Annual
Repo t
2024
2024
ANNUAL REPORT
04
Our Year
Our Model
Chairman’s Review
CFO’s Review
Section 172
Principal Risks and Uncertainties
Our Story
05
07
09
11
12
13
38
Our Directors
Statement of Corporate
Governance
Audit and Risk Committee Report
Remuneration Committee Report
Directors’ Report
39
41
42
44
xx
CONTENTS
01
Strategic Report
02
Governance Report
03
Financial Statements
02
53
46
Consolidated Income
Statement and
Consolidated Statement
of Comprehensive Income
Independent auditor’s
report
Consolidated Statement
of Financial Position
Consolidated Statement
of Cash Flows
Notes to the Financial Statements
Company Balance Sheet
Company Statement
of Changes in Equity
Company Information and Advisers
54
55
57
83
84
89
Consolidated Statement
of Changes in Equity
56
is a media, marketing
and technology company purpose
built for now, and what’s next.
03
Annual Report 2024
Since 2020, net revenue has increased 5.3x and
Adj. EBITDA1 margins have grown from zero to 21%.
5 year record.
£25.0m
£20.0m
£15.0m
£10.0m
£5.0m
£0.0m
£4.0m
£7.8m
£1.8m
£0.1m
£3.0m
£16.9m
£20.9m
£4.3m
£4.5m
£21.3m
21% Adj. EBITDA Margin
FY20
FY21
FY22
FY23
FY24
Net Revenue
Adjusted EBITDA
Complexity is now the only
constant. We exist to help
businesses capit lise on it.
a
1 Adj. EBITDA is defined as earnings before interest, taxation, depreciation and amortisation, and after adding back
acquisition costs, restructuring costs and share-based payments. Under IFRS16 most of the costs associated with
property leases are classified as depreciation and interest, therefore Adj. EBITDA is stated before deducting these costs.
0.40p
0.30p
0.20p
0.18p
0.24p
0.29p
0.30p
0.10p
0.00p
(0.10p)
FY20
FY21
FY22
FY23
FY24
(0.20p)
(0.25p)
(0.30p)
Net Cash
Adjusted basic earnings per Share
FY20
FY21
FY22
FY23
FY24
£0.0m
£2.0m
£4.0m
£6.0m
£8.0m
£10.0m
£2.7m
£5.5m
£6.2m
£6.8m
£7.5m
04
Annual Report 2024
Net Revenue
YoY Change
YoY Change
Net Cash
Adjusted Profit Before Tax1
Adjusted Basic Earnings per Share2
£21.3m +2%
£3.9m +7%
£7.5m +10%
0.30p +3%
YoY Change
YoY Change
1 Adjusted Profit Before Tax is stated after adding back acquisition costs, restructuring costs, impairments, amortisation of acquired intangibles
and share-based payments, and is after the deduction of costs associated with property leases.
2 Adjusted Earnings per Share is defined as Adjusted Profit Before Tax divided by the weighted average number of shares in issue during the year.
01
02
03
01
05
Annual Report 2024
Our mod l
e
06
We capitalise on
complexity from
trend to spend.
Digital Media Network
Generating our own advertising revenue
with trending content on the world’s
leading social platforms.
Sport and Entertainment consultancy
Fuelling fandoms through digital content.
Social and Influencer marketing
Social-first marketing strategy that connects
brands to culture, creators and online
conversation to build loyalty and fame.
TREND
Paid Performance
Building brands and driving online
transactions through digital media.
Organic Performance
Optimising search across all platforms
to ensure brands are found first.
Technology & Experience
Building ecommerce websites, digital
experiences and products that convert.
SPEND
01
02
03
01
Acquisitions
Brave Bison has made five acquisitions since 2020,
inclusive of Engage which completed in January 2025.
Acquisitions are typically integrated, and the
combined company runs on a single operating
platform with centralised IT, HR, finance, marketing,
sales and operations.
We make acquisitions where we can add value by
bringing operational expertise and growth opportunities.
We focus our efforts on exciting markets where we see
long-term strategic upside, and where our investment
is protected by the cost savings and revenue synergies
that integration with Brave Bison brings.
In May 2024 we announced a possible offer to acquire
The Mission Group plc, an AIM-listed marketing
communications group with over 1,000 employees.
Mission had run into trouble under heavy debts and
losses, and was in need of a significant restructuring
to create a more modern-facing operation. Whilst we
were confident that our integration team was up to the
task, we were unable to agree sufficiently attractive
commercial terms with the Board of Mission.
In December 2024 we announced the acquisition of
Engage, a specialist sports marketing company, which
completed in January 2025. Engage was established
by Gregg Oldfield following a management buyout
from Endemol Sport in 2012 and now has offices in
London, Dubai, India and Australia, a geographical
footprint that allows partners to benefit from 24-hour
"follow the sun" service delivery for global sports
federations. Engage will integrate with our Sport &
Entertainment division to expand our capabilities and
enable cross-selling of services.
We were also pleased to announce an exciting bolt-on
transaction post-period end. In March 2025 we acquired
Builtvisible, a performance marketing agency specialising
in search engine optimisation. Builtvisible has excellent
customers including Icelandair, Aviva and Avis, and an
award-winning team of 35 professionals.
Outlook
Brave Bison is a well-capitalised, profitable and cash
generative digital media and technology company that
has a track record of acquiring and integrating businesses
into its platform. Despite the cyclical nature of our
sector, we have grown net revenue by 433% since 2020,
underlying basic EPS by 66% since 2021, and increased
net cash every year since 2020.
We continue to win new clients, expand our capabilities
ahead of the competition and make accretive acquisitions
that drive us forward. We are excited for the future and look
forward to updating shareholders throughout the year.
Finally, we intend to proceed with a 100:1 consolidation
of the Company’s shares, a resolution that will be put to
shareholders at our AGM this year. Further detail will be
included in the AGM notice, but the Board believes a
consolidation will not only improve the liquidity and
trading activity of the Company’s shares, but also enhance
the perception of the Company and its prospects, and help
improve the marketability of the Company’s shares to
a wider group of investors.
Oli Green
Executive Chairman
9 April 2025
08
Annual Report 2024
01
02
03
01
2024 was another strong year for Brave Bison.
We outperformed vs our peers, and were pleased
to report net revenue of £21.3m (2023: £20.9m),
growth of 2% year-on-year, or 8% excluding our
US operations which have now been scaled back.
No acquisitions were completed in the period
but the acquisition of Engage was announced in
December 2024 and completed in January 2025
and the acquisition of Builtvisible completed in
March 2025.
Adjusted profits increased to £3.9m (2023: £3.6m),
growth of 8% year-on-year and our balance sheet
remained healthy at year end with net cash
increasing to £7.5m (2023: £6.8m). Statutory profit
before tax was £2.0m (2023: £1.1m), an increase of
76% year-on-year.
Our business trades as one single company, with three
connected divisions: Brave Bison, SocialChain and
Sport & Entertainment.
Brave Bison
Brave Bison is our digital marketing and technology
division that partners with forward-thinking businesses
that are looking to leverage digital advertising channels
to drive sales and grow online. Here we combine
proprietary technology with market-leading expertise
and best-in-class service to help our customers navigate
the complex world of digital media and use ad platforms
such as Google, Meta and TikTok.
During the year we won new engagements with
The Travel Corporation, a global travel and tour
operator, and Yours Clothing, one of the fastest
growing fashion retailers in the UK. Our differentiated
and technology-enabled proposition is resonating
with major advertisers and we continue to build
out new capabilities.
AudienceGPT is our proprietary AI tool. Each Brave
Bison customer gets their own GPT, a generative AI
model trained on user data that allows us to quickly
investigate which audiences are the highest value,
where to find them and what creative formats they
respond to. This rapid audience segmentation
replaces months’ worth of survey-based customer
research and panels by giving us media strategies
in a matter of minutes.
07
Annual Report 2024
01
02
03
01
Ch irman’s Review
a
Our AdStudio product uses AI to create large volumes
of high performing advertising content for use on
social media platforms like Meta and TikTok. Platform
algorithms demand a high volume of native, novel, and
diverse ads, all of which are tested against one another
and optimised based on performance.
SocialChain
SocialChain, which we acquired in February 2023 and
subsequently integrated into our operating platform,
is our creative and strategy division. Here we work with
global advertisers to build their brands on social media
and help them to gain access to new, younger audiences.
We employ strategic consultancy, social-first content
production and native-to-platform influencers/creators
to help our customers cut through the digital noise and
engage their customers.
The year saw significant traction with new customers
including SharkNinja and Sony Pictures and we were
delighted to welcome our new divisional CEO, Jacinta Faul.
SocialChain leverages its brand platform SocialMinds,
a popular podcast and event series to drive brand
awareness, generate inbound opportunities and consolidate
our reputation as the go-to-partner for all things social
media and content. Guests during the year included
representatives from BBC, John Lewis, Monzo, American
Express, Oatly and Booking.com, all of which became public
ambassadors for Brave Bison and SocialChain. Monthly
podcast downloads averaged 6,000 in 2024.
Sport & Entertainment
Sport & Entertainment is where we own and operate
a network of social-media channels on platforms like
YouTube, Meta and TikTok.
We work with global rights holders and sports federations
to create digital strategies, produce digital content and
monetise digital channels across various different digital
platforms. Our partners, such as Le Mans, PGA Tour,
Ryder Cup, US Open and Australian Open, have seen
strong growth over the last few years and we have big
plans for the years ahead.
Success in 2024 gave us the confidence to acquire
Engage Digital Partners in a transaction that exchanged in
December 2024 and completed in January 2025. Engage is
a specialist sports marketing company that works with the
world’s leading sports federations and teams including ICC,
Formula 1, Real Madrid and New Zealand Rugby.
International sports federations are increasingly moving
direct-to-consumer; launching streamers, fan platforms
and digital products in order to better connect with their
fans and monetise audiences. Engage is a crucial partner
for organisations on this journey and the team will now
be able to provide YouTube channel management as
part of our existing sports network.
CFO’s R view
e
2024 was another solid year for Brave Bison in
a tricky market. SocialChain, which we acquired
in 2023, had a particularly strong year, with net
revenue growth of 63% from 2023.
Overall, net revenue / gross profit increased by 2% to
£21.3 million (2023: £20.9 million) and adjusted profit
before tax, a measure of underlying profitability,
increased by 7% to £3.9 million (2023: £3.6 million).
Excluding our US operations which were scaled back
during the year, net revenue growth was 8%.
After the successful acquisition and integration of
SocialChain in 2023, we have been focused on finding
our next acquisition. We have now built up a healthy
pipeline, and were pleased to announce the acquisition
of Engage Digital Partners in December 2024. Engage is
a global sports marketing company that works with the
world’s largest sports brands, and complements our
existing partnerships with the likes of PGA Tour, US
Open and Australian Open.
There has been continued momentum into 2025
with a further acquisition of BuiltVisible, which is
a performance marketing agency which will bolster
our organic performance capabilities and client
roster, with clients such as Specsavers and Aviva.
During the year the Company carried out a capital
restructuring to create additional distributable reserves.
This involved cancelling the balance standing to the credit
of the share premium account and the capital redemption
reserve of the company, and capitalising a historical merger
relief reserve through the issue and subsequent
cancellation of B Ordinary shares. This should give the
Company further flexibility to deliver shareholder returns
over the coming years either in the form of dividends, or
purchases of the Company’s own shares.
Principal Activities
During the year we have evolved the way we look at
the business and consequently our segmental analysis.
Previously this was split between fee based services
revenue and advertising revenue. As our business has
grown and developed however we have started to
report with more of a focus on the services which
we are providing to our clients.
In our Content arm of the business we offer services
around creative, content production, influencer
advertising and community management, which help drive
brand awareness and connect our clients to communities.
SocialChain, Engage (from 2025 onwards) and our media
network make up this side of the business.
On the Media & Technology side we have more
performance, data driven and tech enabled marketing
that drives online transactions and facilitates conversion.
This includes search engine optimisation, e-commerce
software integration, paid media services and AI tools.
Our Content revenue stream showed good growth during
the year, with the gross profit increasing by 22% to £11.0
million (2023: £9.0 million). This was predominantly
driven by growth in SocialChain following some major
client wins.
Within Media & Technology we saw strong demand for
our performance marketing services, in particular our
AI driven offerings such as AudienceGPT (audience
research), and AdStudio (performance creative). We
did however see revenue relating to commerce systems
integration and website builds reduce during the year, as
clients put budgets on hold and delayed signing off large
scale capex investments as a result of macroeconomic
factors. This resulted in an overall reduction in gross
profit in this part of our business of 13% to £10.3 million
(2023: £11.9 million).
Margins and Operations
Brave Bison adjusted EBITDA margin has grown from 0%
in 2020 to 21% in 2024. This growth has been driven by
a continued focus on operational excellence. We have
invested in tools across the group to manage resourcing
and monitor and improve efficiency and have successfully
integrated all of our acquisitions to enable us to centralise
operations and make savings.
Exceptional Costs and Adjustments
During the year Brave Bison incurred restructuring costs
of £0.9 million (2023: £0.8 million). The majority of this
related to the restructuring of SocialChain, including
£0.2m relating to settlements associated with the
scaling back of the US operations, and £0.1m relating to
terminating leases and software contracts. There were
also restructuring costs relating to staff termination
payments and notice periods as a result of the lower than
anticipated revenue from commerce systems integration.
Finally, there were some legal costs associated with the
capital restructure that was carried out during the year
to give the Company distributable reserves.
Brave Bison recorded acquisition costs during the period
of £0.3 million (2023: £0.8 million). These costs relate
primarily to legal and professional fees incurred in the
due diligence of acquisition opportunities.
Amortisation of acquired intangibles relates to the
amortisation of customer relationships acquired as part
of previous acquisitions and the amortisation of the brand
name acquired as part of the SocialChain acquisition.
09
Annual Report 2024
01
02
03
01
Adjusted EBITDA
Finance costs
Finance income
Depreciation
Adjusted Profit before tax
Restructuring costs
Acquisition costs
Impairment charge
Amortisation of acquired intangibles
Equity settled share based payments *
Profit before tax
4,491
(195)
252
(644)
3,904
(927)
(255)
-
(387)
(383)
1,952
4,277
(143)
198
(694)
3,638
(832)
(847)
(26)
(388)
(435)
1,110
2023
£000’s
2024
£000’s
Adjusted EBITDA is a non-IFRS measure that the Group
uses to measure its performance and is defined as
earnings before interest, taxation, depreciation and
amortisation and after add back of costs related to
restructuring, acquisitions and share based payments.
It should be noted that a portion of the property costs
in both 2024 and 2023 fall into the finance costs and
depreciation lines as a result of the introduction of
IFRS 16 ‘Leases’.
As a result, the Group also uses adjusted profit before
tax as a measure of performance, which is stated
after add back of costs related to restructuring,
acquisitions, share based payments, impairments and
amortisation of acquired intangibles, but which is after
the deduction of costs associated with property leases.
The statutory profit before tax for the year grew
significantly to £2m (2023: £1.1m), an increase of 76%.
This was driven by higher underlying profits, as well
as fewer adjustments.
Financial Position
Brave Bison ended the period with cash resources of
£7.6 million (2023: £6.9 million) and net cash after
deducting outstanding bank loans of £7.5 million
(2023: £6.8 million).
Brave Bison also has an undrawn revolving credit
facility with Barclays bank for a total of £3 million.
Equity settled share-based payments relate to
the value of share awards that have been granted
to employees of the Company. £0.3 million of this
amount relates to the directors’ LTIP, which can only
be redeemed in accordance with the terms outlined
in the Directors’ Remuneration Report, and requires
a minimum Brave Bison share price of 3 pence.
The Group had cash inflow of £0.7 million during the period
(2023: £0.4 million inflow) and expects to maintain positive
operating cashflow throughout 2025. Our business model is
significantly cash generative, which is further bolstered by
our tax position, since we have significant tax losses which
we can utilise across the group.
The Group is carrying intangible assets of £12.3 million
(2023: £12.7 million). There were no intangible assets
capitalised during the year (2023: £6.8 million relating
to the purchase of SocialChain).
The Group does not capitalise any wages.
Capital Allocation Policy
The Directors’ first priority remains the ongoing investment
into the business to support the long-term growth of the
Company. This has previously involved bolt-on acquisitions
to enhance key business areas, and we expect this to
continue for as long as attractive opportunities are available.
Beyond this, the Directors believe that Brave Bison has
reached a sufficient size and scale to begin paying dividends.
The Directors intend to implement a progressive dividend
policy to return excess cash to shareholders, commencing
in FY24 with the Company’s first dividend in 12 years as a
listed business
The Directors are declaring a final dividend for the year
ended of £0.3m (FY23: £nil), equivalent to 0.02p per
share. Subject to ratification at the Company's AGM, the
dividend will be paid on 27 June 2025 to shareholders
listed on the register of members on 30 May 2025. The
shares will be marked ex-dividend on 29 May 2025
Key performance indicators
Revenue
Gross Profit
Adjusted EBITDA
Adjusted Profit Before Tax
Adjusted Earnings per ordinary
share (pence)
Profit before tax
Gross Cash
Net Cash
32,828
21,341
4,491
3,904
0.30
1,952
7,603
7,468
35,704
20,902
4,277
3,638
0.29
1,110
6,920
6,767
2023
£000’s
2024
£000’s
The movements in these key performance indicators
are discussed above, and in the Chairman’s review.
Philippa Norridge
Chief Financial Officer
9 April 2025
10
Annual Report 2024
01
02
03
01
10
Section 172 Stat ment
e
The Directors are aware of their responsibilities to
promote the success of the Group for the benefit of its
members as a whole in accordance with Section 172 of the
Companies Act 2006, and in doing so to have regard to+
The likely consequences of any decisions in the long
term"
the interests of the Group’s employees"
the need to foster the Group’s business relationships
with suppliers, customers and others;?
the desirability of the Group maintaining a reputation
for high standards of business conduct; and
the need to act fairly as between shareholders of the
Company.
The Group’s key stakeholders, and the way in which the
Directors engage with them, are set out below:
Employees
The Board acknowledges that people are essential
to the delivery of the Group’s strategy and the Directors
work hard to provide a productive working environment.
Employees of the Group receive regular appraisals and
performance reviews, and all-company meetings are
held bi-weekly to provide company updates. The
Group conducts staff surveys to monitor progress
of employment initiatives and areas for improvement.
The Group is an equal opportunities employer and
is committed to furthering diversity and inclusion
throughout the business.
Appropriate policies and procedures are in place to
ensure the Group complies with relevant legislation
and regulations.
Shareholders
The Board is committed to open and transparent
communications with all shareholder groups.
The Directors have regular conversations with major
shareholders, and the Group uses a stockbroker
to manage professional investor relationships and
introduce new professional investors. Furthermore,
the Group utilises free-to-use platforms to enable
retail investors to engage with the Group and receive
presentations on financial performance and strategy.
Customers, Platforms and Suppliers
The Group’s customers are the clients and channel
partners who appoint the Group to undertake
programmes of work. Customers are serviced by
dedicated employees of the Group, and customers
receive updates on progress by way of regular
business reviews.
The Group works with various social and digital media
platforms to publish and monetise video content, as
well as advertise on behalf of customers. The Group
has dedicated teams that meet regularly with each
platform, and discuss current performance,
new opportunities and new products.
The Group has long-standing relationships with
suppliers and treats all suppliers fairly. Contractual
commitments to suppliers are met in a timely manner.
11
Annual Report 2024
01
02
03
01
Principal Risks nd Unc rtainties
a
e
Risk
Potential Risk Description
Mitigating Factors
The continued success of the Group
depends partly upon the performance
and expertise of its current and future key
executives and personnel. A lack of skilled
workforce could result in a drop in service
levels and customer dissatisfaction, and
therefore have an adverse impact on the
Group in terms of its reputation. The loss
of such individuals, or the failure to train
and attract other high calibre individuals
may impact on the Group’s business and
the Group’s ability to achieve its targets.
The Group operates in a highly complex
and rapidly changing industry. If the
Group is not able to compete successfully
against existing or future competitors,
its competitive position, business, financial
condition and results of operations may
be adversely affected.
The Group generates a proportion of its
revenue from three international technology
platforms which are subject to external
factors beyond the Group’s control. Changes
to the commercial agreements or policies
implemented by these platforms could have
a negative impact on the financial position
of the Group.
The Group is primarily exposed to foreign
exchange movements in the US dollar.
These movements could result in a negative
impact on the financial position of the Group.
The Group does not use derivatives to hedge
translation exposure. There is an element
of natural hedging in the revenue funds
flow from YouTube and SnapChat. All gains
and losses are recognised in the income
statement on translation at the reporting date.
The Group has diversified its revenues
between three platforms to reduce the
impact of any single platform policy change.
The Board believes the Group has adopted
a competitive business strategy to increase
the profits of the business. The Group has
implemented an acquisitive business model
to improve its capabilities and scale within
the markets which it operates. Furthermore,
the Group maintains appropriate liquidity
in the event of a more competitive and less
profitable trading environment.
The Group ensures all its employees are
supported and managed by way of regular
performance appraisals. Furthermore,
the Group incentivises key employees
using performance-related bonus plans
and share option awards that vest over
a multi-year period.
Dependence on
key personnel and
employees
Competitive industry
dynamics
Dependence on the
operating policies
of key platforms
Foreign Currency Risk
12
Annual Report 2024
01
02
03
01
Our Sto y
r
13
Annual Report 2024
Our mission
14
Annual Report 2023
The Chief Marketing Officers’s world is
more complex than ever. New platforms,
new behaviors, new technologies, and
regulations emerge daily, making it harder
than ever to chart a course to growth.
Yet the fact remains that with AI rapidly reshaping
every channel within the modern marketing mix,
this complexity is only set to increase. And the
agency landscape is rife with companies that are
either too cumbersome, too dependent on legacy
media or too narrowly specialised to keep pace.
At Brave Bison, our mission is simple: we exist
to capitalise on this complexity. This is our
edge, setting us apart from the competition.
As marketing budgets continue to shift from
traditional media to digital channels we are
focused on building a collective of digitally-native
specialists that offers our clients everything
businesses need to grow in the modern era and
nothing they don’t.
But unlike our competitors, when we acquire new
specialists, we don’t bring them together in name
only. We invest heavily in technology, proprietary
AI tooling and leading talent to truly integrate all
our business units within a single operating model.
Proudly ahead of the pack, we were using AI to
enhance workflows, turn data into insight and bridge
the gap between strategic planning and the need for
rapid, data-driven decision-making long before our
competitors; furnishing our teams with a robust
arsenal of proprietary and third party tools that
ultimately gets them to better outcomes faster.
This, coupled with a culture underpinned by
shared values, allows us to pass the cost
benefits of efficiency and agility on to our clients.
As a result, we are better positioned than our
competitors to truly cut through the complex—
connecting the dots across our diverse specialist
teams to build dynamic digital solutions for our
clients.
In doing so, we offer a focused, powerful and
in-demand solution in a market with long term
tailwinds, ripe for further growth.
The market for AI in marketing
is estimated at $26.9 billion in
2025; with a CAGR of 25% likely
to accelerate its value to $82.2
billion by 2030.
(Source: Artificial Intelligence In Marketing
Market Report
(2024): Grand View Research)
A survey of 100 UK CMOs and senior
marketers recently reported their
top three concerns to be:
H
D Finding growth in an uncertain
economic environment (61%)H
D Keeping up with the speed of
change (60%)H
D The practical uses of AI to improve
marketing and creativity (57%)
(Source: Burning Platforms: How CMOs are
navigating a changing marketing ecosystem
(2024); AAR)
Of this, the social media advertising
market worldwide is projected to reach
$256.5 billion in 2025; with an annual
growth rate (CAGR 2024-2033) of
12.2%, leading to a projected market
volume of $406.6 billion by 2035.
(Source: Social Media Advertising Global Market
Report (2025); The Business Research Co)
By 2026, global ad spend is
projected to hit $1.24 trillion, an
80% increase from pre-pandemic
levels in 2019.
(Source: WARC Global Ad Spend Outlook 2024/25)
Our mission
01
02
03
01
Why buy the blo t?
a
Multiple Specialists
Traditional Ad Networks
Compete for a client’s budget without
their best interest in mind
Champion ineffective legacy advertising channels
even though the audience isn’t there
Can provide truly holistic solutions encompassing
the very best expertise in digital marketing
Require the client to join the
dots between suppliers
Promise collaboration between their specialists
but build competition into their operating models
One operating model offering easy
collaboration and focused agility
Create siloed strategies
Are cumbersome in the face of complexity
Can quickly and effectively pivot
a strategy to where the growth is
15
We're building a new model for a new era—offering our clients
everything they need to grow in the digital age, and nothing they don't.
Annual Report 2024
01
02
03
01
16
A multi-national business comprised of deep specialists
across the fastest growing areas of digital marketing.
Not reliant on legacy advertising channels to generate revenue.
Able to join the dots across specialisms and markets
to solve complex business challenges at pace.
Channel-agnostic solutions that keep clients ahead of their
competitors. An agile and transparent delivery model.
Why we win
Quick out of the starting block to build and take proprietary
AI tools to market.
An AI-powered solutions stack that helps clients stay
ahead of trends, outperform competitors, and drive
exceptional results with agility and precision.
An established thought leadership platform, SocialMinds
with a longstanding and loyal community of followers in
our target sectors
Challenger positioning offering a connected model
across media, technology and content.
Strong brand awareness with leading marketers in our
space, bolstering a robust pipeline of inbound opportunities
Small enough to care, big enough to deliver.
A lean, globally distributed team and hybrid-first,
tech enabled approach.
Deep partnerships with the leading media platforms
and composable commerce technologies.
Agile solutions delivered faster than competitors with
minimal overheads passed to clients. Nimble enough
to always go where the growth is.
Access to emerging products and tools before wider
industry expediting innovation for our clients.
How we deliver
One operating, finance and delivery system.
Streamlined, efficient delivery leading to better
results and lower overheads.
A culture underpinned by shared values with a clear
mission, vision and roadmap for future growth.
A robust client engagement programme including
quarterly reviews, satisfaction surveys and account
plans to scope future opportunity
Our people know where we’re headed, what success
looks like and what they need to do to get there.
Deeper and broader relationships with our clients
that make us an indispensable partner for growth.
Annual Report 2024
01
02
03
01
17
Annual Report 2024
Longstanding client New Balance
partnered with us to deliver an
audience-led, paid social strategy
to maximise sales ahead of the
London Marathon 2024.
Our approach combined personalised ad creative,
machine learning, and optimised product feeds
to enhance visibility and conversion rates while
navigating intense competition from their
direct-to-consumer rivals.
By aligning our campaigns with marathon training
timelines and tailoring messaging to different
motivations for running, we maximised engagement
across key markets including the UK, Spain, and
France—exceeding revenue targets and delivering
more than double the running category revenue
versus the previous London Marathon period.
01
02
03
01
18
Annual Report 2024
SharkNinja partnered with us to launch
their CryoGlow LED mask in the UK with
a large-scale influencer campaign.
Our "Generation Glow” campaign leveraged trusted
skincare experts and diverse creators to drive authentic
engagement by flooding social feeds with educational,
peer-to-peer content from 56 different influencers in
just one day.
This approach not only exceeded performance targets
but also drove high volumes of product sales directly
from social media.
01
02
03
01
19
Annual Report 2024
Through industry-leading channel
management, we’ve helped the
Australian Open secure triple digit
increases in YouTube subscribers
and views year on year—resulting
in significant uplifts in advertising
revenue via the channel.
Our team created a year-round content strategy
including ongoing channel optimisation and bolstered
by additional in-tournament content including
YouTube Shorts, to deliver the most successful
tournament on YouTube to date.
01
02
03
01
20
Annual Report 2024
Furniture Village partnered with us to
overhaul their ecommerce strategy to
drive new online and in-store sales.
By restructuring their paid search approach,
optimising their product feeds, making technical
improvements to their site performance and leveraging
automation, we increased efficiency and maximised
conversions despite rising advertising costs in their
category. The outcome was strong sales growth year
on year from both offline and in-store visits.
01
02
03
01
21
Spotlight on… Engage
In December 2024, we announced the
acquisition of global sports marketing
business Engage Digital Partners.
Engage delivers dynamic fan engagement campaigns
via a broad roster of services including digital content
and commercial strategy, creative production, social
media management, measurement, analytics and
digital asset management through an owned
technology stack.
Established by current CEO Gregg Oldfield following
a management buyout from Endemol Sport in 2012,
it boasts an enviable roster of global sport and
entertainment clients including Formula 1, ICC,
Real Madrid, and New Zealand Rugby.
With offices in London, Australia and India, Engage’s
clients benefit from 24/7 ‘follow the sun’ delivery and
a global strategic perspective—benefits that will now
be passed on to wider Brave Bison clients.
The business uses a combination of proprietary technology,
digital strategy and content creation to help sports
federations and rights holders drive fan engagement and
take a more personalised approach to building audiences,
driving ticket sales and striking more lucrative commercial
partnerships.
As part of the deal, Engage will combine with the Brave Bison
Media Network of sports and entertainment channels, which
partners with leading rights holders such as the PGA Tour,
Ryder Cup, US Open, Australian Open, CPLT20 and Le Mans
to offer channel and rights management services alongside
content strategy and production.
The combination will create an enlarged Sports and
Entertainment division for Brave Bison that will service some
of the biggest federations across football, cricket, rugby,
motorsports, tennis, golf and e-sports. It will also work
closely with our social-first creative and strategy agency,
SocialChain, to help sport and entertainment brands unlock
new audiences through emerging channels and culture
strategy, as well as helping leading brands activate their
sports sponsorships and partnerships through social media
channels—from content to commerce.
Annual Report 2024
01
02
03
01
22
Spotlight on…
In 2023, SocialMinds, our thought
leadership platform, was thriving.
Our owned podcast was interviewing
some of the most exciting brands on
social and we had a thousands-strong
subscriber community made up of
the likes of Disney, Formula 1 and PepsiCo.
But we recognised an opportunity to scale this platform
as a growth and new business tool, bringing together the
previously online-only SocialMinds community with an
industry-leading conference that would put marketers
in a room with some of the best minds on social.
So this year we’ve successfully produced not one, but
three sellout SocialMinds LIVE events across London
and Manchester, bringing together speakers from
leading brands such as Oatly, TikTok, Monzo, Surreal,
Specsavers and John Lewis.
Over 300 brands and marketers have attended one of
our events including aspirational clients such as Next,
Subway, Co-Op, Moonpig, Channel 4 and Greene King
– several of whom have gone on to invite us to pitch.
These events aren’t just well-known; they’re celebrated
in our industry. In fact, every major social platform
(Meta, Pinterest, LinkedIn and TikTok) has joined us
as a speaker, including, at our October 2024 event,
an exclusive workshop sponsorship with Reddit.
On top of this, the SocialMinds podcast averages
6000 monthly listeners, interviewing global brands
like Liquid Death, Duolingo and Booking.com.
Annual Report 2024
01
02
03
01
23
Spotlight on… AudienceGPT
In line with our mission to capitalise on
complexity, we developed AudienceGPT
for one reason and one reason only: to drive
the best possible value for our clients.
We know that audiences are at the heart of any good
marketing strategy; but sometimes, brands have limited
amounts of consumer data. Or—more commonly—brands
have so much audience data that it’s hard to know where
to look first. In both cases, building out target audiences
and inferring actionable insights takes time and careful
consideration.
Our solution bridges the gap between meticulous strategic
planning and the need for rapid, data-driven decision-
making. Built on the foundation of our internal processes
and frameworks, AudienceGPT is being used by clients
such as New Balance, Yours Clothing, Greene King,
ProCook and Seasalt Cornwall to:
Provide actionable audience and market insights for
faster decisions
Prioritise marketing objectives for optimised budgets
Pressure-test strategic approaches and creative outputs
for increased confidence
Annual Report 2024
01
02
03
01
24
Spotlight on… The Hook
The Hook is one of the most successful
channels in our owned and operated
media network. It takes its audience
onto the red carpet, providing access
to Oscar winners and arming over
9million fans with up-to-the-minute
TV and film knowledge.
With a loyal fanbase of GenZ and Millennial film buffs,
the Hook has interviewed everyone from Brad Pitt to
Olivia Colman, and is regularly invited to red carpet
and junket events within the industry. As a truly social-
first entertainment publisher, it has more TikTok
followers than legacy brands like GQ and Dazed,
and a global audience that eclipses established film
publishers such as Empire and Little White Lies.
01
02
03
01
24
Annual Report 2024
Our Strat gy
e
25
Annual Report 2024
26
Annual Report 2024
01
02
03
01
Strategy
Growth & Marketing
People, Planet & Community
Operations & IT
Proprietary Tech & AI
Our values: connected clarity, bold curiosity, constant impact, positive encouragement
Our 2025
Business strategy
Our 2025 business strategy has been built from the ground up, with key leaders from
every corner of our business contributing to the four key strategic levers we believe
will propel us towards our mission and vision, which remain unchanged from 2024:
Deliver
outstanding worÙ
Ñ Define outstanding
for every clienÍ
Ñ Enhance quality of work
through the linÔ
Ñ Stay ahead of trends to
innovate new solutions
and approacheÉ
Ñ Consistently
demonstrate and
articulate effectiveness
through measurable
outcomes and
transparent reporting
Grow
our client
Ñ Build deeper
relationships with
senior clientÉ
Ñ Move from delivery first
to growth first thinking
in client servicÔ
Ñ Use opportunity
mapping to unlock new
client growth
opportunities
Expand routes
to markeG
Ñ Build strategic
partnerships to unlock
new growth
opportunitieÉ
Ñ Develop proprietary
tools and solutions to
enable more
consultative sellin2
Ñ Unlock more client
media spen9
Ñ Make new business
everybody’s business
Develop
our talenG
Ñ Ensure effective
performance and
career progressio|
Ñ Foster a coaching
culture that encourages
continuous
development and
leadership excellencÔ
Ñ Equip future leaders
with essential skills,
knowledge, and
experience
Our vision: craft dynamic digital solutions to outpace tomorrow’s challenges.
Our mission: help clients capitalise on complexity
How we do this: help deeper integration of our specialisms through shared goals
and success measures to become a more strategic partner to clients
xx
Annual Report 2024
NEXT: Our AI roadmap
As an established leader among our peers in this space, we are keen to maintain our competitive advantage through
smart and structured investment in proprietary and third party AI tools as the world accelerates towards an agentic future.
In 2025, this means focusing on three core workstreams, that will be adapted at pace as the industry and
technology evolve:
01
02
01
03
We’ll aim to build on the
success of our proprietary
tool AudienceGPT by
putting it at the heart of a
new productised solutions
stack for clients—expanding
its use cases across our
entire business.
We will also look to
roll out an internal AI
assistant to allow our
people to work smarter
and more efficiently,
with easier access to the
information they need.
We recognise the need
to further future proof
the business with AI
data foundations and
will begin this journey.
Deliver outstanding work
Our first ambition is to elevate the quality of every single piece of work delivered across the business—ensuring minimal wastage of
resource by always getting it right first time, and creating stickier client relationships by becoming partners renowned for innovation
and value. We will do this through more structured and consistent briefing templates and processes that focus on quality control
and regular feedback loops, as well as structured programs to elevate innovation, measurement and reporting.
Expand our routes to market
Building on the strong foundations of a scaled trade brand, integrated growth team, optimised pitch process, centralised CRM
and elevated brand positioning that we established in 2024, we must now turn our attention to expanding our routes to market.
Bringing together leading practitioners from across our specialisms, we will develop new consultative approaches
and proprietary tools, unlock more of our clients’ media budgets (particularly in the paid social space) and better leverage
strategic technology and media partnership, as well as our own people, to drive new leads into the business.
Grow our clients
2024 demonstrated the huge potential in doubling down on the growth of our existing client relationships with significant
amounts of revenue added to the P&L on the strength of the relationships we cultivated with our clients over the year.
By increasing our rigour and focus on nurturing these relationships, we will ensure we can identify and scale incremental growth
opportunities quickly, as well as guard against any potential threats from competitors. With a greater suite of proven productised
offerings, additional acquisitions and a broader client base, there is increased potential to grow incremental revenue.
Develop our talent
Our final goal is to prioritise the development of our greatest asset: our people. To achieve this, we will establish a clear framework
for career development, foster a coaching culture to promote a growth mindset, and ensure our leaders are equipped with the
necessary skills, knowledge and experience.
Each of these strategic ambitions will be supported by cross-business communities of strategists, marketers and client leads,
and embedded into the entire company’s performance development plans.
Not only this, but we remain committed to diligently reporting our progress back to the entire company through regular town halls
and all hands meetings—ensuring everyone knows where we’re headed and is excited and empowered to do their bit to get us there.
02
03
01
28
FUTURE: Our big bets
Annual Report 2024
01
02
03
01
Trend to spend
consultancy
Technology enabled
services powered by
deep specialists across
the marketing and
digital ecosystem
AI-enabled
strategy
Developing tools that
allow us to get to the
right decisions, faster by
bridging the gap between
strategic planning and the
need for rapid, data-driven
decision making.
Business
intelligence
and insights
Building on the foundation
of SocialMinds, we want
to expand our business
intelligence footprint,
becoming a trusted
thought-leader to clients
across more than just
the delivery of their
marketing activity.
Follow the
sun delivery
Many of our clients are
already benefitting from
the speed, scale and
efficiency of our newly
integrated off-shore
delivery teams. In the
future, we plan to double
down on this agility.
Leveraging offshore and
hybrid talent to expand our
agile delivery model across
all service lines will be a
top priority as we scale.
Round the clock delivery at the speed of digital
London
GMT
Bangalore
GMT +5:30
Melbourne
GMT +11:00
New York
GMT -5:00
ESG Repo t
r
People
Our Diversity, Equity and Inclusion
committee is dedicated to
cultivating a culture of belonging
and opportunity for all, while our
Social and Wellbeing committee
enable our global team to connect
regularly both in person and
remotely, whilst also safeguarding
their physical and mental health.
Planet
We're committed to leading our
industry towards a more sustainable
mode of operating through
continuous improvement in our
carbon accounting, offsetting,
and strategic initiatives in energy
use, recycling, and responsible
purchasing. Our dedicated and
extensive reporting ensures our
commitments evolve annually,
leveraging the latest technologies
to maximise our efforts.
Community
We are committed to having
a meaningful impact on the
communities we are a part of
with a strategy grounded in our
values that encompasses social,
charitable, and educational
contributions.
21
Annual Report 2023
Our environmental, social, and governance strategy is of paramount importance to our mission to
capitalise on complexity. As a business built on impact and powered by people, we have a responsibility
to ensure our work has a positive impact on our staff, environment and the communities we work in.
Built around three core pillars—People, Planet, and Community—it reflects our ongoing commitment to
delivering positive change alongside the outcomes that benefit our clients.
01
02
03
01
30
Annual Report 2024
We are committed to having a meaningful impact
on the communities we are a part of with a strategy
grounded in our values that encompasses social,
charitable, and educational contributions.
2024 at a glance…
01
02
03
01
L Integrated our values into
recruitment, performance
reviews, company-wide
forums, and peer
recognition schemes.V
L Our eNPS feedback
recognised our inclusive
culture, flexible working,
community impact, and
strong benefits package.
V
L Conducted our first DEI
study and partnered with
the Employers Network for
Equality and Inclusion
(ENEI) to strengthen our
DEI strategy and training. V
L Introduced Bison Bitesize,
our global learningand
development programme,
initially focusing on
resilience, confidence, and
work-life balance. V
L Launched our bi-annual
social and wellbeing
survey, achieving an initial
7/10 satisfaction score, and
valuable insight to further
refine our approach next
year.
People
L Continued our commitment
to offsetting our scope 1
and 2 via advanced direct
carbon removal projects.V
L Switched to 100%
renewable electricity
suppliers across all
our officesp
L Introduced a public
transport-first policy to
reduce travel emissions.V
L Achieved zero-landfill
status across all offices,
ensuring all waste is
recycled, composted,
or repurposed.V
L Implemented additional
policy changes, including
more vegetarian lunches
and sustainable
procurement.V
L Employees received
monthly sustainability
training via Greenly, and
we introduced emission
transparency for all
travel bookings.
Planet
L Expanded creative
mentorship with Adidas
and Factory International,
delivering social media
masterclasses to emerging
Northern creative talent.V
L Our Leeds Arts University
partnership hit a milestone,
having now collaborated
for six yearsp
L Collaborated with School
of Thought for a second
year, offering pitch training,
portfolio feedback, and
professional headshots.V
L Launched a partnership
with Cash for Kids,
donating a significant
amount of toys, and
helping pack Christmas
gifts for over 700 children.V
L Our blood donation
programme gave
employees time to donate
each quarter, helping save
lives across the UK.
Community
P ople
e
Embedding our values
In 2024 we worked to integrate our company
values across every employee touchpoint,
ensuring they are truly the foundation of our
culture and daily operations;
l
7 Recruitment and onboarding: Values-based
questions are a core part of the recruitment
process, ensuring we attract and retain
individuals who align with our mission and
culture. l
7 Performance reviews: As part of employee
reviews, individuals are assessed on how they
embody our values, reinforcing their importance
in daily work. l
7 Internal communications: Our internal
newsletters and town halls are used to highlight
and celebrate how our values are being lived
across the organisation. l
7 Rewards: We introduced a company-wide
quarterly ‘Bison Bonus’ scheme, where
employees have the opportunity to vote for
peers who best exemplify our values.
Continued improvement in eNPS
We continue to make progress each year with our
eNPS score—recognised by staff for our inclusive
culture, supportive teams, and strong sense of
community. Creativity and effective collaboration
remain at our core, while flexible working and our
well-rounded benefits package helps our people
maintain a healthy work-life balance. Our
commitment to community impact is widely
recognised and celebrated by our teams and will
remain a key focus for our people strategy this
year.
While our culture is strong, we recognise the need to
provide more space and opportunities for
employees to grow and experiment. Clearer career
progression paths are required in some areas of the
business and increased training for core
competencies. This is a priority for not just our
People committees, but also our central HR team.
We have a strong internal communications strategy
but have identified the need to increase the
frequency and depth during times of change, whilst
ensuring remote employees are fully included in our
culture.
xx
Annual Report 2024
01
02
03
01
Connected Clarity
How we work togetherl
7 We always come together with purpose and use our
time efficiently. ×
7 We are focused in our collaboration
- joining the right dots between our clients, our partners
and our herd of experts. ×
7 We set a shared ambition from the outset and are
transparent at every stage of the process. ×
7 We strive to make the complex simple.
Bold Curiosity
How we approach our worD
7 The clue's in our name.
We're brave in the face of complexity. ×
7 We run at change and challenge convention because we love
to push the boundaries of what the world thinks is possible. ×
7 In our world, good ideas can come from anywhere. ×
7 We embrace discovery, go deep into our clients' worlds and
are always hungry to learn more about their audiences, our
specialisms and each other. ×
7 We champion creativity and create space to experiment.
Constant Impact
What drives u°
7 We believe in outcomes over outputs
7 We're goal oriented, results driven, and data led. ×
7 We work with intent and take accountability for our actions. ×
7 We always show up with passion.
We're always honing our craft.×
7 We're agile and resilient.
We embrace being challenged.
Positive Encouragement
How we engage with each otheI
7 We are active listeners. ×
7 We support one another and try new things. M
7 We take time to recognise meaningful contribution. M
7 We respect autonomy. ×
7 If we don't get the answer right first time, that's OK.
We know we're constantly evolving. ×
7 We lift each other up, find the fun in the day to day
and ensure everyone belongs.
Maximising retention
In 2024, we established quarterly reporting and
planning focused on optimising our employee
lifecycle and maximising retention. We now track:
l
7 Turnover Rate l
7 Retention Rate l
7 Employee Tenure l
7 Exit Survey Feedback l
7 Internal Mobility Rate l
7 Voluntary vs. Involuntary Turnover l
7 Engagement Metrics (ENPS) l
7 Reward and recognition
Since implementing this workstream, we’ve refined
our retention strategy to include closer monitoring of
employee tenure, development, and promotions. We
have also restructured our management training to
improve performance reviews, ensuring fair and
transparent evaluations while setting clear
expectations ahead of pay review cycles.
We have invested significant time in building a trusted
freelance network and embedding them into our ways
of working, supporting our permanent team members
to maintain high quality delivery during peak periods.
Additionally, we are driving initiatives to increase
participation in our internal surveys, ensuring all of
our employee voices are heard and considered in
shaping our future.
Bolstering our DEI insight
In September, we conducted our first diversity survey
and gained valuable insights into the unique identities
of our team. Our objectives were to ensure gender
equity, address racial and ethnic diversity gaps,
improve accessibility and accommodations for
employees with disabilities, and provide better
support for neurodivergent team members, caregivers,
parents, and those facing mental health challenges.
As a result of the insight gleaned from the survey, we
are enhancing recruitment practices with targeted
initiatives to attract diverse talent and implementing
a skills matrix and grading system to ensure fairness
in hiring. Additionally, we are training all managers
and reassessing external recruitment partnerships to
embed inclusive hiring standards and mitigate bias.
For neurodivergent employees, we are increasing
support through knowledge sharing and training that
ensures their strengths are recognised and
accommodated. Finally, we are committed to
maintaining a safe and open environment where
employees feel comfortable discussing the support
they need to excel in their roles.
As part of our long-term strategy, we joined the
Employers Network for Equality and Inclusion
(ENEI), gaining access to expert-led research, training,
and benchmarking tools. This partnership has already
helped strengthen our DEI strategy and provided
employees with essential resources to actively
contribute to an inclusive environment and culture.
Launching our global learning and
development training programme
Last year, we launched Bison Bitesize, our global
learning and development training programme.
This initiative focuses on building skills beyond
core role competencies. It has been designed and
optimised using data from our eNPS surveys and
performance reviews.
The primary focus was on wellbeing, with
sessions on resilience, confidence-building, and
balancing work and personal life, delivered in
partnership with a specialist provider, The
Happiness Club. This year, in addition to our ENEI
resources, we are investing heavily in DEI
awareness and allyship training. This is to ensure
all members of our global team are equipped with
the knowledge, skills, and confidence to actively
contribute to an inclusive, respectful, and
supportive environment.
Building upon strong foundations for social
and wellbeing events
In addition to our new DEI survey, and long-
standing eNPS, we now conduct a bi-annual
social and well-being survey across the company.
With a satisfaction score of 7/10 in our first
survey, we are proud to have strong foundations
in place. As a global business with a growing
remote workforce however, we are placing
particular focus on this area to ensure we
understand and address the diverse needs of our
team. Based on the first survey's results, we are
increasing our allocation in events that actively
promote well-being, such as yoga, painting, and
running, which both our hybrid and fully remote
workers can enjoy.
Furthering our investment in mental
wellbeing
We are always looking for ways to enhance and
refine our approach to wellbeing. Given the
evolving needs of our team, this year we’re
transitioning from More Happi, a coaching
platform focused primarily on personal
development, to OpenUp, which supports
personal development, but places a stronger
emphasis on mental wellbeing. This new service
provides every team member with unlimited 1:1
sessions with a qualified psychologist or lifestyle
expert, as well as access to interactive group
sessions, masterclasses, mindfulness resources,
and self-guided care.
32
Annual Report 2024
01
02
03
01
Driving reductions during a period
of significant growth
One of the key actions we took last year was to
switch to 100% renewable electricity across all offices
in April, significantly reducing our reliance on fossil
fuels. In addition to this, we introduced a public
transport-first travel policy to encourage lower
emission business travel. To further enhance
accountability, we partnered with Navan to improve
transparency on travel-related emissions at the
point of booking, enabling more informed and
responsible choices.
As part of our ongoing commitment to sustainability,
we are continuing to offset our emissions through
advanced carbon removal technology. This year,
our focus is on investing in biochar projects in Africa,
an initiative that not only captures carbon, but also
supports local communities by creating economic
opportunities, and improving soil health.
Strengthening supply chain accountability
Our primary focus moving forward must be making
more environmentally conscious decisions within our
supply chain and the education of our teams. As well
as continuing to access the climate maturity of our
current suppliers, we have made a significant step
forward by investing in the infrastructure to assess
prospective suppliers during the procurement
process, which will enable us upweight top-ranking
organisations accordingly.
For the first time we have been able to use supplier
specific emission factors, across major technology
partners, and will continue to do so for our next
report.
Achieving our ambitious goal of zero landfill for
our offices
This year, we proudly achieved our ambitious target
of implementing zero-landfill facilities across all our
offices, representing a significant milestone in our
sustainability journey. In partnership with our
commercial landlords, who are each recognised as
leaders in sustainability within the industry, we have
ensured that all office waste is now recycled,
composted, or repurposed. This achievement
demonstrates the power of collaboration in driving
meaningful change.
Implementing policy changes for a sustainable
future
This year, we introduced several key policy
changes aimed at enhancing our sustainability
efforts. In March, we introduced a vegetarian
policy for office lunches. By offering meat free
meals every three weeks, we have forecasted a
reduction of 8 tCO2e per year. In May, we
implemented a purchasing policy for regularly
procured consumables, significantly increasing
our investment in recyclable, Good Shopping
Guide approved, and B-Corp-certified products.
The AI and sustainability paradox
AI is rapidly transforming our industry, with
investment in this technology increasing
significantly year on year. However, as a company
committed to leading the industry towards more
sustainable ways of operating, we recognise the
need to address the environmental challenges
associated with data centre-intensive AI
technologies. This year, we will take proactive
steps to mitigate this impact. In addition to
offsetting our scope 1 and 2 emissions, we will
offset up to 10% of our total emissions, including
those resulting from direct investments in third-
party AI technologies, through advanced carbon
removal technologies. This approach, in addition
to our ethical AI training, ensures we continue to
embrace innovation while remaining fully
accountable for our environmental footprint.
33
Annual Report 2024
01
02
03
01
Plan t
e
Building a sustainable future through training and
technology
We are committed to empowering all employees with
the knowledge and tools needed to understand and
address climate impact. This commitment is reflected
in several key initiatives.
The first is through monthly training with Greenly,
our sustainability reporting partner. Greenly,
provides comprehensive training modules to
promote sustainable practices across all areas of
our operations. We have also transitioned to Navan
as our travel platform, enabling team members to
view their emissions at the point of booking and track
them over the year. This transparency encourages
more sustainable travel decisions. Finally, this year
we will coordinating bi-annual sustainability focused
volunteering days for the first time, providing our
team with hands-on experiences to contribute to
environmental initiatives and deepen their
understanding of sustainability in action.
The road to Net Zero
To meet the 2015 Paris Agreement target of a
50% reduction in GHG emissions between 2020
and 2030, we need to achieve a 5.9% reduction in
emissions within one year With a continued -3%
to -7% reduction through to 2050. As an
acquisition-based business, our service offering
will continue to evolve, and therefore our key
emission factors will, so our focus needs to
remain on initiatives will drive down our
emissions year on year, as our business continues
to scale. This will be achieved through proactive
supplier engagement, prioritising those that align
with our sustainability standards, and
maintaining our culture of climate conscious
decisions.
Annual Report 2024
34
01
02
03
01
Inspiring and mentoring the next generation of
creatives
We have always been at the forefront of creative
mentorship, and this year we expanded our efforts by
adding new partnerships with Adidas and Factory
International. Factory International, the largest
investment in a national cultural project in the UK
since the Tate Modern opened in 2000, selected us to
work on the Adidas Originals Network North
programme. SocialChain was appointed to deliver a
social media masterclass to a group of emerging
creatives and artists from across the North of
England. It’s an initiative we’re incredibly proud to be
part of.
Our partnership with Leeds Arts University continues
to thrive as we enter our sixth year of collaboration.
Working alongside other leading agencies in our
sector, we serve as their social partner for advertising
courses. Each year, we collaborate on a module,
providing students with in-depth social media
insights, career mentorship, and resources to build
portfolios that serve as the foundation for their future
creative careers.
For the second consecutive year, we partnered with
School of Thought, a three-month training scheme
designed to accelerate careers in the creative
industry. Through this collaboration, we host pitch
masterclasses, portfolio feedback sessions, and
provide professional headshots, equipping students
with the tools to succeed in a highly competitive
industry.
Supporting charities that align with our mission
and values
With us establishing new values this year, we wanted
to ensure that the partners and charities we
collaborated with truly reflected them. This led to the
launch of several new initiatives, deepening our
commitment to social impact and engagement with
the communities we operate in.
In response to the UK national emergency in July and
wider shortages globally, we launched our blood
donation programme. With the increasing demands on
people’s time, it can often feel difficult to prioritise
this life-saving action. To help, we now give every
team member two hours per quarter to donate blood
if they are willing and able, with each donation
potentially saving up to three lives. Thanks to the
tracking technology available in the UK, we can also
see which hospitals our contributions are supporting,
adding a tangible connection to our impact.
Given the current UK economic climate, a growing
number of children are living close to or below the
poverty line, making Christmas one of the most
challenging times of the year. Cash for Kids is an
incredible charity who, through their Mission
Christmas initiative, work to ensure every child in
the North West receives at least one gift during the
festive season. This year marked the start of our
partnership with them, and through our fundraising
efforts and volunteering programme, we were proud
to donate a significant number of gifts and help pack
additional presents for over 700 children. This
collaboration is one we’re excited to grow even
further in 2025, ensuring we continue to bring joy
during the festive period to those who need it most.
After extensive research and consultation with our
teams, we’re also launching a new partnership with
New Horizon Youth Centre (NHYC), a charity local to
our London office that supports 18 to 24-year-olds
experiencing homelessness or living in unsafe
environments. Their work helps young people find
stability and reach their full potential. In addition to
financial contributions that will sustain their vital
work, we’ll be providing opportunities for skill
development through work experience placements
and digital marketing masterclasses. By leveraging
our access to brand resources, we also plan to make
in-kind donations that directly benefit the young
people they support. Alongside this, our team is
excited to contribute through volunteering days and
fundraising initiatives.
In addition to our new partnership with New Horizon
Youth Centre, we’re also strengthening our
commitment to tackling food insecurity and
environmental sustainability. This year, we’ll be
collaborating with The Bread and Butter Thing, a
charity that rescues high-quality food from going to
waste and redistributes it to communities facing
poverty and food insecurity. We’re also launching a
group volunteering initiative in partnership with our
Sustainability Committee at Gunnersbury Park,
where our team will contribute to the restoration
and maintenance of grassland habitat.
Launching our digital apprenticeship program
Nurturing young talent has already been at the heart
of our operations and has lead to some of our biggest
successes as a business, developing brilliant leaders
and securing new client partners. In 2025, we are
going to formalise this initiative through a multi-
channel marketing apprenticeship programme that
will provide emerging talent with hands-on learning
and development opportunities within Performance
Marketing. Although we are heading into our first
year, we are already planning for how this can scale
across our other digital marketing verticals.
35
Annual Report 2024
Community
People ê
Planet è
Community è
6 Continue embedding our values across recruitment, performance reviews, internal
communications, and rewards.ê
6 Strengthen personal development plans, expand training opportunities for core
competencies, and enhance communication during periods of change. ê
6 Further refine our retention strategy with closer tracking of tenure, promotions, and
performance reviews, while improving freelancer collaboration and survey participation. ê
6 Implement targeted recruitment initiatives to support DEI: introduce a skills matrix for
fairness, expand neurodivergent support, and leverage our Employers Network for Equality
and Inclusion (ENEI) partnership for training and benchmarking. ê
6 Expand our Bison Bitesize training programme with a focus on DEI awareness and allyship. ê
6 Increase investment in events that promote well-being, with a focus on hybrid and remote
team engagement. ê
6 Transition to a new therapy platform—OpenUp —offering mental health support to all staff
through unlimited 1:1 sessions with qualified psychologists.
6 Expand our offsetting commitment beyond scope 1 and 2 to include AI-related emissions
from third-party investments. ê
6 Implement ethical AI training to ensure responsible and sustainable use of the rapidly
developing technology. ê
6 Enhance supply chain accountability, integrating sustainability assessments into
procurement decisions. ê
6 Use supplier-specific emission factors to further increase the accuracy of scope 3 emission
6 Maintain our zero-landfill status, ensuring all office waste is recycled, composted, or
repurposed. ê
6 Strengthen sustainability awareness with continued Greenly training, travel emissions
tracking via Navan, and new bi-annual sustainability volunteering days.
6 Continue mentoring the next generation of creatives through partnerships with Adidas,
Factory International, Leeds Arts University, and School of Thought. ê
6 Launching a digital apprenticeship programme in Performance Marketing, with plans to
expand across our other business practices.ê
6 Initiate our partnership with New Horizon Youth Centre, providing financial support, work
experience, masterclasses, and in-kind donations. ê
6 Grow our partnership with Cash for Kids, ensuring even more children receive gifts through
Mission Christmas. ê
6 Support UK food security by working with The Bread and Butter Thing to tackle food waste
and aid communities in need. ê
6 Scale our blood donation programme, giving employees two hours per quarter to donate and
track their impact. ê
6 Boost employee volunteering, aiming for at least 20% of our global team to donate a working
day next year to group volunteering initiative or charity of their choice.
36
01
02
03
01
Annual Report 2024
2025 at a glance..
Governance
R port
e
37
Annual Report 2024
Statement of Corpor te Governance
a
While it is the Board’s opinion that the current
arrangements are appropriate to the Group at this stage
of development the Board recognises the Code requirement
on splitting the roles and will keep this under review.
Meanwhile there are sufficient compliance structures
within the Group to ensure that the governance functions
that would be part of an independent Chairman’s
responsibility are met. The Executive Chairman will
meet regularly with the Independent Directors to
discuss the operation of the Board and Strategy.
The Board aims to convene 6 times a year, with additional
meetings being held as required. Board meetings are a
mix of virtual and in person.
Prior to their appointment, the Group informed each
Director of the nature of their role, their responsibilities
and duties to the Group, and the time commitment
involved. On appointment, each Director confirmed
that, taking into account all of their other commitments,
they were able to allocate sufficient time to the Group to
discharge their role effectively. The Board is satisfied that
the Non-Executive Directors each devote sufficient time
to the Group and that there have been no significant
changes to their other commitments.
Board and Committee Attendance for the year ended
31 December 2024
Attendance records for the Board and Committee
meetings held during the year are shown below. These
include both scheduled Board, Audit Committee and
Remuneration Committee meetings and further meetings
that were convened as required throughout the year.
Appointments to the Board and Re-election
The Company’s Articles of Association require that
Directors hold office only until the first annual general
meeting of the Company following such appointment
and are then subject to election by Shareholders.
Given the updates to the QCA code we are now requiring
Directors to seek re-election every year rather than every
3 years as was previously the case. The task of searching
for appropriate candidates and assessing potential
candidates’ skills and suitability for the role is performed
by the Board as a whole.
The Board of the Group is committed to high standards
of corporate governance, which it considers are critical
to business integrity and to maintaining investors’ trust.
This section sets out the Board’s approach to governance
and provides further detail on how the Board and its
Committees operate.
The Chairman’s role is to lead the Board of Directors
and to be responsible for ensuring that the Group
adheres to and applies the relevant standards of
corporate governance.
The Group formally adopted the Quoted Companies
Alliance Corporate Governance Code (the Code) in
July 2018, and is broadly compliant with its principles.
The key governance principles and practices are
described in the statement below, together with
the Audit and Risk and Remuneration Committees’
reports and the Directors’ Report.
Statement of compliance
The Group has adopted the QCA Code. The QCA Code
is a recognised corporate governance code which offers
a flexible approach to corporate governance appropriate
for the Company’s current stage of development and size.
Disclosures recommended by the QCA Code have been
made both in this annual report and on our website.
Further information on the Group’s compliance with
the QCA Code can be found on the Group’s website
on the AIM Rule 26 page.
The Composition of the Board
The Board is responsible for the strategic direction,
investment decisions and effective control of the Group.
As at 31 December 2024 the Board comprised three
Executive Directors and two Non-Executive Directors.
The Board reviews the effectiveness of its performance
and that of its committees and individual Directors and
is satisfied that, between the Directors, it has an effective
and appropriate balance of skills and knowledge,
including a range of financial, commercial, sector
specific, public market and entrepreneurial experience.
The Board is also satisfied that it has a suitable
balance between independence (of character and
judgement) and knowledge of the Group to enable it
to discharge its duties and responsibilities effectively.
Matthew Law and Gordon Brough are considered to
be independent. No single Director is dominant in
the decision-making process.
The Group does not have an independent Chairman given
the executive function of the Chairman. The Executive
Chairman has a significant shareholding in the Company.
The Group does not have a CEO and, where appropriate,
the Executive Chairman assumes the role of CEO.
Director
Board
Meetings
Remuneration
Committee
meetings
Audit
Committee
meetings
Oliver Green
Philippa Norridge
Theodore Green
Matthew Law
Gordon Brough
8
8
8
8
8
1
1
1
1
1
2
2
2
2
2
39
Annual Report 2024
01
02
03
Our Directo s
r
Oli Green, Executive Chairman
Oli is Executive Chairman of Brave Bison and has worked
in digital marketing and technology for the past 10 years.
Prior to joining Brave Bison, Oli was Managing Director of
Tangent, a Top 100 Technology agency. Oli has worked with
clients such as Amazon, SAP, LVMH and Sky across a range
of projects spanning digital transformation, performance
marketing and social media strategy. Oli was listed in
Campaign magazine’s annual #MediaWeek 30 Under 30 for
2020. Oli has a degree from University College London (UCL).
Theo Green, Chief Growth Officer
Theo is Chief Growth Officer of Brave Bison and is
experienced in both digital media and advertising,
as well as acquisitions and corporate finance. Prior
to joining Brave Bison, Theo worked at Tangent, a
Top 100 technology agency. Prior to Tangent, Theo
was an Associate at Brockton Capital, a private equity
firm with assets under management of over $3bn.
Theo has a degree from Imperial College London.
Philippa Norridge, Chief Financial Officer
Philippa is Chief Financial Officer of Brave Bison and
has spent over 20 years working in the media and marketing
services sector. Prior to joining Brave Bison, Philippa was
Finance Director of Tangent, a Top 100 Technology agency.
Philippa has held senior finance roles at a number of
marketing services firms, including Finance Director at
leading independent agency Albion Brand Communications
and global network agency MullenLowe Profero. Philippa
qualified as a chartered accountant with Moore Kingston
Smith. Philippa has a degree from the University of Oxford.
Matt Law, Non-Executive Director
Matt is an Independent Non Executive Director of Brave
Bison. He has 25 years’ experience working in marketing and
advertising, with a particular focus on the use of emerging
digital technology. Matt is currently founding partner at
innovation consultancy Move78, as well as a partner at
Outlier Ventures, a startup accelerator and incubator where
he provides specialist advice on business strategy and
growth. Matt has worked with clients including the
Guardian, BBC, Vodafone, HSBC, Nike, Unilever, Pernod
Ricard and Sainsbury’s as well as numerous early stage
technology companies.
Gordon Brough, Non-Executive Director
Gordon has over 20 years’ experience working with public
companies and legal affairs. Gordon is currently General
Counsel at River Global PLC, an AIM-listed asset
management company. Prior to this, Gordon was General
Counsel at CQS, then a specialist asset manager with over
$20bn of assets under management and Aberdeen Asset
Management plc, then a FTSE 100 investment firm now known
as Aberdeen plc. Gordon holds an LLB (Hons) and a Diploma
in Legal Practice from the University of Dundee.
38
Annual Report 2024
01
02
03
Statement of Corpor te Governance
a
The role of the Remuneration Committee includes
responsibility for all aspects of the remuneration of
Executive Directors, including salary, annual bonus
(where appropriate) and share-based payments and an
awareness of remuneration within the wider workforce.
External Advisors
The Board makes use of the expertise of external advisors
where necessary, to enhance knowledge or gain access to
skills or capabilities. Areas where external advisors are used
include and are not limited to legal advice and tax advice.
Relationships with shareholders
The Board is committed to open and ongoing engagement
with the Company’s Shareholders. The Board will
communicate with Shareholders through:\
0 The annual report and accounts\
0 The interim and full-year results announcements\
0 Trading updates (where required or appropriate)\
0 The annual general meetings\
0 The Company’s investor relations website
Risk management and internal controls
The Board acknowledges its responsibility (delegated
to the Audit and Risk Committee) for establishing and
maintaining the Group’s system of internal controls and
will continue to ensure that management keeps these
processes under regular review and improves them where
appropriate.
Conflicts of Interest
Outside interests and commitments of Directors, and
any changes to these commitments are reported to and
agreed by the Board.
Related Party Transactions
Transactions between parties related to the Directors are
conducted at an arms-length basis and are subject to the
Related Party Policy, which is implemented by the Board.
Details of related party transactions conducted during
the period are outlined in the financial statements.
A copy of the Group's related party policy is available
at bravebison.com/investors
Insurance and indemnity
In accordance with Article 54 of the Group's articles of
association, Directors are entitled to an indemnity against
liabilities incurred by them in the actual or purported
exercise of their duties, or exercise of their powers
including liability incurred in defending any proceedings
(whether civil or criminal) which relate to anything done
or omitted to be done and in which judgment is given
in his favour, or in which he is acquitted, or which are
otherwise disposed of.
The Group has purchased and maintains Directors’
liability insurance cover against certain legal liabilities
and costs for claims incurred in respect of any act
or omission in the execution of their duties and
which has been in place throughout the year.
Division of Responsibilities
The Board is responsible for the overall management
of the Group including the formulation and approval
of the Group’s long-term objectives and strategy, the
approval of budgets, the oversight of Group operations,
the maintenance of sound internal control and risk
management systems and the implementation of Group
strategy, policies and plans.
While the Board may delegate specific responsibilities,
there is a formal schedule of matters specifically reserved
for decision by the Board.
Matters reserved for the board
The Board retains control of certain key decisions through
the Schedule of Matters reserved for the Board. The Board
is responsible for:\
0 Overall management of the business and monitoring
performance against objectives\
0 Approval of annual financial budgets\
0 Developing the Company’s strategy and risk management\
0 Major investment and divestment decisions\
0 Setting business values, standards and culturd
0 Membership and chairmanship of the Board and Board
Committee=
0 Relationships with shareholders and other stakeholders\
0 The Company’s compliance with relevant legislations and
regulations\
0 Approving results announcements and the annual report and
financial statements\
0 Appointment and reappointment of the Company’s auditors.
Audit and Risk Committee
The Audit and Risk Committee comprises two Non-
Executive Directors, namely; Gordon Brough (Committee
Chair and Independent Non-Executive Director), and
Matthew Law (Independent Non-Executive Director).
At the discretion of the Committee Chair, the Chief
Financial Officer may be invited to attend meetings
of the Audit and Risk Committee during the year.
The Audit and Risk Committee is responsible for the
annual and half-yearly reports to shareholders, other
public announcements of a financial nature, review of the
likelihood of any fraud risks, review of the effectiveness
of the Group's internal control and risk management
system and oversight of the relationship with the external
auditors. The Audit and Risk Committee also reviews the
appointment of the external auditor, their independence,
the audit fee, and any questions of resignation or
dismissal. The Audit and Risk Committee met twice
during the year.
Remuneration Committee
The Remuneration Committee comprises Matthew Law
(Committee Chair) and Gordon Brough. Only members
of the committee have the right to attend meetings,
however other individuals such as the Chairman, CFO
or Chief Growth Officer can be invited to attend at
different points during the year.
40
Annual Report 2024
01
02
03
Audit and Risk Committee R po t
e
r
The main items of business considered by the Committee
during the year included:
Review and approval of the interim report for the six
months ended 30 June 2024;
Review and update of the Group’s risk register;
A review of the year-end 2023 audit plan, consideration of
the scope of the audit, the risks identified by the external
auditor and the external auditor’s fees; and
Consideration and approval of the 2023 financial
statements of the Group and Company, the external audit
report and management representation letter.
External Auditor
The Committee has the primary responsibility
for recommending the appointment of the external
auditor and reviewing the findings of the auditor’s
work. The external auditor has direct access to me and
other members of the Committee, without executive
management being present if they wish.
The Company’s external auditor is Moore Kingston Smith
LLP. Having reviewed the auditor’s independence and
performance to date, the Committee recommended to
the Board that they be reappointed for the Company’s
2024 audit. Moore Kingston Smith LLP have expressed
their willingness to continue in office and a resolution
to re-appoint them as auditor will be proposed at the
next annual general meeting.
During the year to 31 December 2024, fees paid to Moore
Kingston Smith LLP in relation to non-audit services
amounted to £nil (2023: £15k)
Audit Process
The external auditor prepares an audit plan setting
out how the auditor will audit the full-year financial
statements. The audit plan is reviewed, agreed in
advance, and overseen by the Committee. The plan
includes the proposed scope of the work, the approach
to be taken with the audit and also describes the auditor’s
assessment of the principal risks facing the business.
Prior to approval of the financial statements, the
external auditor presents its findings to the Committee,
highlighting areas of significant financial judgement
for discussion.
Internal Audit
The Audit and Risk Committee has considered the
need for an internal audit function during the year
and is of the view that, given the size and nature of
the Company’s operations and finance team, there is
no current requirement to establish a separate internal
audit function.
As Chair of the Audit and Risk Committee (“the
Committee”), I am pleased to present our Audit and Risk
Committee Report for the year ended 31 December 2024.
Membership
The Audit and Risk Committee comprises two members,
Matthew Law and myself, Gordon Brough. Matthew and I
are Non-Executive Directors of the Company. Both myself
and Matthew are considered Independent.
Meetings and Attendance
The Committee met twice during the year ended 31
December 2024. All members of the Committee at the
time of each meeting were present. Philippa Norridge,
Chief Financial Officer, Oliver Green, Executive Chairman,
and Theodore Green, Chief Growth Officer also attended
all meetings by invitation. The external auditor attended
both meetings.
Duties
The full list of the Committee’s responsibilities is set out
in its Terms of Reference, and is summarised below as
follows:\
0 External audit (including the independence of the external
auditor);\
0 Financial reporting;\
0 Internal control and risk management; and\
0 Reporting on activities of the Committee.
The Terms of Reference for the Committee are reviewed
annually and approved by the Board.
41
Annual Report 2024
01
02
03
Gordon Brough
Chair of the Audit
and Risk Committee
9 April 2025
Remune ation Committee Report
r
Remuneration of Executive Directors
The Remuneration Committee determines the
Company’s policy on the structure of Executive Directors’
remuneration. The objectives of this policy are to:Z
B Reward Executive Directors in a manner that ensures
that they are properly incentivised and motivated
to perform in the best interests of shareholdersZ
B Provide a level of remuneration required to attract
and motivate high-calibre Executive Directors Z
B Encourage value creation through consistent and
transparent alignment of incentive arrangements
with the agreed Company strategy over the long term
Executive Directors’ remuneration packages are
considered annually by the Remuneration Committee
in line with the above policy and comprise a number
of elements:Z
B Salaries which are normally reviewed annually taking into
account inflation, salaries paid to directors of comparable
companies, Group and personal performanceZ
B Annual bonus which is discretionary and only relevant
for certain Executive DirectorsZ
B Share awards which are granted under the Company’s
approved and unapproved plans
Director’s Remuneration (audited)
The following table summarises the Director’s
remuneration and service agreements for the year
ended 31 December 2024 and 31 December 2023
As Chair of the Remuneration Committee (“the Committee”),
I am pleased to present our report for the year ended 31
December 2024 which sets out details of the composition
and activities of the Committee. Details of the remuneration
paid to Directors during the year is set out below.
Committee Meetings and Attendance
The members of the Committee are the two Non-Executive
Directors: Gordon Brough and myself, Matthew Law. The
Board considers that I have sufficient relevant experience
to chair the Committee. In the 12 months period to 31
December 2024, the Committee met a total of 1 time.
Duties
The Committee works closely with the Board to formulate
remuneration policy for the Company. The main duties of
the Committee include the following:Z
B Set remuneration policy for Executive Directors, and in
the process, review and give due consideration to pay
and employment conditions throughout the Company Z
B Approve the design of, and determine targets for any
performance-related pay schemes operated by the
CompanyZ
B Manage the consultation with shareholders over
remuneration policy, in the event that consultation
with shareholders is appropriate
The Executive Directors have all entered into service contracts with the Company. Oliver Green and Theodore Green are on service
contracts with notice periods of 12 months, and Philippa Norridge is on a service contract with a notice period of 6 months.
Executive Directors
Oliver Green
Theodore Green
Philippa Norridge
Non-Executive Directors
Matthew Law
Gordon Brough
Total
124
119
171
29
30
473
Director
Salary
Bonus
Benefits and
Pensions
2024
Total
-
-
-
-
-
-
2
11
32
2
-
47
126
130
203
31
30
520
121
121
182
31
30
485
2023
Total
42
Annual Report 2024
01
02
03
Matthew Law
Chair of the
Remuneration Committee
9 April 2025
Remune ation Committee Report
r
Director’s Interests (audited)
The interest of each Director in the Company’s ordinary shares as at 31 December 2024 is as follows:
Oliver and Theodore Green*
Philippa Norridge
Gordon Brough
Matthew Law
250,863,859
1,354,319
587,371
870,000
Director
Ordinary Shares
% of Total
Share Capital
19.5%
0.1%
0.1%
0.1%
Share Awards
Philippa Norridge, Executive Director and Chief Financial
Officer, has been granted share options over 12,256,424
ordinary shares under the Company’s approved EMI share
option scheme. These options vested annually in equal
tranches between May 2020 and May 2023 and have an
exercise price of 0.1p. She was also granted share options
over a further 10,000,000 ordinary shares under the
Company’s approved EMI share option scheme which vest
annually in equal tranches between May 2023 and May
2026 and have an exercise price of 1.875p.
In 2021, Brave Bison announced the adoption of a Long
Term Incentive Plan (“LTIP”) for Oliver Green and
Theodore Green. In structuring the LTIP, the Brave Bison
Remuneration Committee was advised by remuneration
consultants h2glenferm and consulted with the Company’s
major shareholders representing 69% of the Company’s
issued share capital, inclusive of the Directors and their
connected persons.
Pursuant to the LTIP, Oliver Green and Theodore Green,
Executive Chairman and Chief Growth Officer respectively
(the “LTIP Executives”) have agreed to subscribe for non-
voting subordinate shares in a wholly owned subsidiary
of the Company (“B Shares”).
Subject to the achievement of performance conditions
under the LTIP set out below, the B Shares can be
redeemed by the LTIP Executives, who are participating
equally in the LTIP on a 50:50 basis, in exchange for new
ordinary shares in the Company (“Ordinary Shares”).
Redemptions of B Shares under the LTIP may occur at
any time from 16 December 2024 to 16 December 2027.
In the event that the mid-market closing price per Ordinary
Share exceeds 3.0 pence on the date(s) of redemption(s),
the B Shares will be capable of redemption by the LTIP
Executives at any time with an aggregate value (the
"Redemption Value") equal to 15% of value created for
the Company’s shareholders from the adoption of the
LTIP to redemption(s) of the B Shares, calculated as:
* Of these Shares, 244,811,445 are held by Greenspan Investments Limited, 1,052,414 are held by Oliver Green
(director and shareholder Greenspan Investments Limited), and 5,000,000 are held by Tangent Industries Limited.
a) The market value of all Ordinary Shares in issue
on redemption of B Shares, less
b) The market value of the 1,080,816,000 Ordinary
Shares that were in issue at the point of adoption of
the LTIP on redemption based on an opening share
price of 1.425 pence per Ordinary Share, indexed at
a compounding annualised growth rate of 8%, less
c) The issue value of any additional new Ordinary
Shares issued following adoption of the LTIP and
prior to redemption(s) of the B Shares, indexed at
a compounding annualised growth rate of 8%, plus
d) The value of any dividends, share buy backs or
any other distributions to shareholders following
the implementation of the LTIP and prior to the
redemption(s) of the B Shares.
In calculating the number of new Ordinary Shares to
be issued to the LTIP Executives on redemption(s),
the Redemption Value will be divided by the prevailing
mid-market closing price per Ordinary Share over the
previous ten business days prior to Redemption,
subject to the total number of Ordinary Shares capable
of issue under the LTIP in no circumstances exceeding
12.5% of the Company’s issued ordinary share capital.
Furthermore, redemption(s) of the B Shares is
restricted such that the aggregate shareholdings
of the LTIP Executives and their connected persons
does not exceed 29.9% of the Company’s share
capital. The B Shares can be redeemed in whole or
in part to satisfy this restriction. The B Shares will
also become eligible for redemption in the event of
the sale of the Company, the sale of more than 51%
of the Company to an unconnected party or
the winding up of the Company.
Any new Ordinary Shares issued pursuant to a
redemption of B Shares under the LTIP are required to
be held for a minimum period of 12 months, with a carve
out for settling tax liabilities due on redemption, and
the awards under the LTIP are subject to customary
malus provisions.
43
Annual Report 2024
01
02
03
Directors’ R port
e
Details of the Directors’ remuneration, share
options, service agreements and interests in the
Company’s shares are provided in the Remuneration
Committee Report.
Directors’ indemnity
In accordance with its Articles of Association the
Company has entered into contractual indemnities
with each of the Directors in respect of its liabilities
incurred as a result of their office. In respect of
those liabilities for which Directors may not be
indemnified, the Company maintained a Directors’
and Officers’ Liability Insurance policy throughout
the period. Although the Directors’ defence costs
may be met, neither the Company’s indemnity nor
the insurance policy provides cover in the event that
the Director is proved to have acted dishonestly or
fraudulently. No claims have been made under the
indemnity or against the policy.
Going Concern
The consolidated financial statements have
been prepared on the going concern basis on the
assumption that the Group continues in operational
existence for the foreseeable future.
The Directors have prepared detailed cash flow
projections for at least twelve months from the
date of approval of these consolidated financial
statements, which are based on their current
expectations of trading prospects, and accordingly
the Directors have concluded that it is appropriate
to continue to adopt the going concern basis in
preparing these consolidated financial statements.
Further information is provided in Note 2.1
of these consolidated financial statements.
Statement as to disclosure of information to
auditors
So far as the Directors are aware, there is no
relevant audit information (as defined by Section
418 of the Companies Act 2006) of which the
Group's auditor is unaware, and each Director has
taken all the steps that he or she ought to have
taken as a Director in order to make himself aware
of any relevant audit information and to establish
that the Group's auditor is aware of
that information.
Auditors
Moore Kingston Smith LLP having expressed their
willingness to continue in office, will be proposed
for reappointment at the forthcoming Annual
General Meeting in accordance with section 489
of the Companies Act 2006.
The Directors present their Annual Report together with
the audited financial statements of the Company and its
subsidiaries for the year ended 31 December 2024.
The Group has chosen, in accordance with section
414C(11) of the Companies Act 2006, to include such
matters of strategic importance to the Group in the
Strategic report which would otherwise be required
to be disclosed in this Directors’ Report.
Results and Dividends
The results for the year ended 31 December 2024 are set
out in the Group Statement of Comprehensive Income.
Gross profit for the year was £21.3 million, a 2% increase
from £20.9 million in the 12 months ended 31 December
2023. The financial position of the Group and Company
is set out in the Group and Company Statements of
Financial Position.
Future developments are set out in the Chairman’s Review.
The Director’s are declaring a final dividend for the year
ended of £0.3m (FY23: £nil), equivalent to 0.02p per
share. Subject to ratification at the Company's AGM, the
dividend will be paid on 27 June 2025 to shareholders
listed on the register of members on 30 May 2025. The
shares will be marked ex-dividend on 29 May 2025.
Political Donations
During the year, the Group made no political donations
(2023: £nil).
Charitable Donations
During the year, the Group made no charitable donations
(2023: £nil).
Principal Activity
The principal activity of the Group and Company is that
of provider of digital advertising and technology services.
Directors
Details of Directors who served during the year and
biographies for Directors currently in office can be found
within the Governance Report.
44
Annual Report 2024
01
02
03
Philippa Norridge
Chief Financial Officer
9 April 2025
Directors’ R port
e
Statement of Directors’ Responsibilities
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 prepared
the Group financial statements in accordance with
UK adopted International Accounting Standards (‘IAS’)
and elected to prepare the parent company financial
statements in accordance with FRS 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 Group and of the profit or loss
of the Company and Group for that period. In preparing
these financial statements, the Directors are required to:i
Y Select suitable accounting policies and then apply them
consistently;i
Y State whether applicable IFRS/UK accounting standards
have been followed, subject to any material departures
disclosed and explained in the financial statementsi
Y Make judgements and accounting estimates that are
reasonable and prudenti
Y Prepare the financial statements on the going concern
basis unless it is inappropriate to presume that the Group
will continue in business.
Significant shareholders at 31st December 2024
The Directors are responsible for keeping adequate
accounting records that are sufficient to show and explain
the Group's transactions and disclose with reasonable
accuracy at any time the financial position of the Group
and enable them to ensure that the financial statements
comply with the Companies Act 2006.
They are also responsible for safeguarding the assets of
the Group and, hence, for taking reasonable steps for the
prevention and detection of fraud and other irregularities.
The directors confirm that:i
Y So far as each Director is aware, there is no relevant
audit information of which the Company’s auditor is
unaware i
Y The directors have taken all the steps that they ought
to have taken as Directors in order to make themselves
aware of any relevant audit information and to
establish that the Company’s auditor is aware of that
information
The Directors are responsible for the maintenance and
integrity of the corporate and financial information
included on the Group’s website. Legislation in the United
Kingdom governing the preparation and dissemination of
financial statements may differ from legislation in other
jurisdictions.
Lord Michael Ashcroft
Oliver Green and
Theodore Green*
James Russell DeLeon**
Slater Investments
River Merchant Capital
317,910,800
250,863,859
97,132,017
60,000,000
56,711,885
Shareholder
No. shares
% of Total
24.7
19.5
7.6
4.7
4.4
* Of these Shares, 244,811,445 are held by Greenspan Investments Limited, 1,052,414
are held by Oliver Green (director and shareholder Greenspan Investments Limited),
and 5,000,000 are held by Tangent Industries Limited.
** Of these Shares, 30,000,000 are held in James Russell DeLeon’s own name,
56,014,648 are held by Vesuvius Limited and 11,117,369 are held by Plum Tree
Limited. James Russell DeLeon is the ultimate controlling party of Vesuvius Limited
and Plum Tree Limited.
45
Annual Report 2024
01
02
03
INDEPENDENT AUDITOR’S REPORT TO THE MEMBERS OF BRAVE BISON GROUP PLC
Opinion
We have audited the financial statements of Brave Bison Group Plc (the ‘parent company’ and its
subsidiaries (the ‘group’) for the year ended 31 December 2024 which comprises the Consolidated
Income Statement and Consolidated Statement of Comprehensive Income, the Consolidated
Statement of Financial Position, the Consolidated Statement of Cash Flows, the Consolidated
Statement of Changes in Equity, the Company Balance Sheet, the Company Statement of Changes in
Equity and notes to the financial statements, including significant accounting policies. The financial
reporting framework that has been applied in preparation of the group financial statements is applicable
law and UK adopted international accounting standards. The financial reporting framework that has
been applied in preparation of the parent company financial statements 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 group’s and of the parent
company’s affairs as at 31 December 2024 and of the group’s profit for the year then ended;
•
the group financial statements have been properly prepared in accordance with UK adopted
International Accounting Standards;
•
the parent company financial statements have been properly prepared in accordance with
United Kingdom Generally Accepted Accounting Practice; and
•
the financial statements 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 group 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 as applied to listed entities, 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.
An overview of the scope of our audit
Our group audit was scoped by obtaining an understanding of the group and its environment, including
the group’s system of internal control, and assessing the risks of material misstatement in the financial
statements. We also addressed the risk of management override of internal controls, including
assessing whether there was evidence of bias by the directors that may have represented a risk of
material misstatement. Our group audit focused on the financial information of components which, in
our view, either individually or in combination, represented the most significant areas of financial
reporting risk or were quantitatively material to the Group's results.
For those components that presented a higher risk of material misstatement or contributed significantly
to the overall group’s results or financial position, either a full scope or a specified audit approach was
determined based on their relative materiality to the group and our assessment of the audit risk. For
components requiring a full scope approach, we evaluated controls by performing walkthroughs over
the financial reporting systems identified as part of our risk assessment, reviewed the accounts
production process and addressed critical accounting matters. We then undertook substantive testing
on significant transactions and material account baIances.
In order to address the audit risks identified during our planning procedures, we performed a full scope
audit of the financial statements of the group and the parent company. For the purpose of expressing
our opinion on the group financial statements, we also performed a full scope audit of the financial
information of Brave Bison Limited, Brave Bison Performance Limited and Social Chain Limited. We
performed analytical procedures over the remaining components, which were individually immaterial
but collectively covered residual group risk.
Key audit matters
Key audit matters are those matters that, in our professional judgement, were of most significance in
our audit of the financial statements of the current period and include the most significant assessed
risks of material misstatement (whether or not due to fraud) we identified, including those which had the
greatest effect on: the overall audit strategy, the allocation of resources in the audit; and directing the
efforts of the engagement team. These matters were addressed in the context of our audit of the
financial statements as a whole, and in forming our opinion thereon, and we do not provide a separate
opinion on these matters.
Key Audit Matters
How our scope addressed this matter
Incorrect revenue recognition
Revenue is a significant item in the consolidated
income statement and impacts a number of
management’s key judgements, performance
indicators and key strategic indicators.
There is a risk of incorrect revenue recognition
due to fraud or error, arising from:
-
recognition of revenue in the wrong
accounting period;
-
revenue
not
being
recognised
in
accordance with the requirements of
IFRS 15 ‘Revenue from Contracts with
Customers’; and
-
manipulation of revenues around the
year-end through management override.
We
therefore
identified
incorrect
revenue
recognition as a significant risk.
Our audit work included, but was not restricted to:
- Evaluating the group’s revenue recognition
accounting policy to check compliance with the
requirements of IFRS 15, which included
assessing the treatment of each revenue
stream under the principal versus agent criteria
to
test
appropriate
gross
versus
net
presentation.
- Performing substantive testing on a sample of
individual revenue transactions throughout the
year across the significant revenue streams to
evaluate whether revenue is recognised in
accordance with the contract terms, having
considered the requirements of IFRS 15 and
the commercial substance of the contracts.
Our audit procedures in this area included
- agreeing revenue transactions selected for
testing
through
to
supporting
evidence
including sales invoice, contracts and cash
receipts.
- Testing
a
sample
of
self-billing
sales
transactions to ensure that the revenue
recognition was correct.
- Reviewing material credit notes, invoices and
receipts post year end.
- Performing sales cut-off tests to ensure
revenue had been recognised in the correct
period.
- ln addition, we reviewed the adequacy of the
disclosures
in
accordance
with
the
requirements of lFRS 15.
Conclusions
Based on our audit testing we did not identify any
material misstatements of revenue.
We consider that the disclosures in the financial
statements relating to this area are adequate and
in accordance with the requirements of IFRS 15.
Valuation of intangible assets and goodwill
The directors are required to make an
assessment to determine whether there are
impairment indicators relating to the group’s
Our audit work included, but was not restricted to:
- Obtaining management’s analysis of their
assessment of whether there were any
indicators of impairment.
- Obtaining management’s impairment test of
goodwill.
goodwill and other intangible assets. Goodwill is
required to be tested for impairment annually.
The total net book value of the intangible assets
at the year end was £12.3m including goodwill of
£10.1m as detailed in note 13.
The process for assessing whether impairment
exists under International Accounting Standard
(lAS) 36 ‘lmpairment of Assets’ is complex. The
process of determining the value in use, through
forecasting cash flows related to each asset and
the determination of the appropriate discount
rate and other assumptions to be applied, can be
highly judgementaI and can significantly impact
the results of the impairment review.
Based on the judgemental nature of an
impairment review and significant impairment
adjustments in prior periods, we identified
impairment of intangible assets as a significant
risk.
- Critically
assessing
the
assumptions
underpinning the valuation of goodwill, brands
and customer relationship intangible assets.
- Evaluating the accounting policy and detailed
disclosures to check whether information
provided in the financial statements is
compliant with the requirements of lAS 36 and
consistent with the results of the impairment
review.
- Considering
the
appropriateness
of
the
amortisation
policy
for
all
non-goodwill
intangible assets.
Conclusions
Based on our audit work, we concluded that the
group’s intangible assets including goodwill
arising on the acquisition of subsidiaries are not
materially misstated as at the year end and that
management’s
impairment
assessment
is
appropriate.
We consider that the disclosures in the financial
statements relating to this area are adequate and
in accordance with the requirements of the
relevant IFRS.
Recoverability
of
intra-group
receivable
balances (applicable to parent company only)
The directors are required to make an
assessment to determine whether the receivable
balance from intra-group entities of £22.3m, as
detailed in note 32, is recoverable.
As there is significant judgment involved in
relation to determining the recoverability of this
balance, we have identified this area as a
significant
risk
from
a
parent
company
perspective.
Our audit work included, but was not restricted to:
- Comparing the year-end balance to the net
asset values of the downstream subsidiaries;
- Reviewing
management’s
value
in
use
calculations for the downstream subsidiaries
- Challenging
management’s
assumptions
utilised in the cash flow models, including
growth rates and discount rates;
- Performing a sensitivity analysis to check
whether management’s forecasts would leave
positive headroom if the assumptions of values
increased or decreased;
- Comparing the calculated value in use for the
subsidiaries
to
the
year-end
receivable
balance to check that there is no further
provision needed; and
- Evaluating the accounting policy and detailed
disclosures to check whether information
provided in the financial statements is
compliant with the group accounting policies
and relevant IFRS accounting and disclosure
requirements.
Conclusions
Based on our audit work, we concluded that the
intra-group receivable balances as at year end
are not materially misstated and that the
disclosures in the financial statements were in
accordance with relevant IFRS.
Our application of materiality
The scope and focus of our audit was influenced by our assessment and application of materiality. We
define materiality as the magnitude of misstatement that could reasonably be expected to influence the
readers and the economic decisions of the users of the financial statements. We use materiality to
determine the scope of our audit and the nature, timing and extent of our audit procedures and to
evaluate the effect of misstatements, both individually and on the financial statements as a whole.
Due to the nature of the Group, we considered revenue to be the main focus for the users of the financial
statements, accordingly this consideration influenced our calculation of materiality. Based on our
professional judgement, we determined materiality for the Group to be £344,000, based on 1% of
revenue. On the basis of our risk assessment, together with our assessment of the overall control
environment, our judgement was that performance materiality (i.e. our tolerance for misstatement in an
individual account or balance) for the Group was 50% of materiality, namely £172,000.
We agreed to report to the Audit Committee all audit differences in excess of £17,200, as well as
differences below that threshold that, in our view, warranted reporting on qualitative grounds. We also
reported to the Audit Committee on disclosure matters that we identified when assessing the overall
presentation of the financial statements.
The materiality threshold for the parent company was £144,000 based on 1% of total assets.
Performance materiality for the parent company was 50% of the overall materiality, namely £72,000.
The threshold identified for trivial audit differences was £7,200.
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. Our evaluation of the
directors’ assessment of the group and parent company’s ’s ability to continue to adopt the going
concern basis of accounting included, but was not limited to, a critical assessment of the detailed cash
flow projections prepared by the directors, which are based on their current expectations of trading
prospects, challenging management on these, and obtaining an understanding of all relevant
uncertainties.
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 and parent
company's ability to continue as a going concern for a period of at least twelve months from when the
financial statements are authorised for issue.
Our responsibilities and the responsibilities of the directors with respect to going concern are described
in the relevant sections of this report.
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 there is 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 the part of the directors’ remuneration report to be audited has been properly prepared
in accordance with 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 parent company financial
statements; and
•
the strategic report and the directors’ report have been prepared in accordance with applicable
legal requirements.
Matters on which we are required to report by exception
In the light of the knowledge and understanding of the group and the parent company and their
environment obtained in the course of the audit, we have not identified material misstatements in the
strategic report or the directors’ report.
We have nothing to report in respect of the following matters where the Companies Act 2006 requires
us to report to you if, in our opinion:
•
adequate accounting records have not been kept by the parent company, or returns adequate
for our audit have not been received from branches not visited by us; or
•
the parent company financial statements and the part of the directors’ remuneration report to
be audited 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 [x], 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 group’s and the
parent company’s ability to continue as a going concern, disclosing, as applicable, matters related to
going concern and using the going concern basis of accounting unless the directors either intend to
liquidate the group or the parent company or to cease operations, or have no realistic alternative but to
do so.
Auditor’s Responsibilities for the audit of the financial statements
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole
are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that
includes our opinion. Reasonable assurance is a high level of assurance but is not a guarantee that an
audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists.
Misstatements can arise from fraud or error and are considered material if, individually or in aggregate,
they could reasonably be expected to influence the economic decisions of users taken on the basis of
these financial statements.
A
further
description
of
our
responsibilities
is
available
on
the
FRC’s
website
at
https://wwww.frc.org.uk/auditors/auditor-assurance/auditor-s-responsibilities-for-the-audit-of-the-
fi/description-of-the-auditor's-responsibilities-for
This description forms part of our auditor’s report.
Explanation as to what extent the audit was considered capable of detecting irregularities,
including fraud
Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design
procedures in line with our responsibilities, outlined above, 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.
The objectives of our audit in respect of fraud, are to identify and assess the risks of material
misstatement of the financial statements due to fraud; to obtain sufficient appropriate audit evidence
regarding the assessed risks of material misstatement due to fraud, through designing and
implementing appropriate responses to those assessed risks; and to respond appropriately to instances
of fraud or suspected fraud identified during the audit. However, the primary responsibility for the
prevention and detection of fraud rests with both management and those charged with governance of
the company.
Our approach was as follows:
•
We obtained an understanding of the legal and regulatory requirements applicable to the
company and considered that the most significant are the Companies Act 2006, UK adopted
international accounting standards, United Kingdom Accounting Standards, the rules of the
Alternative Investment Market and UK taxation legislation.
•
We obtained an understanding of how the company complies with these requirements by
discussions with management and those charged with governance.
•
We assessed the risk of material misstatement of the financial statements, including the risk of
material misstatement due to fraud and how it might occur, by holding discussions with
management and those charged with governance.
•
We inquired of management and those charged with governance as to any known instances of
non-compliance or suspected non-compliance with laws and regulations.
•
Based on this understanding, we designed specific appropriate audit procedures to identify
instances of non-compliance with laws and regulations. This included making enquiries of
management and those charged with governance and obtaining additional corroborative
evidence as required.
There are inherent limitations in the audit procedures described above. We are less likely to become
aware of instances of non-compliance with laws and regulations that are not closely related to events
and transactions reflected in the financial statements. 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.
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 for no purpose other than to draw
to the attention of the company’s members those matters which we are required to include in an
auditor’s report addressed to them. To the fullest extent permitted by law, we do not accept or assume
responsibility to any party other than the company and company’s members as a body, for our work,
for this report, or for the opinions we have formed.
Jonathan Russell (Senior Statutory Auditor)
Date: 09 April 2025
for and on behalf of Moore Kingston Smith LLP
Chartered Accountants
Statutory Auditor
6th Floor, 9 Appold Street
London
EC2A 2AP
Financial
St tements
a
52
Annual Report 2024
Consolidated Income Statement and Consolidated
Statement of Comprehensive Income
Revenue
Cost of sales
Gross profit
Administration expenses
Operating profit
Finance income
Finance costs
Profit before tax
Analysed as
Adjusted EBITDA
Finance costs
Finance income
Depreciation
Adjusted profit before tax
Restructuring costs
Acquisition costs
Impairment charge
Amortisation of acquired intangibles
Equity settled share based payments
Profit before tax
Income tax credit
Profit attributable to equity holders of the parent
Statement of Comprehensive Income
Profit for the year
Items that may be reclassified subsequently to profit or loss
Exchange loss on translation of foreign subsidiaries
Total comprehensive profit for the year attributable to owners of the parent
Profit per share (basic and diluted)
Basic profit per ordinary share (pence)
Diluted profit per ordinary share (pence)
Adjusted basic operating earnings per ordinary share (pence)
Adjusted diluted operating earnings per ordinary share (pence)
For the year ended 31 December 2024
6
7
9
9
7
9
9
14
8
29
15
13
24
10
11
11
11
11
Note
32,828
(11,487)
21,341
(19,446)
1,895
252
(195)
1,952
4,491
(195)
252
(644)
3,904
(927)
(255)
-
(387)
(383)
1,952
309
2,261
2,261
(9)
2,252
0.18p
0.16p
0.30p
0.28p
35,704
(14,802)
20,902
(19,847)
1,055
198
(143)
1,110
4,277
(143)
198
(694)
3,638
(832)
(847)
(26)
(388)
(435)
1,110
2,279
3,389
3,389
(2)
3,387
0.27p
0.25p
0.29p
0.27p
31 December 2024
£000’s
31 December 2023
£000’s
53
01
02
03
Annual Report 2024
All transactions arise from continuing operations
Consolidated Statement of Financial Position
Non-current assets
Intangible assets
Property, plant and equipment
Deferred tax asset
Current assets
Trade and other receivables
Cash and cash equivalents
Current liabilities
Trade and other payables
Bank Loans <1 year
Lease Liabilities
Non-current liabilities
Lease Liabilities
Deferred tax liability
Bank loans >1 year
Provisions
Net Assets
Equity
Share capital
Share premium
Capital redemption reserve
Merger reserve
Merger relief reserve
Distributable reserve
Retained deficit
Translation reserve
Total equity
For the year ended 31 December 2024
13
14
16
17
18
20
19
19
16
20
21
22
23
Note
12,274
1,962
2,426
16,662
8,434
7,603
16,037
(8,741)
(19)
(249)
(9,009)
(1,463)
(596)
(116)
(224)
(2,399)
21,291
1,292
-
-
(24,060)
-
158,436
(114,533)
156
21,291
12,661
2,210
2,183
17,054
6,523
6,920
13,443
(8,860)
(10)
(212)
(9,082)
(1,487)
(674)
(143)
(516)
(2,820)
18,595
1,288
89,095
6,660
(24,060)
62,624
-
(117,178)
165
18,595
At 31 December 2024
£000’s
At 31 December 2023
£000’s
The financial statements on pages 53 to 82 were authorised for issue by the Board of Directors on 9 April 2025 and were signed
on its behalf by Philippa Norridge, Chief Financial Officer
54
- 9 April 2025.
01
02
03
Annual Report 2024
Consolidated Statement of Cash Flows
Operating activities
Profit before tax
Adjustments:
Depreciation, amortisation and impairment
Finance income
Finance costs
Share based payment charges
(Increase)/decrease in trade and other receivables
Decrease in trade and other payables
Tax (paid/received)
Tax received
Cash inflow from operating activities
Investing activities
Acquisition of subsidiaries
Net cash acquired on acquisition
Loan granted on acquisition exchange
Purchase of property plant and equipment
Interest received
Cash outflow from investing activities
Cash flows from financing activities
Issue of share capital
Interest paid
Repayment of borrowings
Repayment of lease liability
Cash (outflow) / inflow from financing activities
Net increase in cash and cash equivalents
Movement in net cash
Cash and cash equivalents, beginning of year
Increase in cash and cash equivalents
Movement in foreign exchange
Cash and cash equivalents, end of year
1,952
1,031
(252)
195
383
(1,261)
(418)
(7)
-
1,623
-
-
(650)
(167)
252
(565)
61
(195)
(18)
(214)
(366)
692
6,920
692
(9)
7,603
1,110
1,108
(198)
143
435
2,252
(3,076)
-
49
1,823
(4,756)
(27)
-
(156)
198
(4,741)
4,750
(143)
(634)
(619)
3,355
437
6,485
437
(2)
6,920
2024
£000’s
2023
£000’s
For the year ended 31 December 2024
55
01
02
03
Annual Report 2024
Consolidated Statement of Changes in Equity
For the year ended 31 December 2024
01
02
03
56
Annual Report 2024
At 1 January 2023
Shares issued during the year
Equity settled share based
payments
Transactions with owners
Other comprehensive income
Profit and total comprehensive income for the year
At 31 December 2023
Shares issued during the year
Equity settled share based payments
Capital Restructure
Transactions with owners
Other Comprehensive income
Profit and total comprehensive income for the year
At 31 December 2024
Retained
deficit
£000’s
Distributable
Reserve
£000’s
167
-
-
-
(2)
165
-
-
-
-
(9)
156
Translation
Reserve
£000’s
62,624
-
-
-
-
62,624
-
-
(62,624)
(62,624)
-
-
Merger
relief
Reserve
£000’s
(24,060)
-
-
-
-
(24,060)
-
-
-
-
-
(24,060)
Merger
Reserve
£000’s
6,660
-
-
-
-
6,660
-
-
(6,660)
(6,660)
-
-
Capital
redemption
Reserve
£000’s
84,551
4,544
-
4544
-
89,095
57
-
(89,152)
(89,095)
-
-
Share
premium
£000’s
1,081
207
-
207
-
1,288
4
-
-
4
-
1,292
Share
Capital
£000’s
Total
Equity
£000’s
(121,001)
-
435
435
3,389
(117,177)
-
383
-
383
2,261
(114,533)
-
-
-
-
-
-
-
-
158,436
158,436
-
158,436
10,022
4,751
435
5,186
3,387
18,595
61
383
-
444
2,252
21,291
Notes to the Financial Statements
For the year ended 31 December 2024
The Directors are confident that the Group’s cash flow
projections are achievable, and are committed to taking
any actions available to them to ensure that any shortfall
in forecast revenue receipts is mitigated by cost savings.
The Directors continue to maintain rolling forecasts
which are regularly updated.
The Directors remain confident that the Group has
sufficient cash resources for a period of at least twelve
months from the date of approval of these consolidated
financial statements and accordingly, the Directors have
concluded that it is appropriate to continue to adopt
the going concern basis in preparing these consolidated
financial statements.
2.2 Basis of consolidation
The consolidated financial statements consolidate the
financial statements of Brave Bison Group plc and all its
subsidiary undertakings up to 31 December 2024, with
comparative information presented for the year ended 31
December 2023. No profit and loss account is presented
for Brave Bison Group plc as permitted by section 408 of
the Companies Act 2006.
Subsidiaries are all entities over which the Group has
the power to control the financial and operating policies
and is exposed to or has rights over variable returns from
its involvements with the investee and has the power
to affect returns. Brave Bison Group plc obtains and
exercises control through more than half of the voting
rights for all its subsidiaries. All subsidiaries have a
reporting date of 31 December and are consolidated from
the acquisition date, which is the date from which control
passes to Brave Bison Group plc.
The Group applies uniform accounting policies and all
intra-group transactions, balances, income and expenses
are eliminated on consolidation.
Unrealised gains and losses on transactions between
Group companies are eliminated. Where recognised losses
on intra-group asset sales are reversed on consolidation,
the underlying asset is also tested for impairment from
a Group perspective.
Business combinations are accounted for using the
acquisition method. The acquisition method involves
the recognition at fair value of all identifiable assets and
liabilities, including contingent liabilities of the subsidiary,
at the acquisition date, regardless of whether or not
they were recorded in the financial statements of the
subsidiary prior to acquisition. On initial recognition,
the assets and liabilities of the subsidiary are included
in the consolidated statement of financial position at
their fair values, which are also used as the basis for
subsequent measurement in accordance with the Group
accounting policies. Goodwill is stated after separating
out identifiable intangible assets.
1. Brave Bison
Brave Bison Group plc (“the Company”) was incorporated
in England and Wales on 30 October 2013 under the
Companies Act 2006 (registration number 08754680)
and its registered address is 2 Stephen Street, London,
W1T 1AN. On 12 November 2013 the Company entered
into share exchange agreements to acquire 100% of the
issued share capital of Brave Bison Limited, a company
incorporated in England and Wales on 16 May 2011 and
registered at the same address. On 12 November 2013
the Company was admitted to the Alternative Investment
Market (AIM) where its ordinary shares are traded.
The consolidated financial statements of the Group for
the year ended 31 December 2024 comprise the Company
and its subsidiaries (together referred to as the “Group”).
The Group’s business activities, together with the factors
likely to affect its future development, performance and
position are set out in the CFO’s Review on pages 9-10,
and Principal Risks and Uncertainties on page 12. In
addition, Note 26 to the financial statements includes
the Group’s objectives, policies and processes for
managing its capital; its financial risk management
objectives; details of its financial instruments and its
exposure to credit risk and liquidity risk.
2. Basis of preparation
2.1. Going Concern
The consolidated financial statements have been
prepared on a going concern basis, which assumes that
the Group will be able to meet its liabilities as they fall
due for the foreseeable future, and at least for 12 months
from the date of approval of the consolidated financial
statements. The Group is dependent for its working
capital requirements on cash generated from operations,
and cash holdings. The cash holdings of the Group at 31
December 2024 were £7.6 million (2023: £6.9 million).
The Group made a profit before tax of £2.0 million for the
year ended 31 December 2024 (2023: £1.1 million), and
generated an increase in cash and cash equivalents in
2024 of £0.7 million (2023: £0.4 million). The Group has
net assets of £21.1 million (2023: £18.6 million).
The Directors have prepared detailed cash flow
projections for the period to 31 December 2025 and for
the following 6 month period to 30 June 2026 which are
based on their current expectations of trading prospects.
The Group achieved positive cashflow of £0.7 million
in H2 2024, and the Board forecasts that the Group will
continue to achieve positive cash inflows in 2025.
The Directors have considered the initial, deferred
and contingent consideration payments for recent
acquisitions in their cashflow projections.
57
01
02
03
Annual Report 2024
Notes to the Financial Statements
For the year ended 31 December 2024
4.1. Revenue
Revenue is measured at the fair value of the consideration
received or receivable and represents amounts receivable
for services provided in the normal course of business,
net of discounts and sales related taxes.
Revenue is recognised when the amount of revenue can
be measured reliably, it is probable that the economic
benefits associated with the transaction will flow to
the entity, the costs incurred or to be incurred can
be measured reliably, and when the criteria for each
of the Group’s different activities has been met.
The determination of whether the Group is acting as a
principal or an agent in a transaction involves judgement
and is based on an assessment of who controls a specified
good or service before it is transferred to a customer.
Significant contracts are reviewed for the indicators of
control. The Group is deemed to be acting as a principal
in all significant contracts.
Where the Group’s contractual performance obligations
have been satisfied in advance of invoicing the client then
unbilled income is recognised on the Statement of
Financial Position. Where the Group’s contractual
performance obligations have been satisfied less than
amounts invoiced then a contract liability is recognised.
The accounting policies specific to the Group’s key
operating revenue categories are outlined below:
Media & Technology revenue:
9
! Performance marketing services. Revenue from
providing these services is recognised over the time
that the performance obligations to provide services
are satisfied; an+
! Technology services. Revenue from providing these
services is recognised over the time that the
performance obligations to provide services are
satisfied.
Content revenue:
9
! Ad-funded YouTube channel management of third
party content owners’ videos. Revenue is recognised
at the point in time when the performance obligation
of delivering monetised views occurs; an+
! Monetisation of the Group’s owned and operated
brands and videos via platforms such as Facebook and
Snapchat. Revenue is recognised at the point in time
when the performance obligation of delivering
monetised views occurs
! Social Media and Influencer services. Providing social
media consultancy and strategy services, and
providing creative and influencer management
services. Revenue from providing these services is
recognised over the time that the performance
obligations to provide services are satisfied.
Goodwill represents the excess of acquisition cost over
the fair value of the Group’s share of the identifiable
net assets of the acquired subsidiary at the date of
acquisition.
Profit or loss and other comprehensive income of
subsidiaries acquired or disposed of during the year
are recognised from the effective date of acquisition,
or up to the effective date of disposal, as applicable.
2.3. Adoption of new and revised standards
The Group has applied the following amendments to IFRS
during the year:
Ä
! IFRS 16 – Lease Liability in a Sale and Leaseback
! IAS 1 – Non-current Liabilities with Covenants
! IAS 1 – Classification of Liabilities as Current or
Non-current; an+
! IAS 12 – International Tax Reform – Pillar Two Model
Rules.
Other Standards and amendments that are not yet
effective and have not been adopted early by the
Company includez
! Amendments to IAS 21– Lack of Exchangeability; an+
! IFRS 18 – Presentation and Disclosures in Financial
Statements.
The directors are assessing the impact of these
amendments on future periods.
3. Statement of compliance
The financial statements have been prepared in
accordance with the accounting policies and presentation
required by UK adopted International Accounting
Standards, and International Financial Reporting
Interpretations Committee (“IFRIC”) Interpretations
as endorsed for use in the UK. The financial statements
except certain financial assets and liabilities, share based
payments and assets and liabilities acquired as part of
a business combination have also been prepared under
the historical cost convention and in accordance with
those parts of the Companies Act 2006 that are relevant
to companies that prepare financial statements in
accordance with UK adopted International
Accounting Standards.
4. Summary of accounting policies
The Group’s presentation and functional currency is
£ (Sterling). The financial statements are presented in
thousands of pounds (£000’s) unless otherwise stated.
58
01
02
03
Annual Report 2024
Notes to the Financial Statements
For the year ended 31 December 2024
4.5. Leasing
For any new contracts entered into on or after 1 January
2019, the Group considers whether a contract is, or
contains a lease. A lease is defined as ‘a contract, or part
of a contract, that conveys the right to use an assed (the
underlying asset) for a period of time in exchange for
consideration’. To apply this definition the Group assesses
whether the contract meets three key evaluations which
are whether:
m
5 The contract contains an identified asset, which is either
explicitly identified in the contract or implicitly specified
by being identified at the time the asset is made available
to the Group;m
5 The Group has the right to obtain substantially all of the
economic benefits from use of the identified asset
throughout the period of use, considering its rights within
the defined scope of the contract; andm
5 The Group has the right to direct the use of the identified
asset throughout the period of use. The Group assess
whether it has the right to direct ‘how and for what
purpose’ the asset is used throughout the period of use.
At lease commencement date, the Group recognises a
right-of-use asset and a lease liability on the balance
sheet. The right-of-use asset is measured at cost, which is
made up of the initial measurement of the lease liability,
any initial direct costs incurred by the Group, an estimate
of any costs to dismantle and remove the asset at the end
of the lease, and any lease payments made in advance of
the lease commencement date (net of any incentives
received).
The Group depreciates the right-of-use assets on a
straight-line basis from the lease commencement date to
the earlier of the end of the useful life of the right-of-use
asset or the end of the lease term. The Group also
assesses the right-of-use asset for impairment when such
indicators exist.
At the commencement date, the Group measures the
lease liability at the present value of the lease payments
unpaid at that date, discounted using the interest rate
implicit in the lease if that rate is readily available or the
Group’s incremental borrowing rate.
Lease payments included in the measurement of the
lease liability are made up of fixed payments (including
in substance fixed), variable payments based on an index
or rate, amounts expected to be payable under a residual
value guarantee and payments arising from options
reasonably certain to be exercised.
Subsequent to initial measurement, the liability
will be reduced for payments made and increased for
interest. It is remeasured to reflect any reassessment
or modification, or if there are changes in in-substance
fixed payments.
4.2. Interest and dividend income
Interest income and expenses are reported on an accrual
basis using the effective interest method.
4.3. Foreign currency translation
Transactions in foreign currencies are translated at the
exchange rate ruling at the date of the transaction.
Monetary assets and liabilities in foreign currencies are
translated at the rates of exchange ruling at the balance
sheet date. Non-monetary items that are measured at
historical cost in a foreign currency are translated at the
exchange rate at the date of the transaction. Non-
monetary items that are measured at fair value in a
foreign currency are translated using the exchange rates
at the date when the fair value was determined.
Any exchange differences arising on the settlement of
monetary items or on translating monetary items at rates
different from those at which they were initially recorded
are recognised in the profit or loss in the period in which
they arise.
The assets and liabilities in the financial statements of
foreign subsidiaries and related goodwill are translated at
the rate of exchange ruling at the balance sheet date.
Income and expenses are translated at the actual rate on
the date of transaction. The exchange differences arising
from the retranslation of the opening net investment in
subsidiaries and on income and expenses during the year
are recognised in other comprehensive income and taken
to the “translation reserve” in equity. On disposal of a
foreign operation the cumulative translation differences
(including, if applicable, gains and losses on related
hedges) are transferred to the income statement as part
of the gain or loss on disposal.
4.4. Segment reporting
IFRS 8 Operating Segments requires operating segments
to be identified on the same basis as is used internally for
the review of performance and allocation of resources by
the Group Chief Executive (chief operating decision maker
– CODM).
The Board has reviewed the Group and all revenues are
functional activities of a digital media and marketing
group, and these activities take place on an integrated
basis. The senior executive team review the financial
information on an integrated basis for the Group as a
whole, but view the business as having 2 key pillars,
being Media & Technology and Content. The Group will
provide a split between these two pillars, as well as a
split by geographical location. Segmental information
is presented in accordance with IFRS 8 for all periods
presented within Note 6.
59
01
02
03
Annual Report 2024
Notes to the Financial Statements
For the year ended 31 December 2024
4.7. Impairment of property, plant and equipment
At each balance sheet date, the Group reviews the
carrying amounts of its property, plant and equipment
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 Group estimates the recoverable amount of the cash-
generating unit to which the asset belongs. Recoverable
amount is the higher of fair value less costs of disposal
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.
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.
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 (cash-generating unit) in prior years. A reversal
of an impairment loss is recognised immediately in profit
or loss.
4.8. Intangible assets
An intangible asset, which is an identifiable non-monetary
asset without physical substance, is recognised to
the extent that it is probable that the expected future
economic benefits attributable to the asset will flow
to the Group and that its cost can be measured reliably.
The asset is deemed to be identifiable when it isseparable
or when it arises from contractual or other legal rights.
Intangible assets acquired as part of a business
combination, are shown at fair value at the date of the
acquisition less accumulated amortisation. Amortisation
is charged on a straight line basis to profit or loss.
The rates applicable, which represent the Directors’
best estimate of the useful economic life, are:
m
5 Customer relationships – 5 to 10 yearsm
5 Online channel content – 3 to 5 yearsm
5 Brands – 3 to 5 yearsm
5 Technology – 1 to 5 years
Goodwill is not amortised but is instead reviewed for
impairment on an annual basis as outlined below.
When the lease liability is remeasured, the corresponding
adjustment is reflected in the right-of-use asset, or profit
and loss if the right-of-use is already reduced to zero.
The Group has elected to account for short-term leases
and leases of low-value assets using the practical
expedients. Instead of recognising a right-of-use asset
and lease liability, the payments in relation to these
are recognised as an expense in the profit or loss
on a straight-line basis over the lease term.
On the statement of financial position, right-of-use assets
have been included in property, plant and equipment and
lease liabilities have been included in trade and other
payables.
4.6. Property, plant and equipment
Property, plant and equipment are stated at historical
cost less accumulated depreciation and impairment.
Depreciation is calculated to write down the cost less
estimated residual value of all property, plant and
equipment by equal annual instalments over their expected
useful lives less estimated residual values, using the
straight line method. The rates generally applicable are:
m
5 Fixtures and Fittings – 3 years or over remaining lease termm
5 Computer Equipment – 3 years
The gain or loss arising on the disposal or retirement
of an item of property, plant and equipment is determined
as the difference between the sales proceeds and the
carrying amount of the asset and is recognised in profit
or loss.
The assets’ residual value and useful lives are reviewed,
and adjusted if required, at each balance sheet date.
The carrying amount of an asset is written down
immediately to its recoverable amount if the carrying
amount is greater than its estimated recoverable amount.
The Group depreciates the right-of-use assets on a
straight-line basis from the lease commencement date
to the earlier of the end of the useful life of the right-of-
use asset or the end of the lease term. The Group also
assesses the right-of-use asset for impairment when
such indicators exist.
60
01
02
03
Annual Report 2024
Notes to the Financial Statements
For the year ended 31 December 2024
4.11. Taxation
Tax expenses recognised in profit or loss comprise
the sum of the tax currently payable and deferred tax
not recognised in other comprehensive income or directly
in equity.
Current tax
The tax currently payable is based on taxable profit for
the year. Taxable profit differs from profit as reported in
the statement of comprehensive income because it
excludes items of income or expense that are taxable or
deductible in other years and it further excludes items
that are never taxable or deductible. The Group’s liability
for current tax is calculated using tax rates that have been
enacted or substantively enacted by the balance sheet
date.
Deferred tax
Deferred tax is recognised on differences between the
carrying amounts of assets and liabilities in the financial
statements and the corresponding tax bases used in the
computation of taxable profit, and are accounted for using
the liability method. Deferred tax liabilities are generally
recognised for all taxable temporary differences, and
deferred tax assets are generally recognised for all
deductible temporary differences to the extent that it is
probable that taxable profits will be available against
which those deductible temporary differences can be
recognised. Such assets and liabilities are not recognised
if the temporary difference arises from goodwill or from
the initial recognition (other than in a business
combination) of other assets and liabilities in a
transaction that affects neither the taxable profit nor the
accounting profit. Deferred tax liabilities are recognised
for taxable temporary differences associated with
investments in subsidiaries except where the Group is
able to control the reversal of the temporary difference
and it is probable that the temporary difference will not
reverse in the foreseeable future. Deferred tax assets
arising from deductible temporary differences associated
with such investments are only recognised to the extent
that it is probable that there will be sufficient taxable
profits against which to recognise the benefits of the
temporary differences and they are expected to reverse in
the foreseeable future.
4.9. Impairment of intangible assets
At each balance sheet date, the Group reviews the
carrying amounts of its intangible assets and goodwill
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 Group estimates the recoverable amount of the cash-
generating unit to which the asset belongs.
Recoverable amount is the higher of fair value less costs
of disposal 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.
If the recoverable amount of an asset is estimated to be
less than its carrying amount, the carrying amount of the
asset is reduced to its recoverable amount. An impairment
loss is recognised immediately in profit or loss.
4.10. Development costs
Expenditure on the research phase of an internal project
is recognised as an expense in the period in which it is
incurred. Development costs incurred on specific projects
are capitalised when all the following conditions are
satisfied:
Completion of the asset is technically feasible so that
it will be available for use or sale;
The Group intends to complete the asset and use or
sell it;
The Group has the ability to use or sell the asset and
the asset will generate probable future economic
benefits (over and above cost);
There are adequate technical, financial and other
resources to complete the development and to use or
sell the asset; and
The expenditure attributable to the asset during its
development can be measured reliably.
During the period no development costs were capitalised
(2023: £nil). Development costs not meeting the criteria
for capitalisation are expensed as incurred. The cost of
an internally generated asset comprises all directly attributable
costs necessary to create, produce and prepare the asset to be
capable of operating in the manner intended by management.
Directly attributable costs include employee (other than
Director) costs incurred along with third party costs.
Judgement by the Directors is applied when deciding
whether the recognition requirements for development costs
have been met. Judgements are based on the information
available at the time when costs are incurred. In addition, all
internal activities related to the research and development
of new projects is continuously monitored by the Directors.
61
01
02
03
Annual Report 2024
Notes to the Financial Statements
For the year ended 31 December 2024
Share premium
Share premium includes any premiums received on issue
of share capital. Any transaction costs associated with the
issuing of shares are deducted from share premium arising
on those shares, net of any related income tax benefits.
Retained deficits
Retained deficits include all current and prior period
retained profits or losses. It also includes credits arising
from share based payment charges.
Translation reserve
Translation reserve represents the differences arising from
translation of investments in overseas subsidiaries.
Merger reserve
The merger reserve is created when group reconstruction
accounting is applied. The difference between the cost of
investment and the nominal value of the share capital
acquired is recognised in a merger reserve.
Merger relief reserve
Where the following conditions are met, any excess
consideration received over the nominal value of the
shares issued is recognised in the merger relief reserve:
the consideration for shares in another company includes
issued shares; and
on completion of the transaction, the company issuing the
shares will have secured at least a 90% equity holding in
the other company.
Capital redemption reserve
Where the Company purchases its own equity share
capital, on cancellation, the nominal value of the shares
cancelled is deducted from share capital and the amount
is transferred to the capital redemption reserve.
Distributable reserve
This reserve was created during the year as a result of the
capital restructuring carried out to create additional
distributable reserves.
Dividend distributions payable to equity shareholders are
included in ‘other liabilities’ when the dividends have been
approved in a general meeting prior to the reporting date.
4.14. Cash and cash equivalents
Cash and cash equivalents include cash in hand, deposits
held at call with banks, together with other short-term
highly liquid investments that are readily convertible into
known amounts of cash having maturities of 3 months or
less from inception and which are subject to an
insignificant risk of change in value, and bank overdrafts.
4.15. Employee benefits
The Group operates two schemes on behalf of its employees,
private healthcare and a defined contribution pension plan
and amounts due are expensed as they fall due.
The carrying amount of deferred tax assets is reviewed at
each reporting date and reduced to the extent that it is no
longer probable that sufficient taxable profits will be
available to allow all or part of the asset to be recovered.
Deferred tax assets and liabilities are measured at the tax
rates that are expected to apply in the period in which the
liability is settled or the asset recognised based on tax
rates (and tax laws) that have been enacted or
substantively enacted by the balance sheet date. The
measurement of deferred tax liabilities and assets reflects
the tax consequences that would follow from the manner
in which the Group expects, at the reporting date, to
recover or settle the carrying amount of its assets and
liabilities. Deferred tax assets and liabilities are offset
when there is a legally enforceable right to set off current
tax assets against current tax liabilities and when they
relate to income taxes levied by the same taxation
authority and the Group intends to settle its current tax
assets and liabilities on a net basis.
4.12. Financial Instruments
Recognition and derecognition
Financial assets and financial liabilities are recognised
with the Group becomes a party to the contractual
provisions of the financial instrument. Financial assets
are derecognised when the contractual rights to the cash
flows from the financial asset expire, or when the financial
asset and substantially all the risks and rewards are
transferred. A financial liability is derecognised when
it is extinguished, discharged, cancelled or expires.
Loan and other receivables
The Group accounts for loan and other receivables by
recording the loss allowance as lifetime expected credit
losses. These are shortfalls in contractual cash flows,
considering the potential for default at any point during
the life of the financial instrument. The Group uses its
historical experience, external indicators and forward-
looking information to calculate expected credit losses.
Trade and other payables
Trade and other payables are initially measured at fair
value, and are subsequently measured at amortised cost,
using the effective interest method.
Contract assets and liabilities
The Group does not adjust the promised amount of
consideration for the effects of a significant financing
component if the entity expects, at contract inception,
that the period between when the entity transfers a
promised good or service to a customer and when the
customer pays for that good or service will be one year
or less.
4.13. Equity, reserves and dividend payments
Share capital
Share capital represents the nominal value of shares
that have been issued.
62
01
02
03
Annual Report 2024
Notes to the Financial Statements
For the year ended 31 December 2024
5.1. Critical accounting judgements
Intangible assets and impairment
The Group recognises the intangible assets acquired as
part of business combinations at fair value at the date
of acquisition. The determination of these fair values
is determined by experts engaged by management and
based upon management’s and the Directors’ judgement
and includes assumptions on the timing and amount of
future incremental cash flows generated by the assets and
selection of an appropriate discount rate. Furthermore
management must estimate the expected useful lives of
intangible assets and charge amortisation on these assets
accordingly.
Treatment of revenue as agent or principal
The determination of whether the Group is acting as a
principal or an agent in a transaction involves judgment
and is based on an assessment of who controls a specified
good or service before it is transferred to a customer.
Significant contracts are reviewed for the indicators of
control. These include if the Group is primarily
responsible for fulfilling the promise to provide the good
or service, if the Group has inventory risk before the good
or services has been transferred to the customer and if
the Group has discretion in establishing the price for the
good or service.
Deferred taxation
Deferred tax assets are recognised in respect of tax loss
carry forwards only to the extent that the realisation of
the related tax benefit through future taxable profits is
probable.
4.16. Share based payments
Employees (including Directors) of the Group received
remuneration in the form of share-based payment
transactions, whereby employees render services in
exchange for rights over shares (‘equity-settled
transactions’). The Group has applied the requirements
of IFRS 2 Share-based payments to all grants of equity
instruments. The transactions have been treated as
equity settled.
The cost of equity settled transactions with employees is
measured by reference to the fair value at the grant date
of the equity instrument granted. The fair value is
determined by using the Black-Scholes method. The cost
of equity-settled transactions is recognised, together with
a corresponding charge to equity, over the period between
the date of grant and the end of a vesting period, where
relevant employees become fully entitled to the award.
The total value of the options has been pro-rated and
allocated on a weighted average basis.
4.17. Restructuring Costs
Restructuring costs relate to corporate re-organisation
activities previously undertaken or announced, as
detailed in note 8.
4.18. Provisions
The Group has recognised a provision for the costs
to restore leased property to its original condition, as
required by the terms and conditions of the lease. This is
recognised when the obligation is incurred, either at the
commencement date or as a consequence of having used
the underlying asset during a particular period of the
lease, at the directors’ best estimate of the expenditure
that would be required to restore the assets. Estimates
are regularly reviewed and adjusted as appropriate for
new circumstances.
5. Critical accounting judgements and
key sources of estimation uncertainty
The preparation of financial statements under UK adopted
International Accounting Standards requires the Group
to make estimates and assumptions that affect the
application of policies and reported amounts. Estimates
and judgements are continually evaluated and are based
on historical experience and other factors including
expectations of future events that are believed to be
reasonable under the circumstances. Actual results
may differ from these estimates. The estimates and
assumptions which have a risk of causing a material
adjustment to the carrying amount of assets and liabilities
are discussed below.
63
01
02
03
Annual Report 2024
Notes to the Financial Statements
For the year ended 31 December 2024
5.2. Estimates
Share based payment charges
The Group is required to measure the fair value of its
share based payments. The fair value is determined using
the Black-Scholes method which requires assumptions
regarding exchange rate volatility, the risk free rate, share
price volatility and the expected life of the share based
payment. Exchange rate volatility is calculated using
historic data over the past three years. The volatility
of the Group’s share price has been calculated as the
average of similar listed companies over the preceding
periods. The risk-free rate range used is between 0%
and 3.5% and management, including the Directors,
have estimated the expected life of most share based
payments to be 4 years.
Expected credit losses
Recoverability of some receivables may be doubtful
although not definitely irrecoverable. Where management
feel recoverability is in doubt an appropriate provision
is made for the possibility that the amounts may not
be recovered in full. Provisions are made using past
experience however subjectivity is involved when
assessing the level of provision required.
6. Segment Reporting
Geographic reporting
The Group has identified two geographic areas
(United Kingdom & Europe and Rest of the world)
and the information is presented based on the
customers’ location.
The Group identifies two revenue streams, Media and
Technology and Content. The analysis of revenue by
each stream is detailed below, a detailed overview
can be found in the Strategic Report.
Revenue
Revenue
2023
£000’s
2024
£000’s
Timing of revenue recognition
The following table includes revenue from contracts
disaggregated by the timing of recognition.
Media and Technology
Content
Total revenue
12,623
20,205
32,828
16,828
18,876
35,704
2023
£000’s
2024
£000’s
Gross profit
Revenue
Media and Technology
Content
Total gross profit
10,331
11,010
21,341
11,888
9,014
20,902
2023
£000’s
2023
£000’s
2024
£000’s
2024
£000’s
Products and services transferred
at a point in time
Products and services transferred
over time
Total revenue
8,658
24,170
32,828
10,077
25,627
35,704
United Kingdom and Europe
Rest of the world
Total revenue
29,862
2,966
32,828
31,558
4,146
35,704
64
01
02
03
Annual Report 2024
Notes to the Financial Statements
Auditor’s remuneration:
- Audit services
- Audit related services
Depreciation: property, plant and equipment
Impairment of intangible assets
Amortisation of intangible assets
Foreign exchange loss
145
-
644
-
387
56
143
4
694
26
388
35
2024
£000’s
2023
£000’s
Restructuring costs
927
832
2024
£000’s
2023
£000’s
Interest expense for leasing arrangements
Interest on bank loans
159
36
195
57
86
143
2024
£000’s
2023
£000’s
Current tax:
UK corporation tax at 25.00% (2023: 23.52%)
Overseas tax
Prior year adjustment
Total current tax
-
9
-
9
(49)
3
(1)
(47)
2024
£000’s
2023
£000’s
Bank interest
252
198
2024
£000’s
2023
£000’s
For the year ended 31 December 2024
7. Operating Profit and Profit before taxation
The operating profit and the profit before taxation are stated after:
8. Restructuring costs
Restructuring costs in 2024 relate to termination payments and legal costs for the closure of our US office, unused
property leases acquired with SocialChain, duplicated IT contracts now replaced, restructuring costs in relation to
our Commerce division, corporate reorganisation costs and professional fees associated with reduction in capital.
2023 restructuring costs related to corporate reorganisation activities as a result of the acquisition of SocialChain.
9. Finance income and costs
10. Income tax credit
Major components of tax credit:
65
01
02
03
Annual Report 2024
Notes to the Financial Statements
Deferred Tax:
Originations and reversal of temporary differences (Note 16)
Adjustments to tax charge in respect of previous periods - deferred tax
Tax credit on profit/loss on ordinary activities
(299)
(19)
(309)
(2,243)
11
(2,279)
2024
£000’s
2023
£000’s
Profit on ordinary activities before tax
1,952
1,110
2024
£000’s
2023
£000’s
Income tax using the Company’s domestic tax rate 25.00% (2023: 23.52%)
Effect of:
Property, plant and equipment differences
Intangible asset differences
Expenses not deductible for tax purposes
Income not taxable for tax purposes
Other permanent differences
Adjustments to tax charge in respect of previous periods - current tax
Adjustments to tax charge in respect of previous periods - deferred tax
Remeasurement of deferred tax for changes in tax rates
Deferred tax liabilities recognised
Movement in deferred tax not recognised
Difference in tax rates
Total tax credit for the year
488
11
-
316
(55)
(6)
-
(19)
-
(86)
(968)
10
(309)
261
(1)
-
342
-
(3)
(50)
11
37
(80)
(2,790)
(6)
(2,279)
2024
£000’s
2023
£000’s
For the year ended 31 December 2024
UK corporation tax is calculated at 25.00% (2023: 23.52%) of the estimated assessable loss for the year.
Taxation for other jurisdictions is calculated at the rates prevailing in those jurisdictions.
The credit for the year can be reconciled to the loss per the income statement as follows:
Reconciliation of effective tax rate:
66
01
02
03
Annual Report 2024
Notes to the Financial Statements
Weighted average number of ordinary shares
Dilution due to share options
Total weighted average number of ordinary shares
Basic earnings per ordinary share (pence)
Diluted earnings per ordinary share (pence)
Adjusted basic operating earnings per ordinary share (pence)
Adjusted diluted operating earnings per ordinary share (pence)
1,289,619,958
81,300,060
1,370,920,018
0.18p
0.16p
0.30p
0.28p
1,268,861,088
96,616,725
1,365,477,813
0.27p
0.25p
0.29p
0.27p
2024
2023
Profit after tax
Equity settled share based payments
Restructuring costs
Acquisition costs
Impairment charge
Amortisation of acquired intangibles
Tax credit
Adjusted Profit before tax for the year attributable to the equity shareholders
2,261
383
927
255
-
387
(309)
3,904
3,389
435
832
847
26
388
(2,279)
3,638
2024
£000’s
2023
£000’s
For the year ended 31 December 2024
11. Earnings per share
Both the basic and diluted earnings per share have been calculated using the profit after tax attributable to shareholders
of Brave Bison Group plc as the numerator, i.e. no adjustments to profits were necessary in 2023 or 2024. The calculation
of the basic earnings per share is based on the profit attributable to ordinary shareholders divided by the weighted average
number of shares in issue during the year.
67
01
02
03
Annual Report 2024
Notes to the Financial Statements
Sales, production and operations
Support services and senior executives
155
37
192
209
42
251
2024
Number
2023
Number
Wages and salaries
Payroll taxes
Pension contributions
12,076
1,016
411
13,503
12,403
957
569
13,929
2024
£000’s
2023
£000’s
Emoluments
521
521
483
483
2024
£000’s
2023
£000’s
Salaries including bonuses
Social security costs
Total Emoluments
458
63
521
424
59
483
2024
£000’s
2023
£000’s
For the year ended 31 December 2024
12. Directors and employees
The average number of persons (including Directors) employed by the Group during the year was:
The aggregate cost of these employees was:
Directors emoluments paid during the period and included in the above figures were:
The highest paid Director received emoluments totalling £0.2 million (2023: £0.2 million). The amount of share based
payments charge (see Note 24) which relates to the Directors was £0.3 million. (2022: £0.3 million charge). The key
management of the Group are the executive members of Brave Bison Group plc’s Board of Directors. Key management
personnel remuneration includes the following expenses:
68
01
02
03
Annual Report 2024
Notes to the Financial Statements
Cost
At 1 January 2023
Additions
Reallocation of Goodwill
At 31 December 2023
Additions
At 31 December 2024
Amortisation and impairment
At 1 January 2023
Charge for the year
Impairment charge
At 31 December 2023
Charge for the year
At 31 December 2024
Net Book Value
At 31 December 2022
At 31 December 2023
At 31 December 2024
20,692
1,201
127
22,020
-
22,020
19,513
288
-
19,801
281
20,082
1,179
2,219
1,938
68,758
6,776
29
75,563
-
75,563
62,488
388
26
62,902
387
63,289
6,270
12,661
12,274
Customer
Relationships
£000’s
729
364
26
1,119
-
1,119
729
67
26
822
73
895
-
297
224
Brands
£000’s
5,213
-
-
5,213
-
5,213
5,213
-
-
5,213
-
5,213
-
-
-
Technology
£000’s
2,034
-
-
2,034
-
2,034
1,958
33
-
1,991
33
2,024
76
43
10
Online
Channel
Content
£000’s
40,090
5,211
(124)
45,177
-
45,177
35,075
-
-
35,075
-
35,075
5,015
10,102
10,102
Goodwill
£000’s
Total
£000’s
For the year ended 31 December 2024
13. Intangible assets
Goodwill is not amortised, but tested annually for impairment with the recoverable amount being determined from value
in use calculations.
The recoverable amount of the intangible assets has been determined based on value in use. Value in use has been
determined based on future cash flows after considering current economic conditions and trends, estimated future
operating results, growth rates and anticipated future economic conditions.
As at 31 December 2024, the intangible assets were assessed for impairment. The impairment charge was £nil (2023: £0.03
million). The brand name acquired as part of the Social Chain acquisition is being amortised over 5 years and the customer
relationships are being amortised over 10 years.
The estimated cash flows for a period of 5 years were developed using internal forecasts, and a pre-tax discount rate of 10%.
The cash flows beyond 5 years have been extrapolated assuming nil growth rates. The key assumptions are based on growth
of existing and new customers and forecasts, which are determined through a combination of management’s views, market
estimates and forecasts and other sector information.
69
01
02
03
Annual Report 2024
Notes to the Financial Statements
Cost
At 1 January 2023
Additions
Acquisition of subsidiary
Disposals
At 31 December 2023
Additions
Disposals
At 31 December 2024
Depreciation and impairment
At 1 January 2023
Charge for the year
Disposals
At 31 December 2023
Charge for the year
Disposals
At 31 December 2024
Net Book Value
At 31 December 2022
At 31 December 2023
At 31 December 2024
880
1,774
758
(724)
2,688
449
(301)
2,836
508
694
(724)
478
644
(248)
874
372
2,210
1,962
Fixtures and
fittings
£000’s
27
4
-
-
31
-
-
31
2
9
-
11
10
-
21
25
20
10
Computer
Equipment
£000’s
123
76
189
(2)
386
113
-
499
55
115
(2)
168
127
-
295
68
218
204
Leasehold
Improvements
£000’s
11
76
268
(3)
352
54
-
406
8
53
(3)
58
87
-
145
3
294
261
Rights of
Use asset
£000’s
719
1,618
301
(719)
1,919
282
(301)
1,900
443
517
(719)
241
420
(248)
413
276
1,678
1,487
Total
£000’s
For the year ended 31 December 2024
70
01
02
03
Annual Report 2024
14. Property, plant and equipment
Notes to the Financial Statements
For the year ended 31 December 2024
15. Impairment charge
During the year the Group assessed the value in use of the brand names. The impairment charge was £nil (2023: £0.03m).
The charge in 2023 was as a result of the rebranding of Best Response Media to Brave Bison Commerce, the value in use of
the brand was assessed to be zero.
16. Deferred taxation assets and liabilities
Deferred tax recognised:
Unutilised tax losses carried forward which have not been recognised as a deferred tax asset at 31 December 2024 were
£45.1 million (2023: £48.8 million). These have not been recognised due to uncertainty about future consistent taxable
profits. Deferred tax has been calculated at a rate of 25%.
Reconciliation of movement in deferred tax
This deferred tax asset relates to short term timing differences and an asset in respect of tax losses brought forward.
Impairment of intangible assets
-
26
2024
£000’s
2023
£000’s
Deferred tax
Deferred tax asset
Deferred tax liability
2,426
(596)
1,830
2,183
(674)
1,509
2024
£000’s
2023
£000’s
As at December 2022
Recognised in the income statement
Balance arising as a result of the PPA exercise in relation to Best Response Media
Balance arising as a result of the Social Chain acquisition
Balance arising as a result of the PPA exercise in relation to Social Chain
As at December 2023
Recognised in the income statement
As at 31 December 2024
(235)
2,232
(29)
(69)
(390)
1,509
321
1,830
Deferred tax
£000’s
71
01
02
03
Annual Report 2024
Notes to the Financial Statements
For the year ended 31 December 2024
17. Trade and other receivables
The contractual value of trade receivables is £5.1 million (2023: £4.5 million). Their carrying value is assessed to be £4.9
million (2023: £4.2 million) after assessing recoverability. The contractual value and the carrying value of other receivables
are considered to be the same. The Group’s management considers that all financial assets that are not impaired or past due
are of good credit quality.
The ageing analysis of these trade receivables showing fully performing and past due but not impaired is as follows:
The movement in provision for expected credit losses can be reconciled as follows:
Provisions are created and released on a specific customer level on a monthly basis when management assesses for possible
impairment. At each half year and year end, management will assess for further impairment based upon expected credit loss
over and above the specific impairments noted throughout the year.
Having considered the Group’s exposure to bad debts and the probability of default by customers, no expected credit losses
have been recognised in accordance with IFRS 9 (2023: £nil).
The other classes within trade and other receivables do not contain impaired assets.
Trade receivables
Less allowance for expected credit losses
Net trade receivables
Unbilled income
Other receivables
5,093
(161)
4,932
1,380
2,122
8,434
4,549
(361)
4,188
1,311
1,024
6,523
2024
£000’s
2023
£000’s
Not overdue
Not more than three months
More than three months but not more than six months
More than six months but not more than one year
More than one year
3,218
1,586
39
141
(52)
4,932
2,687
1,617
67
56
(239)
4,188
2024
£000’s
2023
£000’s
Opening provision
Provisions from acquisition of Social Chain
Receivables provided for during period
Reversal of previous provisions
(361)
-
(161)
361
(161)
(587)
(57)
(210)
493
(361)
2024
£000’s
2023
£000’s
72
01
02
03
Annual Report 2024
Notes to the Financial Statements
For the year ended 31 December 2024
18. Trade and other payables
All amounts are short term and the Directors consider that the carrying value of trade and other payables are considered to
be a reasonable approximation of fair value.
The average credit period taken for trade purchases was 85 days (2023: 55 days).
Contract liabilities are utilised upon satisfaction of the associated contract performance obligations. The 2024 contract
liability of £1.4 million is expected to be utilised in the next reporting periods upon satisfaction of the associated
performance obligation. The 2023 contract liability of £1.4 million was recognised within revenue during 2024 upon
satisfaction of the associated performance obligation.
19. Lease Liabilities
Lease liabilities are presented in the statement of financial position as follows:
The Group entered into two new office leases during the year which expire in June 2026. The Group continues to hold an
office lease which will expire in November 2029. Four existing office leases expired in June 2024. With the exception of short-
term leases and leases of low-value underlying assets, each lease is reflected on the statement of financial position as a
right-of-use asset and a corresponding lease liability.
The table below describes the nature of the Group’s leasing activities by type of right-of-use asset recognised in the
statement of financial position:
Trade payables
Other taxation and social security
Contract liabilities
Accruals
2,687
869
1,408
3,777
8,741
2,226
1,296
1,356
3,982
8,860
2024
£000’s
2023
£000’s
Current
Non-current
249
1,463
1,712
212
1,487
1,699
2024
£000’s
2023
£000’s
Office building
-
No. of leases
with extension
options
-
Average
remaining
lease term
2.6 years
Range of
remaining
term
1.5 - 5 years
No. of right-of-
use assets
leased
3
No. of leases
with termination
options
73
01
02
03
Annual Report 2024
Notes to the Financial Statements
For the year ended 31 December 2024
The lease liabilities are secured by the related underlying assets. Future minimum lease payments at 31 December 2024 were
as follows:
The Group has elected not to recognise a lease liability for short term leases (leases with an expected term of 12 months or
less). Payments made under such leases are expensed on a straight-line basis.
At 31 December 2024 the Group had not committed to any leases which had not yet commenced excluding those recognised
as a lease liability.
Further information in relation to the right-of-use assets can be found in note 14.
20. Bank loans
The Group has a Bounce Back Loan Agreement which is due to be fully repaid in 2026. The repayment amount and timing
of each instalment is based on a fixed interest rate of 2.5% payable on the outstanding principal amount of the loan and
applicable until the final repayment date. This loan is unsecured. The Group continues to have a £3m revolving credit facility
(RCF) with Barclays Bank plc. The RCF is a 3 year facility with an interest margin of 2.75% over Base Rate. The RCF was
undrawn at the year end.The Group also has a U.S. Small Business Administration loan which was acquired as part of the
Social Chain acquisition which is due to be fully repaid in 2050. The repayment amount and timing of each instalment was
based on a fixed interest rate of 3.75% per annum payable on the outstanding principal amount of the loan and applicable
until the final repayment date.
Lease payments
Finance charges
Net present values
2,119
(407)
1,712
One to six years
£000’s
1,725
(262)
1,463
Within one year
£000’s
394
(145)
249
Total
£000’s
Loan <1 year
Loan >1 year
10
143
153
2023
£000’s
2024
£000’s
19
116
135
74
01
02
03
Annual Report 2024
Notes to the Financial Statements
For the year ended 31 December 2024
21. Provisions for liabilities
The dilapidations provision represents management’s best estimate of the Group’s liability relating to the restoration of the
leased property to its original condition at the end of the lease.
22. Share capital
Rights attributable to ordinary shares
The holders of ordinary shares are entitled to receive notice of and attend and vote at any general meeting of the Company.
A reconciliation of the movement in share capital during the year is detailed in Note 23.
23. Reconciliation of share capital
Dilapidations provision
Other provisions
397
119
516
2023
£000’s
2024
£000’s
14
210
224
Ordinary share capital
Ordinary shares of £0.001
1,288
1,288,147,280
At 31 December 2023
£000’s
Number
£000’s
Number
At 31 December 2024
1,292
1,291,813,947
At 31 December 2022
Shares issued in the period
Vendor placing
Share options exercised
At 31 December 2023
Share options exercised
Capital restructuring
At 31 December 2024
84,551
4,544
-
89,095
57
(89,152)
-
1,081
206
1
1,288
4
-
1,292
Ordinary Shares
Number
Ordinary Share Capital
£000’s
Share Premium
£000’s
1,080,816,000
206,521,740
809,540
1,288,147,280
3,666,667
-
1,291,813,947
As at 31 December 2022
Release of dilapidation provision
Dilapidation provision from Social Chain acquisition
Other provisions from Social Chain acquisition
As at 31 December 2023
Release of dilapidation provision from Social Chain
Other provisions from Social Chain
As at 31 December 2024
Provision
£000’s
285
(285)
397
119
516
(383)
91
224
75
01
02
03
Annual Report 2024
Notes to the Financial Statements
For the year ended 31 December 2024
24. Share options
During 2024 Brave Bison Limited granted 2,500,000 RSUs (2023: 37,500,000). The options vest annually over a 3 year
period to senior employees in the business. The exercise price of the RSUs were between 2.25 – 2.78 pence.
The options were valued using the Black-Scholes valuation model, using the following assumptions.
Within the assumptions above, a 50% share price volatility has been used, the assumption is based on the average volatility of
similar listed companies over the preceding periods and reviewed against the actual volatility of the Group during the year.
The charge included within the financial statements for share options for the year to 31 December 2023 is £0.1 million (2023:
£0.1 million). There is a further charge within share based payments which relates to an LTIP and is detailed in the Directors
Remuneration Report. The charge for the year to 31 December 2024 is £0.3 million (2023: £0.3 million).
Details of the options issued under the approved scheme are as follows:
Share options expire after 10 years, the options above expiring between May 2030 and August 2034.
Expected option life
Expected volatility
Weighted average volatility
Risk-free interest rate
Expected dividend yield
4 years
50%
50%
0 – 3.5%
0%
2023
£000’s
2024
£000’s
4 years
50%
50%
0 – 3.5%
0%
For the year ended 31 December 2023
Outstanding at the beginning of the year
Granted during the year
Exercised during the year
Cancelled during the year
Outstanding at the end of the year
Exercisable at the end of the year
0.96p
2.2p
(0.01p)
(1.61p)
1.43p
1.05p
Weighted average
exercise price
Number
63,369,125
37,500,000
(809,541)
(2,250,000)
97,809,584
34,659,615
For the year ended 31 December 2024
Outstanding at the beginning of the year
Granted during the year
Exercised during the year
Cancelled during the year
Outstanding at the end of the year
Exercisable at the end of the year
1.43p
2.49p
(1.66p)
(2.12p)
1.10p
1.29p
Weighted average
exercise price
Number
97,809,584
2,500,000
(3,666,667)
(14,149,998)
82,492,919
49,460,149
76
01
02
03
Annual Report 2024
Notes to the Financial Statements
For the year ended 31 December 2024
25. Undertakings included in the financial statements
The consolidated financial statements include:
All subsidiaries are exempt from an audit with the exception of Brave Bison Asia Pacific Pte. Ltd. Brave Bison Limited,
Brave Bison Commerce Limited, Brave Bison Performance Limited and Social Chain Limited are taking the s479A
exemption from audit.
26. Financial Instruments
Direct subsidiary
Brave Bison 2021 Limited
Indirect subsidiaries
Base 79 Limited
Base 79 Iberia SL
Best Response Media Limited
Brave Bison Asia Pacific Pte
Brave Bison Bulgaria EOOD
Brave Bison Limited
Brave Bison Commerce Limited
Brave Bison Performance Limited
Rightster India LLP
Social Chain Limited
Social Chain USA Inc.
Viral Management Limited
Non-trading
Non-trading
Non-trading
Commerce agency
Non-trading
Web development
Online video distribution
Commerce agency
Performance marketing
Non-trading
Social media agency
Social media agency
Non-trading
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
Nature of business
Class of share held
Country of
incorporation
Proportion held
UK
UK
Spain
UK
Singapore
Bulgaria
UK
UK
UK
India
UK
USA
UK
Ordinary
Ordinary
Ordinary
Ordinary
Ordinary
Ordinary
Ordinary
Ordinary
Ordinary
Ordinary
Ordinary
Ordinary
Ordinary
Categories of financial instruments
Financial assets at amortised cost
Trade and other receivables
Cash and bank balances
Financial liabilities at amortised cost
Trade and other payables
Lease liabilities
Bank Loans
5,850
6,920
12,770
8,755
1,699
153
10,607
As at 31 December 2023
£000’s
As at 31 December 2024
£000’s
9,473
7,603
17,076
8,146
1,712
135
9,993
77
01
02
03
Annual Report 2024
Notes to the Financial Statements
For the year ended 31 December 2024
Financial risk management
The Group’s financial instruments comprise cash and liquid resources and various items, such as trade receivables and trade
payables that arise directly from its operations. The main purpose of these financial instruments is to raise finance for the
Group’s operations. The principal financial risks faced by the Group are liquidity, foreign currency and credit risks. The
policies and strategies for managing these risks are summarised as follows:
Foreign currency risk
Transactional foreign currency exposures arise from both the export of services from the UK to overseas clients, and from
the import of services directly sourced from overseas suppliers. The Group is primarily exposed to foreign exchange in
relation to movements in sterling against the US Dollar, the Euro and the Singapore Dollar.
The Group does not use derivatives to hedge translation exposures. All gains and losses are recognised in profit or loss on
translation at the reporting date. The Group’s current exposures in respect of currency risk are as follows:
Sensitivity analysis
The table below illustrates the estimated impact on profit or loss as a result of market movements in the US Dollar,
Singapore Dollar, Euro and Sterling exchange rate.
Credit risk
The Group’s principal financial assets are cash and cash equivalents and trade and other receivables. The Group has no
significant concentration of credit risk and manages this by running quarterly credit checks and setting appropriate credit
limits. The maximum exposure to credit risk is that shown within the balance sheet. Management has assessed the
exposure to credit risk and has provided against any items which is considered to be high risk.
Liquidity/funding risk
The Group’s funding strategy is to ensure a mix of funding sources offering flexibility and cost effectiveness to match the
requirements of the Group.
Financial assets
Financial liabilities
Total exposure at 31 December 2023
Financial assets
Financial liabilities
Total exposure at 31 December 2024
71
(83)
(12)
98
(82)
16
12,770
(10,607)
2,163
17,076
(9,993)
7,083
Other
£000’s
363
(157)
206
187
(61)
126
Euro
£000’s
47
(52)
(5)
3
(7)
(4)
Singapore
Dollar
£000’s
1,863
(1,882)
(19)
1,414
(1,843)
(429)
US Dollar
£000’s
10,426
(8,433)
1,993
15,374
(8,000)
7,374
Sterling
£000’s
Total
£000’s
Impact on loss and equity
For the year to 31 December 2023
For the year to 31 December 2024
(21)
(13)
21
13
10%
Increase
Euro
£000’s
(1)
-
10%
Decrease
Singapore
Dollars
£000’s
1
-
10%
Increase
Singapore
Dollars
£000’s
(2)
(43)
10%
Decrease
US Dollars
£000’s
2
43
10%
Increase
US Dollars
£000’s
10%
Decrease
Euro
£000’s
78
01
02
03
Annual Report 2024
Notes to the Financial Statements
For the year ended 31 December 2024
Interest rate risk
The Group holds the majority of its cash and cash equivalents in corporate current accounts and interest bearing money
market accounts. These accounts offer a competitive interest rate with the advantage of quick access to the funds. The
Group is in a net cash positive position and management consider there to be a low level of risk.
Capital policy
The Group’s objectives when managing capital are to safeguard the Group’s ability to continue as a going concern in order
to provide returns for shareholders and benefits for other stakeholders and to maintain a capital structure that optimises
the cost of capital.
The Group manages its capital to ensure that entities in the Group will be able to continue as a going concern while
maximising the return to stakeholders through the optimisation of the debt and equity balance. The capital structure of
the Group consists of cash and cash equivalents as disclosed in the statement of financial position and equity attributable
to equity holders of the parent, comprising issued capital, reserves and retained earnings as disclosed in the consolidated
statement of changes in equity.
Debt is defined as long and short-term borrowings. Equity includes all capital and reserves of the Group that are managed
as capital.
Financial instruments measured at fair value
Financial assets and financial liabilities measured at fair value in the statement of financial position are grouped into three
levels of fair value hierarchy. This grouping is determined based on the lowest level of significant inputs used in fair value
measurement, as follows:
^
S level 1 – quoted prices (unadjusted) in active markets for identical assets or liabilities;^
S level 2 – inputs other than quoted prices included within level 1 that are observable for the asset or liability, either
directly (i.e. as prices) or indirectly (i.e. derived from prices); and^
S level 3 – inputs for the asset or liability that are not based on observable market data (unobservable inputs).
Maturity analysis
Set out below is a maturity analysis for non-derivative financial liabilities. The amounts disclosed are based on contractual
undiscounted cash flows. The table includes both interest and principal cash flows. The Group had no derivative financial
liabilities at either reporting date.
As at 31 December 2023
Trade and other payables
Leases liabilities
As at 31 December 2024
Trade and other payables
Lease liabilities
3-5 Years
£000’s
-
265
-
265
1-3 years
£000’s
-
1,222
-
1,198
Less than 1 year
£000’s
8,755
212
8,146
249
Total
£000’s
8,755
1,699
8,146
1,712
79
01
02
03
Annual Report 2024
Notes to the Financial Statements
For the year ended 31 December 2024
27. Transactions with Directors and other related parties
Oliver Green and Theodore Green are directors and shareholders in Tangent Marketing Services Limited and directors of
The Printed Group Limited.
Tangent Marketing Services and The Printed Group both rent office space from Brave Bison at its London headquarters.
Tangent Marketing Services pays Brave Bison a salary recharge for certain employees in the HR, IT and facilities
departments.
The Printed Group is a client of Brave Bison, whereby Brave Bison provides search engine optimisation services to The
Printed Group.
All related party transactions are undertaken on an arms-length basis and are approved beforehand by the Group’s
independent directors. A copy of the Group’s related party policy is available at bravebison.com/investors.
Transactions with associates and related parties during the year were:
Amounts charged to Tangent Marketing Services Limited by Brave Bison
Recharge for HR related salary
Recharge for IT related salary
Recharge for facilities staff salary
Recharge for other expenses
Charge for marketing related costs
Charge for property related costs
Charge for client related work
Charge for IT related costs
Recharge of other staff costs
Amounts charged to Brave Bison by Tangent Marketing Services Limited
Charge for client related work
Amounts charged to Printed Group Limited by Brave Bison
Charge for property related costs
Charge for client related work
33
33
17
-
-
76
19
10
7
195
67
67
39
96
135
2023
£000’s
2024
£000’s
35
9
10
1
8
77
58
-
-
198
-
-
38
66
104
Amounts owed by Tangent Marketing Services Limited
Amounts owed by Printed Group Limited
21
22
2023
£000’s
2024
£000’s
89
1
80
01
02
03
Annual Report 2024
Notes to the Financial Statements
For the year ended 31 December 2024
29. Post balance sheet events
On 3 January 2025, the Group acquired the entire issued share capital of Engage Digital Partners Limited (‘Engage’).
Engage is a global sports marketing company that works with the world’s largest sports brands and federations
including Formula 1, ICC, Real Madrid and New Zealand Rugby.
The provisional fair value of the assets acquired and liabilities were as follows:
The consideration for the acquisition is as follows:
The contingent share consideration is dependent on share price and group net revenues, and the above reflects
the value of the shares that would be issued at a £0.03p price per share. The contingent cash consideration is payable
over 3 years based on performance targets, and the amount recognised above is the maximum amount payable under
the agreement.
Goodwill
Tangible Assets
Trade and other receivables
Cash and cash equivalents
Current liabilities
Non-current liabilities
Deferred tax
11,001
194
891
465
(3,831)
(192)
(29
8,500
Fair value
adjustments
£000’s
11,001
-
-
-
-
-
-
11,001
Book value
£000’s
-
194
891
465
(3,831)
(192)
(29)
(2,501)
Fair value
£000’s
Contingent share consideration
Contingent cash consideration
2,000
6,500
8,500
£000’s
81
At 31 December 2023
Cashflows
At 31 December 2024
Total
£000’s
1,852
(5)
1,847
Bank loans < 1 year
£000’s
10
9
19
Bank loans > 1 year
£000’s
143
(27)
116
Lease Liabilities
£000’s
1,699
13
1,712
28. Reconciliation of liabilities arising from financing activities
01
02
03
Annual Report 2024
Notes to the Financial Statements
For the year ended 31 December 2024
The Statement of Comprehensive Income includes £0.3 million of acquisition costs.
The fair value of the financial assets includes trade and other receivables with a fair value of £0.8 million and a gross
contractual value of £0.8 million. The best estimate at acquisition date of the contractual cash flows not to be collected is
£Nil. The goodwill represents the acquired accumulated workforce and the synergies expected from integrating Engage into
the Group’s existing business. The Group has carried out an interim fair value adjustment exercise and will be completing
a full year exercise within the one year measurement period from the date of acquisition in accordance with IFRS3. At the
interim valuation stage, the Group has not been able to reliably estimate the fair value of acquired intangibles, and therefore
the excess of consideration over fair value of other identifiable assets and liabilities has been allocated to goodwill. Once
the full valuation exercise has been completed additional intangible assets may be recognised separately from goodwill.
On 27 March 2025, the Company acquired the entire issued share capital of Builtvisible Holdings Ltd. Builtvisible is
a leading performance marketing agency specialising in organic performance strategies through the use of search
engine optimisation.
The provisional fair value of the assets acquired and liabilities were as follows:
It is noted however that the completion balance sheet has not yet been prepared and agreed, so these numbers are
expected to be amended once that process is completed. At this stage the Group has not been able to reliably estimate the
fair value of acquired intangibles, and therefore the excess of consideration over fair value of other identifiable assets and
liabilities has been allocated to goodwill. Once the full valuation exercise has been completed additional intangible assets
may be recognised separately from goodwill.
The consideration for the acquisition is as follows:
The contingent cash consideration is payable over 2 years dependant on performance targets. The amount recognised
above is the maximum amount that would be paid out under the agreement. The contingent share consideration is
dependent on share price and group net revenues, and the above reflects the value of the shares that would be issued
at the 6 week volume weighted average price at the point of completion.
Goodwill
Tangible Assets
Trade and other receivables
Cash and cash equivalents
Current liabilities
Non-current liabilities
Deferred tax
3,918
33
426
230
(822)
(221)
(10)
3,554
Fair value
adjustments
£000’s
3,918
-
-
-
-
-
-
3,918
Book value
£000’s
-
33
426
230
(822)
(221)
(10)
(364)
Fair value
£000’s
Initial cash consideration
Deferred cash consideration
Contingent cash consideration
Contingent share consideration
Expected completion account adjustment
1,513
999
461
540
41
3,554
£000’s
82
01
02
03
Annual Report 2024
Company Balance Sheet
For the year ended 31 December 2024
Fixed asset investments
Investments in subsidiaries
Current Assets
Debtors
Cash and cash equivalents
Current Liabilities
Creditors: amounts falling due within one year
Total assets less current liabilities
Capital and reserves
Called up share capital
Share premium account
Capital redemption reserve
Merger relief reserve
Distributable reserve
Share options reserve
Profit and loss account
884
22,329
5
22,334
(1,348)
(1,348)
21,870
1,288
89,095
6,660
62,624
-
7,893
(145,690)
21,870
At 31 December 2024
£000’s
1,267
22,329
6
22,335
(1,359)
(1,359)
22,243
1,292
-
-
-
158,436
8,276
(145,761)
22,243
31
32
33
34
34
At 31 December 2023
£000’s
The Directors have taken advantage of the exemption available under section 408 of the Companies Act 2006 and not
presented a profit and loss account for the Company alone. The loss for the year was £0.1 million (2023: profit of £0.1 million).
The financial statements on pages 83 to 88 were authorised for issue by the Board of Directors on 9 April 2025 and were
signed on its behalf by Philippa Norridge, Chief Financial Officer
83
- 9 April 2025.
01
02
03
Annual Report 2024
Company Statement of Changes in Equity
For the year ended 31 December 2024
At 1 January 2023
Shares issued during the year
Transactions with owners
Other Comprehensive income
Profit and total comprehensive
income for the year
At 31 December 2023
Shares issued during the year
Capital restructure
Transactions with owners
Other Comprehensive income
Profit and total comprehensive
income for the year
At 31 December 2024
7,458
-
-
435
7,893
-
-
-
383
8,276
(145,784)
-
-
94
(145,690)
-
-
-
(71)
(145,761)
16,590
4,751
4,751
529
21,870
61
-
61
312
22,243
Profit
and loss
account
£000’s
-
-
-
-
-
158,436
158,436
-
158,436
Share
options
reserve
£000’s
Distrib
utable
Reserve
£000’s
62,624
-
-
-
62,624
-
(62,624)
(62,624)
-
-
Merger
relief
Reserve
£000’s
6,660
-
-
-
6,660
-
(6,660)
(6,660)
-
-
Capital
redemption
Reserve
£000’s
84,551
4,544
4,544
-
89,095
57
(89,152)
(89,095)
-
-
1,081
207
207
-
1,288
4
-
4
-
1,292
Share
Premium
£000’s
Share
Capital
£000’s
Total
Equity
£000’s
84
01
02
03
Annual Report 2024
Notes to the Financial Statements
For the year ended 31 December 2024
30. Accounting Policies
The financial statements have been prepared in accordance with applicable accounting standards including Financial
Reporting Standard 102 The Financial Reporting Standard Applicable in the UK and Republic of Ireland (FRS 102) and
the Companies Act 2006. The financial statements have been prepared on a going concern basis under the historical
cost convention, modified to include certain items at fair value.
The financial statements are prepared in sterling which is the functional currency of the Company. The figures are presented
in thousands of pounds (£000’s) unless otherwise stated.
Going concern
The financial statements have been prepared on a going concern basis, which assumes that the Group will be able to meet
its liabilities as they fall due for the foreseeable future, and at least for 12 months from the date of approval of the
consolidated financial statements. The Group is dependent for its working capital requirements on cash generated from
operations, and cash holdings. The cash holdings of the Group at 31 December 2024 were £7.6 million (2023: £6.9 million).
The Group made a profit before tax of £2.0 million for the year ended 31 December 2024 (2023: £1.1 million), and generated
an increase in cash and cash equivalents in 2024 of £0.7 million (2023: £0.4 million). The Group has net assets of £21.0
million (2023: £18.6 million).
The Directors have prepared detailed cash flow projections for the period to 31 December 2025 and for the following 6
month period to 30 June 2026 which are based on their current expectations of trading prospects. The Group achieved
positive cashflow of £0.7 million in H2 2024, and the Board forecasts that the Group will continue to achieve positive cash
inflows in 2025.
The Directors are confident that the Group’s cash flow projections are achievable, and are committed to taking any actions
available to them to ensure that any shortfall in forecast revenues receipts is mitigated by cost savings.
The Directors also continue to maintain rolling forecasts which are regularly updated.
The Directors remain confident that the Group has sufficient cash resources for a period of at least twelve months from
the date of approval of these financial statements and accordingly, the Directors have concluded that it is appropriate to
continue to adopt the going concern basis in preparing these financial statements.
Deferred taxation
Deferred tax represents the future tax consequences of transactions and events recognised in the financial statements of
current and previous periods. It is recognised in respect of all timing differences, with certain exceptions. Timing differences
are differences between taxable profits and total comprehensive income as stated in the financial statements that arise from
the inclusion of income and expense in tax assessments in periods different from those in which they are recognised in the
financial statements. Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is
probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred
tax is measured using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date
that are expected to apply to the reversal of timing differences. Deferred tax on revalued non-depreciable tangible fixed
assets and investment properties is measured using the rates and allowances that apply to the sale of the asset.
Investments
Investments are recognised initially at fair value which is normally the transaction price excluding transaction costs.
Subsequently, they are measured at cost less impairment.
Debtors
Debtors are stated in the balance sheet at estimated net realisable value.
Share based payments
Employees (including Directors) of the Company received remuneration in the form of share-based payment transactions,
whereby employees render services in exchange for shares or rights over shares (‘equity-settled transactions’).
The cost of equity settled transactions with employees is recovered by reference to the fair value at the grant date of
the equity instrument granted. The fair value is determined by using the Black-Scholes method. The cost of equity-settled
transactions are recognised, together with a corresponding credit to equity, over the period between the date of grant and
the end of vesting period, where relevant employees become fully entitled to the award. The total value of the options has
been pro-rated and allocated on a weighted average basis.
85
01
02
03
Annual Report 2024
Notes to the Financial Statements
For the year ended 31 December 2024
Exemptions
The Directors have taken advantage of the exemption available under section 408 of the Companies Act 2006 and not
presented a profit and loss account for the Company alone.
The Company has adopted the disclosure exemption from the requirement to present a statement of cashflows and the
related notes, which are instead presented on a consolidated basis.
The Company has taken advantage of the FRS 102 exemption, under the terms of Financial Reporting Standard 102 'The
Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions
between the Company and its wholly owned subsidiaries within the Group.
Share capital and reserves
Share capital represents the nominal value of shares that have been issued.
Share premium includes any premiums received on issue of share capital. Any transaction costs associated with the issuing
of shares are deducted from share premium, net of any related income tax benefits.
Profit and loss account includes all current and prior period retained profits or losses. It also includes charges related to
share-based employee remuneration.
Merger relief reserve – where the following conditions are met any excess consideration received over the nominal value
of the shares issued is recognised in the merger relief reserve:
b
I the consideration for shares in another company includes issued shares; andb
I on completion of the transaction, the company issuing the shares will have secured at least a 90% equity holding in the
other company.
Where the Company purchases its own equity share capital, on cancellation the nominal value of the shares cancelled is
deducted from share capital and the amount is transferred to the capital redemption reserve.
Distributable reserve - this reserve was created during the year as a result of the capital restructuring carried out to create
additional distributable reserves.
Dividend distributions payable to equity shareholders are included in ‘other liabilities’ when the dividends have been
approved in a general meeting prior to the reporting date.
Significant judgements and estimates
The Company is required to test, at least annually, whether investments have suffered any impairment. The recoverable
amount is determined based on value in use calculations. The use of this method requires the estimation of future cash
flows attributable to the acquired cash-generating unit and the choice of a suitable discount rate in order to calculate the
present value of these cash flows. Actual outcomes could vary.
Where the Company has receivables from other Group entities, the recoverability of the receivables is assessed at the end
of each accounting period. Where there is doubt in regards to the recoverability, the receivable is considered to be impaired
and written down to its recoverable value. This assessment is made using past experience however subjectivity is involved
when assessing the level of recoverability and impairment.
31. Investments in subsidiaries and associates
Investments
As at 31 December 2024, investments were assessed for impairment. The board team have re-assessed projected cash
flows. The estimated cash flows for a period of 5 years were developed using internal forecasts, and a pre-tax discount rate
of 10%. The cash flows beyond 5 years have been extrapolated assuming nil growth rates.
Cost of investments brought forward
Investment in Social Chain
Transfer of investments to Brave Bison 2021 Limited
Additions from equity settled share-based payments
Cost of investment carried forward
449
4,756
(4,756)
435
884
2023
£000’s
2024
£000’s
884
-
-
383
1,267
86
01
02
03
Annual Report 2024
Notes to the Financial Statements
For the year ended 31 December 2024
The key assumptions are based on growth of existing and new customers and forecasts, which are determined through a
combination of management’s views, market estimates and forecasts and other sector information. A sensitivity analysis has
also been performed on the projected cash flows. This assessment did not result in an impairment charge for the year
ended 31 December 2024.
At 31 December 2024 the Company had the following subsidiary undertakings:
During the year, 100% of the ordinary share capital of Social Chain was transferred to Brave Bison 2021 Limited.
32. Debtors
33. Creditors
Direct subsidiary
Brave Bison 2021 Limited
Indirect subsidiaries
Base 79 Limited
Base 79 Iberia SL
Best Response Media Limited
Brave Bison Asia Pacific Pte
Brave Bison Limited
Brave Bison Commerce Limited
Brave Bison Performance Limited
Rightster India LLP
Social Chain Limited
Social Chain USA Inc.
Viral Management Limited
Non-trading
Non-trading
Non-trading
Commerce agency
Non-trading
Online video distribution
Commerce agency
Performance marketing
Non-trading
Social media agency
Social media agency
Non-trading
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
Nature of business
Class of share held
Country of
incorporation
Proportion held
UK
UK
Spain
UK
Singapore
UK
UK
UK
India
UK
USA
UK
Ordinary
Ordinary
Ordinary
Ordinary
Ordinary
Ordinary
Ordinary
Ordinary
Ordinary
Ordinary
Ordinary
Ordinary
Amounts owed by group undertakings
Provision for amounts owed by group undertakings
92,586
(70,257)
22,329
2023
£000’s
2024
£000’s
92,586
(70,257)
22,329
Amounts owed to group undertakings
Trade and other payables
Accruals
1,344
(47)
51
1,348
2023
£000’s
2024
£000’s
1,344
(36)
51
1,359
87
01
02
03
Annual Report 2024
Notes to the Financial Statements
For the year ended 31 December 2024
34. Capital and reserves
Called-up share capital represents the nominal value of shares that have been issued.
The movement in share capital can be reconciled as follows:
Ordinary share capital
Ordinary shares of £0.001
Total ordinary share capital of the Company
1,288
1,288
1,288,147,280
At 31 December 2022
£000’s
Number
£000’s
Number
At 31 December 2023
1,292
1,292
1,291,813,947
At 31 December 2022
Shares issued in the period
Vendor placing
Share options exercised
At 31 December 2023
Share options exercised
Capital restructuring
At 31 December 2024
84,551
4,544
-
89,095
57
(89,152)
-
Ordinary Shares
Number
Ordinary Share
Capital £000’s
Share Premium
£000’s
1,081
206
1
1,288
4
-
1,292
1,080,816,000
206,521,740
809,540
1,288,147,280
3,666,667
-
1,291,813,947
88
01
02
03
Annual Report 2024
Company information and advisers
Oliver Green
Theo Green
Philippa Norridge
Matthew Law
Gordon Brough
Philippa Norridge
2 Stephen St
London
W1T 1AN
08754680
Barclays Bank plc
1 Churchill Place
Canary Wharf
London
E14 5HP
Moore Kingston Smith LLP
9 Appold Street
London
EC2A 2AP
Cavendish Capital Markets Limited
1 Bartholomew Close
London
EC1A 7BL
The Board of Directors
Company secretary
Registered office
Company number
Bankers
Auditors
NOMAD and Broker
CMS Cameron McKenna Nabarro
Olswang LLP
1 The Avenue
Manchester
M3 3AP
Solicitors
89
2 Stephen St
London
W1T 1AN
bravebison.com
ANNUAL REPORT