Company registration number 01823650 (England and Wales)
LEVELPRINT LIMITED
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
PAGES FOR FILING WITH REGISTRAR
LEVELPRINT LIMITED
CONTENTS
Page
Balance sheet
1
Statement of changes in equity
2
Notes to the financial statements
3 - 8
LEVELPRINT LIMITED
BALANCE SHEET
AS AT 31 DECEMBER 2023
31 December 2023
- 1 -
2023
2022
Notes
£
£
£
£
Current assets
Stocks
-
26,507
Debtors
5
12,268,136
26,291,618
Cash at bank and in hand
79,249
799
12,347,385
26,318,924
Creditors: amounts falling due within one year
6
(5,553,436)
(24,468,424)
Net current assets
6,793,949
1,850,500
Capital and reserves
Called up share capital
150
150
Profit and loss reserves
6,793,799
1,850,350
Total equity
6,793,949
1,850,500
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 01823650 (England and Wales)
LEVELPRINT 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
150
(12,900,837)
(12,900,687)
Year ended 31 December 2022:
Profit and total comprehensive income
-
14,751,187
14,751,187
Balance at 31 December 2022
150
1,850,350
1,850,500
Year ended 31 December 2023:
Profit and total comprehensive income
-
4,943,449
4,943,449
Balance at 31 December 2023
150
6,793,799
6,793,949
LEVELPRINT LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
- 3 -
1
Accounting policies
Company information
Levelprint 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 except for certain assets and liabilities included at fair value. The principal accounting policies adopted are set out below.
1.2
Going concern
The financial statements have been prepared on the going concern basis as the directors consider that the company presently is able to meet its liabilities as they fall due for a period of at least 12 months from the date of approval of these financial statements which takes into consideration the availability of the financial support from Vice Europe Holding Acquisition Limited, the immediate parent company of trueLevelprint Limited. The directors have considered the forecasts of the group and have had discussions with the group management to arrange for necessary funds required by the group.
The financial statements do not include any adjustments that would result if the entity was unable to continue as a going concern.
1.3
Turnover
Revenue is recognised to the extent that it is probable that the 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 from the rendering of services comprises advertising revenues from print and online. activity, revenue from the creation of content, events for clients, consultation, video and film production. Revenue from these income streams is recognised as follows:
Revenue from sale of merchandise and consultation is recognised on delivery to customer.
Advertising revenue from magazines is recognised upon shipment of magazines to distributors.
Revenue from online advertising and print advertising is recognised based on campaign/contact and issues made directly.
Revenue from licensing arrangements is recognised on a straight-line basis over the period which it relates.
LEVELPRINT LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 4 -
1.4
Intangible fixed assets other than goodwill
Intangible assets are initially measured at cost. After initial recognition, 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.
Patents and licenses are being amortised evenly over the estimated useful life of five years.
Website development costs are being amortised evenly over their estimated useful life of three years.
TV Content is being amortised evenly over its estimated useful life of two years.
Website development costs, Patents and TV content are capitalised as intangible assets as they are identifiable, non-monetary assets without physical substance, whose cost can be reliably measured and it is probable that the expected future economic benefits that are attributable to the assets will flow to the Company.
The intangible assets are amortised over the periods listed above, as this is the Directors' best estimate for which it is probable that future economic benefits are expected to flow to the Company.
1.5
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:
Plant and equipment
3 years
Fixtures and fittings
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.
1.6
Stocks
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.
Cost is calculated using the first-in, first-out method and includes all purchase, transport, and handling costs in bringing stocks to their present location and condition.
Stocks comprise Work in progress. Work in progress includes external costs for contracts which are ongoing at the year end and have not yet been delivered. Internal costs in relation to projects which are ongoing at year end and have not been delivered, which can be directly attributable to the project are capitalised in work in progress. All other internal costs are expensed in the Statement of Comprehensive Income.
At each Balance Sheet date, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to complete and sell. The impairment loss is recognised immediately in profit or loss.
1.7
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.
LEVELPRINT LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 5 -
1.8
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.
1.9
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.
1.10
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
LEVELPRINT LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 6 -
Deferred tax
Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.
The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.
1.11
Retirement 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 payment obligations.
1.12
Leases
Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leases asset are consumed.
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.
3
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2023
2022
Number
Number
Total
25
28
LEVELPRINT LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 7 -
4
Exceptional items
2023
2022
£
£
Income/(Expenditure)
Intercompany write off
(667,240)
15,053,026
Profit on sale of ID asset
5,482,014
-
4,814,774
15,053,026
During the year, the Company entered into an Asset Purchase Agreement, by and among, Levelprint Limited, Vice UK Limited, Vice Media Asia Pacific Pte. Ltd, Vice Media Acquisition LLC, Vice Japan GK and Refinery 29 Limited, Vice Holding Acquisition, Inc., Bedford Media LLC, Bedford Media Limited and Karlie Kloss for the sale of substantially all of the operating assets and liabilities comprising the i-D Magazine business (the "Asset Sale"). The Asset Sale concluded on December 20, 2023, resulting in a profit of £5,482,014 allocated to Levelprint Limited.
The intercompany write off in 2023 £667,240 is the result of 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 (£15,053,026). These items have been classified as exceptional due to their size and nature, in accordance with FRS 102.
5
Debtors
2023
2022
Amounts falling due within one year:
£
£
Trade debtors
1,155,933
2,265,380
Amounts owed by group undertakings
10,165,546
22,868,728
Other debtors
946,657
1,157,510
12,268,136
26,291,618
The amounts owed by group undertakings are unsecured, interest-free, and receivable on demand, however these are expected to be settled after 12 months.
6
Creditors: amounts falling due within one year
2023
2022
£
£
Trade creditors
366,668
Amounts owed to group undertakings
5,266,522
23,071,286
Taxation and social security
175,538
136,640
Other creditors
111,376
893,830
5,553,436
24,468,424
The amounts owed to group undertakings are unsecured, interest-free, and repayable on demand.
LEVELPRINT LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 8 -
7
Retirement benefit schemes
2023
2022
Defined contribution schemes
£
£
Charge to profit or loss in respect of defined contribution schemes
58,917
59,323
The company operates a defined contribution pension scheme for all qualifying employees. The assets of the scheme are held separately from those of the company in an independently administered fund.
8
Audit report information
As the income statement has been omitted from the filing copy of the financial statements, the following information in relation to the audit report on the statutory financial statements is provided in accordance with s444(5B) of the Companies Act 2006.
The auditor's report is unqualified and includes the following:
Senior Statutory Auditor:
Shirish Shah
Statutory Auditor:
SPW (UK) LLP
Date of audit report:
24 June 2025
9
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.
10
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.