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

Bulletproof is a leading independent brand creative agency headquartered in London combining unrivalled creativity, with global reach. This reach allows Bulletproof to deliver work across multiple markets with clients ranging from local craft businesses to the largest global conglomerates.

Long standing, provocative working relationships sit at the heart of our agency business driving a bespoke strategic, creative brand offer; create desire through disruption. This results in an exceptional client portfolio, driving creative and commercial results and with outstanding retention. Running our business ethically has been at the forefront of our approach, we have been proudly carbon neutral since 2012, we extended this approach by becoming B Corp accredited in 2024.

The results for the financial year are set out in the annexed financial statements and summarised below.

The year to October 2025 saw a decline in revenue of £2.2m (10%), from £22.1m to £19.9m. This reduction was driven in part by adverse global economic conditions affecting the wider industry, further compounded by unprecedented challenges faced by clients. Despite these headwinds, the business has continued its focus on rationalising and refining operations, both externally and internally, to deliver its distinctive brand of creativity to clients.

The Company continues to build on its long-standing client relationships, while further strengthening the Bulletproof network with the addition of Dubai to the group, alongside existing studios in New York, London, Amsterdam, Singapore, Shanghai, Melbourne and Sydney. This expanded footprint provides opportunities to bring our creative offering to new clients and markets, supporting our approach to new business. This has proven particularly successful in 2025, with new client wins across all regions, resulting in a more diverse portfolio of work across new categories and enabling the continued development of capabilities across the wider group.

Certain key operational and strategic decisions have had a deliberate short-term impact on gross profit, which decreased by 12.5%. These actions are viewed as necessary investments to drive longer-term growth. Net assets decreased by £0.833m to £12.8m. While this reduction is noted, it reflects targeted investment in key hires during a critical phase of the Company’s development, as well as ongoing investment in infrastructure, and does not raise concern regarding the underlying strength of the business.

The company operates in a challenging and competitive market. Being headquartered in the UK, 2025 saw increased instability through governmental volatility and related issues such as inflation, increased interest rates, currency fluctuation and recession risk, all have impacted the group in some form. The directors are fully aware of these concerns globally amongst all entities within the group, where similar uncertainties abound. We continue to manage the groups exposure to these liabilities as detailed below.

Economic Risk

Challenging economic conditions such as those resulting from the conflicts in Ukraine and the Middle East, persistent inflation, supply chain disruptions and instability in credit markets pose a risk that clients may reduce, delay, or cancel their spending with us, or face difficulties meeting their obligations.

To address this, our account management teams work closely with clients to understand their evolving challenges, identify broader trends in marketing expenditure, and proactively develop contingency plans. This enables us to prepare effectively, reallocate resources as needed, and manage costs efficiently.

Currency Risk

Due to our global clients, we are at risk of currency fluctuations in foreign currency which is driven by market activity. We transact in various currencies and minimise currency risk by forecasting and hedging of our cash inflows and outflows.

AI engagement

We are continuously optimising our AI strategy, engaging internal and external expertise to remain informed and aligned with emerging technologies. The digital landscape has evolved rapidly over the past years, pushing us to enhance our teams and communication practices to remain relevant and competitive. Staying ahead requires constant adaptation, and we’ve always made strong progress on this front. This proactive approach allows us to take full advantage of the latest innovations offered by leading industry service providers and in turn, relaying such advantages to our clients.

Our internal efforts include developing our tech stack to implement new data tools that offer more informative and actionable insights both internally and externally, making insights more accessible and simplified for key stakeholders across the network. Together, these initiatives are helping us maintain a competitive edge while delivering more value to our clients.

Client Loss

As noted previously we have strong, industry leading affiliations with our clients at a global scale. We maintain these relationships through driving face to face interaction with clear communication on the basis ‘people to do business with people’. Our aim is to manage these relationships to minimise the risk of client loss, the proof of this process is to date we have not lost a single long-​term client.

Staff Retention

Our dedication to our people and their wellbeing remains at the forefront of our ethos when running the business, as exemplified by attaining B Corp accreditation. We’ve restructured our people team globally and locally to enhance effectiveness, implementing global system software and offering bespoke in-​house training and development with the aim of retaining talented staff.

The future outlook remains robust. Opportunities to engage new clients, driven by a more refined and targeted offer have never been greater or more frequent. At the same time, the quality and return on investment of our delivered work continue to strengthen existing client relationships and extend them into new and exciting categories.

Our approach for 2026 is to maintain current revenue levels especially given the current economic climate and focus on high quality work ensuring profitability, we remain confident in our strategic direction. We are continuing to invest significantly in the advancement of our network infrastructure and creative capabilities. These investments are laying the foundation for a proprietary, strategically led creative brand offering, delivering long-​term value for our clients and sustainable growth for the Group.

On behalf of the board

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

The results for the year are set out on page 7.

Ordinary dividends were paid amounting to £1,000,000. The directors do not recommend payment of a further dividend.

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

The 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 company and of the profit or loss of the company for that period.

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

• select suitable accounting policies and then apply them consistently;

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

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

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

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 company’s auditor 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 company’s auditor is aware of that information.

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

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

In our opinion the financial statements:

• give a true and fair view of the state of the company's affairs as at 31 October 2025 and of its profit for the year then ended;

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

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

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the 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 company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

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

Other information

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

We have nothing to report in this regard.

Opinions on other matters prescribed by the Companies Act 2006

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

• the information given in the strategic report and the directors' report for the financial year for which the financial statements are prepared is consistent with the financial statements; and

• the strategic report and the directors' report have been prepared in accordance with applicable legal requirements.

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

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

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

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

• certain disclosures of directors' remuneration specified by law are not made; or

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

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

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

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

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

Our approach to identifying and assessing the risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, was as follows:

• the engagement partner ensured that the engagement team collectively had the appropriate competence, capabilities and skills to identify or recognise non-compliance with applicable laws and regulations;    

• we identified the laws and regulations applicable to the company through discussions with the directors and othe management, and from our commercial knowledge and experience of the sector;

• we focused on specific laws and regulations which we considered may have a direct material effect on the financial statements or the operations of the company, including the Companies Act 2006, taxation legislation, data protection, anti bribery, employment, environmental and health and safety legislation;

• we assessed the extent of compliance with the laws and regulations identified above through making enquiries of management and inspecting legal correspondence; and

• identified laws and regulations were communicated within the audit team regularly and the team remained alert to instances of non-compliance throughout the audit.

We assessed the susceptibility of the company's financial statements to material misstatement, including obtaining an understanding of how fraud might occur by:

• making enquiries of management as to where they considered there was susceptibility to fraud, their knowledge of actual, suspected and alleged fraud;

• considering the internal controls in place to mitigate risks of fraud and non-compliance with laws and regulations;

• understanding the design of the company's remuneration policies.

Audit response to risks identified

To address the risk of fraud through management bias and override of controls, we:

• performed analytical procedures to identify unusual or unexpected relationships;

• tested journal entries to identify unusual transactions;

• assessed whether judgements and assumptions made in determining accounting estimates were indicative of potential bias; and

• investigated the rationale behind significant or unusual transactions.

In response to the risk of irregularities and non-compliance with laws and regulations, we designed procedures which included but were not limited to:

• agreeing financial statement disclosures to underlying supporting documentation;

• testing due diligence works performed against requirements;

• investigating any legal and professional expenses incurred throughout the period; and

• enquiring of management as to actual and potential litigation and claims.

There are inherent limitations in our audit procedures described above. The more removed that laws and regulations are from financial transactions, the less likely it is that we would become aware of non-compliance. Auditing standards also limit the audit procedures required to identify non-compliance with laws and regulations to enquiry of the directors and other management and the inspection of regulatory and legal correspondence, if any.

Material misstatements that arise due to fraud can be harder to detect than those that arise from error as they may involve deliberate concealment or collusion.

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

Use of our report

This report is made solely to the 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.

The profit and loss account has been prepared on the basis that all operations are continuing operations.

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

Bulletproof Design Ltd is a private company limited by shares incorporated in England and Wales. The registered office is 10 Bedford Street, London, WC2E 9HE.

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 amounts 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.

This 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:

• 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.

The financial statements of the company are consolidated in the financial statements of Southpaw Limited. These consolidated financial statements are available from its registered office, 10 Bedford Street, London, WC2E 9HE.

Atruet the time of approving the financial statements, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. In forming this conclusion, the directors have considered the company's previous and future expected profits, continued growth and expansion, and significant cash held. Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements.

Turnover is measured based on the consideration to which the company expects to be entitled in exchange for transferring promised services to a client, including expenses, discounts, and disbursements but excluding value added tax.

Service fee income is determined by reference to the proportion of staff and labour costs incurred on a contract to date relative to the total expected staff and labour costs of that contract.

Expenses and disbursements recharged to clients are recognised as turnover only at the point at which the underlying expense or disbursement has been paid by the company and will only be recognised in full on completion of a milestone project.

Where turnover recognised exceeds amounts invoiced to clients, the excess is included within accrued income. Where amounts invoiced to or received from clients exceed the relevant amount of turnover recognised, the excess is included within deferred income.

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

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

The 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 credited or charged to profit or loss.

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.

The company enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities such as cash and bank balances, trade and other debtors and creditors. Debt instruments including account receivables and payables, are measured initially and subsequently, at the undiscounted amount of the cash or other consideration expected to be paid or received.

Financial assets that are measured at cost and amortised costs are assessed at the end of each reporting period for objective evidence of impairment. If such evidence is identified, an impairment loss is recognised in profit or loss. Financial liabilities are initially measured at fair value net of transaction costs and subsequently measured amortised cost, using the effective interest method.

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.

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.

Financial assets are derecognised when the rights to receive cash flows from the financial assets have expired or have been transferred and the company has transferred substantially all risks and rewards of ownership. On disposal of a debt instrument, the difference between the carrying amount and the sales proceeds are recognised in profit or loss. Financial liabilities are derecognised when the company's obligations are discharged, cancelled and expired. The difference between the carrying amount and the consideration paid is recognised in profit or loss.

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 the profit and loss under finance costs or finance income as appropriate.

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 through 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.

Financial liabilities are derecognised when the company’s contractual obligations expire or are discharged or cancelled.

Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Comprehensive Income, expect to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the statement of financial position date.

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in the financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that is it probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to the profit or loss in the period to which they relate.

Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases and short leaseholds are depreciated over their estimated useful lives or the lease term.

The interest elements of these obligations are charged to the profit or loss over the relevant period. The capital elements of the future payments are treated as liabilities.

Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the statement of financial position date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of the transaction. Exchange differences are taken into account in arriving at the operating result.

Termination Benefits

Termination benefits are recognised as an expense and a liability when the company communicates the termination of employment to the employee.

In the application of the company’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 directors do not consider there to be any judgements or key sources of estimation uncertainty in the accounts which would give rise to a significant risk of material misstatement in the financial statements.

The following judgements (apart from those involving estimates) have had the most significant effect on amounts recognised in the financial statements.

Turnover from service contracts is recognised by reference to the proportion of staff and labour costs incurred to date relative to the total expected staff and labour costs of the contract. Judgement is required in estimating total contract costs and assessing progress towards completion, which directly affects the amount and timing of revenue recognised.

The turnover and profit before taxation are attributable to the one principal activity of the Company.

The average monthly number of persons employed by the company during the year was:

Their aggregate remuneration comprised:

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

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

The deferred tax liability set out above is expected to reverse within 12 months and relates to accelerated capital allowances that are expected to mature within the same period.

The company operates a defined contribution pension scheme for all qualifying employees. The assets of the scheme are held separately from those of the company in an independently administered fund.

There are fixed and floating charges over all assets of the company and group.

The company's credit cards are secured by way of a debenture over the whole assets of the company,

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

The following amounts were outstanding at the reporting end date:

The following amounts were recognised as an expense in the period in respect of bad and doubtful debts due from related parties:

Southpaw Limited is the smallest and largest group which includes Bulletproof Design Limited within its consolidated financial statements. Accounts for Southpaw Limited can be obtained from its registered office: 10 Bedford Street, London, England, WC2E 9HE.

The ultimate controlling party of Southpaw is the director and majority shareholder, G S Mundae.