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Registration number: 00454555

Newtrade Media Limited
Filleted Financial Statements
for the Year Ended 31 December 2025

Newtrade Media Limited

Contents

Company Information | 1
Balance Sheet | 2
Notes to the Financial Statements | 3 to 13

Newtrade Media Limited

Company Information

Directors | Andrew Patrick Taylor Stephanie Rice Muntazir Dipoti Vincent Scott Malone

Company secretary | Parin Gohil

Registered office | Robert Taylor House 11 Angel Gate City Road London EC1V 2SD

Auditors | Carbon Accountancy Limited Chartered Accountants and Registered Auditors80-83 Long Lane London EC1A 9ET

Newtrade Media Limited

(Registration number: 00454555)
Balance Sheet as at 31 December 2025

| Note | 2025 £ | 2024 £
Fixed assets |  |  |
Intangible assets | 5 | 31,314 | 32,808
Tangible assets | 6 | 241,331 | 278,713
Investments | 7 | 1 | 1
Other financial assets | 8 | 1 | 1
|  | 272,647 | 311,523
Current assets |  |  |
Debtors | 9 | 785,244 | 1,012,551
Cash at bank and in hand |  | 498,238 | 382,710
|  | 1,283,482 | 1,395,261
Creditors: Amounts falling due within one year | 10 | (344,085) | (294,474)
Net current assets |  | 939,397 | 1,100,787
Total assets less current liabilities |  | 1,212,044 | 1,412,310
Provisions for liabilities | 12, 13 | (93,373) | (114,031)
Net assets |  | 1,118,671 | 1,298,279
Capital and reserves |  |  |
Called up share capital | 16 | 150,000 | 150,000
Share premium reserve |  | 6,000 | 6,000
Retained earnings |  | 962,671 | 1,142,279
Shareholders' funds |  | 1,118,671 | 1,298,279

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the Board on 13 April 2026 and signed on its behalf by:

......................................... Vincent Scott Malone Director |  |

Newtrade Media Limited

Notes to the Financial Statements for the Year Ended 31 December 2025

1 | General information

The company is a private company limited by share capital, incorporated in England.

The address of its registered office is:
Robert Taylor House
11 Angel Gate
City Road
London
EC1V 2SD

These financial statements were authorised for issue by the Board on 13 April 2026.

2 | Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal 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.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Audit report

The Independent Auditor's Report was unqualified. The name of the Senior Statutory Auditor who signed the audit report on 13 April 2026 was John Leyden FCA, who signed for and on behalf of Carbon Accountancy Limited.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.
Other operating income represents the company’ share of collective licensing revenues from Publishers Licensing Services as per the Rights Valuation 2015 conducted by the Copyright Licensing Agency Limited and NLA Media Access Limited.
The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Newtrade Media Limited

Notes to the Financial Statements for the Year Ended 31 December 2025

Tax

The tax expense for the period comprises deferred tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.
Unrelieved tax losses and other deferred tax assets are recognised when it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.
Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.
The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class | Depreciation method and rate
Land and Building leasehold | 2% straight line basis
Fixtures, fittings and equipments | 10% straight line basis
Computer equipment | 33.33% straight line basis

Business combinations

Business combinations are accounted for using the purchase method. The consideration for each acquisition is measured at the aggregate of the fair values at acquisition date of assets given, liabilities incurred or assumed, and equity instruments issued by the group in exchange for control of the acquired, plus any costs directly attributable to the business combination. When a business combination agreement provides for an adjustment to the cost of the combination contingent on future events, the group includes the estimated amount of that adjustment in the cost of the combination at the acquisition date if the adjustment is probable and can be measured reliably.

Intangible assets

Intangible assets are stated in the balance sheet at cost, less any subsequent accumulated amortisation and subsequent accumulated impairment losses.

Amortisation

Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:

Asset class | Amortisation method and rate
Online market place | 33% straight line basis

Newtrade Media Limited

Notes to the Financial Statements for the Year Ended 31 December 2025

Investments

Investments in equity shares which are publicly traded or where the fair value can be measured reliably are initially measured at fair value, with changes in fair value recognised in profit or loss. Investments in equity shares which are not publicly traded and where fair value cannot be measured reliably are measured at cost less impairment.
Interest income on debt securities, where applicable, is recognised in income using the effective interest method. Dividends on equity securities are recognised in income when receivable.

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors

Trade debtors are amounts due from customers for publications sold or services performed in the ordinary course of business.
Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.
Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Provisions

Provisions are recognised when the company has an obligation at the reporting date 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.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

Newtrade Media Limited

Notes to the Financial Statements for the Year Ended 31 December 2025

Defined benefit pension obligation

Typically defined benefit plans define an amount of pension benefit that an employee will receive on retirement, usually dependent on one or more factors such as age, years of service and compensation.
The liability recognised in the balance sheet in respect of defined benefit pension plans is the present value of the defined benefit obligation at the reporting date minus the fair value of plan assets. The defined benefit obligation is measured using the projected unit credit method. The present value of the defined benefit obligation is determined by discounting the estimated future payments by reference to market yields at the reporting date on high-quality corporate bonds that are denominated in the currency in which the benefits will be paid, and that have terms to maturity approximating to the terms of the related pension liability.
Actuarial gains and losses are charged or credited to other comprehensive income in the period in which they arise.

3 | Staff numbers

The average number of persons employed by the company (excluding directors) during the year, was 33 (2024 - 37).

4 | Auditors' remuneration

| 2025 £ | 2024 £
Audit of the financial statements | 6,225 | 6,225
Other fees to auditors |  |
All other non-audit services | 4,850 | 4,850

Newtrade Media Limited

Notes to the Financial Statements for the Year Ended 31 December 2025

5 | Intangible assets

| Online market place £ | Total £
Cost or valuation
At 1 January 2025 | 55,930 | 55,930
Additions internally developed | 19,600 | 19,600
At 31 December 2025 | 75,530 | 75,530
Amortisation
At 1 January 2025 | 23,122 | 23,122
Amortisation charge | 21,094 | 21,094
At 31 December 2025 | 44,216 | 44,216
Carrying amount
At 31 December 2025 | 31,314 | 31,314
At 31 December 2024 | 32,808 | 32,808

Newtrade Media Limited

Notes to the Financial Statements for the Year Ended 31 December 2025

6 | Tangible assets

| Long leasehold land and buildings £ | Other tangible assets £ | Total £
Cost or valuation
At 1 January 2025 | 1,015,584 | 239,942 | 1,255,526
Additions | - | 6,419 | 6,419
At 31 December 2025 | 1,015,584 | 246,361 | 1,261,945
Depreciation
At 1 January 2025 | 773,382 | 203,431 | 976,813
Charge for the year | 20,312 | 23,489 | 43,801
At 31 December 2025 | 793,694 | 226,920 | 1,020,614
Carrying amount
At 31 December 2025 | 221,890 | 19,441 | 241,331
At 31 December 2024 | 242,202 | 36,511 | 278,713

HSBC holds a fixed and floating charge over the assets of the company, including the property.
Trustees of the Benefits Fund of the National Federation of Retail Newsagents hold a fixed charge over the assets of the company, including the property.

Newtrade Media Limited

Notes to the Financial Statements for the Year Ended 31 December 2025

7 | Investments

| 2025 £ | 2024 £
Investments in subsidiaries | 1 | 1

Subsidiaries | £
Cost or valuation
At 1 January 2025 | 1
Provision
Carrying amount
At 31 December 2025 | 1
At 31 December 2024 | 1

Details of undertakings

Details of the investments (including principal place of business of unincorporated entities) in which the company holds 20% or more of the nominal value of any class of share capital are as follows:

Undertaking | Registered office | Holding | Proportion of voting rights and shares held
|  |  | 2025 | 2024
Subsidiary undertakings
Newtrade Publishing Limited | UK | Ordinary shares | 100% | 100%

The subsidiary undertaking remained dormant during the year.

Newtrade Media Limited

Notes to the Financial Statements for the Year Ended 31 December 2025

8 | Other financial assets (current and non-current)

| Financial assets at fair value through profit and loss £ | Total £
Non-current financial assets
Cost or valuation
At 1 January 2025 | 1 | 1
At 31 December 2025 | 1 | 1
Impairment
Carrying amount
At 31 December 2025 | 1 | 1

The above investment relates to Angel Gate Management Company Limited, the freeholders of the property held on long lease. Angel Gate Management Limited manages the freehold and common parts of the property. The Company owns one ordinary share of the 17 ordinary shares in issue.

9 | Debtors

Current | Note | 2025 £ | 2024 £
Trade debtors |  | 247,764 | 416,048
Amounts owed by related parties | 14 | 288,604 | 360,354
Prepayments |  | 153,432 | 148,994
Other debtors |  | 95,444 | 87,155
|  | 785,244 | 1,012,551

Amount owed by related parties includes £210,000 (2024 - £280,000) receivable after more than one year.

Newtrade Media Limited

Notes to the Financial Statements for the Year Ended 31 December 2025

10 | Creditors

Creditors: amounts falling due within one year

| 2025 £ | 2024 £
Due within one year |  |
Trade creditors | 194,335 | 158,620
Taxation and social security | 59,097 | 55,122
Accruals and deferred income | 90,652 | 73,653
Other creditors | 1 | 7,079
| 344,085 | 294,474

11 | Dividends

|  | 2025 |  | 2024
|  | £ |  | £
Interim dividend of £0.467 (2024 - £0.467) per ordinary share |  | 70,000 |  | 70,000

12 | Deferred tax

|  | 2025 |  | 2024
|  | £ |  | £
Accelerated capital allowances - brought forward |  | 16,698 |  | 18,310
Charged/(released) to the P&L |  | (4,371) |  | (1,612)
Total deferred tax liability |  | 12,327 |  | 16,698

Newtrade Media Limited

Notes to the Financial Statements for the Year Ended 31 December 2025

13 | Pension and other schemes

Defined benefit
Historically the company contributed to a defined benefit pension scheme for its active members.
The scheme is operated by the National Federation of Retail Newsagents, providing benefits based on final pensionable salaries.
The scheme was closed to new entrants at 31 March 2002 and as at 31 August 2018 the last active Newtrade Media Ltd member left the company. The Scheme subsequently closed on 6th August 2020 to all future accrual for all members.
The assets of the scheme are held separately from those of the company. Contributions to the scheme are charged to the profit and loss account. However, as a consequence of the 2022 valuation the Employer has agreed to an overall contribution of £75,000 p.a. to be paid over 7 years, the first contribution being on or before March 2023, although this will be reviewed at each triennial valuation. Newtrade Media Limited's share of this deficit is 30.809% i.e., £23,106.75. By the year ended 31 December 2025, Newtrade Media had made 3 payments of £23,107. Including interest, this leaves a provision for pension liability for £81,046 in the accounts to reflect the PV of future payments.
The contributions were determined by a qualified actuary on the basis of triennial valuations using the Attained Age Method.
The date of the most recent comprehensive actuarial valuation was 31 March 2022. The assumptions which have the most significant effects on the results of the valuation are those relating to the rate of return on investment and the rate of increase in pensions. It was assumed that the investment returns would be 2.9% per annum. Salary increases are now irrelevant with future accrual ceasing for all since August 2020.
The 2022 actuarial valuation showed that the actuarial value of the scheme's assets represented 94.7% of the benefits that have accrued to members.
This last actuarial valuation showed assets of the scheme of £8,590,000 and liabilities on an ongoing valuation basis of £9,072,000 (a deficit of £482,000), which resulted in the Employer agreeing with the Trustees to address this immediately with the payment outlined above.
The total cost relating to defined benefit schemes for the year recognised in profit or loss as an expense was £15,981 (2024 - £6,549).
Defined contribution
The company operates a defined contribution pension scheme. The assets of the scheme are held separately from those of the company in an independently administered fund.
The total cost relating to defined contribution schemes for the year recognised in profit or loss as an expense was £37,773 (2024 - £37,692).

Newtrade Media Limited

Notes to the Financial Statements for the Year Ended 31 December 2025

14 | Related party transactions

Other related party transactions:
During the year the company made the following related party transactions:
General Fund of National Federation of Retail Newsagents (General Fund)
(Common Trustees with the Benefits Fund)
During the year sales made to the General Fund amounted to £8,604 (2024: £10,504) and purchases from the General Fund amounted to £181,769 (2024: £179,656). At the balance sheet date the amount due from/(to) the General Fund was £8,604 (2024: £10,354).
Benefits Fund of NFRN
(Ultimate holding entity)
During the year the Company lent money to the Trustees of the Benefits Fund of NFRN. The loan carries annual interest charge of 2.5% and is repayable over 10 years. At the balance sheet date the amount due from Trustees of the Benefits Fund of NFRN was £210,000.

15 | Parent and ultimate parent undertaking

The company's immediate parent is NFRN Holdings Limited, incorporated in England and Wales.
The ultimate controlling party is the Benefits Fund of the National Federation of Retail Newsagents.

16 | Share capital

Allotted, called up and fully paid shares

| 2025 | 2024
| No. | £ | No. | £
Ordinary shares of £1 each | 150,000 | 150,000 | 150,000 | 150,000