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Registered number: 03874258 ACCORD MARKETING LIMITED ANNUAL REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2025
ACCORD MARKETING LIMITED
COMPANY INFORMATION
Directors | P C Clark
| S D Gear
| D C Sitwell
| S Winfield
| M L Payne
Company secretary | P C Clark
Registered number | 03874258
Registered office | 2nd Floor Connaught House
| 1-3 Mount Street
| (Entrance Via Davies Street)
| London
| England
| W1K 3NB
Independent auditors | Sopher + Co LLP
| Chartered Accountants & Statutory Auditors
| 5 Elstree Gate
| Elstree Way
| Borehamwood
| Hertfordshire
| WD6 1JD
ACCORD MARKETING LIMITED
CONTENTS
| Page
Chairman's Report | 1
Strategic Report | 2
Directors' Report | 3 - 4
Independent Auditors' Report | 5 - 8
Statement of Comprehensive Income | 9
Statement of Financial Position | 10
Statement of Changes in Equity | 11
Notes to the Financial Statements | 12 - 29
ACCORD MARKETING LIMITED
CHAIRMAN'S REPORT FOR THE YEAR ENDED 30 SEPTEMBER 2025 The chairman presents his report for the period. On behalf of the Board, I am grateful to everyone in Accord for their hard work, enthusiasm and loyalty. During challenging times they have enabled us to operate a business of significant benefit to our many clients, business partners and ourselves. I am always impressed and delighted by the creativity, ingenuity and commitment our employees demonstrate every day. They enable Accord to offer an exceptionally high-quality proposition that makes a real and valuable difference. I also extend my sincere appreciation to our clients and business partners. We will continue to repay your trust by working harder and smarter to help your businesses become what you want them to be. Clients' marketing activities in our key verticals of travel, leisure and tourism always mirror the economy. The wars in Ukraine and the Middle East along with domestic economic difficulties all continue to impact client’s budgets. I am therefore particularly pleased to report an operating profit of £1,649,000 (2024 - £1,456,000). The current year will show further improvement, driven by the ongoing development of our digital and creative services. Fantastic progress is being made every day! Accord once again moves forwards positively, focusing on being the best we can be for our clients, business partners and each other. Name David Sitwell Chairman Date 3 July 2026 Page 1
ACCORD MARKETING LIMITED
STRATEGIC REPORT FOR THE YEAR ENDED 30 SEPTEMBER 2025
Introduction
The directors present their strategic report and financial statements for the year ended 30 September 2025.
Business review and development
The year proved to be another one of growth. With the contribution from several new business wins, operating profit grew again. Our knowledgeable and dedicated staff continue to provide great service to our many clients, with effective, innovative and cost-effective solutions to their needs. While many see AI as a threat, original ideas remain the keystone of our business, and AI is proving to be highly effective in translating these ideas into great advertising. Our work has again been recognised with industry awards. The acquisition of Acacia Avenue in March 2026 is the start of the next stage of our journey in growing the business. It is the directors' intention to make further acquisitions.
Principal risks and uncertainties
The principal risks and uncertainties facing the company include: - ∙Liquidity risks – management of the company’s cash flow has been of paramount importance and will continue to be so. The directors are confident that all current and future liabilities will continue to be met, even with conservative forecasts of future trading. ∙Market risk – the advertising landscape continues to change, but there remains a place for traditional media alongside the various digital channels. The company will continue to offer its clients an appropriate mix of media to meet their requirements, while investing in training its staff to take advantage of developments as they are introduced by the major digital media. Google continues to recognise Accord as a Premier Partner, a much-valued accolade awarded to a very small number of advertising agencies in the UK.
Funding
The company’s liquidity remains strong. The directors are confident that all liabilities will continue to be met, and that there will be sufficient working capital to facilitate the ongoing growth. This report was approved by the board on 7 August 2026 and signed on its behalf.
P C Clark Director
Page 2
ACCORD MARKETING LIMITED
DIRECTORS' REPORT FOR THE YEAR ENDED 30 SEPTEMBER 2025 The directors present their report and the financial statements for the year ended 30 September 2025.
Directors' responsibilities statement
The directors are responsible for preparing the Strategic Report, the Directors' Report and the financial statements in accordance with applicable law and regulations. Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland'. Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the Company and of the profit or loss of the Company for that period. In preparing these financial statements, the directors are required to: ∙select suitable accounting policies for the Company's financial statements and then apply them consistently; ∙make judgments and accounting estimates that are reasonable and prudent; ∙prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Company will continue in business. The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the Company's transactions and disclose with reasonable accuracy at any time the financial position of the Company and to enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the Company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
Results and dividends
The profit for the year, after taxation, amounted to £1,157,000 (2024 - £998,000) . No dividend was paid during the year (2024: £Nil)
Directors
The directors who served during the year were:
P C Clark
S D Gear
D C Sitwell
S Winfield
M L Payne
Future developments
There are no plans which will significantly change the activities and risks of the Company. Page 3
ACCORD MARKETING LIMITED
DIRECTORS' REPORT (CONTINUED) FOR THE YEAR ENDED 30 SEPTEMBER 2025
Disabled employees
In line with the Disability Discrimination Act 1995, it is Company policy not to discriminate against disabled persons whether in, or applying for, employment. To achieve this policy the following procedures are applied: ∙Job advertisements will provide equal opportunity to all applicants and will not discriminate in any way against disabled persons. ∙Disabled applicants for employment will not be considered less favourably than those without disabilities, except where there is a substantial reason preventing employment. ∙Consideration will be given to making reasonable adjustments, where practicable, to the workplace and methods of working to accommodate disabled applicants. ∙Appointments of disabled people will be made on the same terms and conditions as other comparable employees without disabilities. ∙Disabled employees will be given equal opportunity in applications for training and promotion and will not be considered any less favourably because of their disability. ∙Any acts of discrimination on the grounds of disability are reported to the Managing Director ∙Allegations of discrimination on the grounds of disability will be investigated and disciplinary action will be taken against anyone found to have acted in any way that is in breach of this policy.
Qualifying third-party indemnity provisions
The Company maintains insurance policies on behalf of the directors against liability arising from negligence, breach of duty and breach of trust in relation to the Company.
Disclosure of information to auditors
Each of the persons who are directors at the time when this Directors' Report is approved has confirmed that: ∙so far as the director is aware, there is no relevant audit information of which the Company's auditors are unaware, and ∙the director has taken all the steps that ought to have been taken as a director in order to be aware of any relevant audit information and to establish that the Company's auditors are aware of that information.
Events after the reporting date
Details of significant events since the year end are set out in the Strategic Report.
Auditors
Under section 487(2) of the Companies Act 2006, Sopher + Co LLP will be deemed to have been reappointed as auditors 28 days after these financial statements were sent to members or 28 days after the latest date prescribed for filing the accounts with the registrar, whichever is earlier. This report was approved by the board on 7 August 2026 and signed on its behalf.
D C Sitwell Director
Page 4
ACCORD MARKETING LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF ACCORD MARKETING LIMITED
Opinion
We have audited the financial statements of Accord Marketing Limited (the 'Company') for the year ended 30 September 2025, which comprise the Statement of Comprehensive Income, the Statement of Financial Position, the 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 our opinion the financial statements: ∙give a true and fair view of the state of the Company's affairs as at 30 September 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 Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the Company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the United Kingdom, including the Financial Reporting Council's Ethical Standard and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
Conclusions relating to going concern
In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate. Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the Company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue. Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report. Page 5
ACCORD MARKETING LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF ACCORD MARKETING LIMITED (CONTINUED)
Other information
The directors are responsible for the other information. The other information comprises the information included in the Annual Report, other than the financial statements and our Auditors' Report thereon. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether there is a material misstatement in the financial statements or a material misstatement of the other information. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard.
Opinion on other matters prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of the audit: ∙the information given in the Strategic Report and the Directors' Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and ∙the Strategic Report and the Directors' Report have been prepared in accordance with applicable legal requirements.
Matters on which we are required to report by exception
In the light of the knowledge and understanding of the Company and its environment obtained in the course of the audit, we have not identified material misstatements in the Strategic Report or the Directors' Report. We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion: ∙adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or ∙the financial statements are not in agreement with the accounting records and returns; or ∙certain disclosures of directors' remuneration specified by law are not made; or ∙we have not received all the information and explanations we require for our audit.
Responsibilities of directors
As explained more fully in the Directors' Responsibilities Statement set out on page 3, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. In preparing the financial statements, the directors are responsible for assessing the Company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the Company or to cease operations, or have no realistic alternative but to do so. Page 6
ACCORD MARKETING LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF ACCORD MARKETING LIMITED (CONTINUED)
Auditors' responsibilities for the audit of the financial statements
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an Auditors' Report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements. Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with 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: 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 directors and other management, and from our commercial knowledge and experience of the marketing service 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 and 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; and ∙understanding the design of the Company’s remuneration policies. To address the risk of fraud through management bias and override of controls, we: ∙performed analytical procedures to identify any unusual or unexpected relationships; ∙tested journal entries to identify unusual transactions; ∙assessed whether judgements and assumptions made in determining the 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; ∙reading the minutes of meetings of those charged with governance; ∙enquiring of management as to actual and potential litigation and claims; and ∙reviewing correspondence with HMRC, relevant regulators and the Company’s legal advisors. Page 7
ACCORD MARKETING LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF ACCORD MARKETING LIMITED (CONTINUED) 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 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.
Use of our report
This report is made solely to the Company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the Company's members those matters we are required to state to them in an Auditors' Report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the Company and the Company's members, as a body, for our audit work, for this report, or for the opinions we have formed. Stephen Iseman (Senior Statutory Auditor) for and on behalf of Sopher + Co LLP Chartered Accountants Statutory Auditors 5 Elstree Gate Elstree Way Borehamwood Hertfordshire WD6 1JD 7 August 2026 Page 8
ACCORD MARKETING LIMITED
STATEMENT OF COMPREHENSIVE INCOME FOR THE YEAR ENDED 30 SEPTEMBER 2025
| 2025 | 2024
Note | £000 | £000
Turnover | 4 | 36,870 | 28,750
Cost of sales |  | (29,515) | (22,008)
Gross profit |  | 7,355 | 6,742
Administrative expenses |  | (5,706) | (5,286)
Operating profit | 5 | 1,649 | 1,456
Interest receivable and similar income | 9 | 8 | 6
Interest payable and similar expenses | 10 | (94) | (128)
Profit before tax |  | 1,563 | 1,334
Tax on profit | 11 | (406) | (336)
Profit for the financial year |  | 1,157 | 998
There was no other comprehensive income for 2025 (2024: £Nil)
The notes on pages 12 to 29 form part of these financial statements.
Page 9
ACCORD MARKETING LIMITED REGISTERED NUMBER:03874258
STATEMENT OF FINANCIAL POSITION AS AT 30 SEPTEMBER 2025
|  | 2025 |  | 2024
Note |  | £000 |  | £000
Fixed assets |  |  |  |  |
Intangible fixed assets | 12 |  | 21 |  | 45
Tangible fixed assets | 13 |  | 46 |  | 74
Fixed asset investments | 14 |  | 1,152 |  | 1,155
|  |  | 1,219 |  | 1,274
Current assets |  |  |  |  |
Debtors: amounts falling due within one year | 15 | 12,570 |  | 10,141 |
Cash at bank and in hand |  | 2,297 |  | 1,575 |
|  | 14,867 |  | 11,716 |
Current liabilities |  |  |  |  |
Creditors: amounts falling due within one year | 16 | (12,290) |  | (9,800) |
Net current assets |  |  | 2,577 |  | 1,916
Total assets less current liabilities |  |  | 3,796 |  | 3,190
Creditors: amounts falling due after more than one year | 17 |  | (85) |  | (636)
Net assets |  |  | 3,711 |  | 2,554
Capital and reserves |  |  |  |  |
Called up share capital | 20 |  | 31 |  | 31
Capital redemption reserve | 21 |  | 21 |  | 21
Profit and loss account | 21 |  | 3,659 |  | 2,502
|  |  | 3,711 |  | 2,554
The financial statements were approved and authorised for issue by the board and were signed on its behalf on 7 August 2026.
D C Sitwell
Director
The notes on pages 12 to 29 form part of these financial statements. Page 10
ACCORD MARKETING LIMITED
STATEMENT OF CHANGES IN EQUITY FOR THE YEAR ENDED 30 SEPTEMBER 2025
| Called up share capital | Capital redemption reserve | Profit and loss account | Total equity
| £000 | £000 | £000 | £000
At 1 October 2023 | 31 | 21 | 1,504 | 1,556
Profit for the year | - | - | 998 | 998
At 1 October 2024 | 31 | 21 | 2,502 | 2,554
Profit for the year | - | - | 1,157 | 1,157
At 30 September 2025 | 31 | 21 | 3,659 | 3,711
| The notes on pages 12 to 29 form part of these financial statements.
Page 11
ACCORD MARKETING LIMITED
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2025
1. | General information
Accord Marketing Limited is a private limited liability company registered in England and Wales, with its its registered office address at 2nd Floor Connaught House 1-3 Mount Street, London,W1K 3NB and principal place of business at 1 Waterhouse Square, London, EC1N 2ST. The principal activity of the Company is that of a marketing agency. The Company's functional and presentational currency is £ Sterling. The Company is a wholly owned subsidiary of Conrad Group Holdings Limited and has its own subsidiaries, all of which are dormant. 2.Accounting policies
| 2.1 | Basis of preparation of financial statements
The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006. The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgment in applying the Company's accounting policies (see note 3). The following principal accounting policies have been applied:
| 2.2 | Exemption from preparing consolidated financial statements
The Company is a parent company that is also a subsidiary included in the consolidated financial statements of a larger group by a parent undertaking established under the law of any part of the United Kingdom and is therefore exempt from the requirement to prepare consolidated financial statements under section 400 of the Companies Act 2006.
| 2.3 | Going concern
The directors have continued to monitor the Company's operations and working capital closely. They are taking all necessary action to ensure that the Company continues to be able meet its running costs and liabilities as they fall due for at least 12 months from the date of their approval of these financial statements. Based on their current assessment of the situation, the directors consider it appropriate to prepare the financial statements on a going concern basis.
| 2.4 | Cash flow statement
The Company, being a subsidiary where the parent prepares publicly available consolidated financial statements, has claimed exemption from preparing a cash flow statement in accordance with FRS102. Page 12
ACCORD MARKETING LIMITED
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2025 2.Accounting policies (continued)
| 2.5 | Turnover
Turnover is recognised at the fair value of the consideration received or receivable for 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. Revenue from production 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 are recoverable. Media sales are recognised when services are delivered.
| 2.6 | Intangible assets
Research expenditure is written off against profits in the year in which it is incurred. Identifiable development expenditure is capitalised to the extent that the technical, commercial and financial feasibility can be demonstrated. 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: Computer software - 3 years
| 2.7 | 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 as as to write off the cost or valuation of assets less their residual values over their useful lives, and is provided for on the following basis:
|  |  |  | Motor vehicles | - | 3 years straight line
|  |  |  | Computer equipment | - | 3-4 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. Page 13
ACCORD MARKETING LIMITED
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2025 2.Accounting policies (continued)
| 2.8 | Valuation of investments
Interests in subsidiaries, associates and jointly controlled entities are initially measured at cost and subsequently measured at cost less any accumulated impairment losses. The investments are assessed for impairment at each reporting date and any impairment losses or reversals of impairment losses are recognised immediately in profit or loss. A subsidiary is an entity controlled by the Company. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities. An associate is an entity, being neither a subsidiary nor a joint venture, in which the Company holds a long-term interest and where the Company has significant influence. The Company considers that it has significant influence where it has the power to participate in the financial and operating decisions of the associate.
| 2.9 | Impairment of fixed assets
At each reporting end date, the Company 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. 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) prior years. A reversal of an impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried in at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase.
| 2.10 | Cash and cash equivalents
Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Page 14
ACCORD MARKETING LIMITED
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2025 2.Accounting policies (continued)
| 2.11 | Financial instruments
The Company 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. Basic financial assets Basic financial assets, which include trade and other receivables 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 method 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. Basic financial liabilities Basic financial liabilities, including trade and other payables, 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 payments discounted at a market rate of interest. Debt instruments are subsequently carried at amortised cost, using the effective interest rate method. Trade payables are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payables are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade payables are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method. Impairment of financial assets Financial asset, 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. The impairment loss is recognised in profit or loss. Equity instruments Equity instruments issued by the Group are recorded at the proceeds received, net of direct issue costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company. Page 15
ACCORD MARKETING LIMITED
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2025 2.Accounting policies (continued)
| 2.12 | Current and deferred taxation
The tax expense for the year comprises current and deferred tax. Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively. The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the Company operates and generates income. Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the reporting date, except that: ∙The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and ∙Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met. Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.
| 2.13 | Operating leases: the Company as lessee
Rentals paid under operating leases are charged to profit or loss on a straight-line basis over the lease term. Benefits received and receivable as an incentive to sign an operating lease are recognised on a straight-line basis over the lease term, unless another systematic basis is representative of the time pattern of the lessee's benefit from the use of the leased asset.
| 2.14 | Interest income
Interest income is recognised in profit or loss using the effective interest method.
| 2.15 | Finance costs
Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount.
| 2.16 | Borrowing costs
All borrowing costs are recognised in profit or loss in the year in which they are incurred. Page 16
ACCORD MARKETING LIMITED
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2025 2.Accounting policies (continued)
| 2.17 | Pensions
Defined contribution pension plan The Company contributes to defined contribution plans for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations. The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Statement of Financial Position. The assets of the plan are held separately from the Company in independently administered funds.
| 2.18 | Debtors
Short term debtors are measured at the transaction price, less any impairment.
| 2.19 | Creditors
Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.
3. | Judgments in applying accounting policies and key sources of estimation uncertainty
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 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. Critical judgements The following judgements (apart from those involving estimates) have had the most significant effect on amounts recognised in the financial statements. Debtors The directors have applied judgement in assessing the recoverability of amounts due from the parent undertaking as at the reporting date based on the financial position, forecast performance, and expected future cash flows of the group. This judgement is considered significant due to the material nature of the balances and the inherent uncertainty involved in forecasting future cash flows. Page 17
ACCORD MARKETING LIMITED
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2025
4. | Turnover
| An analysis of turnover by class of business is as follows:
|  |  |  |  | 2025 | 2024
|  |  |  |  | £000 | £000
| Sales | 29,515 | 22,008
| Rendering of services | 7,355 | 6,742
|  | 36,870 | 28,750
Analysis of turnover by country of destination:
|  |  |  |  | 2025 | 2024
|  |  |  |  | £000 | £000
| United Kingdom | 31,991 | 28,486
| Europe | 290 | 63
| Rest of the world | 4,589 | 201
|  | 36,870 | 28,750
5. | Operating profit
| The operating profit is stated after charging:
|  |  |  |  | 2025 | 2024
|  |  |  |  | £000 | £000
| Depreciation of tangible fixed assets | 51 | 77
| Amortisation of intangible fixed assets | 36 | 18
| Other operating lease rentals | - | 169
|  | 87 | 264
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ACCORD MARKETING LIMITED
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2025
6. | Employees
| Staff costs, including directors' remuneration, were as follows:
|  |  |  |  | 2025 | 2024
|  |  |  |  | £000 | £000
| Wages and salaries | 3,437 | 3,462
| Social security costs | 422 | 384
| Cost of defined contribution scheme | 71 | 68
|  | 3,930 | 3,914
| The average monthly number of employees, including the directors, during the year was as follows:
|  |  | 2025 | 2024
|  |  | No. | No.
|  | Management | 5 | 6
|  | Administration | 6 | 6
|  | Operations | 62 | 57
|  |  | 73 | 69
7. | Auditors' remuneration
| During the year, the Company obtained the following services from the Company's auditors:
|  |  |  |  | 2025 | 2024
|  |  |  |  | £000 | £000
| Fees payable to the Company's auditors for the audit of the Company's financial statements | 26 | 18
| The Company has taken advantage of the exemption not to disclose amounts paid for non-audit services as these are disclosed in the consolidated accounts of the parent Company.
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ACCORD MARKETING LIMITED
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2025
8. | Directors' remuneration
|  |  |  |  | 2025 | 2024
|  |  |  |  | £000 | £000
| Directors' emoluments | 663 | 786
| Company contributions to defined contribution pension schemes | 4 | 3
|  | 667 | 789
| During the year retirement benefits were accruing to 3 directors (2024 - 3) in respect of defined contribution pension schemes.
| The highest paid director received remuneration of £201,000 (2024 - £216,000).
| The value of the Company's contributions paid to a defined contribution pension scheme in respect of the highest paid director amounted to £1,000 (2024 - £1,000).
9. | Interest receivable
|  |  |  |  | 2025 | 2024
|  |  |  |  | £000 | £000
| Bank interest receivable | 8 | 6
10. | Interest payable and similar expenses
|  |  |  |  | 2025 | 2024
|  |  |  |  | £000 | £000
| Bank interest payable | 63 | 125
| Finance leases and hire purchase contracts | 8 | -
| Other interest payable | 23 | 3
|  | 94 | 128
11. | Taxation
|  |  |  |  | 2025 | 2024
|  |  |  |  | £000 | £000
| Corporation tax |  |
| Current tax on profits for the year | 406 | 343
| Adjustments in respect of previous periods | - | (7)
| Tax on profit | 406 | 336
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ACCORD MARKETING LIMITED
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2025 11.Taxation (continued)
| Factors affecting tax charge for the year
| The tax assessed for the year is higher than (2024 - higher than) the standard rate of corporation tax in the UK of 25% (2024 - 25%). The differences are explained below:
|  |  |  |  | 2025 | 2024
|  |  |  |  | £000 | £000
| Profit on ordinary activities before tax | 1,563 | 1,334
| Profit on ordinary activities multiplied by the standard rate of corporation tax in the UK of 25% (2024 - standard rate 25%) | 391 | 334
| Effects of: |  |
| Expenses that are not deductible in determining taxable profit | 8 | 7
| Depreciation for year in excess of capital allowances | 7 | 7
| Adjustments to tax charge in respect of prior period | - | (7)
| Group relief | - | (5)
| Total tax charge for the year | 406 | 336
| Factors that may affect future tax charges
There were no factors that may affect future tax charges. Page 21
ACCORD MARKETING LIMITED
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2025
12. | Intangible assets
|  | Computer software
|  | £000
| Cost |
| At 1 October 2024 | 107
| Additions | 12
| At 30 September 2025 | 119
| Amortisation |
| At 1 October 2024 | 62
| Charge for the year on owned assets | 36
| At 30 September 2025 | 98
| Net book value |
| At 30 September 2025 | 21
| At 30 September 2024 | 45
Page 22
ACCORD MARKETING LIMITED
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2025
13. | Tangible fixed assets
|  | Motor vehicles | Computer equipment | Total
|  | £000 | £000 | £000
| Cost |  |  |
| At 1 October 2024 | 112 | 92 | 204
| Additions | - | 23 | 23
| At 30 September 2025 | 112 | 115 | 227
| Depreciation |  |  |
| At 1 October 2024 | 59 | 71 | 130
| Charge for the year on owned assets | 37 | 14 | 51
| At 30 September 2025 | 96 | 85 | 181
| Net book value |  |  |
| At 30 September 2025 | 16 | 30 | 46
| At 30 September 2024 | 53 | 21 | 74
| The net book value of assets held under finance leases or hire purchase contracts, included above, are as follows:
|  |  |  |  | 2025 | 2024
|  |  |  |  | £000 | £000
| Motor vehicles | 16 | 53
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ACCORD MARKETING LIMITED
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2025
14. | Fixed asset investments
|  | Investments in subsidiary companies | Investments in associates | Total
|  | £000 | £000 | £000
| Cost |  |  |
| At 1 October 2024 | 1,110 | 143 | 1,253
| Disposals | - | (3) | (3)
| At 30 September 2025 | 1,110 | 140 | 1,250
| Impairment |  |  |
| At 1 October 2024 | - | 98 | 98
| At 30 September 2025 | - | 98 | 98
| Net book value |  |  |
| At 30 September 2025 | 1,110 | 42 | 1,152
| At 30 September 2024 | 1,110 | 45 | 1,155
Page 24
ACCORD MARKETING LIMITED
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2025
| Subsidiary undertakings
| The following were subsidiary undertakings of the Company:
| Name | Class of shares | Holding
| Conrad Advertising Limited | Ordinary | 100%
| Artavia Advertising Limited | Ordinary | 100%
| MKH Advertising Limited | Ordinary | 100%
| Boyne Publicity Limited | Ordinary | 100%
| Senior King Communications Group Limited | Ordinary | 100%
| Accord Holdings Limited | Ordinary | 100%
| Travelads Limited | Ordinary | 100%
| Tourism Publishing Limited | Ordinary | 100%
| Ian Wyness Advertising Limited | Ordinary | 100%
| Conrad Advertising (North) Limited | Ordinary | 100%
| Michael K Howard (Milton Keynes) Limited | Ordinary | 100%
| Michael K Howard (Northampton) Limited | Ordinary | 100%
| Michael K Howard (Southern) Limited | Ordinary | 100%
| Michael K Howard (Thames Valley) Limited | Ordinary | 100%
| Netizen Digital Limited | Ordinary | 100%
| G&P Advertising Limited | Ordinary | 100%
| Gregory Mackenzie & Co Limited | Ordinary | 100%
| Media Options Limited | Ordinary | 100%
| Intrinsic Media Group Limited | Ordinary | 100%
| Senior King Limited | Ordinary | 100%
| Senior King Solutions Limited | Ordinary | 100%
| Accord Search Limited | Ordinary | 100%
| Netizen Limited | Ordinary | 100%
| Senior King Interactive Limited | Ordinary | 100%
| Senior King Print & Design Limited | Ordinary | 100%
| The MMA (UK) Limited | Ordinary | 100%
| All of the above companies have their registered office at 5 Elstree Gate, Elstree Way, Borehamwood Hertfordshire, WD6 1JD. All these companies were dormant in the year.
| Associates
| The following were associates of the Company:
| Name | Registered office | Principal activity | Class of shares | Holding
| TAN Media Limited | Aston House, Cornwall Avenue, London, N3 1LF | Advertising services | Ordinary | 29%
| Search Engine Rescue Limited | 1st Floor Healthaid House, Marlborough Hill, Harrow, Middlesex, HA1 1UD | IT consultancy services | Ordinary | 15%
15. | Debtors
|  |  |  |  | 2025 | 2024
|  |  |  |  | £000 | £000
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ACCORD MARKETING LIMITED
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2025 15.Debtors (continued)
| Trade debtors | 5,298 | 4,761
| Amounts owed by group undertakings | 6,727 | 5,091
| Other debtors | 397 | 199
| Prepayments and accrued income | 148 | 90
|  | 12,570 | 10,141
16. | Creditors: Amounts falling due within one year
|  |  |  |  | 2025 | 2024
|  |  |  |  | £000 | £000
| Bank loans (Note 18) | 487 | 533
| Trade creditors | 7,642 | 6,074
| Amounts owed to group undertakings | 967 | 967
| Corporation tax | 530 | 383
| Other taxation and social security | 543 | 678
| Obligations under finance lease and hire purchase contracts | 63 | 11
| Other creditors | 773 | 205
| Accruals and deferred income | 1,285 | 949
|  | 12,290 | 9,800
| Amounts owed to group undertakings are unsecured, interest free, have no fixed date of repayment and are repayable on demand.
17. | Creditors: Amounts falling due after more than one year
|  |  |  |  | 2025 | 2024
|  |  |  |  | £000 | £000
| Bank loans (Note 18) | 85 | 573
| Net obligations under finance leases and hire purchase contracts | - | 63
|  | 85 | 636
| The bank loans are secured by way of an unscheduled mortgage debenture incorporating a fixed and floating charge over the current and future assets of the Company.
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ACCORD MARKETING LIMITED
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2025
18. | Loans
| Analysis of the maturity of loans is given below:
|  |  |  |  | 2025 | 2024
|  |  |  |  | £000 | £000
| Amounts falling due within one year |  |
| Bank loans | 487 | 533
| Amounts falling due 1-2 years |  |
| Bank loans | 85 | 487
| Amounts falling due 2-5 years |  |
| Bank loans | - | 85
|  | 572 | 1,105
19. | Hire purchase and finance leases
| Minimum lease payments under hire purchase fall due as follows:
|  |  |  |  | 2025 | 2024
|  |  |  |  | £000 | £000
| Within 1 year | 63 | 11
| Due 1-2 yrs | - | 63
|  | 63 | 74
20. | Share capital
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
|  | Allotted, called up and fully paid |  |
|  | 309,245 (2024 - 309,245) Ordinary shares of £0.10 each | 30,924 | 30,924
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ACCORD MARKETING LIMITED
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2025
21. | Reserves
Capital redemption reserve This reserve represents the nominal value of re-purchased shares in the Company arising from share buybacks. Profit and loss account This reserve represents the cumulative balance of retained profits and losses to the Statement of Financial Position date, all of which are distributable.
22. | Commitments under operating leases
| At 30 September 2025 the Company had future minimum lease payments due under non-cancellable operating leases for each of the following periods:
|  |  |  |  | 2025 | 2024
|  |  |  |  | £000 | £000
| Not later than 1 year | 12 | 120
| Later than 1 year and not later than 5 years | 1 | 10
|  | 13 | 130
23.Other financial commitments The Company occupies serviced office space under a contractual arrangement. The provider retains the right to relocate the Company to alternative premises during the arrangement, so the Company does not have the right to control the use of an identified asset throughout the period of use. The arrangement therefore falls outside the definition of a lease under FRS 102 Section 20. The arrangement is cancellable by either party on 90 days' notice and does not extend beyond one year. At 30 September 2025, the Company had a financial commitment of £277,335 under this arrangement, representing amounts payable within the notice period.
24. | Related party transactions
| The Company has taken advantage of the exemption under FRS102 33.1A Related Party Disclosures not to disclose transactions entered into between two or more members of a group, provided that any subsidiary undertaking which is a party to the transaction is wholly owned by a member of that group. D C Sitwell D C Sitwell is a director of the Company and, as disclosed in note 25, is regarded by the directors as the ultimate controlling party. At 30 September 2025, £368,000 (2024: £100,000) was owed to D C Sitwell. The balance is unsecured, interest free, and repayable on demand. Steed Advertising Limited At 30 September 2025 £14,112 (2024: £14,112) was owed to Steed Advertising Limited, a company of which D C Sitwell is a shareholder.
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ACCORD MARKETING LIMITED
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2025 24.Related party transactions (continued)
| I nteresting Investments Limited During the period, £180,000 (2024: £90,000) was paid by Accord Marketing Limited in respect of consultancy fees to Interesting Investments Limited, a company owned by D C Sitwell. Key management remuneration The key management remuneration paid during the year was £873,000 (2024: £977,000).
25. | Controlling party
The ultimate parent and controlling company is Conrad Group Holdings Limited (previous name Zitver Holdings Limited), a company registered in England and Wales. Conrad Group Holdings Limited is the parent company of the largest and smallest group of which Accord Marketing Limited is a member and for which group financial statements are drawn up. The registered office of Conrad Group Holdings Limited is at Connaught House 2nd Floor, 1-3 Mount Street, London, England, W1K 3NB. Copies of the consolidated financial statements are available from the Registrar of Companies. The directors regard D C Sitwell, a director of the Company, as the ultimate controlling party.
26. | Events after the reporting date
In March 2026, the Company acquired Acacia Avenue Limited. The acquisition forms part of the Company's ongoing strategy of growth through acquisition, as set out in the Strategic Report. Given the proximity of the acquisition to the date of approval of these financial statements, the directors do not consider it practicable to provide a reliable estimate of the financial effect at this stage.
Page 29