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Registered number: 10934202
RIZZOLI INTERNATIONAL PUBLICATIONS UK LIMITED (FORMERLY KNOWN AS CHELSEA GREEN PUBLISHING UK LIMITED)
FINANCIAL STATEMENTS
INFORMATION FOR FILING WITH THE REGISTRAR
FOR THE YEAR ENDED 31 DECEMBER 2024
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RIZZOLI INTERNATIONAL PUBLICATIONS UK LIMITED
REGISTERED NUMBER: 10934202
BALANCE SHEET
AS AT 31 DECEMBER 2024
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Debtors: amounts falling due within one year
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Creditors: amounts falling due within one year
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Total assets less current liabilities
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Creditors: amounts falling due after more than one year
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The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.
The financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime.
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RIZZOLI INTERNATIONAL PUBLICATIONS UK LIMITED
REGISTERED NUMBER: 10934202
BALANCE SHEET (CONTINUED)
AS AT 31 DECEMBER 2024
The Company has opted not to file the statement of income and retained earnings in accordance with provisions applicable to companies subject to the small companies' regime.
The financial statements were approved and authorised for issue by the board and were signed on its behalf on 10 September 2025.
The notes on pages 3 to 12 form part of these financial statements.
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RIZZOLI INTERNATIONAL PUBLICATIONS UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
Rizzoli International Publications UK Limited (formerly known as Chelsea Green Publishing UK Limited) ("the Company") is a private company limited by shares, incorporated in England and Wales. The address of its registered office is C/O Freeths LLP Routeco Office Park, Davy Avenue, Knowlhill, Milton Keynes, United Kingdom, MJ5 8HJ.
The principal activity of the company during the period was that of book publishing.
2.Accounting policies
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Basis of preparation of financial statements
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The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland' and the requirements of the Companies Act 2006. 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 following principal accounting policies have been applied:
The Directors have assessed the appropriateness of the going concern concept in relation to these financial statements and considers that it is fair to prepare the accounts on a going concern basis. This conclusion is based on the parent company continuing to support the Company for the foreseeable future, being a period of at least 12 months from the signing of the balance sheet date, and the Company having sufficient assets to meet its liabilities as they fall due for the twelve months from the date these financial statements are signed.
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RIZZOLI INTERNATIONAL PUBLICATIONS UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
2.Accounting policies (continued)
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. The following criteria must also be met before revenue is recognised:
Sale of goods
Revenue from the sale of goods is recognised when all of the following conditions are satisfied:
∙the Company has transferred the significant risks and rewards of ownership to the buyer;
∙the Company retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold;
∙the amount of revenue can be measured reliably;
∙it is probable that the Company will receive the consideration due under the transaction; and
∙the costs incurred or to be incurred in respect of the transaction can be measured reliably.
Rendering of services
Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:
∙the amount of revenue can be measured reliably;
∙it is probable that the Company will receive the consideration due under the contract;
∙the stage of completion of the contract at the end of the reporting period can be measured reliably; and
∙the costs incurred and the costs to complete the contract can be measured reliably.
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RIZZOLI INTERNATIONAL PUBLICATIONS UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
2.Accounting policies (continued)
The company has early adopted the 2024 amendments to FRS 102 section 20, leases.
FRS102 section 20 sets out the principles for recognising, measuring, presenting and disclosing lease contracts.
Application of this standard results in the initial recognition in the statement of financial position of (i) an asset, equal to the present value of the future minimum compulsory rentals to be paid by the lessee from 1 January 2024 or from the contract commencement date if later than the date of first-time application, which will be depreciated over the shorter of the useful economic life and the remaining term of the contract, and (ii) a financial liability equal to the present value of the future minimum compulsory rentals to be paid by the lessee from 1 January 2024 or from the contract commencement date if later than the date of first-time application, unpaid at the transition date.
The financial liability will then be reduced as lease payments are made. The lease payment is no longer recorded in the statement of income and retained earning instead (i) the depreciation of the right of use and (ii) the financial expense on the financial liability.
Lessees must also remeasure the lease liability on occurrence of certain events (for example: a change in the terms of the lease or a change in future lease payments resulting from a change in index or rate used to determine such payments). The lessees generally recognises the amount of the remeasurement of the liability as an adjustment to the asset’s right of use.
In the adoption of FRS102 section 20, the company made use of the exemptions granted by section FRS102 Section 20.5 (a) relating to short term leases, and by FRS102 section 20.5 (b) relating to contracts whose underlying asset is a low value asset. For such contracts, the introduction of FRS102 section 20 implies the recognition of the financial liability from the lease and the relating right of use, but lease payments will be recognised in the statement of income and retained earnings on a straight-line basis for the duration of the respective contracts.
Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.
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.
The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Balance sheet. The assets of the plan are held separately from the Company in independently administered funds.
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RIZZOLI INTERNATIONAL PUBLICATIONS UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
2.Accounting policies (continued)
Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.
The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the Company operates and generates income.
Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.
Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, Using the following methods.
Depreciation is provided on the following basis:
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Right of use leasehold property
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Over the term of the lease
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The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.
Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.
Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a weighted average basis. Work in progress and finished goods include labour and attributable overheads.
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.
Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.
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RIZZOLI INTERNATIONAL PUBLICATIONS UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
2.Accounting policies (continued)
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Cash and cash equivalents
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Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.
Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.
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Judgments in applying accounting policies and key sources of estimation uncertainty
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Estimates and judgments are continually evaluated and are based on historical experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.
Critical judgments in applying the entity’s accounting policies
No significant judgments have had to be made by management in preparing these financial statements.
Critical accounting estimates and assumptions
(i) Prepaid royalty provision
The company establishes a provision for prepaid royalties based on knowledge of the business and future sales projections and likely royalties payable. The amounts shown in note 7 are net of any associated provisions.
(ii) Stock provisions
The company establishes stock provisions based on knowledge of the business, the nature of the product
and future sales projections. The amounts shown in note 6 are net of any associated provisions.
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The average monthly number of employees, including directors, during the year was 8 (2023 - 6).
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RIZZOLI INTERNATIONAL PUBLICATIONS UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
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Right of use leasehold property
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Charge for the year on owned assets
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RIZZOLI INTERNATIONAL PUBLICATIONS UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
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Prepayments and accrued income
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Cash and cash equivalents
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RIZZOLI INTERNATIONAL PUBLICATIONS UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
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Creditors: Amounts falling due within one year
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Amounts owed to group undertakings
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Other taxation and social security
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Accruals and deferred income
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Creditors: Amounts falling due after more than one year
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RIZZOLI INTERNATIONAL PUBLICATIONS UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
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Allotted, called up and fully paid
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1 (2023 - 1) Ordinary share of £1.00
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Profit and loss account
The profit and loss account represents cumulative distributable profits and losses net of dividends and other adjustments.
The Company operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the Company in an independently administered fund. The pension cost charge represents contributions payable by the Company to the fund and amounted to £2,752 (2023 - £2,752). Contributions totalling £853 (2023 - £560) were payable to the fund at the balance sheet date and are included in creditors.
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Related party transactions
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At the year end the company owed its parent undertakings and fellow subsidiaries £1,903,079 (2023 - £1,151,361).
The Company's immediate parent undertaking is Cheslea Green Holdings Inc, a company incorporated in the USA.
The Company's ultimate parent undertaking is Arnoldo Mondadori Editore S.p.A., a company incorporated in Italy.
The smallest group for which consolidated financial statements are drawn up of which the Company is a member is those of Arnoldo Mondadori Editore S.p.A, whose registered office is Milan, Via Gian Battista Vico 42, Italy.
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RIZZOLI INTERNATIONAL PUBLICATIONS UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
The auditor's report on the financial statements for the year ended 31 December 2024 was unqualified.
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In their report, the auditor emphasised the following matter without qualifying their report:
Other matter
In the previous accounting period the directors of the Company took advantage of audit exemption under s477 of the Companies Act 2006. Therefore, the prior period financial statements were not subject to audit and we, therefore, do not express an opinion on them.
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The audit report was signed on 23 September 2025 by Simon Liggins (Senior statutory auditor) on behalf of Barnes Roffe Audit Limited.
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