Caseware UK (AP4) 2023.0.135 2023.0.135 2024-02-292024-02-29truetruetruetruetrue2023-03-01truefalsePublishing magazines and websites and selling advertising space in publications.11092false 03156216 2023-03-01 2024-02-29 03156216 2022-03-01 2023-02-28 03156216 2024-02-29 03156216 2023-02-28 03156216 2022-03-01 03156216 c:Director1 2023-03-01 2024-02-29 03156216 c:Director2 2023-03-01 2024-02-29 03156216 c:Director2 2024-02-29 03156216 c:Director3 2023-03-01 2024-02-29 03156216 c:Director4 2023-03-01 2024-02-29 03156216 c:Director5 2023-03-01 2024-02-29 03156216 c:Director6 2023-03-01 2024-02-29 03156216 c:RegisteredOffice 2023-03-01 2024-02-29 03156216 c:Agent1 2023-03-01 2024-02-29 03156216 d:FurnitureFittings 2023-03-01 2024-02-29 03156216 d:FurnitureFittings 2024-02-29 03156216 d:FurnitureFittings 2023-02-28 03156216 d:FurnitureFittings d:OwnedOrFreeholdAssets 2023-03-01 2024-02-29 03156216 d:DevelopmentCostsCapitalisedDevelopmentExpenditure 2024-02-29 03156216 d:DevelopmentCostsCapitalisedDevelopmentExpenditure 2023-02-28 03156216 d:Goodwill 2024-02-29 03156216 d:Goodwill 2023-02-28 03156216 d:CurrentFinancialInstruments 2024-02-29 03156216 d:CurrentFinancialInstruments 2023-02-28 03156216 d:Non-currentFinancialInstruments 2024-02-29 03156216 d:Non-currentFinancialInstruments 2023-02-28 03156216 d:CurrentFinancialInstruments d:WithinOneYear 2024-02-29 03156216 d:CurrentFinancialInstruments d:WithinOneYear 2023-02-28 03156216 d:ReportableOperatingSegment1 2023-03-01 2024-02-29 03156216 d:ReportableOperatingSegment1 2022-03-01 2023-02-28 03156216 d:ReportableOperatingSegment2 2023-03-01 2024-02-29 03156216 d:ReportableOperatingSegment2 2022-03-01 2023-02-28 03156216 e:UnitedKingdom 2023-03-01 2024-02-29 03156216 e:UnitedKingdom 2022-03-01 2023-02-28 03156216 e:RestEuropeOutsideUK 2023-03-01 2024-02-29 03156216 e:RestEuropeOutsideUK 2022-03-01 2023-02-28 03156216 e:RestWorldOutsideUK 2023-03-01 2024-02-29 03156216 e:RestWorldOutsideUK 2022-03-01 2023-02-28 03156216 d:UKTax 2023-03-01 2024-02-29 03156216 d:UKTax 2022-03-01 2023-02-28 03156216 d:ShareCapital 2024-02-29 03156216 d:ShareCapital 2023-02-28 03156216 d:ShareCapital 2022-03-01 03156216 d:RetainedEarningsAccumulatedLosses 2023-03-01 2024-02-29 03156216 d:RetainedEarningsAccumulatedLosses 2024-02-29 03156216 d:RetainedEarningsAccumulatedLosses 2022-03-01 2023-02-28 03156216 d:RetainedEarningsAccumulatedLosses 2023-02-28 03156216 d:RetainedEarningsAccumulatedLosses 2022-03-01 03156216 d:FurtherSpecificTypeProvisionContingentLiability1ComponentTotalProvisionsContingentLiabilities 2023-03-01 2024-02-29 03156216 d:FurtherSpecificTypeProvisionContingentLiability1ComponentTotalProvisionsContingentLiabilities 2024-02-29 03156216 d:FurtherSpecificTypeProvisionContingentLiability1ComponentTotalProvisionsContingentLiabilities 2023-02-28 03156216 c:FRS102 2023-03-01 2024-02-29 03156216 c:Audited 2023-03-01 2024-02-29 03156216 c:FullAccounts 2023-03-01 2024-02-29 03156216 c:PrivateLimitedCompanyLtd 2023-03-01 2024-02-29 03156216 d:WithinOneYear 2024-02-29 03156216 d:WithinOneYear 2023-02-28 iso4217:GBP xbrli:pure

Registered number: 03156216










REDACTIVE PUBLISHING LIMITED










ANNUAL REPORT AND FINANCIAL STATEMENTS

FOR THE YEAR ENDED 29 FEBRUARY 2024

 
REDACTIVE PUBLISHING LIMITED
 
 
COMPANY INFORMATION


Directors
B Grant 
A Nicholls 
J Marsh 
C Radcliffe 
A Moran 




Registered number
03156216



Registered office
71-75 Shelton Street

London

WC2H 9JQ




Independent auditors
Sumer Auditco Limited

14th Floor

33 Cavendish Square

London

W1G 0PW




Bankers
Unity Trust Bank
Nine Brindley Birmingham Place

Birmingham

B1 2HB





 
REDACTIVE PUBLISHING LIMITED
 

CONTENTS



Page
Strategic report
1 - 2
Directors' report
3 - 4
Independent auditors' report
5 - 8
Profit and loss account
9
Balance sheet
10
Statement of changes in equity
11 - 12
Notes to the financial statements
13 - 24


 
REDACTIVE PUBLISHING LIMITED
 
 
STRATEGIC REPORT
FOR THE YEAR ENDED 29 FEBRUARY 2024

Business review
 
The principal activity of the company during the year was that of producing content in a variety of formats, digital and print such as producing websites, other digital media and publishing printed magazines.  The company predominantly works with  membership organisations and delights in producing content of the highest quality that maximises engagement with their members and beyond.
The directors report a set of results for the year that has seen an improvement in underlying trading as a result of new business wins, extending the services supplied on existing accounts and prudent cost management (2024: gross profit of £8,432,737; 2023: gross profit of £8,295,161).
The directors are delighted that  their much valued colleagues have been able to continue to deliver  growth having become majority owned by the Redactive Media Group Employee Ownership Trust in March 2023 and that being effectively member owned has cemented .the group’s position  as the pre eminent player in the membership organisation sector.

Principal risks and uncertainties
 
Our strong operational board bring a wealth of publishing and commercial experience to Redactive and underpins our success and growth. Our clients benefit from dedicated, on-hand, immediately available expertise in Content, Digital, Commercial, Live Events, Jobs boards, Marketing and User Experience. We also run Production and Finance & Legal in house. Our expertise is well diversified and, unlike some of our competitors, we are not reliant on a handful of individuals. All clients are allocated an Account Director who collaborates with our in house experts to deliver the best possible service and results to our clients. This approach has resulted in Redactive winning sought after industry awards, each year, every year.
A significant risk Is the retention of our skilled people; we mitigate this by making Redactive a rewarding and enjoyable place to work with significant developmental opportunities, as evidenced by the enviable retention rates of our key people. . The move to an employee owned trust structure has been warmly welcomed by colleagues.  Further risk associated with the group is the highly competitive environment that it operates in and therefore its reliance on certain key contracts. The directors are pleased to report that this risk significantly reduced as new contracts were won during the year and existing accounts were retained, developed and had their durations extended. Other substantial risks are the cyclical nature sector of publishing advertising revenue, and the volatility of jobs boards revenues which are highly sensitive to movement in the economy. These risks together with the continuing migration of print revenues to digital and the particular sector risks attaching to each of Redactive's clients are being reduced by diversification as the group has created new and innovative digital, data and live event revenue streams and diversified and grown its client base.
The directors are therefore confident about the future development of the group, the more so as it has continually demonstrated growth, innovation, agility and resilience.
The company's operations are such that it has very limited exposure to financial risks, principally price risk and credit risk. The company does not use any derivative financial instruments and thus no hedge accounting is applied. The company is exposed to price risk due to normal inflationary increases including the value of sterling and wholesale energy prices, in the purchase price of goods and services and due to market factors affecting the price charged for its services. The company has implemented policies that require appropriate checks on potential customers before sales are made. Trade debtors are reviewed regularly and provision is made for doubtful debts where necessary.

Page 1

 
REDACTIVE PUBLISHING LIMITED
 

STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 29 FEBRUARY 2024


This report was approved by the board on 28 November 2024 and signed on its behalf.


C Radcliffe
Director

Page 2

 
REDACTIVE PUBLISHING LIMITED
 
 
 
DIRECTORS' REPORT
FOR THE YEAR ENDED 29 FEBRUARY 2024

The directors present their report and the financial statements for the year ended 29 February 2024.

Directors' responsibilities statement

The directors are responsible for preparing the Strategic report, the Directors' report and the financial statements in accordance with applicable law and regulations.
 
Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland'. Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the Company and of the profit or loss of the Company for that period.

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


select suitable accounting policies for the Company's financial statements and then apply them consistently;

make judgments and accounting estimates that are reasonable and prudent;

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

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

Results and dividends

The profit for the year, after taxation, amounted to £1,635,945 (2023 - £1,437,355).

Directors

The directors who served during the year were:

B Grant 
S R Edmundson (resigned 30 April 2024)
A Nicholls 
J Marsh 
C Radcliffe 
A Moran 

Disclosure of information to auditors

Each of the persons who are directors at the time when this Directors' report is approved has confirmed that:
 
so far as the director is aware, there is no relevant audit information of which the Company's auditors are unaware, and

the director has taken all the steps that ought to have been taken as a director in order to be aware of any relevant audit information and to establish that the Company's auditors are aware of that information.

Page 3

 
REDACTIVE PUBLISHING LIMITED
 
 
 
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 29 FEBRUARY 2024

Auditors

Simmons Gainsford LLP, the previous auditors, have transferred their audit business to Sumer Auditco Limited who will be proposed for reappointment in accordance with section 485 of the Companies Act 2006.

This report was approved by the board on 28 November 2024 and signed on its behalf.
 


C Radcliffe
Director

Page 4

 
REDACTIVE PUBLISHING LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF REDACTIVE PUBLISHING LIMITED
 

Opinion


We have audited the financial statements of Redactive Publishing Limited (the 'Company') for the year ended 29 February 2024, which comprise the Profit and loss account, the Balance sheet, the Statement of changes in equity and the related notes, including a summary of significant accounting policiesThe financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).


In our opinion the financial statements:


give a true and fair view of the state of the Company's affairs as at 29 February 2024 and of its profit for the year then ended;
have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
have been prepared in accordance with the requirements of the Companies Act 2006.


Basis for opinion


We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the Company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the United Kingdom, including the Financial Reporting Council's Ethical Standard and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.


Conclusions relating to going concern


In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.


Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the Company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.


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


Page 5

 
REDACTIVE PUBLISHING LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF REDACTIVE PUBLISHING LIMITED (CONTINUED)


Other information


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


We have nothing to report in this regard.


Opinion on other matters prescribed by the Companies Act 2006
 

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


the information given in the Strategic report and the Directors' report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
the Strategic report and the Directors' report have been prepared in accordance with applicable legal requirements.


Matters on which we are required to report by exception
 

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


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


adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or
the financial statements are not in agreement with the accounting records and returns; or
certain disclosures of directors' remuneration specified by law are not made; or
we have not received all the information and explanations we require for our audit.


Responsibilities of directors
 

As explained more fully in the Directors' responsibilities statement set out on page 3, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.


In preparing the financial statements, the directors are responsible for assessing the Company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the Company or to cease operations, or have no realistic alternative but to do so.


Page 6

 
REDACTIVE PUBLISHING LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF REDACTIVE PUBLISHING LIMITED (CONTINUED)


Auditors' responsibilities for the audit of the financial statements
 

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


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

In order to identify and assess the risks of material misstatements, including fraud and non-compliance with laws and regulations that could be expected to have a material impact on the financial statements, we have considered:
 
the results of our enquiries of management and those charged with governance of their assessment of the risks of fraud and irregularities;
the nature of the company, including its management structure and control systems (including the opportunity for management to override such controls);
management’s incentives and opportunities for fraudulent manipulation of the financial statements; and
the industry and environment in which it operates.

We also considered UK tax and pension legislation and laws and regulations relating to employment and the preparation and presentation of the financial statements such as the Companies Act 2006.
Based on this understanding we identified the following matters as being of significance to the entity:
 
laws and regulations considered to have a direct effect on the financial statements including UK financial reporting standards, Company Law, tax and distributable profits legislation;
the timing of the recognition of commercial income;
compliance with legislation relating to GDPR and health and safety;
management bias in selecting accounting policies and determining estimates;
inappropriate journal entries;
debtor provisions and credit balances;
year end accruals and provisions made.

We communicated the outcomes of these discussions and enquiries, as well as consideration as to where and how fraud may occur in the entity, to all engagement team members.
Audit procedures undertaken in response to the potential risks relating to irregularities (which include fraud and non-compliance with laws and regulations) comprised:
 
enquiries of management and those charged with governance as to whether the entity complies with such laws and regulations;
enquiries with the same concerning any actual or potential litigation or claims;
discussion with the same regarding any known or suspected instances of non-compliance with laws and regulation and fraud;
assessment of matters reported to management and the result of the subsequent investigation;
obtaining an understanding of the policies and controls over the recognition of income and testing their
Page 7

 
REDACTIVE PUBLISHING LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF REDACTIVE PUBLISHING LIMITED (CONTINUED)


implementation during the year;
challenging assumptions made by management in their specific accounting policies and estimates, in particular in relation to depreciation of tangible fixed assets; amortisation of intangible fixed assets;
identifying and testing journal entries, in particular any journal entries posted with unusual account combinations or crediting revenue or cash;
assessing the recovery of debtors in the period since the balance sheet date and challenging assumptions made by management regarding the recovery of balances which remain outstanding;
review of sales ledger credit balances and where appropriate their write back in the accounts;
reviewing accruals and provisions made;
reviewing the financial statements for compliance with the relevant disclosure requirements;
performing analytical procedures to identify any unusual or unexpected relationships or unexpected movements in account balances which may be indicative of fraud;
evaluating the underlying business reasons for any unusual transactions; and
considered the implementation of controls during the year.

No instances of material non-compliance were identified. However, the likelihood of detecting irregularities, including fraud, is limited by the inherent difficulty in detecting irregularities, the effectiveness of the entity’s controls, and the nature, timing and extent of the audit procedures performed. Irregularities that result from fraud might be inherently more difficult to detect than irregularities that result from error. As explained above, there is an unavoidable risk that material misstatements may not be detected, even though the audit has been planned and performed in accordance with ISAs (UK).


A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our Auditors' report.


Use of our report
 

This report is made solely to the Company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006Our audit work has been undertaken so that we might state to the Company's members those matters we are required to state to them in an Auditors' report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the Company and the Company's members, as a body, for our audit work, for this report, or for the opinions we have formed.





Atulya Mehta FCCA (Senior statutory auditor)
  
for and on behalf of
Sumer Auditco Limited
 
Statutory Auditors
  
14th Floor
33 Cavendish Square
London
W1G 0PW

28 November 2024
Page 8

 
REDACTIVE PUBLISHING LIMITED
 
 
PROFIT AND LOSS ACCOUNT
FOR THE YEAR ENDED 29 FEBRUARY 2024

2024
2023
Note
£
£

  

Turnover
 4 
13,237,558
13,880,953

Cost of sales
  
(4,804,821)
(5,585,792)

Gross profit
  
8,432,737
8,295,161

Administrative expenses
  
(6,397,392)
(6,832,768)

Operating profit
 5 
2,035,345
1,462,393

Interest receivable and similar income
  
57,096
26,370

Profit before tax
  
2,092,441
1,488,763

Tax on profit
 9 
(456,496)
(51,408)

Profit for the financial year
  
1,635,945
1,437,355

The notes on pages 13 to 24 form part of these financial statements.

Page 9

 
REDACTIVE PUBLISHING LIMITED
REGISTERED NUMBER: 03156216

BALANCE SHEET
AS AT 29 FEBRUARY 2024

29 February
28 February
2024
2023
Note
£
£

Fixed assets
  

Tangible assets
 12 
47,370
65,711

  
47,370
65,711

Current assets
  

Debtors
 13 
7,914,989
6,088,642

Cash at bank and in hand
 14 
2,842,473
3,616,097

  
10,757,462
9,704,739

Creditors: amounts falling due within one year
 15 
(10,749,147)
(9,273,216)

Net current assets
  
 
 
8,315
 
 
431,523

Total assets less current liabilities
  
55,685
497,234

Provisions for liabilities
  

Other provisions
 16 
-
(477,494)

  
 
 
-
 
 
(477,494)

Net assets
  
55,685
19,740


Capital and reserves
  

Called up share capital 
  
100
100

Profit and loss account
  
55,585
19,640

  
55,685
19,740


The financial statements were approved and authorised for issue by the board and were signed on its behalf on 28 November 2024.




C Radcliffe
Director

The notes on pages 13 to 24 form part of these financial statements.

Page 10

 
REDACTIVE PUBLISHING LIMITED
 

STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 29 FEBRUARY 2024


Called up share capital
Profit and loss account
Total equity

£
£
£

At 1 March 2023
100
19,640
19,740



Profit for the year
-
1,635,945
1,635,945

Dividends: Equity capital
-
(1,600,000)
(1,600,000)


At 29 February 2024
100
55,585
55,685


The notes on pages 13 to 24 form part of these financial statements.

Page 11

 
REDACTIVE PUBLISHING LIMITED
 

STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 28 FEBRUARY 2023


Called up share capital
Profit and loss account
Total equity

£
£
£

At 1 March 2022
100
1,402,285
1,402,385



Profit for the year
-
1,437,355
1,437,355

Dividends: Equity capital
-
(2,820,000)
(2,820,000)


At 28 February 2023
100
19,640
19,740


The notes on pages 13 to 24 form part of these financial statements.

Page 12

 
REDACTIVE PUBLISHING LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 29 FEBRUARY 2024

1.


General information

The company is a private company limited by shares and is incorporated in England and Wales. The address of its registered office is 71-75 Shelton Street, London, WC2H 9JQ.

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgment in applying the Company's accounting policies (see note 3).

The following principal accounting policies have been applied:

 
2.2

Financial Reporting Standard 102 - reduced disclosure exemptions

The Company has taken advantage of the following disclosure exemptions in preparing these financial statements, as permitted by the FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland":
the requirements of Section 7 Statement of Cash Flows;
the requirements of Section 3 Financial Statement Presentation paragraph 3.17(d);
the requirements of Section 11 Financial Instruments paragraphs 11.42, 11.44 to 11.45, 11.47, 11.48(a)(iii), 11.48(a)(iv), 11.48(b) and 11.48(c);
the requirements of Section 12 Other Financial Instruments paragraphs 12.26 to 12.27, 12.29(a), 12.29(b) and 12.29A;
the requirements of Section 33 Related Party Disclosures paragraph 33.7.

This information is included in the consolidated financial statements of Redactive Media Group (Holdings) Limited as at 29 February 2024 and these financial statements may be obtained from 71-75 shelton Street, London, WC2H 9JQ.

  
2.3

Revenue

Revenue from publishing magazines and selling advertising services is recognised when the magazine is published. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

 
2.4

Operating leases: the Company as lessor

Rental income from operating leases is credited to profit or loss on a straight-line basis over the lease term.

Amounts paid and payable as an incentive to sign an operating lease are recognised as a reduction to income over the lease term on a straight-line basis, unless another systematic basis is representative of the time pattern over which the lessor's benefit from the leased asset is diminished.

Page 13

 
REDACTIVE PUBLISHING LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 29 FEBRUARY 2024

2.Accounting policies (continued)

 
2.5

Operating leases: the Company as lessee

Rentals paid under operating leases are charged to profit or loss on a straight-line basis over the lease term.

Benefits received and receivable as an incentive to sign an operating lease are recognised on a straight-line basis over the lease term, unless another systematic basis is representative of the time pattern of the lessee's benefit from the use of the leased asset.

 
2.6

Pensions

Defined contribution pension plan

The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations.

The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Balance sheet. The assets of the plan are held separately from the Company in independently administered funds.

 
2.7

Taxation

Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the Company operates and generates income.

 
2.8

Intangible assets

Goodwill
Goodwill represents the difference between amounts paid on the cost of a business combination and the acquirer’s interest in the fair value of its identifiable assets and liabilities of the acquiree at the date of acquisition. Subsequent to initial recognition, goodwill is measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is amortised on a straight-line basis to the Profit and loss account over its useful economic life.
Research and development

Intangible assets are initially recognised at cost. After recognition, under the cost model, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

All intangible assets are considered to have a finite useful life. If a reliable estimate of the useful life cannot be made, the useful life shall not exceed ten years.


Page 14

 
REDACTIVE PUBLISHING LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 29 FEBRUARY 2024

2.Accounting policies (continued)

 
2.9

Tangible fixed assets


Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.

Depreciation is provided on the following basis:

Fixtures and fittings
-
4-10 years straight line

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

 
2.10

Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

 
2.11

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

 
2.12

Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

Page 15

 
REDACTIVE PUBLISHING LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 29 FEBRUARY 2024

2.Accounting policies (continued)

 
2.13

Provisions for liabilities

Provisions are made where an event has taken place that gives the Company a legal or constructive obligation that probably requires settlement by a transfer of economic benefit, and a reliable estimate can be made of the amount of the obligation.
Provisions are charged as an expense to profit or loss in the year that the Company becomes aware of the obligation, and are measured at the best estimate at the balance sheet date of the expenditure required to settle the obligation, taking into account relevant risks and uncertainties.
When payments are eventually made, they are charged to the provision carried in the Balance sheet.

 
2.14

Financial instruments

The Company has elected to apply the provisions of Section 11 “Basic Financial Instruments” of FRS 102 to all of its financial instruments.

Financial instruments are recognised in the Company's Balance sheet when the Company becomes party to the contractual provisions of the instrument.

Basic financial assets

Basic financial assets, which include trade and other receivables, cash and bank balances, are initially measured at their transaction price including transaction costs and are subsequently carried at their amortised cost using the effective interest method, less any provision for impairment, unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest.

Discounting is omitted where the effect of discounting is immaterial. The Company's cash and cash equivalents, trade and most other receivables due with the operating cycle fall into this category of financial instruments.

Financial liabilities

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

Basic financial liabilities, which include trade and other payables, bank loans and other loans are initially measured at their transaction price after transaction costs. When this constitutes a financing transaction, whereby the debt instrument is measured at the present value of the future receipts discounted at a market rate of interest. Discounting is omitted where the effect of discounting is immaterial.

Debt instruments are subsequently carried at their amortised cost using the effective interest rate method.

Trade payables are obligations to pay for goods and services that have been acquired in the ordinary course of business from suppliers. Trade payables are classified as current liabilities if the payment is due within one year. If not, they represent non-current liabilities. Trade payables are initially recognised at their transaction price and subsequently are measured at amortised cost using the effective interest method. Discounting is omitted where the effect of discounting is immaterial.
Page 16

 
REDACTIVE PUBLISHING LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 29 FEBRUARY 2024

2.Accounting policies (continued)


2.14
Financial instruments (continued)


 
2.15

Dividends

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.

  
2.16

Research and development

Development expenditure is capitalised if the directors are satisfied as to the technical, commercial and financial viability of the individual projects.
The capitalised expenditure is deferred and amortised over the period which the company is expected to benefit.


3.


Judgments in applying accounting policies and key sources of estimation uncertainty

Estimates and judgments are continually evaluated and are based on historic experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.


4.


Turnover

An analysis of turnover by class of business is as follows:


2024
2023
£
£

Publishing
6,856,057
7,082,781

Advertising
6,381,501
6,798,172

13,237,558
13,880,953


Analysis of turnover by country of destination:

2024
2023
£
£

United Kingdom
12,420,588
13,035,839

Rest of Europe
397,210
309,890

Rest of the world
419,760
535,224

13,237,558
13,880,953


Page 17

 
REDACTIVE PUBLISHING LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 29 FEBRUARY 2024

5.


Operating profit

The operating profit is stated after charging:

2024
2023
£
£

Depreciation of tangible fixed assets
32,192
28,730

Defined contribution pension cost
375,967
362,545


6.


Auditors' remuneration

2024
2023
£
£

Fees payable to the Company's auditors for the audit of the Company's financial statements
23,250
25,280


7.


Employees

Staff costs, including directors' remuneration, were as follows:


2024
2023
£
£

Wages and salaries
3,906,332
4,538,712

Social security costs
555,150
580,284

Cost of defined contribution scheme
351,379
329,045

4,812,861
5,448,041


The average monthly number of employees, including the directors, during the year was as follows:


        2024
        2023
            No.
            No.







Publishing and related services
110
92

Page 18

 
REDACTIVE PUBLISHING LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 29 FEBRUARY 2024

8.


Directors' remuneration

2024
2023
£
£

Directors' emoluments
690,461
792,171

Company contributions to defined contribution pension schemes
38,930
55,138

729,391
847,309


During the year retirement benefits were accruing to 4 directors (2023 - 4) in respect of defined contribution pension schemes.

The highest paid director received remuneration of £261,550 (2023 - £316,555).

The value of the Company's contributions paid to a defined contribution pension scheme in respect of the highest paid director amounted to £14,963 (2023 - £17,895).


9.


Taxation


2024
2023
£
£

Corporation tax


Current tax on profits for the year
456,496
51,408


456,496
51,408


Total current tax
456,496
51,408



Taxation on profit on ordinary activities
456,496
51,408
Page 19

 
REDACTIVE PUBLISHING LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 29 FEBRUARY 2024
 
9.Taxation (continued)


Factors affecting tax charge for the year

The tax assessed for the year is lower than (2023 - lower than) the standard rate of corporation tax in the UK of 25% (2023 - 19%). The differences are explained below:

2024
2023
£
£


Profit on ordinary activities before tax
2,092,441
1,488,763


Profit on ordinary activities multiplied by standard rate of corporation tax in the UK of 25% (2023 - 19%)
512,476
282,865

Effects of:


Expenses not deductible for tax purposes, other than goodwill amortisation and impairment
1,898
2,117

Capital allowances for year in excess of depreciation
3,662
(3,466)

Changes in provisions leading to an increase (decrease) in the tax charge
2,699
72,143

Group relief
(64,239)
(302,251)

Total tax charge for the year
456,496
51,408






10.


Dividends

29 February
28 February
2024
2023
£
£


Dividends paid on equity capital
1,600,000
2,820,000

Page 20

 
REDACTIVE PUBLISHING LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 29 FEBRUARY 2024

11.


Intangible assets






Development
Goodwill
Total

£
£
£



Cost


At 1 March 2023
93,128
270,000
363,128



At 29 February 2024

93,128
270,000
363,128



Amortisation


At 1 March 2023
93,128
270,000
363,128



At 29 February 2024

93,128
270,000
363,128



Net book value



At 29 February 2024
-
-
-



At 28 February 2023
-
-
-



Page 21

 
REDACTIVE PUBLISHING LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 29 FEBRUARY 2024

12.


Tangible fixed assets







Fixtures and fittings

£



Cost or valuation


At 1 March 2023
189,324


Additions
13,851



At 29 February 2024

203,175



Depreciation


At 1 March 2023
123,613


Charge for the year on owned assets
32,192



At 29 February 2024

155,805



Net book value



At 29 February 2024
47,370



At 28 February 2023
65,711


13.


Debtors

29 February
28 February
2024
2023
£
£

Due after more than one year

Other debtors
31,906
29,854

31,906
29,854

Due within one year

Trade debtors
2,083,141
2,046,044

Amounts owed by group undertakings
5,040,104
3,084,603

Other debtors
186
412

Prepayments and accrued income
759,652
927,729

7,914,989
6,088,642


Page 22

 
REDACTIVE PUBLISHING LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 29 FEBRUARY 2024

14.


Cash and cash equivalents

29 February
28 February
2024
2023
£
£

Cash at bank and in hand
2,842,473
3,616,097



15.


Creditors: Amounts falling due within one year

29 February
28 February
2024
2023
£
£

Trade creditors
1,423,682
1,628,993

Amounts owed to group undertakings
7,043,379
5,480,495

Corporation tax
456,084
-

Other taxation and social security
164,107
180,552

Other creditors
238,374
229,586

Accruals and deferred income
1,423,521
1,753,590

10,749,147
9,273,216



16.


Provisions








Other provision

£





At 1 March 2023
477,494


Movement in provision 
(190,661)


Transfer to the parent entity
(286,833)



At 29 February 2024
-

Other provision relates to costs payable regarding the group restructuring that the group will need to pay at some point in the future.  Provisions have been transferred to the parent entity.

Page 23

 
REDACTIVE PUBLISHING LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 29 FEBRUARY 2024

17.


Pension commitments

The Company operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the Company in an independently administered fund. The pension cost charge represents contributions payable by the Company to the fund and amounted to £375,967 (2023 - £329,045). Contributions totaling £41,606 (2023 - £33,107) were payable to the fund at the balance sheet date.


18.


Commitments under operating leases

At 29 February 2024 the Company had future minimum lease payments due under non-cancellable operating leases for each of the following periods:

29 February
28 February
2024
2023
£
£


Not later than 1 year
362,520
192,375

362,520
192,375


19.


Related party transactions

The company has taken advantage of the exemption available in Financial Reporting Standard 102, whereby it has not disclosed transactions with the immediate parent company or any wholly owned subsidiary undertaking of the group.


20.


Controlling party

The immediate parent company during the year was Redactive Media Group Limited, a company incorporated in England. The ultimate parent company during the year was Redactive Media Group (Holdings) Limited, a company incorporated in England.
The group for which consolidated financial statements are prepared which include the results of this company is that headed by Redactive Media Group (Holdings) Limited, who's registered office is:
71-75 Shelton Street
 London
WC2H 9JQ

 
Page 24