Registration number:
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Keesing Media UK Limited
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Brebners
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Keesing Media UK Limited
Contents
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Company Information |
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Statement of Financial Position |
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Notes to the Financial Statements |
Keesing Media UK Limited
Company Information
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Directors |
J Bouman P Alberdingk Thijm |
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Company secretary |
Kin Company Secretarial Limited |
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Registered office |
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Auditor |
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Keesing Media UK Limited
Statement of Financial Position as at 31 December 2024
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Note |
2024 |
2023 |
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Fixed assets |
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Intangible assets |
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Current assets |
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Stocks |
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Debtors |
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Cash at bank and in hand |
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Creditors: Amounts falling due within one year |
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Net current assets |
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Net assets |
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Capital and reserves |
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Retained earnings |
452,336 |
278,459 |
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Shareholders' funds |
452,336 |
278,459 |
These financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and FRS 102 ‘The Financial Reporting Standard Applicable in the UK and Republic of Ireland’.
Approved and authorised by the
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J Bouman
Director
Company registration number: 07047554
Keesing Media UK Limited
Notes to the Financial Statements for the Year Ended 31 December 2024
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General information |
The company is a private company limited by share capital, incorporated in England and Wales.
The address of its registered office is:
The principal activity of the company is that of the publication of consumer magazines.
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Audit Report |
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Accounting policies |
Statement of compliance
These financial statements have been prepared in accordance with Financial Reporting Standard 102 - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' Section 1A and the Companies Act 2006.
Basis of preparation
These financial statements have been prepared using the historical cost convention except any items disclosed in the accounting policies as being shown at fair value and are presented in sterling, which is the functional currency of the entity.
Summary of significant accounting policies
The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.
Keesing Media UK Limited
Notes to the Financial Statements for the Year Ended 31 December 2024
Going concern
The company made a profit for the year ended 31 December 2024 and had net assets at that date of £452,336 including cash at bank of 243,067.
Turnover has continued to increase despite the decline in the overall United Kingdom magazine market, as a result of new launches, price increases and a stable Puzzle Category. Gross margin has improved due to higher single copies circulation. Keesing Media UK Limited is focused on optimising the distribution of its magazines, which will further improve efficiency of copy sales, reducing waste and therefore cost.
The energy crisis of 2023 had an impact on demand for all magazines during the year, however strategic pricing aided revenue growth despite this. This pricing strategy and the launch of further new titles in January 2025 will see continued growth for the next 12 months.
Brexit and Russia’s war on Ukraine had an impact on print, paper and distribution costs. However, reducing paper prices during the year had a positive impact on the margin going forward. Therefore, profitability exceeded budget in 2024 and should continue to grow in 2025.
As such, having made enquiries, the directors have a reasonable expectation that the company has adequate resources to continue operating for the foreseeable future. In addition, the directors confirm that, should such support be required, the company has the full financial support of the group. Accordingly, the directors continue to adopt the going concern basis in preparing the financial statements.
Revenue recognition
Turnover comprises the fair value of the consideration received or receivable for the publication of magazines and similar content in the ordinary course of the company's activities. Turnover is shown net of value added tax, returns, rebates and discounts.
The company recognises revenue from copy sales on the date of publication when it is probable that future economic benefits will flow to the company and is shown gross of any distributor payments. The company recognises revenue from magazine subscriptions equally over the period to which the subscriptions relate when it is probable that future economic benefits will flow to the entity.
Foreign currencies
Tax
The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss, except that a charge attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.
The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.
Keesing Media UK Limited
Notes to the Financial Statements for the Year Ended 31 December 2024
Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.
Unrelieved tax losses and other deferred tax assets are recognised when 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 reporting date and that are expected to apply to the reversal of the timing difference.
Tangible assets
Tangible assets are stated in the statement of financial position at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.
The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.
Depreciation
Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:
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Asset class |
Depreciation method and rate |
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Computer and office equipment |
33-50% straight line |
Goodwill
Goodwill arising on the acquisition of an entity represents the excess of the cost of acquisition over the company’s interest in the net fair value of the identifiable assets, liabilities and contingent liabilities of the entity recognised at the date of acquisition. Goodwill is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is held in the currency of the acquired entity and revalued to the closing rate at each reporting period date. Goodwill is amortised over its useful life, which shall not exceed ten years if a reliable estimate of the useful life cannot be made.
Amortisation
Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:
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Asset class |
Amortisation method and rate |
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Computer software and database |
20% straight line |
Cash and cash equivalents
Cash and cash equivalents comprise cash at bank and on hand, demand deposits with banks and other short-term highly liquid investments with original maturities of three months or less and bank overdrafts. In the statement of financial position, bank overdrafts are shown within borrowings or current liabilities. a known amount of cash and are subject to an insignificant risk of change in value.
Leases
Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight line basis over the period of the lease.
Keesing Media UK Limited
Notes to the Financial Statements for the Year Ended 31 December 2024
Defined contribution pension obligation
A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.
Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.
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Staff numbers |
The average number of persons employed by the company during the year, was
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Intangible assets |
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Goodwill |
Computer Software and Database |
Total |
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Cost or valuation |
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At 1 January 2024 |
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At 31 December 2024 |
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Amortisation |
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At 1 January 2024 |
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Amortisation charge |
- |
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At 31 December 2024 |
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Carrying amount |
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At 31 December 2024 |
- |
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At 31 December 2023 |
- |
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Keesing Media UK Limited
Notes to the Financial Statements for the Year Ended 31 December 2024
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Tangible assets |
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Computer and office equipment |
Total |
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Cost or valuation |
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At 1 January 2024 |
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Disposals |
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( |
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At 31 December 2024 |
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Depreciation |
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At 1 January 2024 |
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Eliminated on disposal |
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At 31 December 2024 |
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Carrying amount |
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At 31 December 2024 |
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- |
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Stocks |
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2024 |
2023 |
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Work in progress |
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Debtors |
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2024 |
2023 |
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Trade debtors |
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Other debtors |
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Keesing Media UK Limited
Notes to the Financial Statements for the Year Ended 31 December 2024
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Creditors |
Creditors: amounts falling due within one year
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2024 |
2023 |
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Trade creditors |
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Amounts owed to group undertakings |
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Taxation and social security |
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Accruals and deferred income |
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Other creditors |
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Commitments and guarantees |
The total future minimum lease payments under operating leases amounts to £50,689 (2023: £12,714).
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Related party transactions |
The company has taken advantage of the exemption conferred by FRS 102 paragraph IAC 35 not to disclose transactions or amounts due with companies wholly owned within the group.
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Parent and Ultimate Parent Undertaking |
The smallest group preparing group accounts incorporating the results of the company is headed by Keesing Media Group B.V, whose registered office is Naritaweg 235, 1043 CB, Amsterdam.