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Company No: 00472283 (England and Wales)

KASSNER ASSOCIATED PUBLISHERS LIMITED

Unaudited Financial Statements
For the financial year ended 31 December 2024
Pages for filing with the registrar

KASSNER ASSOCIATED PUBLISHERS LIMITED

Unaudited Financial Statements

For the financial year ended 31 December 2024

Contents

KASSNER ASSOCIATED PUBLISHERS LIMITED

COMPANY INFORMATION

For the financial year ended 31 December 2024
KASSNER ASSOCIATED PUBLISHERS LIMITED

COMPANY INFORMATION (continued)

For the financial year ended 31 December 2024
DIRECTORS Ms V S Haslam
Mr A L Kassner
Mr D Kassner
Ms N O Kassner
SECRETARY Ms N O Kassner
REGISTERED OFFICE Units 6 & 7
11 Wyfold Road
Fulham
London
SW6 6SE
United Kingdom
COMPANY NUMBER 00472283 (England and Wales)
ACCOUNTANT GRAVITA III LLP
Aldgate Tower
2 Leman Street
London
E1 8FA
United Kingdom
KASSNER ASSOCIATED PUBLISHERS LIMITED

BALANCE SHEET

As at 31 December 2024
KASSNER ASSOCIATED PUBLISHERS LIMITED

BALANCE SHEET (continued)

As at 31 December 2024
Note 2024 2023
£ £
Fixed assets
Intangible assets 3 206,744 223,104
Tangible assets 4 348,662 362,745
Investments 5 225,246 225,246
780,652 811,095
Current assets
Debtors
- due within one year 6 1,506,836 1,637,458
- due after more than one year 6 1,918,802 1,971,592
Cash at bank and in hand 1,260,077 960,526
4,685,715 4,569,576
Creditors: amounts falling due within one year 7 ( 2,349,897) ( 2,912,643)
Net current assets 2,335,818 1,656,933
Total assets less current liabilities 3,116,470 2,468,028
Creditors: amounts falling due after more than one year 8 ( 2,322,244) ( 1,692,386)
Provision for liabilities ( 3,621) ( 3,456)
Net assets 790,605 772,186
Capital and reserves
Called-up share capital 6,704 6,704
Capital redemption reserve 93,877 93,877
Profit and loss account 690,024 671,605
Total shareholders' funds 790,605 772,186

For the financial year ending 31 December 2024 the Company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

The financial statements of Kassner Associated Publishers Limited (registered number: 00472283) were approved and authorised for issue by the Board of Directors on 07 July 2025. They were signed on its behalf by:

Mr D Kassner
Director
KASSNER ASSOCIATED PUBLISHERS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 December 2024
KASSNER ASSOCIATED PUBLISHERS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 December 2024
1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.

General information and basis of accounting

Kassner Associated Publishers Limited (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of the Company's registered office is Units 6 & 7, 11 Wyfold Road, Fulham, London, SW6 6SE, United Kingdom.

The financial statements have been prepared under the historical cost convention, modified to include the revaluation of freehold properties and to include investment properties and certain items at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.

The financial statements are presented in pounds sterling which is the functional currency of the Company and rounded to the nearest £.

Group accounts exemption

Group accounts exemption s399
The Company has taken advantage of the exemption under section 399 of the Companies Act 2006 not to prepare consolidated accounts, on the basis that the group of which this is the parent qualifies as a small group. The financial statements present information about the Company as an individual entity and not about its group.

Foreign currency

Transactions in foreign currencies are recorded at the rate of exchange at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies at the Balance Sheet date are reported at the rates of exchange prevailing at that date.

Exchange differences are recognised in the Profit and Loss Account in the period in which they arise except for exchange differences arising on gains or losses on non-monetary items which are recognised in the Statement of Comprehensive Income.

Turnover

Turnover represents royalties received during the financial year, net of turnover taxes. Advances in respect of future revenue are treated as deferred revenue and recognised as revenue when earned. Cost of sales consists of the share of royalties due to the original rights holder of the copyrights administered by the company in respect of the royalties earned in the year.

Employee benefits

Short term benefits
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

Defined contribution schemes
The Company operates a defined contribution scheme. The amount charged to the Profit and Loss Account in respect of pension costs and other post-retirement benefits is the contributions payable in the financial year. Differences between contributions payable in the financial year and contributions actually paid are included as either accruals or prepayments in the Balance Sheet.

Taxation

Current tax
Current tax 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.

Deferred tax
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the Company's financial statements. Deferred tax is provided in full on timing differences which result in an obligation to pay more or less tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on current tax rates and laws. Deferred tax assets and liabilities are not discounted.

The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit.

Intangible assets

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.

Other intangible assets 20 years straight line
Tangible fixed assets

Tangible fixed assets are stated at cost or valuation, net of depreciation and any provision for impairment. Depreciation is provided on all tangible fixed assets, other than investment property and freehold land, at rates calculated to write off the cost or valuation, less estimated residual value, of each asset on a straight-line or reducing balance basis over its expected useful life, as follows:

Land and buildings 50 years straight line
Plant and machinery etc. 5 years straight line

Residual value represents the estimated amount which would currently be obtained from disposal of an asset, after deducting estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life.

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.

Leases

The Company as lessee
Rentals under operating leases are charged on a straight-line basis over the lease term, even if the payments are not made on such a basis. Benefits received and receivable as an incentive to sign an operating lease are similarly spread on a straight-line basis over the lease term.

Impairment of assets

Assets, other than those measured at fair value, are assessed for indicators of impairment at each Balance Sheet date. If there is objective evidence of impairment, an impairment loss is recognised in the Profit and Loss Account as described below.

Non-financial assets
At each balance sheet date, the company reviews its tangible and intangible assets to determine whether there is any indication that those assets have suffered an impairment loss.

If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). The recoverable amount of an asset is the higher of its fair value less costs to sell and its value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.

Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.

Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased to apply. Where an impairment loss subsequently reverses, the carrying amount of the asset (or cash-generating unit) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset (or cash-generating unit) in prior years. A reversal of an impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase.

Financial assets
An asset is impaired where there is objective evidence that, as a result of one or more events that occurred after initial recognition, the estimated recoverable value of the asset has been reduced. The recoverable amount of an asset is the higher of its fair value less costs to sell and its value in use.

Where indicators exist for a decrease in impairment loss, the prior impairment loss is tested to determine reversal. An impairment loss is reversed on an individual impaired asset to the extent that the revised recoverable value does not lead to a revised carrying amount higher than the carrying value had no impairment been recognised.

For financial assets carried at amortised cost, the amount of impairment is the difference between the asset’s carrying amount and the present value of estimated future cash flows, discounted at the financial asset’s original effective interest rate.

For financial assets carried at cost less impairment, the impairment loss is the difference between the asset’s carrying amount and the best estimate of the amount that would be received for the asset if it were to be sold at the reporting date.

Where indicators exist for a decrease in impairment loss, and the decrease can be related objectively to an event occurring after the impairment was recognised, the prior impairment loss is tested to determine reversal. An impairment loss is reversed on an individual impaired financial asset to the extent that the revised recoverable value does not lead to a revised carrying amount higher than the carrying value had no impairment been recognised.

Fixed asset investments

Investments are recognised initially at fair value which is normally the transaction price excluding transaction costs. Subsequently, they are measured at fair value through profit or loss if the shares are publicly traded or their fair value can otherwise be measured reliably. Other investments are measured at cost less impairment.

Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand and deposits held at call with banks.

Financial instruments

Financial assets and financial liabilities are recognised when the Company becomes a party to the contractual provisions of the instrument.

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.

Financial assets and liabilities are only offset in the Balance Sheet when, and only when there exists a legally enforceable right to set off the recognised amounts and the Company intends either 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.

Financial assets are derecognised when and only when the contractual rights to the cash flows from the financial asset expire or are settled, or the Company transfers to another party substantially all of the risks and rewards of ownership of the financial asset, or the Company, despite having retained some, but not all, significant risks and rewards of ownership, has transferred control of the asset to another party.

Basic financial liabilities
Basic financial liabilities, including creditors, loans from fellow group companies are initially recognised at transaction price.

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.

Financial liabilities are derecognised when the company’s contractual obligations expire or are discharged or cancelled.

Equity instruments
Equity instruments issued by the Company are recorded at the fair value of cash or other resources received or receivable, net of direct issue costs. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the Company.

2. Employees

2024 2023
Number Number
Monthly average number of persons employed by the Company during the year, including directors 12 10

3. Intangible assets

Other intangible assets Total
£ £
Cost
At 01 January 2024 327,206 327,206
At 31 December 2024 327,206 327,206
Accumulated amortisation
At 01 January 2024 104,102 104,102
Charge for the financial year 16,360 16,360
At 31 December 2024 120,462 120,462
Net book value
At 31 December 2024 206,744 206,744
At 31 December 2023 223,104 223,104

Other intangible assets consist of copyrights.

4. Tangible assets

Land and buildings Plant and machinery etc. Total
£ £ £
Cost
At 01 January 2024 1,105,050 175,173 1,280,223
Additions 0 5,230 5,230
At 31 December 2024 1,105,050 180,403 1,285,453
Accumulated depreciation
At 01 January 2024 753,686 163,792 917,478
Charge for the financial year 12,549 6,764 19,313
At 31 December 2024 766,235 170,556 936,791
Net book value
At 31 December 2024 338,815 9,847 348,662
At 31 December 2023 351,364 11,381 362,745

5. Fixed asset investments

2024 2023
£ £
Subsidiary undertakings 225,146 225,146
Participating interests 100 100
225,246 225,246

Investments in subsidiaries

2024
£
Cost
At 01 January 2024 225,146
Disposals 0
At 31 December 2024 225,146
Carrying value at 31 December 2024 225,146
Carrying value at 31 December 2023 225,146

Investments in associates Total
£ £
Cost or valuation before impairment
At 01 January 2024 100 100
At 31 December 2024 100 100
Carrying value at 31 December 2024 100 100
Carrying value at 31 December 2023 100 100

6. Debtors

2024 2023
£ £
Debtors: amounts falling due within one year
Trade debtors 2,745 18,462
Amounts owed by Group undertakings 1,093,249 893,215
Amounts owed by directors 0 300,000
Prepayments 107,576 99,480
Other debtors 303,266 326,301
1,506,836 1,637,458
Debtors: amounts falling due after more than one year
Other debtors 1,918,802 1,971,592

7. Creditors: amounts falling due within one year

2024 2023
£ £
Trade creditors 22,987 12,627
Amounts owed to related parties 1,474,044 1,884,114
Accruals 35,253 37,588
Taxation and social security 143,633 179,704
Other creditors 673,980 798,610
2,349,897 2,912,643

8. Creditors: amounts falling due after more than one year

2024 2023
£ £
Other loans 946,443 1,101,792
Other creditors 1,375,801 590,594
2,322,244 1,692,386

9. Financial commitments

Commitments

The company has provided unlimited cross guarantees in favour of other group companies. Similarly, group companies have provided unlimited guarantees in favour of Kassner Associated Publishers Limited.

10. Related party transactions

Transactions with the entity's directors

2024 2023
£ £
Amounts owed by directors 0 300,000

The amount owed by directors was repaid during the year, prior to 24 September 2024 and as such remained interest free.

Other related party transactions

2024 2023
£ £
Entities with control, Joint control or significant influence over the company: 74,814 65,355