ACCOUNTS - Final Accounts preparation

Registered number: 09850521

PROSPECT PUBLISHING LIMITED

UNAUDITED

FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE YEAR ENDED 31 DECEMBER 2024

PROSPECT PUBLISHING LIMITED

REGISTERED NUMBER: 09850521

BALANCE SHEET

AS AT 31 DECEMBER 2024

		2024		2023
Note		£		£

Fixed assets
Tangible assets	4		183,929		261,481
			183,929		261,481
Current assets
Debtors: amounts falling due within one year	5	124,450		197,054
Cash at bank and in hand		388,074		324,658
		512,524		521,712
Creditors: amounts falling due within one year	6	(1,353,114)		(1,439,929)
Net current liabilities			(840,590)		(918,217)
Total assets less current liabilities			(656,661)		(656,736)

Net liabilities			(656,661)		(656,736)

Capital and reserves
Called up share capital	1	1
Profit and loss account	(656,662)	(656,737)
	(656,661)	(656,736)

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PROSPECT PUBLISHING LIMITED

REGISTERED NUMBER: 09850521

BALANCE SHEET (CONTINUED)

AS AT 31 DECEMBER 2024

The directors consider that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

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.

The Company has opted not to file the statement of comprehensive income 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 by:

................................................

C A Cowdery

Director

Date: 29 December 2025

The notes on pages 3 to 6 form part of these financial statements.

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PROSPECT PUBLISHING LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

1.	General information

Prospect Publishing Limited is a private company, limited by shares, domiciled in England and Wales, registration number 09850521. The registered office is 2 Queen Anne's Gate, London, United Kingdom, SW1H 9AA.

2.Accounting policies

2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the requirements and 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 financial statements are presented in Pound Sterling (£), the functional currency, and rounded to the nearest £1.

The financial statements have been prepared on a going concern basis. The directors have considered the company's balance sheet position, company's forecasted cash flows and the availbility of ongoing grant income and are saisfied that the company is a going concern.

2.2

Foreign currency translation

Functional and presentation currency

The Company's functional and presentational currency is GBP.

Transactions and balances

Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions.

At each period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined.

2.3

Revenue recognition

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:

Subscription income, advertising income, and grant income

The magazine must have been issued during the period.

Sponsorship and events income

The event must have taken place during the period.

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PROSPECT PUBLISHING LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

2.Accounting policies (continued)

2.4

Finance costs

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.

2.5

Pensions

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.

2.6

Development costs

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2.7

Tangible fixed assets

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 straight-line method.

The estimated useful lives range as follows:

Computer software and equipment

years

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.

2.8

Debtors

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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PROSPECT PUBLISHING LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

2.Accounting policies (continued)

2.9

Cash and cash equivalents

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.

Employees

The average monthly number of employees, including directors, during the year was 19 (2023 - 20).

4.	Tangible fixed assets

		Computer software and equipment
		£
	Cost or valuation
	At 1 January 2024	441,335
	Additions	14,523
	At 31 December 2024	455,858
	Depreciation
	At 1 January 2024	179,854
	Charge for the year on owned assets	92,075
	At 31 December 2024	271,929
	Net book value
	At 31 December 2024	183,929
	At 31 December 2023	261,481

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PROSPECT PUBLISHING LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

Debtors

					2024	2023
					£	£


Trade debtors	1,614	21,528
Other debtors	35,498	60,515
Prepayments and accrued income	87,338	115,011
	124,450	197,054

6.	Creditors: Amounts falling due within one year
		2024	2023
		£	£

Trade creditors	158,717	275,821
Other taxation and social security	41,235	31,159
Other creditors	108,784	102,071
Accruals and deferred income	1,044,378	1,030,878
	1,353,114	1,439,929

7.	Related party transactions
	At the year end £100,000 (2023: £100,000) was due to a director of the company, in respect of a personal loan made to the company. The total interest charged on loans during the year was £850 (2023: £850).

8.	Parent Undertaking

The company is a wholly owned subsidiary of Prospect Publishing Holdings Ltd (previously Res Media Ltd), a company incorporated in England and Wales. The Company's registered office is 2 Queen Anne's Gate, London SW1H 9AA.

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