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Registered number:
For the Year Ended
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Fresh Approach (UK) Holdings Limited
Company Information
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Fresh Approach (UK) Holdings Limited
Contents
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Fresh Approach (UK) Holdings Limited
Group Strategic Report
For the Year Ended 31 December 2025
The directors present their strategic report for the year ended 31 December 2025.
The Company is a global brand experience agency. We create and deliver immersive experiences through brand activations, events and creative communications, spanning strategy, content, experiential, design, film, digital, exhibitions and integrated marketing.
Business review Trading revenue was £14,292,683 (2024: £15,465,650). While revenue was lower year on year, profitability improved significantly: profit before tax increased to £847,574 (2024: £139,132), and Group EBITDA rose to £1,082,297 (2024: £784,236). Operating margin strengthened to 7.2% (2024: 2.3%), reflecting a higher quality mix of work and tighter delivery discipline. The geographic mix continued to broaden with European revenue of £689,999 (2024: £153,883) and Rest of World revenue of £1,324,218 (2024: £779,472). This diversification reduces concentration risk, supports margin resilience and opens up new routes for growth. Disciplined cost management underpinned the year’s performance: administrative expenses reduced to £4,371,023 (2024: £5,487,386). Liquidity remains strong with cash at £1,415,411 (2024: £1,108,251), providing headroom to invest in talent, capability and platforms while maintaining a prudent risk profile. The outstanding loan notes totaling of £4,674,787 (2024 - £4,896,606) are presented in the balance sheet as being repayable in more than 1 year. The holders of these notes have confirmed that they will not require redemption of the loan notes for the foreseeable future and for a minimum of a rolling 12 months. We continued to invest in our integrated delivery model and in data-led planning that evidences ROI for clients. Our commitment to sustainable production remained central to how we work, including delivery aligned to ISO 20121 and the maintenance of a Silver rating from EcoVadis. We also benefited from the relocation to central Manchester, which has enhanced our ability to attract and retain talent and has helped drive new business momentum. Market dynamics across experiential and brand activation remain supportive of our approach. Clients are prioritising: measurable outcomes and content that can be repurposed across channels; sustainability credentials and transparent carbon reporting; shorter lead times with high production values; and a greater use of digital, data and AI to enhance personalisation and efficiency. Our proposition—integrated strategy, creative and production at scale—positions us well to meet these needs while sustaining improved margins. New client wins and multi-year programmes with key accounts increased order coverage into 2026. The Board expects 2026 to be a very successful year, underpinned by a stronger margin profile, a broader client and geographic mix, and targeted investment in people, tools and partnerships.
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Fresh Approach (UK) Holdings Limited
Group Strategic Report (continued)
For the Year Ended 31 December 2025
The markets in which we operate are competitive and project-led. Client budget cycles and procurement reviews can affect volumes, while event cancellations may occur for commercial or external reasons. Our people are our most important asset; attracting and retaining high-calibre talent is critical to growth and delivery quality.
As a service business, activity levels are influenced by macroeconomic conditions in our clients’ sectors. We mitigate these risks through sector and geographic diversification, strong account management, disciplined project governance, rigorous supplier management and a continued focus on sustainable delivery. Key performance indicators The business uses several financial and non-financial key performance indicators to monitor the business performance:
2025 2024
Net current assets £782,356 £359,230 Cash at bank and in hand £1,415,411 £1,108,251 Current ratio 1.15 1.08 Gross margin 37.8% 37.8% Operating margin 7.2% 2.3% EBITDA £1,082,297 £784,236
This report was approved by the board and signed on its behalf.
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Fresh Approach (UK) Holdings Limited
Directors' Report
For the Year Ended 31 December 2025
The directors present their report and the financial statements for the year ended 31 December 2025.
The directors are responsible for preparing the Group Strategic Report, the Directors' Report and the consolidated financial statements in accordance with applicable law and regulations.
In preparing these financial statements, the directors are required to:
∙select suitable accounting policies for the Group's financial statements 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 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 the Group 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 the Group and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
The profit for the year, after taxation, amounted to £629,765 (2024 - £855).
Dividends totalling £nil (2024: £nil) were paid during the year. The directors do not recommend the payment of a final dividend (2024: £Nil).
The directors who served during the year were:
Details of the likely future developments in the Group's business are included in the Strategic Report.
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Fresh Approach (UK) Holdings Limited
Directors' Report (continued)
For the Year Ended 31 December 2025
The Group's principal financial instruments comprise bank balances, trade creditors, trade debtors and loan note instruments. The main purpose of these instruments is to finance the Company's operations.
The Company's approach to managing other risks applicable to the financial instruments concerned is shown below. In respect of bank balances the liquidity risk is managed by maintaining a balance between the continuity of funding and flexible borrowing. The company manages liquidity risk by ensuring there are sufficient funds to meet the payments. Trade debtors are managed in respect of credit and cashflow risk by policies concerning the credit offered to customers and the regular monitoring of amounts outstanding for both time and credit limits. Trade creditors liquidity risk is managed by ensuring sufficient funds are available to meet amounts due.
Details regarding post balance sheet events affecting the Group are included in the Strategic Report.
The auditors, Hurst Accountants Limited, will be proposed for reappointment in accordance with section 485 of the Companies Act 2006.
This report was approved by the board and signed on its behalf.
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Fresh Approach (UK) Holdings Limited
Independent Auditors' Report to the Members of Fresh Approach (UK) Holdings Limited
We have audited the financial statements of Fresh Approach (UK) Holdings Limited (the 'parent Company') and its subsidiaries (the 'Group') for the year ended 31 December 2025, which comprise the Consolidated Statement of Comprehensive Income, the Consolidated Statement of Financial Position, the Company Statement of Financial Position, the Consolidated Statement of Cash Flows, the Consolidated Statement of Changes in Equity, the Company Statement of Changes in Equity 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 auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.
Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the Group's or the parent Company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.
Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.
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.
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Fresh Approach (UK) Holdings Limited
Independent Auditors' Report to the Members of Fresh Approach (UK) Holdings Limited (continued)
In our opinion, based on the work undertaken in the course of the audit:
∙the information given in the Group 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 Group Strategic Report and the Directors' Report have been prepared in accordance with applicable legal requirements.
In the light of the knowledge and understanding of the Group and the parent Company and its environment obtained in the course of the audit, we have not identified material misstatements in the Group Strategic Report or the Directors' Report.
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 Group financial statements.
Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:
We identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, and then design and perform audit procedures responsive to those risks, including obtaining audit evidence that is sufficient and appropriate to provide a basis for our opinion.
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Fresh Approach (UK) Holdings Limited
Independent Auditors' Report to the Members of Fresh Approach (UK) Holdings Limited (continued)
Identifying and assessing potential risks related to irregularities
In identifying and assessing the risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, we considered the following:
∙The nature of the industry and sector in which the company operates; the control environment and business performance including key drivers for directors' remuneration, bonus levels and performance targets.
∙The outcome of enquiries of local management and parent company management, including whether management was aware of any instances of non-compliance with laws and regulations, and whether management had knowledge of any actual, suspected, or alleged fraud.
∙Supporting documentation relating to the Company's policies and procedures for:
°Identifying, evaluating, and complying with laws and regulations
°Detecting and responding to the risks of fraud
∙The internal controls established to mitigate risks related to fraud or non-compliance with laws and regulations.
∙The outcome of discussions amongst the engagement team regarding how and where fraud might occur in the financial statements and any potential indicators of fraud.
∙The legal and regulatory framework in which the Company operates, particularly those laws and regulations which have a direct effect on the financial statements, such as the Companies Act 2006, pensions and tax legislation, or which had a fundamental effect on the operations of the Company, including General Data Protection requirements, and Antibribery and Corruption.
Audit response to risks identified
Our procedures to respond to the risks identified included the following:
∙Reviewing the financial statements disclosures and testing to supporting documentation to assess compliance with the provisions of those relevant laws and regulations which have a direct effect on the financial statements.
∙Discussions with management, including consideration of known or suspected instances of non-compliance with laws and regulations and fraud.
∙Evaluation of the operating effectiveness of management’s controls designed to prevent and detect irregularities.
∙Enquiring of management about any actual and potential litigation and claims.
∙Performing analytical procedures to identify any unusual or unexpected relationships which may indicate risks of material misstatement due to fraud.
We have also considered the risk of fraud through management override of controls by:
∙Testing the appropriateness of journal entries and other adjustments. We have used data analytics software to identify accounting transactions which may pose a heightened risk of material misstatement, whether due to fraud or error.
∙Challenging assumptions made by management in their significant accounting estimates, and assessing whether the judgements made in making accounting estimates are indicative of a potential bias; and
∙Evaluating the business rationale of any significant transactions that are unusual or outside the normal course of business.
We also communicated relevant identified laws and regulations and potential fraud risks to all engagement team members and remained alert to any indications of fraud or non-compliance with laws and regulations throughout the audit.
There are inherent limitations in the audit procedures described above, and the further removed non-compliance with laws and regulations are from the events and transactions reflected in the financial statements, the less likely we would become aware of them. Also, the risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate concealment by, for example, forgery or intentional misrepresentations, or through collusion.
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Fresh Approach (UK) Holdings Limited
Independent Auditors' Report to the Members of Fresh Approach (UK) Holdings Limited (continued)
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.
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.
for and on behalf of
Chartered Accountants & Statutory Auditors
3 Stockport Exchange
Cheshire
SK1 3GG
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Fresh Approach (UK) Holdings Limited
Consolidated Statement of Comprehensive Income
For the Year Ended 31 December 2025
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Fresh Approach (UK) Holdings Limited
Registered number: 09005926
Consolidated Statement of Financial Position
As at
The financial statements were approved and authorised for issue by the board and were signed on its behalf by:
The notes on pages 15 to 33 form part of these financial statements.
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Fresh Approach (UK) Holdings Limited
Registered number: 09005926
Company Statement of Financial Position
As at
The financial statements were approved and authorised for issue by the board and were signed on its behalf by:
The notes on pages 15 to 33 form part of these financial statements.
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Fresh Approach (UK) Holdings Limited
Consolidated Statement of Changes in Equity
For the Year Ended 31 December 2025
Company Statement of Changes in Equity
For the Year Ended 31 December 2025
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Fresh Approach (UK) Holdings Limited
Consolidated Statement of Cash Flows
For the Year Ended 31 December 2025
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Fresh Approach (UK) Holdings Limited
Consolidated Analysis of Net Debt
For the Year Ended 31 December 2025
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Fresh Approach (UK) Holdings Limited
Notes to the Financial Statements
For the Year Ended 31 December 2025
Fresh Approach (UK) Holdings Limited is a private company limited by members capital incorporated in England and Wales. The address of the registered office and principal place of business is Union, 2-10 Albert Square, Manchester, England, M2 6LW. The company's registration number is 09005926.
The nature of the group's operation and principal activity is that of the creation and delivery of creative communications through live events, experiential, film, digital, content, exhibitions and design. The nature of the company's operation and principal activity is that of a holding company.
2.Accounting policies
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 Group management to exercise judgement in applying the Group's accounting policies (see note 3).
The following principal accounting policies have been applied:
The consolidated financial statements present the results of the Company and its own subsidiaries ("the Group") as if they form a single entity. Intercompany transactions and balances between group companies are therefore eliminated in full.
The consolidated financial statements incorporate the results of business combinations using the purchase method. In the Statement of Financial Position, the acquiree's identifiable assets, liabilities and contingent liabilities are initially recognised at their fair values at the acquisition date. The results of acquired operations are included in the Consolidated Statement of Comprehensive Income from the date on which control is obtained. They are deconsolidated from the date control ceases. In accordance with the transitional exemption available in FRS 102, the Group has chosen not to retrospectively apply the standard to business combinations that occurred before the date of transition to FRS 102, being 01 October 2014.
The Company has taken advantage of the following disclosure exemptions in preparing these financial statements, as permitted by FRS 102 ''The Financial Reporting Standard applicable in the UK and Republic of Ireland'':
- The requirement of Section 7 Statement of Cash Flows; - The requirement of Section 3 Financial Statement Presentation paragraph 3.17 (d). The Company's information is included in the consolidated financial statements.
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Fresh Approach (UK) Holdings Limited
Notes to the Financial Statements
For the Year Ended 31 December 2025
2.Accounting policies (continued)
The directors have presented the financial statements on a going concern basis which assumes the group will have sufficient resources to meet liabilities as they fall due.
During the year ended 31 December 2025, the group reported a profit of £629,765 (2024:£855) and net liabilities totalled £3,806,380 at 31 December 2025 (2024: £4,436,145). At 31 December 2025, the company had net current liabilities of £7,614,143 (2024: £7,009,356) and net lliabilities of £1,831,865 (2024: £1,448,897). The directors have prepared profit and cash flow forecasts covering the next three years. The directors believe that the assumptions underlying their forecasts are reasonable and accordingly that the group can continue for the foreseeable future to discharge their liabilities as and when they fall due. The financial statements have therefore been prepared on a going concern basis and have considered the current financial position of the group and reviewed projected performance for a period of 12 months from the date of approval of the financial statements.
Functional and presentation currency
Transactions and balances
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Fresh Approach (UK) Holdings Limited
Notes to the Financial Statements
For the Year Ended 31 December 2025
2.Accounting policies (continued)
When the outcome of contracts can be estimated reliably, contract revenue and contract costs are recognised as revenue and expenses respectively by reference to the stage of completion at the end of the reporting period. Reliable estimation of the outcome of contracts requires reliable estimates of the stage of completion, future costs, and collectability of billings. When the outcome of a contract cannot be estimated reliably, revenue is only recognised to the extent of contract costs incurred that it is probable will be recoverable. When it is probable that the total contract costs will exceed total contract revenue on a contract, the expected loss shall be recognised as an expense immediately, with a corresponding provision for an onerous contract. Revenue in respect of variations to contracts and incentive payments is recognised when it is probable it will be agreed by the customer. Where costs incurred plus recognised profits less recognised losses exceed progress billing, the balance is shown within debtors. Where progress billings exceed costs incurred plus recognised profits less recognised losses, the balance is shown within creditors.
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Fresh Approach (UK) Holdings Limited
Notes to the Financial Statements
For the Year Ended 31 December 2025
2.Accounting policies (continued)
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Fresh Approach (UK) Holdings Limited
Notes to the Financial Statements
For the Year Ended 31 December 2025
2.Accounting policies (continued)
Goodwill
Other intangible assets
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:
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:
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.
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Fresh Approach (UK) Holdings Limited
Notes to the Financial Statements
For the Year Ended 31 December 2025
2.Accounting policies (continued)
Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less attributable overheads.
At each reporting date, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to complete and sell. The impairment loss is recognised immediately in profit or loss. Provisions are measured as the best estimate of the amount required to settle the obligation, taking into account the related risks and uncertainties.
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Fresh Approach (UK) Holdings Limited
Notes to the Financial Statements
For the Year Ended 31 December 2025
Management discussed with the directors the development, selection and disclosure of the Group's critical accounting policies and estimates and the application of these policies and estimates. The key sources of estimation, uncertainty and critical accounting judgements in applying the Group's policies are discussed below: Revenue recognition and work in progress The Company's revenue recognition and margin recognition policies, which are set out in note 2.6, are central to how the Company values the work it has carried out in each financial year. These policies require forecasts to be made of contract outcomes, which require assessment and judgements to be made in respect of budgeted costs and final margins. The Company reviews and, when necessary, revises the estimates of revenue and costs as the contract progresses.
The whole of the turnover is attributable to the creation and production of brand experiences.
Analysis of turnover by country of destination:
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Fresh Approach (UK) Holdings Limited
Notes to the Financial Statements
For the Year Ended 31 December 2025
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Fresh Approach (UK) Holdings Limited
Notes to the Financial Statements
For the Year Ended 31 December 2025
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Fresh Approach (UK) Holdings Limited
Notes to the Financial Statements
For the Year Ended 31 December 2025
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Fresh Approach (UK) Holdings Limited
Notes to the Financial Statements
For the Year Ended 31 December 2025
There are currently no factors that may affect future tax charges.
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Fresh Approach (UK) Holdings Limited
Notes to the Financial Statements
For the Year Ended 31 December 2025
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Fresh Approach (UK) Holdings Limited
Notes to the Financial Statements
For the Year Ended 31 December 2025
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Fresh Approach (UK) Holdings Limited
Notes to the Financial Statements
For the Year Ended 31 December 2025
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Fresh Approach (UK) Holdings Limited
Notes to the Financial Statements
For the Year Ended 31 December 2025
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Fresh Approach (UK) Holdings Limited
Notes to the Financial Statements
For the Year Ended 31 December 2025
Other loans are detailed out on note 20.
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Fresh Approach (UK) Holdings Limited
Notes to the Financial Statements
For the Year Ended 31 December 2025
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Fresh Approach (UK) Holdings Limited
Notes to the Financial Statements
For the Year Ended 31 December 2025
Share premium
The share premium account includes premiums received on issue of share capital, net of share issue costs. Profit and loss account Profit and loss account includes all current retained profit and losses.
The company operates a defined contribution 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 £108,288 (2024: £109,030). Contributions totalling £21,630 (2024: £21,413) were payable to the fund at the balance sheet date and are included in creditors.
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Fresh Approach (UK) Holdings Limited
Notes to the Financial Statements
For the Year Ended 31 December 2025
A director has a director's loan account with the company. There has been no movement on the loan account during the year. At the balance sheet date the amount due was £37,576 (2024: £37,576).
The directors' loans are interest free and repayable on demand.
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