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Registration number: 07047554

Keesing Media UK Limited

Financial Statements

for the Year Ended 31 December 2024

Brebners
Chartered Accountants & Statutory Auditor
130 Shaftesbury Avenue
London
W1D 5AR

 

Keesing Media UK Limited

Contents

Company Information

1

Statement of Financial Position

2

Notes to the Financial Statements

3 to 8

 

Keesing Media UK Limited

Company Information

Directors

J Bouman

P Alberdingk Thijm

Company secretary

Kin Company Secretarial Limited

Registered office

4th Floor
95 Chancery Lane
London
WC2A 1DT

Auditor

Brebners
Chartered Accountants & Statutory Auditor
130 Shaftesbury Avenue
London
W1D 5AR

 

Keesing Media UK Limited

Statement of Financial Position as at 31 December 2024

Note

2024
£

2023
£

Fixed assets

 

Intangible assets

5

1,911

5,471

Current assets

 

Stocks

7

32,825

28,317

Debtors

8

515,166

365,635

Cash at bank and in hand

 

243,067

350,234

 

791,058

744,186

Creditors: Amounts falling due within one year

9

(340,633)

(471,198)

Net current assets

 

450,425

272,988

Net assets

 

452,336

278,459

Capital and reserves

 

Retained earnings

452,336

278,459

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’.

The directors have elected not to include a copy of the Income Statement within the financial statements, in accordance with the special provisions relating to companies subject to the small companies regime within the Companies Act 2006, section 444.

Approved and authorised by the Board on 20 May 2025 and signed on its behalf by:
 

.........................................

J Bouman

Director

Company registration number: 07047554

 

Keesing Media UK Limited

Notes to the Financial Statements for the Year Ended 31 December 2024

1

General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
4th Floor
95 Chancery Lane
London
WC2A 1DT

The principal activity of the company is that of the publication of consumer magazines.

2

Audit Report

The Independent Auditor's Report was unqualified. The name of the Senior Statutory Auditor who signed the audit report on 21 May 2025 was Helen Evans , who signed for and on behalf of Brebners.

3

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

Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of the transaction. Exchange differences are taken into account in arriving at the operating profit.

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:

Asset class

Depreciation method and rate

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:

Asset class

Amortisation method and rate

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.

4

Staff numbers

The average number of persons employed by the company during the year, was 12 (2023 - 12).

5

Intangible assets

Goodwill
 £

Computer Software and Database
 £

Total
£

Cost or valuation

At 1 January 2024

437,060

17,399

454,459

At 31 December 2024

437,060

17,399

454,459

Amortisation

At 1 January 2024

437,060

11,928

448,988

Amortisation charge

-

3,560

3,560

At 31 December 2024

437,060

15,488

452,548

Carrying amount

At 31 December 2024

-

1,911

1,911

At 31 December 2023

-

5,471

5,471

 

Keesing Media UK Limited

Notes to the Financial Statements for the Year Ended 31 December 2024

6

Tangible assets

Computer and office equipment
£

Total
£

Cost or valuation

At 1 January 2024

38,750

38,750

Disposals

(10,808)

(10,808)

At 31 December 2024

27,942

27,942

Depreciation

At 1 January 2024

38,750

38,750

Eliminated on disposal

(10,808)

(10,808)

At 31 December 2024

27,942

27,942

Carrying amount

At 31 December 2024

-

-

7

Stocks

2024
£

2023
£

Work in progress

32,825

28,317

8

Debtors

2024
£

2023
£

Trade debtors

266,706

211,420

Other debtors

248,460

154,215

515,166

365,635

 

Keesing Media UK Limited

Notes to the Financial Statements for the Year Ended 31 December 2024

9

Creditors

Creditors: amounts falling due within one year

2024
£

2023
£

Trade creditors

7,049

8,096

Amounts owed to group undertakings

123,331

301,737

Taxation and social security

63,347

17,814

Accruals and deferred income

93,933

89,587

Other creditors

52,973

53,964

340,633

471,198

10

Commitments and guarantees

The total future minimum lease payments under operating leases amounts to £50,689 (2023: £12,714).

11

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.

12

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.