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Company No: 03052719 (England and Wales)

PUSHKIN PRESS LIMITED

Unaudited Financial Statements
For the financial year ended 31 December 2023
Pages for filing with the registrar

PUSHKIN PRESS LIMITED

Unaudited Financial Statements

For the financial year ended 31 December 2023

Contents

PUSHKIN PRESS LIMITED

COMPANY INFORMATION

For the financial year ended 31 December 2023
PUSHKIN PRESS LIMITED

COMPANY INFORMATION (continued)

For the financial year ended 31 December 2023
DIRECTOR A Freudenheim
REGISTERED OFFICE Somerset House
Strand
London
WC2R 1LA
United Kingdom
COMPANY NUMBER 03052719 (England and Wales)
PUSHKIN PRESS LIMITED

BALANCE SHEET

As at 31 December 2023
PUSHKIN PRESS LIMITED

BALANCE SHEET (continued)

As at 31 December 2023
Note 2023 2022
£ £
Fixed assets
Tangible assets 3 25,022 12,457
Investments 4 193,499 175,619
218,521 188,076
Current assets
Stocks 5 911,000 746,000
Debtors 6 1,809,990 869,103
Cash at bank and in hand 37,288 63,044
2,758,278 1,678,147
Creditors: amounts falling due within one year 7 ( 3,669,929) ( 3,203,630)
Net current liabilities (911,651) (1,525,483)
Total assets less current liabilities (693,130) (1,337,407)
Net liabilities ( 693,130) ( 1,337,407)
Capital and reserves
Called-up share capital 2 2
Profit and loss account ( 693,132 ) ( 1,337,409 )
Total shareholder's deficit ( 693,130) ( 1,337,407)

For the financial year ending 31 December 2023 the Company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's responsibilities:

The financial statements of Pushkin Press Limited (registered number: 03052719) were approved and authorised for issue by the Director on 25 September 2024. They were signed on its behalf by:

A Freudenheim
Director
PUSHKIN PRESS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 December 2023
PUSHKIN PRESS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 December 2023
1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.

General information and basis of accounting

Pushkin Press Limited (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of the Company's registered office is Somerset House, Strand, London, WC2R 1LA, United Kingdom.

The financial statements have been prepared under the historical cost convention, modified to include certain items at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.

The financial statements are presented in pounds sterling which is the functional currency of the Company and rounded to the nearest £.

Going concern

In the opinion of the director, the going concern basis is appropriate due to the continuing financial support of the parent company, Arboreal Holdings Limited. Arboreal Holdings Limited has confirmed that it will provide financial support for at least twelve months from the date of the approval of the financial statements.

Group accounts exemption

Group accounts exemption s399
The Company has taken advantage of the exemption under section 399 of the Companies Act 2006 not to prepare consolidated accounts, on the basis that the group of which this is the parent qualifies as a small group. The financial statements present information about the Company as an individual entity and not about its group.

Foreign currency

Transactions in foreign currencies are recorded at the rate of exchange at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies at the Balance Sheet date are reported at the rates of exchange prevailing at that date.

Exchange differences are recognised in the Profit and Loss Account in the period in which they arise except.

Turnover

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

Turnover is recognised when the significant risks and rewards are considered to have been transferred to the customer, which is generally when the goods are dispatched to customers. Bookclub membership fees are recognised in the period to which they relate.

Taxation


Deferred tax
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the Company's financial statements. Deferred tax is provided in full on timing differences which result in an obligation to pay more or less tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on current tax rates and laws. Deferred tax assets and liabilities are not discounted.

The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit.

Grant Income

Grant income is recognised in the profit and loss in the same period in which the related expense is incurred.

Tangible fixed assets

Tangible fixed assets are stated at cost or valuation, net of depreciation and any provision for impairment. Depreciation is provided on all tangible fixed assets at rates calculated to write off the cost oof each asset on a straight-line or reducing balance basis over its expected useful life, as follows:

Plant and machinery 4 years straight line
Office equipment 4 years straight line
Computer equipment 3 years straight line

Residual value represents the estimated amount which would currently be obtained from disposal of an asset, after deducting estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life.

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

Fixed asset investments

Investments in subsidiaries are measured at cost less impairment

Stocks

At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.

Financial instruments

Financial assets and financial liabilities are recognised when the Company becomes a party to the contractual provisions of the instrument.

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

Leases

Rental payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease

2. Employees

2023 2022
Number Number
Monthly average number of persons employed by the Company during the year, including the director 14 13

3. Tangible assets

Plant and machinery Office equipment Computer equipment Total
£ £ £ £
Cost
At 01 January 2023 2,138 13,267 64,470 79,875
Additions 0 0 19,930 19,930
At 31 December 2023 2,138 13,267 84,400 99,805
Accumulated depreciation
At 01 January 2023 2,138 4,073 61,207 67,418
Charge for the financial year 0 2,578 4,787 7,365
At 31 December 2023 2,138 6,651 65,994 74,783
Net book value
At 31 December 2023 0 6,616 18,406 25,022
At 31 December 2022 0 9,194 3,263 12,457

4. Fixed asset investments

Investments in subsidiaries

2023
£
Cost
At 01 January 2023 175,619
Additions 17,880
At 31 December 2023 193,499
Carrying value at 31 December 2023 193,499
Carrying value at 31 December 2022 175,619

Pushkin Press Limited holds 100% of the voting rights and ordinary share capital of Pushkin Productions Limited, whose registered office address is Somerset House, Strand, London, WC2R 1LA. The principal activities of Pushkin Productions Limited are motion picture, video and television programme post-production services.

Pushkin Press Limited holds 100% of the voting rights and ordinary share capital of Peter Owen Limited , whose registered office is Somerset House, Strand, London, WC2R 1LA. The principal activities of Peter Owen Limited are book publishing.

On 12 July 2023, Pushkin Press Limited incorporated a new subsidiary, Steerforth Press and Services, Inc, a US company whose registered office address is 1209 Orange Street, Wilmington, Delaware 19801. Steerforth Press and Services, Inc remained dormant during the year.

During the year ended 31 December 2023, Pushkin Press Limited incurred a total of £17,880 of legal costs relating to the acquisition of Steerforth Press, LLC and Hanover Publisher Services, LLC. The acquisitions were finalised during the year ended 31 December 2024 with 100% of the voting rights and ordinary share capital of both entities being acquired by Steerforth Press and Services, Inc. Subsequent to the acquisition, both Steerforth Press, LLC and Hanover Publisher Services, LLC were merged into Steerforth Press and Services, Inc

5. Stocks

2023 2022
£ £
Stocks 911,000 746,000

There are no material differences between the replacement cost of stock and the Balance Sheet amounts.

Stocks include goods available for resale.

6. Debtors

2023 2022
£ £
Trade debtors 1,142,588 778,391
Deferred tax asset 584,464 0
Other debtors 82,938 90,712
1,809,990 869,103

7. Creditors: amounts falling due within one year

2023 2022
£ £
Trade creditors 544,504 324,891
Amounts owed to Group undertakings 102,083 0
Amounts owed to Parent undertakings 2,645,000 2,645,000
Other taxation and social security 13,920 8,917
Other creditors 364,422 224,822
3,669,929 3,203,630

8. Deferred tax

2023 2022
£ £
At the beginning of financial year 0 0
Credited to the Profit and Loss Account 584,464 0
At the end of financial year 584,464 0

9. Immediate controlling party

Pushkin Press Limited is a subsidiary of Arboreal Holdings Ltd.

The address of Arboreal Holdings Limited is:
2nd Floor Cycle 360 House
Isle of Man Business Park
Douglas
Isle of Man
IM2 2QZ