REGISTERED NUMBER: 03143654 (England and Wales)

New Statesman Limited

Financial Statements for the Year Ended 31 December 2024

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

3

DIRECTORS:

W E Crocker

L W Danson

REGISTERED OFFICE:

Studio 5 Salters House

156 High Street

Hull

HU1 1NQ

REGISTERED NUMBER:

03143654 (England and Wales)

AUDITORS:

Smailes Goldie

Chartered Accountants

Statutory Auditor

Regent's Court

Princess Street

Hull

East Yorkshire

HU2 8BA

FIXED ASSETS

Tangible assets

4

6,164

29,320

Investments

5

1,116

1,116

7,280

30,436

CURRENT ASSETS

Stocks

48,408

41,950

Debtors

6

567,417

479,147

Cash at bank

140,710

112,312

756,535

633,409

CREDITORS

Amounts falling due within one year

7

19,784,655

18,097,830

NET CURRENT LIABILITIES

(19,028,120

)

(17,464,421

)

TOTAL ASSETS LESS CURRENT LIABILITIES

(19,020,840

)

(17,433,985

)

CAPITAL AND RESERVES

Called up share capital

8

2

2

Retained earnings

9

(19,020,842

)

(17,433,987

)

SHAREHOLDERS' FUNDS

(19,020,840

)

(17,433,985

)

The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 29 September 2025 and were signed on its behalf by:

W E Crocker - Director

1.	STATUTORY INFORMATION

New Statesman Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

The significant accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented unless otherwise stated.

Going Concern

At the year end the company reported an operating loss of £1,586,855 (2023: £3,092,440) and net liabilities of £19,020,840 (2023: £17,433,985), which gives rise to a going concern risk. Accordingly, the directors have prepared financial forecasts covering a period of 12 months from the date of approval of these financial statements.The financial forecasts, show that the business remains reliant on the continued support from the company's ultimate controlling party. An undertaking has been received from the ultimate controlling party pledging their continued financial support through a period of 12 months from the date of approval of these financial statements. The above factors have led the directors to conclude that the going concern basis remains appropriate.

Preparation of consolidated financial statements

The financial statements contain information about New Statesman Limited as an individual company and do not contain consolidated financial information as the parent of a group. The company is exempt under Section 399(2A) of the Companies Act 2006 from the requirements to prepare consolidated financial statements.

Turnover

Turnover represents sales to third parties of magazine and advertising space both in print and online, sponsorship of events as well as related services and is stated net of commissions and trade discounts and excludes VAT and other sales taxes. Advertising revenue is recognised on the date of publications.

Subscription sales are recognised on a cash basis when received and revenue relating to future periods is included in deferred revenues.

Amounts billed to clients are recorded in trade debtors less any provision for impairment. To the extent that fees paid on account relate to future revenues, they are included in deferred revenues. Unbilled fees are recorded at estimated billable amounts less amounts provided for any unrecoverable amounts.

Tangible fixed assets

Tangible fixed assets are stated at cost (or deemed cost) or valuation less accumulated depreciation and accumulated impairment losses. Cost includes costs directly attributable to making the asset capable of operating as intended

Depreciation is provided on all tangible fixed assets, at rates calculated to write off the cost, less estimated residual value, of each asset on a systematic basis over its expected useful life as follows:

Furniture, Fittings and Equipment

20%

Computer Equipment

33%

Investments in subsidiaries

Investments in subsidiary undertakings are recognised at cost.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell.

Taxation

Current tax represents the amount of tax payable or receivable in respect of the taxable profit (or loss) for the current or past reporting periods. It is measured at the amount expected to be paid or recovered using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Foreign currencies

Foreign currency transactions are initially recognised by applying to the foreign currency amount the spot exchange rate between the functional currency and the foreign currency at the date of the transaction.

Monetary assets and liabilities denominated in a foreign currency at the balance sheet date are translated using the closing rate.

Pension costs and other post-retirement benefits

The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

Debtors and creditors receivable/payable within one year

Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at transaction price. Any losses arising from impairment are recognised in the profit and loss account in other administrative expenses.

Provisions

Provisions are recognised when the company has an obligation at the balance sheet date as a result of a past event, it is probable that an outflow of economic benefits will be required in settlement and the amount can be reliably estimated

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 47 (2023 - 62 ) .

4.	TANGIBLE FIXED ASSETS

Plant and

machinery

etc

£

COST

At 1 January 2024

and 31 December 2024

172,775

DEPRECIATION

At 1 January 2024

143,455

Charge for year

23,156

At 31 December 2024

166,611

NET BOOK VALUE

At 31 December 2024

6,164

At 31 December 2023

29,320

5.	FIXED ASSET INVESTMENTS

Shares in

group

undertakings

£

COST

At 1 January 2024

and 31 December 2024

1,116

NET BOOK VALUE

At 31 December 2024

1,116

At 31 December 2023

1,116

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2024

2023

£

£

Trade debtors

269,369

315,341

Amounts owed by group undertakings

5,046

-

Other debtors

74,980

64,879

Amounts due by related parties

56,350

56,350

Prepayments and accrued income

161,672

42,577

567,417

479,147

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2024

2023

£

£

Trade creditors

668,879

492,123

Amounts owed to group undertakings

5,370,017

5,371,809

Taxation and social security

278,457

290,443

Other creditors

13,467,302

11,943,455

19,784,655

18,097,830

8.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

2024

2023

value:

£

£

2

Ordinary

£1

2

2

9.

RESERVES

Retained

earnings

£

At 1 January 2024

(17,433,987

)

Deficit for the year

(1,586,855

)

At 31 December 2024

(19,020,842

)

10.	DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006

The Report of the Auditors was unqualified.

Stephen Bramall BSc FCA (Senior Statutory Auditor)

for and on behalf of Smailes Goldie

11.	RELATED PARTY DISCLOSURES

The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group.

The group and company also entered into transactions in the ordinary course of business with other companies under common control. All transactions were at market value. The balance due from and to companies under common control are shown as related party balances with the notes to these financial statements.

Included in other creditors are loans from M Danson totalling £11,534,488 (2023: £10,362,488). The loans are interest free, have no set repayment date and are repayable on demand. The loan notes are convertible at any time at the option of the loan note holder to ordinary shares of value equivalent to any outstanding balances on loans.

12.	ULTIMATE CONTROLLING PARTY