The directors present the strategic report for the year ended 31 December 2024.

FY 2024 marked a record year for sales, with revenue growing by 10% year-over-year, primarily driven by strong performance in Advertising.

However, despite this top-line growth, profitability declined. This was anticipated, as the company executed on the strategic investment plan set out in 2023. These investments focused on long-term growth areas, including the expansion of the sales team, the development of a new digital platform, various audience growth initiatives, and retail expansion.

These investments contributed to a higher cost base, particularly in indirect costs such as staff and overheads, marketing, and travel. At the same time, they have supported both revenue growth and generated significant improvements in our product offering to audiences.

The strategic investments made in 2024 achieved higher revenues, particularly in advertising. Going forward the company foresees significant potential from the launch of a new website — in particular in the areas of online advertising, web-shop sales, and subscription growth. This digital development started in 2024 and the new website was launched in April 2025.

To improve profitability, the company must continue to grow revenues, leveraging economies of scale. The current level of fixed editorial costs can support a larger audience without significant additional expense and sales from the new digital platform are expected to carry higher margins, contributing positively to overall profitability. In parallel, the company is taking active steps to reduce operating expenses, with targeted efficiency measures in editorial, travel, print production, paper usage, and logistics.

Despite a sometimes challenging advertising landscape the company has continued to grow revenues in 2025. Monocle’s key differentiator lies in its commitment to original, high-quality editorial reporting combined with a creative omnichannel advertising offering. This premium proposition has enabled the company to secure major partnerships that span across print, retail spaces, audio and digital channels. In February 2025 Monocle opened a new café and shop in Paris, further deepening the company’s presence in its second most important advertising market.

Key performance indicators - 2024

Advertising revenues saw a strong uplift of 16%, an increase of 1.7 million GBP compared to 2023. A higher volume of bespoke client projects boosted revenues across print, radio and other services. Retail sales increased by £368,000 year-on-year, with growth in physical locations and online thanks to improvements in the product assortment. Newsstand & subscriptions sales were in line with 2023, and circulation growth in the US played a positive role that offset lower circulation in some other geographies.

The increase in Cost of Sales was largely volume- and mix-driven. Growth in bespoke client projects raised variable costs in Advertising Production. Expanded editorial output led to increased Print Content Production costs. Additionally, higher magazine pagination increased weight per copy and combined with greater distribution volumes drove higher logistics and fulfilment costs to newsstands and print subscribers.

On behalf of the board

The directors present their annual report and financial statements for the year ended 31 December 2024.

The principal activities of the company was that of producing a magazines, producing and broadcasting 24 hour radio programmes and podcasts and operating a retail network.

The results for the year are set out on page 9.

No ordinary dividends were paid. The directors do not recommend payment of a final dividend.

The directors who held office during the year and up to the date of signature of the financial statements were as follows:

The auditor, UHY Hacker Young, is deemed to be reappointed under section 487(2) of the Companies Act 2006.

The directors are responsible for preparing the annual report and the financial statements in accordance with applicable law and regulations.

Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period. In preparing these financial statements, the directors are required to:

• select suitable accounting policies and then apply them consistently;

• make judgements and accounting estimates that are reasonable and prudent;

• state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements;

• prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company’s transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

So far as each person who was a director at the date of approving this report is aware, there is no relevant audit information of which the company’s auditor is unaware. Additionally, the directors individually have taken all the necessary steps that they ought to have taken as directors in order to make themselves aware of all relevant audit information and to establish that the company’s auditor is aware of that information.

As at the balance sheet date, the company has net liabilities which indicates that there is a material uncertainty regarding the company's ability to continue as a going concern. This is discussed further in note 1.2 to these financial statements.

We have audited the financial statements of Winkontent Limited (the 'company') for the year ended 31 December 2024 which comprise the statement of comprehensive income, the balance sheet, the statement of changes in equity, the statement of cash flows and notes to the financial statements, including significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

• give a true and fair view of the state of the company's affairs as at 31 December 2024 and of its loss for the year then ended;

• have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and

• have been prepared in accordance with the requirements of the Companies Act 2006.

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Material uncertainty related to going concern

We draw attention to note 1.2 in the financial statements, which indicates that in the current year the company is showing a substantial loss and similarly in the prior year.The company has a net liability position on its balance sheet. As stated in note 1.2, these events or conditions, along with the other matters as set forth in note 1.2, indicate that a material uncertainty exists that may cast significant doubt on the company’s ability to continue as a going concern. Our opinion is not modified in respect of this matter.

In auditing the financial statements, we have concluded that the directors’ use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.

Other information

The other information comprises the information included in the annual report other than the financial statements and our auditor's report thereon. The directors are responsible for the other information contained within the annual report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.

We have nothing to report in this regard.

Opinions on other matters prescribed by the Companies Act 2006

In our opinion, based on the work undertaken in the course of our audit:

• the information given in the strategic report and the directors' report for the financial year for which the financial statements are prepared is consistent with the financial statements; and

• the strategic report and the directors' report have been prepared in accordance with applicable legal requirements.

In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the strategic report or the directors' report.

We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:

• adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or

• the financial statements are not in agreement with the accounting records and returns; or

• certain disclosures of directors' remuneration specified by law are not made; or

• we have not received all the information and explanations we require for our audit.

As explained more fully in the directors' responsibilities statement, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. In preparing the financial statements, the directors are responsible for assessing the company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the company or to cease operations, or have no realistic alternative but to do so.

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

Based on our understanding of the company and the magazine, radio, and retail industries in which it operates; we identified that the principal risks of non-compliance with laws and regulations related to the acts by the company, which were contrary to applicable laws and regulations including to tax legislation, pensions legislation, employment and health and safety regulation, anti-bribery, corruption and fraud, and we considered the extent to which non-compliance might have a material effect on the financial statements. We also considered those laws and regulations that have a direct impact on the preparation of the financial statements such as the Companies Act 2006. We evaluated management’s incentives and opportunities for fraudulent manipulation of the financial statements (including the risk of override of controls), and determined that the principal risks were related to revenue recognition and management override of controls.

Audit procedures performed included:

• Review of the financial statement disclosures to underlying supporting documentation, review of correspondence with the company's solicitors and enquiries of management in so far as they related to the financial statements, and testing of journals and evaluating whether there was evidence of bias by the directors that represented a risk of material misstatement due to fraud.

• There are inherent limitations in the audit procedures described above and the further removed non-compliance with laws and regulations is from the events and transactions reflected in the financial statements, the less likely we would become aware of it. Also, the risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate concealment by, for example, forgery or intentional misrepresentations, or through collusion.

• Enquiries were made of management relating to compliance with key laws and regulations as being of significance to the company.

• Enquiries were made of management and those charged with governance around any actual or potential litigation and claims. A review of a sample of such expenditure was undertaken as part of our substantive audit review work.

• Auditing the risk of management override of controls, including thorough testing of journals entries using data analytics software. This led to the review of transactions considered unusual, abnormally large, appearing outside the normal course of business and various other criteria. Any such instances were then investigated, and explanations sought from informed management.

• We made enquiries of management to obtain an understanding of the entity’s policies and procedures on fraud risks including knowledge of any actual, suspected, or alleged fraud. Potential opportunities for fraud were also discussed during the audit team planning meeting so that they could apply professional scepticism when conducting their work.

• We undertook a review of a range of transactions and reviewed these to underlying documentation at the same time being mindful of any discrepancies and potential errors and made necessary enquiries of informed management in relation to the same.

A further description of our responsibilities is available on the Financial Reporting Council’s website at: https://www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report.

Use of our report

This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in an auditor's report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members as a body, for our audit work, for this report, or for the opinions we have formed.

The profit and loss account has been prepared on the basis that all operations are continuing operations.

Winkontent Limited is a private company limited by shares incorporated in England and Wales. The registered office is Midori House, 1 Dorset Street, London, W1U 4EG.

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.

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.

In the current year the company generated a significant loss which was higher than the result in the prior year. At the balance sheet date, the company has significant net liabilities which indicate that there is a material uncertainty regarding the company's ability to continue as a going concern. true

The company's net liabilities include intercompany loans and borrowings and accrued interest due to the parent company of £17,080,347 (2023: £10,221,314). Excluding this liability, the company shows a net asset position of £3,145,403 (2023: £91,832).

The directors of the parent company have provided a letter of support indicating their willingness to continue to provide financial support to the company.

Turnover is recognised at the value of the consideration received for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

Revenue from royalties is recognised in the period to which is relates to the service provided to fellow subsidiaries.

Intangible assets acquired separately from a business are recognised at cost and are subsequently measured at cost less accumulated amortisation and accumulated impairment losses.

Amortisation 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:

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:

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.

At each reporting period end date, the company reviews the carrying amounts of 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). 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.

Recoverable amount is the higher of fair value less costs to sell and 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.

If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. 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.

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.

Stocks held for distribution at no or nominal consideration are measured at the lower of cost and replacement cost, adjusted where applicable for any loss of service potential.

At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.

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.

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, 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, other than those held at fair value through profit and loss, are assessed for indicators of impairment at each reporting end date.

Financial assets are impaired where there is objective evidence that, as a result of one or more events that occurred after the initial recognition of the financial asset, the estimated future cash flows have been affected. If an asset is impaired, the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss is recognised in profit or loss.

If there is a decrease in the impairment loss arising from an event occurring after the impairment was recognised, the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been, had the impairment not previously been recognised. The impairment reversal is recognised in profit or loss.

Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when the company transfers the financial asset and substantially all the risks and rewards of ownership to another entity, or if some significant risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party.

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, 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.

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

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.

The tax expense represents the sum of the tax currently payable and deferred 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.

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.

The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.

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

Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

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.

Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss.

An analysis of the company's turnover is as follows:

The average monthly number of persons (including directors) employed by the company during the year was:

Their aggregate remuneration comprised:

The actual charge for the year can be reconciled to the expected credit for the year based on the profit or loss and the standard rate of tax as follows:

The company has available unused tax losses of £11,337,155 (2023: £7,933,227)

Other debtors includes £46,093 (2023: £46,375) rent deposit which is subject to a charge by the landlord.

In the prior year bank loans and overdrafts related to a debt factoring facility. In May 2024 the company decided not to renew the agreement and has since taken over the management of debtors in-house.

Other borrowings comprise loans from the immediate and ultimate parent company, Winkontent AG and Winkorp AG. For loans already issued to the company a number of years ago the interest rates charged are based on official Swiss government rates for loans to overseas entities. For the more recent advances the rates are in accordance with the Swiss Federal Tax Administration.

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.

The company has identified a requirement to register for VAT in several jurisdictions. The directors are actively looking to appoint a consultancy firm to deal with both current and historic matters. The directors have acknowledged the need to incur future costs in dealing with the issue and have also provided for the estimated liabilities in these financial statements for the VAT due in these jurisdictions of £568,212 (2023: £453,604), however there is an element of estimation uncertainty included in these liabilities as the final amounts will need to be agreed with each local authority.  At this stage it is still not possible to reliably estimate the full extent of the liabilities and any penalties and interest that may accrue and be due, so a provision has been made for the VAT liability however no provision has been recognised in respect of any possible interest and penalties.

The company rents various offices and shops which it holds under operating leases. The lease agreements have expiry periods ranging from one to 9 years from the balance sheet date.

At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, which fall due as follows:

Included within other debtors as at 31 December 2024 is £1,520,759 (2023: £1,193,703) due from Winkontent Hong Kong, Winkontent Tokyo, Winkreative AG, Winkreative Ltd, Winkreative Toronto, Monocle AG and Winkontent AG.

Included within other creditors as at 31 December 2024 is £968,064 (2023: £1,435,871) owed to Winkontent Hong Kong, Winkontent Tokyo, Winkreative AG, Winkreative Ltd, Winkreative Toronto, Monocle AG and Winkontent AG.

During the year the company recharged expenses of £518,028 (2023: £430,468) to Winkontent Hong Kong, Winkontent Tokyo, Winkreative AG, Winkreative Ltd, Winkreative Toronto, Monocle AG and Winkontent AG.

During the year the company was recharged expenses totalling £3,033,151 (2023: £2,273,771) from Winkontent Hong Kong, Winkontent Tokyo, Winkreative AG, Winkreative Ltd, Winkreative Toronto, Monocle AG and Winkontent AG.

As at 31 December 2024 the company had a long-term loan from Winkontent AG, the immediate parent company and Winkorp AG of net £14,870,913 (2023: £8,411,777) on which total interest of £399,898 (2023: £321,839) was charged in the year. The total accrued interest on the outstanding loan as at 31 December 2024 is £2,229,410 (2023: £1,829,514).

For the purposes comparability some balances have been re-classified to ensure consistency across the two reporting periods.

Winkontent Hong Kong, Winkontent Tokyo, Winkreative AG, Winkreative Ltd, Winkreative Toronto, Monocle AG and Winkontent AG are all members of the Winkorp group of companies.

As at the balance sheet date the company was owed £110,140 (2023: £58,818) by Mr J Brule, a director of the company.

During the year the company made sales to Trunk Clothiers Limited of £44,239 (2023: £9,536). In addition the company were charged from Trunk Clothiers Limited £39,233 (2023: £6,408).

Trunk Clothiers Limited has common control with Winkontent Limited. Included within other debtors as at 31 December 2024 is £48,451 (2023: £4,211) owed from Trunk Clothiers Limited with £47,785 (2023:£8,549) owed to Trunk Clothiers Limited included within other creditors

The immediate parent company is Winkontent AG and the ultimate parent company is Winkorp AG, both companies are registered in Switzerland.

The ultimate controlling party is J T Brule.