Company registration number 09561620 (England and Wales)
EDITION WORLDWIDE LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
PAGES FOR FILING WITH REGISTRAR
EDITION WORLDWIDE LIMITED
CONTENTS
Page
Balance sheet
1
Statement of changes in equity
2
Notes to the financial statements
3 - 7
EDITION WORLDWIDE LIMITED
BALANCE SHEET
AS AT 31 DECEMBER 2023
31 December 2023
- 1 -
2023
2022
Notes
$
$
$
$
Current assets
Debtors
6
4,184
1,409,778
Cash at bank and in hand
7,802
11,986
1,409,778
Creditors: amounts falling due within one year
7
(56,427)
(80,184)
Net current (liabilities)/assets
(44,441)
1,329,594
Capital and reserves
Called up share capital
2
2
Other reserves
1,535,302
1,535,302
Profit and loss reserves
(1,579,745)
(205,710)
Total equity
(44,441)
1,329,594
For the financial year ended 31 December 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.
The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The director of the company has elected not to include a copy of the profit and loss account within the financial statements.true
The financial statements were approved by the board of directors and authorised for issue on 24 June 2025 and are signed on its behalf by:
Bruce Dixon
Director
Company registration number 09561620 (England and Wales)
EDITION WORLDWIDE LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2023
- 2 -
Share capital
Profit and loss reserves
Total
$
$
$
$
Balance at 1 January 2022
2
1,535,302
23,256,494
24,791,798
Year ended 31 December 2022:
Loss and total comprehensive income
-
-
(23,462,204)
(23,462,204)
Balance at 31 December 2022
2
1,535,302
(205,710)
1,329,594
Year ended 31 December 2023:
Loss and total comprehensive income
-
-
(1,374,035)
(1,374,035)
Balance at 31 December 2023
2
1,535,302
(1,579,745)
(44,441)
EDITION WORLDWIDE LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
- 3 -
1
Accounting policies
Company information
Edition Worldwide Limited is a private company limited by shares incorporated in England and Wales. The registered office is 2-6 New North Place, London, EC2A 4JA.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest $.
The financial statements have been prepared under the historical cost convention.
The principal accounting policies adopted are set out below.
1.2
Turnover
Revenue is recognised to the extent that it is probable that economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.
Turnover arises from the rendering of consultancy services. Revenue is recognised in the period in which the service has been provided.
During the year the revenue recognition policy has been changed from recognising revenue when the service is provided to recognising revenue based on a percentage of completion method of the campaign.
1.3
Tangible fixed assets
Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Leasehold land and buildings
10 years
Fixtures and fittings
3 years
Computers
3 years
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.
1.4
Cash and cash equivalents
Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
EDITION WORLDWIDE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 4 -
1.5
Financial instruments
The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ 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.
Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method 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. Financial assets classified as receivable within one year are not amortised.
Classification of financial liabilities
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.
Basic financial liabilities
Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.
Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.
1.6
Equity instruments
Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.
1.7
Employee benefits
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 payments obligations.
The contributions are recognised as an expense in the Statement of Comprehensive Income when they fall due. Amounts not paid are shown in other creditors as a liability in the Balance Sheet. The assets of the plan are held separately from the Company in independently administered funds.
EDITION WORLDWIDE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 5 -
1.8
Foreign exchange
Functional and presentation currency
The Company's functional and presentational currency is USD.
Transactions and balances
Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions.
At each period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined.
All translation differences are taken to profit or loss, except to the extent that they relate to gains or losses on non-monetary items recognised in other comprehensive income, when the related translation gain or loss is also recognised in other comprehensive income.
2
Judgements and key sources of estimation uncertainty
In the application of the company’s accounting policies, the director is required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.
Key sources of estimation uncertainty
The estimates and assumptions which have a significant risk of causing a material adjustment to the carrying amount of assets and liabilities are as follows.
Functional currency
The primary economic environment and generation and use of cash flow of the Company is mainly denominated in U.S. Dollars. Consequently, effective on 1 January 2021, the Company changed both its functional currency and the presentation currency of its financial statements from Pound sterling ("GBP") to the U.S. Dollar ("USD").
3
Exceptional item
2023
2022
$
$
Expenditure
Intercompany write off
1,409,710
23,453,628
EDITION WORLDWIDE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
3
Exceptional item
(Continued)
- 6 -
The intercompany write off of $1,409,710 relate to the write-off of intercompany balances in 2023 following the sale of substantially all assets of the former parent company, Vice Group Holding, Inc., under Chapter 11 proceedings. Provisions for related bad debts were recognised in 2022 (£23,453,628). These items have been classified as exceptional due to their size and nature, in accordance with FRS 102.
4
Auditor's remuneration
2023
2022
Fees payable to the company's auditor and associates:
$
$
For audit services
Audit of the financial statements of the company
50,722
5
Tangible fixed assets
Land and buildings
Plant and machinery etc
Total
$
$
$
Cost
At 1 January 2023
10,656
18,000
28,656
Exchange movements
553
935
1,488
At 31 December 2023
11,209
18,935
30,144
Depreciation and impairment
At 1 January 2023
10,656
18,000
28,656
Exchange movements
553
935
1,488
At 31 December 2023
11,209
18,935
30,144
Carrying amount
At 31 December 2023
At 31 December 2022
6
Debtors
2023
2022
Amounts falling due within one year:
$
$
Trade debtors
1,001
1,405,905
Other debtors
3,183
3,873
4,184
1,409,778
The amounts owed by group undertakings are unsecured, interest-free, and receivable on demand, however these are expected to be settled after 12 months.
EDITION WORLDWIDE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 7 -
7
Creditors: amounts falling due within one year
2023
2022
$
$
Trade creditors
2,319
25,721
Other creditors
54,108
54,463
56,427
80,184
The amounts owed to group undertakings are unsecured, interest-free, and repayable on demand.
8
Related party transactions
Other than the directors, there are no other key management personnel. All transactions entered into with fellow group undertakings that are wholly owned by the group of which the company is a member have not been disclosed.
9
Controlling party
The immediate parent company is Vice Europe Holding Acquisition Limited, a company incorporated in Jersey. Vice Europe Holding Acquisition Limited does not prepare group financial statements as these are not required by Jersey Company Law.
The ultimate parent undertaking and controlling party is Vice Ultimate Parent LLC, a Company incorporated in the United States of America. Its registered address is 45 Main Street, Suite 200, Brooklyn, NY 11201. This is the smallest and largest Group of undertakings for which Group financial statements are prepared that include the Company. The financial statements are not publicly available.
Prior to the sale of the business on 31st July 2023, the ultimate parent undertaking and controlling party was Vice Group Holding Inc., a Company incorporated in the United States of America. Its registered address is 49S 2nd Street, Brooklyn, New York, 11211.