD
- 8 -
Lewis Cross (Senior Statutory Auditor)
For and on behalf of Azets Audit Services, Statutory Auditor
Chartered Accountants
Alpha House
4 Greek Street
Stockport
SK3 8AB
19 February 2026
RIDE SHOTGUN LTD
GROUP PROFIT AND LOSS ACCOUNT
FOR THE YEAR ENDED 31 DECEMBER 2024
- 9 -
2024
2023
Notes
£
£
Turnover
3
13,626,386
10,642,310
Cost of sales
(9,254,568)
(7,152,018)
Gross profit
4,371,818
3,490,292
Distribution costs
198
(14,714)
Administrative expenses
(4,940,713)
(2,771,835)
Other operating income
-
0
5,003
Operating (loss)/profit
4
(568,697)
708,746
Interest receivable and similar income
7
1,369
1,496
Interest payable and similar expenses
8
(80,790)
(34,269)
(Loss)/profit before taxation
(648,118)
675,973
Tax on (loss)/profit
9
(246,562)
(88,256)
(Loss)/profit for the financial year
(894,680)
587,717
(Loss)/profit for the financial year is attributable to:
- Owners of the parent company
(542,317)
409,024
- Non-controlling interests
(352,363)
178,693
(894,680)
587,717
RIDE SHOTGUN LTD
GROUP STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 DECEMBER 2024
- 10 -
2024
2023
£
£
Total comprehensive income for the year
(894,680)
587,717
Total comprehensive income for the year is attributable to:
- Owners of the parent company
(542,317)
409,024
- Non-controlling interests
(352,363)
178,693
(894,680)
587,717
RIDE SHOTGUN LTD
GROUP BALANCE SHEET
AS AT
31 DECEMBER 2024
31 December 2024
- 11 -
2024
2023
Notes
£
£
£
£
Fixed assets
Goodwill
11
1,143,429
1,233,533
Other intangible assets
11
274,753
251,078
Total intangible assets
1,418,182
1,484,611
Tangible assets
12
190,197
232,004
1,608,379
1,716,615
Current assets
Stocks
15
53,048
22,250
Debtors
16
2,548,866
2,469,153
Cash at bank and in hand
477,172
949,094
3,079,086
3,440,497
Creditors: amounts falling due within one year
17
(4,240,432)
(3,574,563)
Net current liabilities
(1,161,346)
(134,066)
Total assets less current liabilities
447,033
1,582,549
Creditors: amounts falling due after more than one year
18
(100,833)
(337,669)
Provisions for liabilities
Deferred tax liability
21
-
0
4,000
-
(4,000)
Net assets
346,200
1,240,880
Capital and reserves
Called up share capital
23
11
11
Share premium account
255,890
255,890
Profit and loss reserves
263,969
806,286
Equity attributable to owners of the parent company
519,870
1,062,187
Non-controlling interests
(173,670)
178,693
Total equity
346,200
1,240,880
RIDE SHOTGUN LTD
GROUP BALANCE SHEET (CONTINUED)
AS AT
31 DECEMBER 2024
31 December 2024
- 12 -

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

The financial statements were approved by the board of directors and authorised for issue on 18 February 2026 and are signed on its behalf by:
18 February 2026
Mr A R Weir
Director
Company registration number 11167070 (England and Wales)
RIDE SHOTGUN LTD
COMPANY BALANCE SHEET
AS AT 31 DECEMBER 2024
31 December 2024
- 13 -
2024
2023
as restated
Notes
£
£
£
£
Fixed assets
Goodwill
11
1,107,450
-
0
Other intangible assets
11
84,289
34,841
Total intangible assets
1,191,739
34,841
Tangible assets
12
76,850
111,767
Investments
13
42,594
1,907,829
1,311,183
2,054,437
Current assets
Stocks
15
53,048
-
Debtors
16
2,457,369
1,530,971
Cash at bank and in hand
451,639
579,211
2,962,056
2,110,182
Creditors: amounts falling due within one year
17
(3,442,525)
(3,609,947)
Net current liabilities
(480,469)
(1,499,765)
Total assets less current liabilities
830,714
554,672
Creditors: amounts falling due after more than one year
18
(20,833)
(70,833)
Net assets
809,881
483,839
Capital and reserves
Called up share capital
23
11
11
Share premium account
255,890
255,890
Profit and loss reserves
553,980
227,938
Total equity
809,881
483,839
RIDE SHOTGUN LTD
COMPANY BALANCE SHEET (CONTINUED)
AS AT 31 DECEMBER 2024
31 December 2024
- 14 -

As permitted by s408 Companies Act 2006, the c ompany has not presented its own profit and loss account and related notes. The c ompany’s profit for the year was £562,436 (2023 [as restated] - £270,941 loss).

These financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime.

The financial statements were approved by the board of directors and authorised for issue on 18 February 2026 and are signed on its behalf by:
18 February 2026
Mr A R Weir
Director
Company registration number 11167070 (England and Wales)
RIDE SHOTGUN LTD
GROUP STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2024
- 15 -
Share capital
Share premium account
Profit and loss reserves
Total controlling interest
Non-controlling interest
Total
£
£
£
£
£
£
As restated for the period ended 31 December 2023:
Balance at 1 January 2023
11
255,890
397,262
653,163
-
653,163
Year ended 31 December 2023:
Profit and total comprehensive income
-
-
409,024
409,024
178,693
587,717
Balance at 31 December 2023
11
255,890
806,286
1,062,187
178,693
1,240,880
Year ended 31 December 2024:
Loss and total comprehensive income
-
-
(542,317)
(542,317)
(352,363)
(894,680)
Balance at 31 December 2024
11
255,890
263,969
519,870
(173,670)
346,200
RIDE SHOTGUN LTD
COMPANY STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2024
- 16 -
Share capital
Share premium account
Profit and loss reserves
Total
£
£
£
£
As restated for the period ended 31 December 2023:
Balance at 1 January 2023
11
255,890
498,879
754,780
Year ended 31 December 2023:
Loss and total comprehensive income for the year
-
-
(270,941)
(270,941)
Balance at 31 December 2023
11
255,890
227,938
483,839
Year ended 31 December 2024:
Profit and total comprehensive income
-
-
562,436
562,436
Hive up goodwill amortisation
-
-
(236,394)
(236,394)
Balance at 31 December 2024
11
255,890
553,980
809,881
RIDE SHOTGUN LTD
GROUP STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 DECEMBER 2024
- 17 -
2024
2023
Notes
£
£
£
£
Cash flows from operating activities
Cash generated from operations
27
385,028
402,407
Interest paid
(80,790)
(34,269)
Income taxes refunded/(paid)
6,420
(34,670)
Net cash inflow from operating activities
310,658
333,468
Investing activities
Purchase of intangible assets
(115,246)
(3,484)
Purchase of tangible fixed assets
(31,682)
(61,856)
Proceeds from disposal of tangible fixed assets
-
324
Purchase of subsidiaries, net of cash acquired
(388,484)
(360,256)
Interest received
1,369
1,496
Net cash used in investing activities
(534,043)
(423,776)
Financing activities
Repayment of borrowings
(5,750)
(6,894)
Repayment of bank loans
(235,000)
(180,000)
Payment of finance leases obligations
(7,787)
(6,553)
Net cash used in financing activities
(248,537)
(193,447)
Net decrease in cash and cash equivalents
(471,922)
(283,755)
Cash and cash equivalents at beginning of year
949,094
1,232,849
Cash and cash equivalents at end of year
477,172
949,094
RIDE SHOTGUN LTD
NOTES TO THE GROUP FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
- 18 -
1
Accounting policies
Company information

Ride Shotgun Ltd (“the company”) is a private limited company domiciled and incorporated in England and Wales. The registered office is 275 Kirkstall Road, Kirkstall Industrial Estate, Leeds, West Yorkshire, United Kingdom, LS4 2BX.

The group consists of Ride Shotgun Ltd and all of its subsidiaries.

1.1
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary a mounts in these financial statements are rounded to the nearest £.

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

The company is a qualifying entity for the purposes of FRS 102, being a member of a group where the parent of that group prepares publicly available consolidated financial statements, including this company, which are intended to give a true and fair view of the assets, liabilities, financial position and profit or loss of the group. The company has therefore taken advantage of exemptions from the following disclosure requirements for parent company information presented within the consolidated financial statements:

- Section 7 ‘Statement of Cash Flows’: Presentation of a statement of cash flow and related notes and disclosures;

- Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instrument Issues: Interest income/expense and net gains/losses for financial instruments not measured at fair value; basis of determining fair values; details of collateral, loan defaults or breaches, details of hedges, hedging fair value changes recognised in profit or loss and in other comprehensive income;

- Section 26 ‘Share based Payment’: Share-based payment expense charged to profit or loss, reconciliation of opening and closing number and weighted average exercise price of share options, how the fair value of options granted was measured, measurement and carrying amount of liabilities for cash-settled share-based payments, explanation of modifications to arrangements;

- Section 33 ‘Related Party Disclosures’: Compensation for key management personnel.

1.2
Business combinations

In the parent company financial statements, t he cost of a business combination is the fair value at the acquisition date of the assets given, equity instruments issued and liabilities incurred or assumed, plus costs directly attributable to the business combination. The excess of the cost of a business combination over the fair value of the identifiable assets, liabilities and contingent liabilities acquired is recognised as goodwill. The cost of the combination includes the estimated amount of contingent consideration that is probable and can be measured reliably, and is adjusted for changes in contingent consideration after the acquisition date. Provisional fair values recognised for business combinations in previous periods are adjusted retrospectively for final fair values determined in the 12 months following the acquisition date. I nvestments in subsidiaries, joint ventures and associates are accounted for at cost less impairment.

Deferred tax is recognised on differences between the value of assets (other than goodwill) and liabilities recognised in a business combination accounted for using the purchase method and the amounts that can be deducted or assessed for tax, considering the manner in which the carrying amount of the asset or liability is expected to be recovered or settled. The deferred tax recognised is adjusted against goodwill or negative goodwill.

RIDE SHOTGUN LTD
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
1
Accounting policies
(Continued)
- 19 -
1.3
Basis of consolidation

The consolidated group financial statements consist of the financial statements of the parent company Ride Shotgun Ltd together with all entities controlled by the parent company (its subsidiaries) and the group’s share of its interests in joint ventures and associates.

All financial statements are made up to 31 December 2024. Where necessary, adjustments are made to the financial statements of subsidiaries to bring the accounting policies used into line with those used by other members of the g roup.

All intra-group transactions, balances and unrealised gains on transactions between group companies are eliminated on consolidation. Unrealised losses are also eliminated unless the transaction provides evidence of an impairment of the asset transferred.

Subsidiaries are consolidated in the group’s financial statements from the date that control commences until the date that control ceases.

1.4
Going concern

At the time of approving the financial statements, the directors have a reasonable expectation that the group has adequate resources to continue in operational existence for the foreseeable future. Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements.

In reaching their conclusion, the directors have evaluated financial forecasts prepared by management, including detailed profit and loss accounts, balance sheets, and cash flow projections. They have considered all information relevant to assessing the company’s expected future performance. The directors have also taken into account the letters of support provided within the group, the group’s current funding position, and its anticipated future funding requirements. This includes a review of credit terms and financing arrangements with external stakeholders. Based on these considerations, and with ongoing monitoring and active management of business risks and variations in trading performance, the directors believe that the company has adequate resources to continue operating for the foreseeable future.

1.5
Turnover

Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

When cash inflows are deferred and represent a financing arrangement, the fair value of the consideration is the present value of the future receipts. The difference between the fair value of the consideration and the nominal amount received is recognised as interest income.

Revenue from contracts for the provision of advertising services is recognised by reference to the stage of completion when the stage of completion, costs incurred and costs to complete can be estimated reliably. The stage of completion is calculated by comparing costs incurred, mainly in relation to contractual hourly staff rates and materials, as a proportion of total costs. Where the outcome cannot be estimated reliably, revenue is recognised only to the extent of the expenses recognised that it is probable will be recover ed.

RIDE SHOTGUN LTD
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
1
Accounting policies
(Continued)
- 20 -
1.6
Intangible fixed assets - goodwill

Goodwill represents the excess of the cost of acquisition of a business over the fair value of net assets acquired. It is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is considered to have a finite useful life and is amortised on a systematic basis over its expected life, which is 10 years.

For the purposes of impairment testing, goodwill is allocated to the cash-generating units expected to benefit from the acquisition. Cash-generating units to which goodwill has been allocated are tested for impairment at least annually, or more frequently when there is an indication that the unit may be impaired. If the recoverable amount of the cash-generating unit is less than the carrying amount of the unit, the impairment loss is allocated first to reduce the carrying amount of any goodwill allocated to the unit and then to the other assets of the unit pro-rata on the basis of the carrying amount of each asset in the unit.

1.7
Intangible fixed assets other than goodwill

Intangible assets acquired separately from a business are recognised at cost and are subsequently measured at cost less accumulated amortisation and accumulated impairment losses.

Intangible assets acquired on business combinations are recognised separately from goodwill at the acquisition date where it is probable that the expected future economic benefits that are attributable to the asset will flow to the entity and the fair value of the asset can be measured reliably; the intangible asset arises from contractual or other legal rights; and the intangible asset is separable from the entity.

Amortisation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Other intangibles
5 - 10 years straight line
1.8
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Leasehold improvements
5 years straight line
Plant and equipment
5 years straight line
Computers
3 years straight line
Motor vehicles
5 years straight line

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is recognised in the profit and loss account.

1.9
Fixed asset investments

Equity in vest ments are measured at fair value through profit or loss, except for those equity investments that are not publicly traded and whose fair value cannot otherwise be measured reliably, which are recognised at cost less impairment until a reliable measure of fair value becomes available.

I n the parent company financial statements, investments in subsidiaries, associates and jointly controlled entities are initially measured at cost and subsequently measured at cost less any accumulated impairment losses.

A subsidiary is an entity controlled by the group. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities.

RIDE SHOTGUN LTD
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
1
Accounting policies
(Continued)
- 21 -
1.10
Impairment of fixed assets

At each reporting period end date, the group reviews the carrying amounts of its tangible and intangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.

The carrying amount of the investments accounted for using the equity method is tested for impairment as a single asset. Any goodwill included in the carrying amount of the investment is not tested separately for impairment.

Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.

If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.

Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased to apply. Where an impairment loss subsequently reverses, the carrying amount of the asset (or cash-generating unit) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset (or cash-generating unit) in prior years. A reversal of an impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase.

1.11
Work in progress

For contracts where revenue is recognized over time, work in progress is measured as the costs incurred to date plus attributable profit, less progress billings. Where progress billings exceed costs incurred plus attributable profit, the excess is presented as a contract liability.

Costs include direct labour, subcontractor charges, and attributable overheads. Anticipated losses on contracts are recognized immediately as an expense

Work in progress is reviewed at each reporting date for indicators of impairment. Any write-down to net realizable value is recognized in profit or loss..

1.12
Cash and cash equivalents

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

1.13
Financial instruments

The group has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

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

Financial assets and liabilities are offset and the net amounts presented in the financial statements when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

RIDE SHOTGUN LTD
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
1
Accounting policies
(Continued)
- 22 -
Basic financial assets

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest m ethod unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

Other financial assets

Other financial assets, including investments in equity instruments which are not subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the transaction price. Such assets are subsequently carried at fair value and the changes in fair value are recognised in profit or loss, except that investments in equity instruments that are not publicly traded and whose fair values cannot be measured reliably are measured at cost less impairment.

Impairment of financial assets

Financial assets, other than those held at fair value through profit and loss, are assessed for indicators of impairment at each reporting end date.

Financial assets are impaired where there is objective evidence that, as a result of one or more events that occurred after the initial recognition of the financial asset, the estimated future cash flows have been affected. If an asset is impaired, the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss is recognised in profit or loss.

If there is a decrease in the impairment loss arising from an event occurring after the impairment was recognised, the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been, had the impairment not previously been recognised. The impairment reversal is recognised in profit or loss.

Derecognition of financial assets

Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when the group transfers the financial asset and substantially all the risks and rewards of ownership to another entity, or if some significant risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party.

Classification of financial liabilities

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

Basic financial liabilities

Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future paymen ts discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

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

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

RIDE SHOTGUN LTD
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
1
Accounting policies
(Continued)
- 23 -
Other financial liabilities

Derivatives, including interest rate swaps and forward foreign exchange contracts, are not basic financial instruments. Derivatives are initially recognised at fair value on the date a derivative contract is entered into and are subsequently re-measured at their fair value. Changes in the fair value of derivatives are recognised in profit or loss in finance costs or finance income as appropriate, unless hedge accounting is applied and the hedge is a cash flow hedge.

Debt instruments that do not meet the conditions in FRS 102 paragraph 11.9 are subsequently measured at fair value through profit or loss. Debt instruments may be designated as being measured at fair value th r ough profit or loss to eliminate or reduce an accounting mismatch or if the instruments are measured and their performance evaluated on a fair value basis in accordance with a documented risk management or investment strategy.

Derecognition of financial liabilities

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

1.14
Equity instruments

Equity instruments issued by the group are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the group.

1.15
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The group’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

Deferred tax

Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset if, and only if, there is a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.

RIDE SHOTGUN LTD
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
1
Accounting policies
(Continued)
- 24 -
1.16
Employee benefits

The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

1.17
Retirement benefits

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

1.18
Leases

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessees. All other leases are classified as operating leases.

Assets held under finance leases are recognised as assets at the lower of the assets fair value at the date of inception and the present value of the minimum lease payments. The related liability is included in the balance sheet as a finance lease obligation. Lease payments are treated as consisting of capital and interest elements. The interest is charged to profit or loss so as to produce a constant periodic rate of interest on the remaining balance of the liability.

Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the lease d asset are consumed.

2
Judgements and key sources of estimation uncertainty

In the application of the group’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

There are no judgements or key sources of estimation uncertainty.

3
Turnover and other revenue
2024
2023
£
£
Turnover analysed by class of business
Technology marketing content & services
13,626,386
10,642,310
RIDE SHOTGUN LTD
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
3
Turnover and other revenue
(Continued)
- 25 -
2024
2023
£
£
Turnover analysed by geographical market
United Kingdom
11,431,558
9,961,011
Europe
826,802
505,493
United States of America
1,205,554
112,201
Rest of the World
162,472
63,605
13,626,386
10,642,310
2024
2023
£
£
Other revenue
Interest income
1,369
1,496
4
Operating (loss)/profit
2024
2023
£
£
Operating (loss)/profit for the year is stated after charging/(crediting):
Exchange (gains)/losses
(69,536)
4,672
Audit fees
41,000
-
Depreciation of owned tangible fixed assets
93,578
112,692
Amortisation of intangible assets
227,881
245,023
Impairment of intangible assets
385,773
-
0
Operating lease charges
375,301
278,594
5
Employees

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

Group
Company
2024
2023
2024
2023
Number
Number
Number
Number
Employees
152
169
127
130
RIDE SHOTGUN LTD
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
5
Employees
(Continued)
- 26 -

Their aggregate remuneration comprised:

Group
Company
2024
2023
2024
2023
£
£
£
£
Wages and salaries
7,566,038
5,385,733
5,703,011
4,295,913
Social security costs
768,293
351,420
559,403
243,969
Pension costs
140,953
50,312
113,620
32,126
8,475,284
5,787,465
6,376,034
4,572,008
6
Directors' remuneration
2024
2023
£
£
Remuneration for qualifying services
471,386
456,598
Company pension contributions to defined contribution schemes
5,321
1,211
476,707
457,809
Remuneration disclosed above includes the following amounts paid to the highest paid director:
2024
2023
£
£
Remuneration for qualifying services
123,000
122,500
Company pension contributions to defined contribution schemes
4,000
1,211
7
Interest receivable and similar income
2024
2023
£
£
Interest income
Interest on bank deposits
1,369
1,496
8
Interest payable and similar expenses
2024
2023
£
£
Interest on bank overdrafts and loans
32,949
34,269
Other interest
47,841
-
Total finance costs
80,790
34,269
RIDE SHOTGUN LTD
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 27 -
9
Taxation
2024
2023
£
£
Current tax
UK corporation tax on profits for the current period
142,622
3,228
Adjustments in respect of prior periods
41,143
87,606
Total current tax
183,765
90,834
Deferred tax
Origination and reversal of timing differences
62,797
(2,578)
Total tax charge
246,562
88,256

The actual charge for the year can be reconciled to the expected (credit)/charge for the year based on the profit or loss and the standard rate of tax as follows:

2024
2023
£
£
(Loss)/profit before taxation
(648,118)
675,973
Expected tax (credit)/charge based on the standard rate of corporation tax in the UK of 25.00% (2023: 23.54%)
(162,030)
159,124
Tax effect of expenses that are not deductible in determining taxable profit
447,299
65,608
Tax effect of income not taxable in determining taxable profit
(326,042)
(176,487)
Tax effect of utilisation of tax losses not previously recognised
30,456
-
0
Change in unrecognised deferred tax assets
145,887
-
0
Adjustments in respect of prior years
(4,948)
87,607
Fixed asset differences
35,693
(22,867)
Research and development tax credit
(37,943)
(25,250)
Other permanent differences
-
0
(659)
Deferred tax adjustments in respect of prior years
118,190
1,180
Taxation charge
246,562
88,256
RIDE SHOTGUN LTD
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 28 -
10
Impairments

Impairment tests have been carried out where appropriate and the following impairment losses have been recognised in profit or loss:

2024
2023
Notes
£
£
In respect of:
Goodwill
11
385,773
-
Recognised in:
Administrative expenses
385,773
-

The impairment losses in respect of financial assets are recognised in other gains and losses in the profit and loss account.

Subsequent to the year end, Volume (Reading) "in liquidation" entered into a creditors' voluntary liquidation on 9 October 2025. The impairment relates to the consolidated goodwill initially recognised.

11
Intangible fixed assets
Group
Goodwill
Other intangibles
Total
£
£
£
Cost
At 1 January 2024
1,434,475
581,000
2,015,475
Additions - internally developed
-
0
49,448
49,448
Additions - separately acquired
444,317
53,460
497,777
At 31 December 2024
1,878,792
683,908
2,562,700
Amortisation and impairment
At 1 January 2024
200,942
329,922
530,864
Amortisation charged for the year
148,648
79,233
227,881
Impairment losses
385,773
-
0
385,773
At 31 December 2024
735,363
409,155
1,144,518
Carrying amount
At 31 December 2024
1,143,429
274,753
1,418,182
At 31 December 2023
1,233,533
251,078
1,484,611
RIDE SHOTGUN LTD
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
11
Intangible fixed assets
(Continued)
- 29 -
Company
Goodwill
Other intangibles
Total
£
£
£
Cost
At 1 January 2024
-
0
34,841
34,841
Additions - internally developed
-
0
49,448
49,448
Hive Up Goodwill
1,453,769
-
0
1,453,769
At 31 December 2024
1,453,769
84,289
1,538,058
Amortisation and impairment
At 1 January 2024
-
0
-
0
-
0
Amortisation charged for the year
109,925
-
0
109,925
Accumulated amortisation at Hive Up
236,394
-
0
236,394
At 31 December 2024
346,319
-
0
346,319
Carrying amount
At 31 December 2024
1,107,450
84,289
1,191,739
At 31 December 2023
-
0
34,841
34,841

During the year the trade and assets of Set Visions Limited, Born & Raised Limited & Creative Content Works Limited were transferred up to Ride Shotgun Limited in January 2024 and August 2024 (for CCW). As a result of the transfer the goodwill that would have been established on fair values of net assets at the time of the original acquisition has been transferred from the investment on hive up as disclosed in note 13, and has been written down to reflect the amortisation arising from the date of initial acquisition. Therefore, the net value of the goodwill recognised at the date of hive up is the amortised amount, with accumulated amortisation up to the date of the hive up adjusting reserves within the Statement of Changes in Equity.

RIDE SHOTGUN LTD
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 30 -
12
Tangible fixed assets
Group
Leasehold improvements
Plant and equipment
Computers
Motor vehicles
Total
£
£
£
£
£
Cost
At 1 January 2024
120,873
264,351
444,867
27,291
857,382
Additions
-
0
25,046
18,864
-
0
43,910
Business combinations
-
0
40,973
2,704
-
0
43,677
Disposals
(26)
-
0
-
0
-
0
(26)
At 31 December 2024
120,847
330,370
466,435
27,291
944,943
Depreciation and impairment
At 1 January 2024
40,621
237,198
337,172
10,387
625,378
Depreciation charged in the year
16,041
10,662
62,028
4,847
93,578
Transfers
-
0
33,086
2,704
-
0
35,790
At 31 December 2024
56,662
280,946
401,904
15,234
754,746
Carrying amount
At 31 December 2024
64,185
49,424
64,531
12,057
190,197
At 31 December 2023
80,252
27,153
107,695
16,904
232,004
Company
Leasehold improvements
Plant and equipment
Computers
Motor vehicles
Total - as restated
£
£
£
£
£
Cost
At 1 January 2024
45,686
126,375
170,684
27,291
370,036
Additions
-
0
1,613
15,069
-
0
16,682
At 31 December 2024
45,686
127,988
185,753
27,291
386,718
Depreciation and impairment
At 1 January 2024
10,663
100,494
136,725
10,387
258,269
Depreciation charged in the year
11,631
10,047
25,074
4,847
51,599
At 31 December 2024
22,294
110,541
161,799
15,234
309,868
Carrying amount
At 31 December 2024
23,392
17,447
23,954
12,057
76,850
At 31 December 2023
35,023
25,881
33,959
16,904
111,767
RIDE SHOTGUN LTD
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 31 -
13
Fixed asset investments
Group
Company
2024
2023
2024
2023
Notes
£
£
£
£
Investments in subsidiaries
14
-
0
-
0
42,594
1,907,829

As detailed in note 11, during the year goodwill of £1,453,769 has been transferred from fixed asset investments. The residual fixed asset investment carrying amount in respect of those subsidiaries is £42,594.

Movements in fixed asset investments
Company
Shares in subsidiaries
£
Cost or valuation
At 1 January 2024
1,907,829
Additions
19,394
Hive up goodwill transfer
(1,453,769)
Other transfer
(4,250)
At 31 December 2024
469,204
Impairment
At 1 January 2024
-
Impairment losses
426,610
At 31 December 2024
426,610
Carrying amount
At 31 December 2024
42,594
At 31 December 2023
1,907,829
RIDE SHOTGUN LTD
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 32 -
14
Subsidiaries

On 3 July 2023 Ride Shotgun Ltd acquired 45% of the share capital of Creative Content Works Limited subsequently on the 15th November 2024 acquired a further 9% of the share capital taking their holding to 54% of the share capital.

Ride Shotgun Limited achieved control on acquisition of the initial 45% via voting rights and due to its influence over the trading of the company, accounting and systems policies and direction of the company.

Details of the company's subsidiaries at 31 December 2024 are as follows:

Name of undertaking
Registered office
Class of
% Held
shares held
Direct
Indirect
Born and Raised Creative Ltd
275 Kirkstall Road, Leeds, England, LS4 2BX
Ordinary
100.00
-
Set Visions Limited
275 Kirkstall Road, Leeds, England, LS4 2BX
Ordinary
100.00
-
Creative Content Works Limited
275 Kirkstall Road, Leeds, England, LS4 2BX
Ordinary
54.00
-
Volume (Reading) Limited "in liquidation"
275 Kirkstall Road, Leeds, England, LS4 2BX
Ordinary
100.00
-
Ride Shotgun US
111 West Lewis Street, Suite 23, Greensboro, North Carolina, 27406, USA
Ordinary
100.00
-
Volume Technologies (Private) Limited
Level 22, West Tower, Bank of Ceylon, Mawatha, Fort, Colombo, 00100, Sri Lanka
Ordinary
0
100.00
Volume inc.
725 Filbert Street, San Francisco, Ca 94133, USA
Ordinary
0
100.00
15
Stocks
Group
Company
2024
2023
2024
2023
as restated
£
£
£
£
Work in progress
53,048
22,250
53,048
-
16
Debtors
Group
Company
2024
2023
2024
2023
as restated
Amounts falling due within one year:
£
£
£
£
Trade debtors
2,139,967
2,169,624
2,041,329
1,427,365
Corporation tax recoverable
80
-
0
80
-
0
Amounts owed by group undertakings
-
-
18,136
-
Other debtors
8,904
8,287
-
0
-
0
Prepayments and accrued income
397,115
218,621
395,024
103,606
2,546,066
2,396,532
2,454,569
1,530,971
Deferred tax asset (note 21)
2,800
72,621
2,800
-
0
2,548,866
2,469,153
2,457,369
1,530,971
RIDE SHOTGUN LTD
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 33 -
17
Creditors: amounts falling due within one year
Group
Company
2024
2023
2024
2023
as restated
Notes
£
£
£
£
Bank loans
19
230,000
230,000
50,000
50,000
Obligations under finance leases
20
6,644
12,705
-
0
-
0
Other borrowings
19
-
0
5,750
-
0
-
0
Trade creditors
773,686
439,208
737,308
393,988
Amounts owed to group undertakings
-
0
-
0
309,332
1,071,219
Corporation tax payable
312,534
123,456
128,833
25,355
Other taxation and social security
1,143,418
1,032,582
754,383
772,100
Deferred income
801,694
805,937
522,839
659,612
Other creditors
671,698
193,034
639,731
164,504
Accruals
300,758
731,891
300,099
473,169
4,240,432
3,574,563
3,442,525
3,609,947

Included in other creditors is a balance of £502,230 invoice discounting facility, secured by a fixed and floating charge over the assets of the company.

18
Creditors: amounts falling due after more than one year
Group
Company
2024
2023
2024
2023
Notes
£
£
£
£
Bank loans and overdrafts
19
100,833
335,833
20,833
70,833
Obligations under finance leases
20
-
0
1,836
-
0
-
0
100,833
337,669
20,833
70,833
19
Loans and overdrafts
Group
Company
2024
2023
2024
2023
£
£
£
£
Bank loans
330,833
565,833
70,833
120,833
Other loans
-
0
5,750
-
0
-
0
330,833
571,583
70,833
120,833
Payable within one year
230,000
235,750
50,000
50,000
Payable after one year
100,833
335,833
20,833
70,833

Loans and and invoice financing are secured by a fixed and floating charge over the assets of the companies they relate to.

RIDE SHOTGUN LTD
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 34 -
20
Finance lease obligations
Group
Company
2024
2023
2024
2023
£
£
£
£
Future minimum lease payments due under finance leases:
Within one year
6,644
12,705
-
0
-
0
In two to five years
-
0
1,836
-
0
-
0
6,644
14,541
-
-

Finance lease payments represent rentals payable by the company or group for certain items of plant and machinery.

21
Deferred taxation

The following are the major deferred tax liabilities and assets recognised by the group and company, and movements thereon:

Liabilities
Liabilities
Assets
Assets
2024
2023
2024
2023
Group
£
£
£
£
Accelerated capital allowances
-
4,000
2,800
72,621
Liabilities
Liabilities
Assets
Assets
2024
2023
2024
2023
Company
£
£
£
£
Accelerated capital allowances
-
-
2,800
-
Group
Company
2024
2024
Movements in the year:
£
£
Asset at 1 January 2024
(68,621)
-
Charge/(credit) to profit or loss
62,797
(2,800)
Other
3,024
-
Asset at 31 December 2024
(2,800)
(2,800)
RIDE SHOTGUN LTD
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 35 -
22
Retirement benefit schemes
2024
2023
Defined contribution schemes
£
£
Charge to profit or loss in respect of defined contribution schemes
140,953
50,312

A defined contribution pension scheme is operated for all qualifying employees. The assets of the scheme are held separately from those of the group in an independently administered fund.

23
Share capital
Group and company
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of 1p each
1,072
1,072
11
11
24
Acquisition of a business

On 21 February 2024 the group accquired the business, trade & assets of Volume Group Limited which inlcuded subsidiaries Volume inc. and Volume Technologies (Private) Limited.

Book Value
Adjustments
Fair Value
Net assets acquired
£
£
£
Intangible assets
53,460
-
53,460
Property, plant and equipment
27,521
-
27,521
Trade and other receivables
222,880
(183,645)
39,235
Trade and other payables
(58,466)
-
(58,466)
Total identifiable net assets
245,395
(183,645)
61,750
Goodwill
425,023
Total consideration
486,773
The consideration was satisfied by:
£
Cash
150,000
Ransom creditors and wages paid
297,923
Deal fees
38,850
486,773
RIDE SHOTGUN LTD
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 36 -
25
Operating lease commitments
Lessee

At the reporting end date the group had outstanding commitments for future minimum lease payments under non-cancellable operating leases, which fall due as follows:

Group
Company
2024
2023
2024
2023
£
£
£
£
Within one year
157,982
204,200
157,982
204,200
Between two and five years
78,425
203,767
78,425
203,767
236,407
407,967
236,407
407,967
26
Post balance sheet events

On 13 May 2025, Ride Shotgun Limited acquired 100% of the issued share capital of True Design Holdings Limited.

On the 9 October 2025, Volume (Reading) Limited entered into a Creditors' voluntary liquidation. At the point of signing the financial statements, the process is ongoing.

27
Cash generated from group operations
2024
2023
£
£
(Loss)/profit after taxation
(894,680)
587,657
Adjustments for:
Taxation charged
181,980
88,256
Finance costs
80,790
34,269
Investment income
(1,369)
(1,496)
(Gain)/loss on disposal of tangible fixed assets
-
19,673
Amortisation and impairment of intangible assets
227,881
245,023
Depreciation and impairment of tangible fixed assets
93,578
112,692
Other gains and losses
385,773
-
Movements in working capital:
(Increase)/decrease in stocks
(30,798)
50,843
Increase in debtors
(145,927)
(678,084)
Increase in creditors
427,461
42,367
Decrease in deferred income
(4,243)
(98,793)
Cash generated from operations
320,446
402,407
RIDE SHOTGUN LTD
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 37 -
28
Analysis of changes in net funds - group
1 January 2024
Cash flows
31 December 2024
£
£
£
Cash at bank and in hand
949,094
(471,922)
477,172
Borrowings excluding overdrafts
(571,583)
240,750
(330,833)
Obligations under finance leases
(14,541)
7,897
(6,644)
362,970
(223,275)
139,695
29
Prior period adjustment

During the period up to 31 December 2023, the Group’s financial statements were neither consolidated nor audited. The individual entity financial statements were prepared internally by the Finance Director without support from external professional advisers. Consequently, errors were identified in the financial statements for the prior period.

A review of the opening balances indicated that material misstatements had occurred.

These errors occurred due to oversights, misinterpretation of facts and mistakes in applying accounting policies.

“FRS 102 Section 10 requires retrospective restatement unless it is impracticable to determine either the period‑specific effects or the cumulative effect of an error. Given the condition of historical records, and the absence of sufficient information to reconstruct accurate period‑specific impacts, full retrospective restatement was not practicable. The Group has therefore applied the correction from the earliest date for which reliable information was available, with remaining amounts recognised in opening reserves.

Changes to the balance sheet - company
As previously reported
Adjustment
As restated at 31 Dec 2023
£
£
£
Fixed assets
Tangible assets
300,577
(188,810)
111,767
Current assets
Stocks
50,843
(50,843)
-
Debtors due within one year
697,554
833,417
1,530,971
Creditors due within one year
Taxation
(728,470)
(68,985)
(797,455)
Other creditors
(2,322,027)
219,147
(2,102,880)
Deferred income
-
(659,612)
(659,612)
Net assets
399,525
84,314
483,839
Capital and reserves
Profit and loss reserves
143,624
84,314
227,938
RIDE SHOTGUN LTD
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
29
Prior period adjustment
(Continued)
- 38 -
Changes to the profit and loss account - company
As previously reported
Adjustment
As restated
Period ended 31 December 2023
£
£
£
Turnover
7,654,753
268,764
7,923,517
Cost of sales
(6,103,102)
144,207
(5,958,895)
Administrative expenses
(1,894,440)
(159,521)
(2,053,961)
Amounts written off investments
-
(169,136)
(169,136)
Loss after taxation
(355,255)
84,314
(270,941)

The adjustment to turnover in the prior year reflects the correction of the deferred income balance as at 31 December 2023.

The adjustments noted above also include various balance sheet classification corrections. In addition, certain historic accruals were released to the profit and loss account in the prior year, affecting both Cost of Sales and Administrative Expenses.

Further adjustments were made in relation to the reconciliation of Other Taxation and Social Security control accounts.

The prior year also included £169,136 of costs that had been incorrectly capitalised as investments; these amounts have now been released to the profit and loss account.

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