Company No: 03052719 (England and Wales)

Contents

• Company Information
• Balance Sheet
• Notes to the Financial Statements

DIRECTOR

A Freudenheim

REGISTERED OFFICE	Somerset House
	Strand
	London
	WC2R 1LA
	United Kingdom

COMPANY NUMBER

03052719 (England and Wales)

	Note	2024		2023
		£		£
				Restated - note 2
Fixed assets
Tangible assets	4	19,030		25,022
Investments	5	703,182		193,499
		722,212		218,521
Current assets
Stocks	6	1,023,773		581,576
Debtors
- due within one year	7	2,405,561		1,376,727
- due after more than one year	7	576,183		637,326
Cash at bank and in hand		72,006		37,288
		4,077,523		2,632,917
Creditors: amounts falling due within one year	8	( 5,048,249)		( 3,769,929)
Net current liabilities		(970,726)		(1,137,012)
Total assets less current liabilities		(248,514)		(918,491)
Creditors: amounts falling due after more than one year	9	( 315,209)		0
Provision for liabilities	10	( 77,033)		0
Net liabilities		( 640,756)		( 918,491)
Capital and reserves
Called-up share capital		2		2
Profit and loss account		( 640,758 )		( 918,493 )
Total shareholder's deficit		( 640,756)		( 918,491)

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.

Director's responsibilities:

• The member has not required the company to obtain an audit of its financial statements for the financial year in accordance with section 476;
• The director acknowledges their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements; and
• These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime and a copy of the Profit and Loss Account has not been delivered.

The financial statements of Pushkin Press Limited (registered number: 03052719) were approved and authorised for issue by the Director on 27 November 2025. They were signed on its behalf by:

A Freudenheim Director

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

Pushkin Press 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 Somerset House, Strand, London, WC2R 1LA, United Kingdom.

The financial statements have been prepared under the historical cost convention, modified to include 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.

Prior year adjustment

A prior period adjustment has been recognised to correct the classification of royalty advances, the valuation of inventory, omission of US stock from inventory, and misclassification of intercompany loan balances. Please see note 2 for more detail.

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.

Turnover

Turnover is recognised at the fair value of the consideration received or receivable 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.

Turnover is recognised when the significant risks and rewards are considered to have been transferred to the customer, which is generally when the goods are dispatched to customers. Bookclub membership fees are recognised in the period to which they relate.

Taxation

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.

Grant Income

Grant income is recognised in the profit and loss in the same period in which the related expense is incurred.

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 at rates calculated to write off the cost oof each asset on a straight-line or reducing balance basis over its expected useful life, as follows:

Plant and machinery	4 years straight line
Office equipment	4 years straight line
Computer equipment	3 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.

Fixed asset investments

Investments in subsidiaries are measured at cost less impairment

Stocks

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.

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.

Provisions

The company recognises provisions for returns when there is a present obligation (legal or constructive) as a result of a past event, it is probable that the company will be required to settle that obligation and a reliable estimate can be made of the amount of the obligation.

The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the Balance Sheet date, taking into account the risks and uncertainties surrounding the obligation.

Leases

Rental payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease

Royalty advances

Advances to authors are recognised as assets once paid, provided the related contractual conditions have been met or are expected to be met. Advances payable under signed contracts but subject to future conditions are not recognised as liabilities until those conditions are fulfilled, due to the uncertainty over timing and delivery.

2. Prior year adjustment

		As previously reported		Adjustment		As restated
Year ended 31 December 2023		£		£		£
Direct costs		2,244,027		(51,201)		2,192,826
Other debtors		82,938		51,201		134,139
Closing stock (asset)		911,000		(329,424)		581,576
Closing stock (cost of sales)		911,000		(329,424)		581,576
Net amounts owed (to)/from group companies		(102,083)		200,000		97,917
Amounts owed to parent undertakings		2,645,000		200,000		2,845,000
Deferred tax asset		584,464		52,862		637,326
Deferred tax credited to profit and loss		(584,464)		(52,862)		(637,326)
Opening stock (cost of sales)		746,000		(499,000)		247,000
2023 brought forward retained earnings		(1,337,409)		(499,000)		(1,836,409)

A prior year adjustment has been made to correctly recognise paid royalty advances of £51,201 as a current asset rather than as a direct cost.

An error was identified in the prior year’s inventory valuation, where stock was not measured at the lower of cost and net realisable value. As a result, closing stock within cost of sales was overstated by £582,000. Additionally, inventories held in the United States valued at £252,576 were previously expensed as a direct cost instead of being included in closing stock, resulting in a net closing stock overstatement of £329,424. Opening stock decreased by £499,000 due to a corresponding adjustment at the beginning of the 2023 financial year.

These adjustments have no impact on the corporation tax liability due to brought forward losses being utilised although the deferred tax asset and charge have decreased accordingly.

Finally, prior year adjustments have been made to reflect additional loan movements to and from group companies, which do not affect the tax position.

3. Employees

	2024		2023
	Number		Number
Monthly average number of persons employed by the company during the year, including the director	18		14

4. Tangible assets

	Plant and machinery		Office equipment		Computer equipment		Total
	£		£		£		£
Cost
At 01 January 2024	2,138		13,267		84,400		99,805
Additions	0		320		5,609		5,929
At 31 December 2024	2,138		13,587		90,009		105,734
Accumulated depreciation
At 01 January 2024	2,138		6,651		65,994		74,783
Charge for the financial year	0		2,656		9,265		11,921
At 31 December 2024	2,138		9,307		75,259		86,704
Net book value
At 31 December 2024	0		4,280		14,750		19,030
At 31 December 2023	0		6,616		18,406		25,022

5. Fixed asset investments

Investments in subsidiaries

	2024
	£
Cost
At 01 January 2024	193,499
Additions	509,683
At 31 December 2024	703,182
Carrying value at 31 December 2024	703,182
Carrying value at 31 December 2023	193,499

Pushkin Press Limited holds 100% of the voting rights and ordinary share capital of Pushkin Productions Limited, whose registered office address is Somerset House, Strand, London, WC2R 1LA. The principal activities of Pushkin Productions Limited are motion picture, video and television programme post-production services.

Pushkin Press Limited holds 100% of the voting rights and ordinary share capital of Peter Owen Limited , whose registered office is Somerset House, Strand, London, WC2R 1LA. The principal activities of Peter Owen Limited are book publishing.

Pushkin Press Limited holds 100% of the voting rights and ordinary share capital of Steerforth Press and Services, Inc, a US company whose registered office address is 1209 Orange Street, Wilmington, Delaware 19801. The principal activities of Steerforth Press and Services, Inc are book publishing.

During the year ended 31 December 2024, Pushkin Press Limited incurred a total of £17,169 of legal costs relating to the acquisitions of Steerforth Press, LLC and Hanvoer Publisher Services, LLC . The acquisitions were completed during the year with 100% of the voting rights and ordinary share capital of both entities being acquired by Steerforth Press and Services, Inc. Subsequent to the acquisition, both Steerforth Press, LLC and Hanover Publisher Services, LLC were merged into Steerforth Press and Services, Inc. Additional consideration of $625,000 (£492,514) was paid by Pushkin Press Limited during the year.

6. Stocks

	2024		2023
	£		£
Stocks	1,023,773		581,576

There are no material differences between the replacement cost of stock and the Balance Sheet amounts.

Stocks include goods available for resale.

7. Debtors

	2024		2023
	£		£
Debtors: amounts falling due within one year
Trade debtors	1,873,291		1,142,588
Amounts owed by group undertakings	75,000		100,000
Other debtors	457,270		134,139
	2,405,561		1,376,727
Debtors: amounts falling due after more than one year
Deferred tax asset	576,183		637,326

8. Creditors: amounts falling due within one year

	2024		2023
	£		£
Trade creditors	679,800		544,504
Amounts owed to group undertakings	2,083		2,083
Amounts owed to parent undertakings	3,395,000		2,845,000
Other taxation and social security	16,086		13,920
Other creditors	955,280		364,422
	5,048,249		3,769,929

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

	2024		2023
	£		£
Other creditors	315,209		0

10. Provision for liabilities

	2024		2023
	£		£
Other provisions	77,033		0

Other

Other provisions of £77,033 is made up of the returns provision recognised in respect of amounts expected to be paid out in regard to customer returns.

11. Deferred tax

	2024		2023
	£		£
At the beginning of financial year	637,326		0
(Charged)/credited to the Profit and Loss Account	( 61,143)		637,326
At the end of financial year	576,183		637,326

12. Events after the Balance Sheet date

On 1 January 2025, the company completed the acquisition of publishing assets, including book titles, intellectual property rights, and stock, from Gallic Books Ltd, for a total consideration of £100,000. The transaction represents a business acquisition and will be accounted for under the purchase method in the financial year ending 31 December 2025.

13. Immediate controlling party

Pushkin Press Limited is a subsidiary of Arboreal Holdings Ltd.

The address of Arboreal Holdings Limited is:
2nd Floor Cycle 360 House
Isle of Man Business Park
Douglas
Isle of Man
IM2 2QZ