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Registered number:
FOR THE 7 MONTH PERIOD ENDED 31 DECEMBER 2025
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HISTORIC NEWSPAPERS LIMITED
COMPANY INFORMATION
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HISTORIC NEWSPAPERS LIMITED
CONTENTS
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HISTORIC NEWSPAPERS LIMITED
DIRECTORS' REPORT
FOR THE 7 MONTH PERIOD ENDED 31 DECEMBER 2025
The directors present their report and the financial statements for the 7 month period ended 31 December 2025 (comparative period being the 12 months to 31 May 2025).
The directors' report has been prepared in accordance with the provisions applicable to companies entitled to the small companies exemptions of s415A of the Companies Act 2006. The Company is exempt from the requirement to prepare a Strategic Report under section 414A of the Companies Act 2006.
The principal activities of the Company is a publisher of personalised physical books and original newspapers. The Company is domiciled and registered in the United Kingdom. The group to which the company belongs was majority acquired on 02 June 2025 by Penguin Random House Limited.
The directors who served during the 7 month period were:
The Company has not disclosed information in respect of greenhouse gas emissions and energy consumption as it satisfies the thresholds for exemption.
The Company maintains directors' and officers' liability insurance, which provides appropriate cover for legal actions brought against its directors and officers.
The auditor, Grant Thornton UK LLP, will be proposed for reappointment in accordance with section 485 of the Companies Act 2006.
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HISTORIC NEWSPAPERS LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE 7 MONTH PERIOD ENDED 31 DECEMBER 2025
This report was approved by the board and signed on its behalf.
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HISTORIC NEWSPAPERS LIMITED
DIRECTORS' RESPONSIBILITIES STATEMENT
FOR THE 7 MONTH PERIOD ENDED 31 DECEMBER 2025
The directors are responsible for preparing the Directors' Report and the financial statements in accordance with applicable law and regulations.
Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including Financial Reporting Standard 101 ‘Reduced Disclosure Framework’. Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the Company and of the profit or loss of the Company for that period.
In preparing these financial statements, the directors are required to:
∙select suitable accounting policies and then apply them consistently;
∙make judgments and accounting estimates that are reasonable and prudent;
∙state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements;
∙prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Company will continue in business.
The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the Company's transactions and disclose with reasonable accuracy at any time the financial position of the Company and to enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the Company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
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HISTORIC NEWSPAPERS LIMITED
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF HISTORIC NEWSPAPERS LIMITED
We have audited the financial statements of HISTORIC NEWSPAPERS LIMITED (the 'Company') for the 7 month period ended 31 December 2025, which comprise the Statement of Comprehensive Income, the Balance Sheet, the Statement of Changes in Equity and the related notes, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 101 ‘Reduced Disclosure Framework’ (United Kingdom Generally Accepted Accounting Practice).
No physical inventory count was carried out as at 31 May 2025 and we were unable to satisfy ourselves by alternative means concerning the inventory quantities of £683,149 held at 31 May 2025 by using other audit procedures. Consequently we were unable to determine whether any adjustment to this amount at 31 May 2025 was necessary or whether there was any consequential effect on the cost of sales for the year ended 31 December 2025.
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the Company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the United Kingdom, including the Financial Reporting Council's Ethical Standard and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our qualified opinion.
The company was not required to have a statutory audit for the year ended 31 May 2025 as it was entitled to exemption from the provision of the Companies Act 2006 relating to the audit of the financial statements for the period by virtue of Section 477 and no member or members requested an audit pursuant to Section 476 of the Act. Accordingly, the corresponding figures for the year ended 31 May 2025 are unaudited.
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HISTORIC NEWSPAPERS LIMITED
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF HISTORIC NEWSPAPERS LIMITED (CONTINUED)
We are responsible for concluding on the appropriateness of the directors’ use of the going concern basis of accounting and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the company's ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our report to the related disclosures in the financial statements or, if such disclosures are inadequate, to modify the auditor’s opinion. Our conclusions are based on the audit evidence obtained up to the date of our report. However, future events or conditions may cause the company to cease to continue as a going concern.
In our evaluation of the directors’ conclusions, we considered the inherent risks associated with the company's business model including effects arising from macro-economic uncertainties such as cost of living crisis impacting consumer spending patterns and the impact of worldwide events such as the Middle East conflict, we assessed and challenged the reasonableness of estimates made by the directors and the related disclosures and analysed how those risks might affect the company's financial resources or ability to continue operations over the going concern period.
In auditing the financial statements, we have concluded that the directors’ use of the going concern basis of accounting in the preparation of the financial statements is appropriate. Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.
Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.
The other information comprises the information included in the annual report and financial statements other than the financial statements and our auditor's report thereon. The directors are responsible for the other information contained within the annual report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.
Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.
As described in the basis for qualified opinion section of our report, we were unable to satisfy ourselves concerning the inventory quantities of £683,149 held at 31 May 2025. We have concluded that where the other information refers to the inventory balance as at 31 May 2025 or related balances such as cost of sales, it may be materially misstated for the same reason.
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HISTORIC NEWSPAPERS LIMITED
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF HISTORIC NEWSPAPERS LIMITED (CONTINUED)
Except for the possible effects of the matter described in the basis for qualified opinion section of our report, in our opinion, based on the work undertaken in the course of the audit:
∙the information given in the Directors' Report for the financial 7 month period for which the financial statements are prepared is consistent with the financial statements; and
∙the Directors' Report has been prepared in accordance with applicable legal requirements.
Except for the matter described in the basis for qualified opinion section of our report, in the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the Directors’ Report.
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HISTORIC NEWSPAPERS LIMITED
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF HISTORIC NEWSPAPERS LIMITED (CONTINUED)
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists.
Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.
Irregularities, including fraud, are instances of non-compliance with laws and regulations. The extent to which our procedures are capable of detecting irregularities, including fraud, is detailed below:
∙We obtained an understanding of the legal and regulatory frameworks applicable to the Company and industry in which it operates through our general commercial and sector experience, discussions with management and review of board minutes. We determined that the following laws and regulations were most significant: United Kingdom Accounting Standards, including Financial Reporting Standard 101 ‘Reduced Disclosure Framework’ (United Kingdom Generally Accepted Accounting Practice), the Companies Act 2006 and the relevant tax compliance regulations in the UK.
∙We enquired of management concerning the Company's policies and procedures relating to:
∙the identification, evaluation and compliance with laws and regulations;
∙the detection and response to the risks of fraud; and
∙the establishment of internal controls to mitigate risks related to fraud or non-compliance with laws and regulations.
∙We enquired of management and those charged with governance whether they were aware of any instances of non-compliance with laws and regulations or whether they had any knowledge of actual, suspected of alleged fraud.
∙We assessed the susceptibility of the Company’s financial statements to material misstatement, including how fraud might occur and the risk of management override of controls. Audit procedures are performed by the engagement team included:
∙identifying and assessing the design effectiveness of controls management has in place to prevent and detect fraud;
∙challenging assumptions and judgements made by management in its significant accounting estimates;
∙identifying and testing journal entries, in particular journal entries posted with unusual account combinations that increased revenues or that reduced costs in the Profit and loss account; and
∙performing audit procedures to identify potential non?compliance with relevant laws and regulations relevant to the related financial statement item.
∙These audit procedures were designed to provide reasonable assurance that the financial statements were free from fraud or error. The risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error and detecting irregularities that result from fraud is inherently more difficult than detecting those that result from error, as fraud may involve collusion, deliberate concealment, forgery or intentional misrepresentations. Also, the further removed non-compliance with laws and regulations is from events and transactions reflected in the financial statements, the less likely we would become aware of it;
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HISTORIC NEWSPAPERS LIMITED
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF HISTORIC NEWSPAPERS LIMITED (CONTINUED)
∙It is the engagement director’s assessment that the engagement team collectively had the appropriate competence and capabilities to identify or recognise non-compliance with laws and regulations. The assessment of the appropriateness of the collective capabilities of the engagement team included consideration of the engagement team’s understanding and experience of, and practical experience with, engagements of a similar nature and complexity, including appropriate training.
∙We communicated relevant laws and regulations and potential fraud risks to all engagement team members. We remained alert to any indications of fraud or non-compliance with laws and regulations throughout the audit.
A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report.
This report is made solely to the Company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the Company's members those matters we are required to state to them in an auditor's report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the Company and the Company's members, as a body, for our audit work, for this report, or for the opinions we have formed.
Senior Statutory Auditor
for and on behalf of
Statutory Auditor, Chartered Accountants
Milton Keynes
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HISTORIC NEWSPAPERS LIMITED
STATEMENT OF COMPREHENSIVE INCOME
FOR THE 7 MONTH PERIOD ENDED 31 DECEMBER 2025
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HISTORIC NEWSPAPERS LIMITED
REGISTERED NUMBER: 05182542
BALANCE SHEET
AS AT 31 DECEMBER 2025
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HISTORIC NEWSPAPERS LIMITED
REGISTERED NUMBER: 05182542
BALANCE SHEET (CONTINUED)
AS AT 31 DECEMBER 2025
The financial statements were approved and authorised for issue by the board and were signed on its behalf by:
The notes on pages 13 to 38 form part of these financial statements.
The prior year balances have been restated as detailed on notes 24 and 25.
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HISTORIC NEWSPAPERS LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE 7 MONTH PERIOD ENDED 31 DECEMBER 2025
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HISTORIC NEWSPAPERS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE 7 MONTH PERIOD ENDED 31 DECEMBER 2025
The Company is a private company limited by shares and is incorporated in the United Kingdom. The address of its registered office is 20 Vauxhall Bridge Road, London, United Kingdom, SW1V 2SA. The registered number is 05182542.
2.Accounting policies
The preparation of financial statements in compliance with FRS 101 requires the use of certain critical accounting estimates. It also requires management to exercise judgment in applying the Company's accounting policies (see note 3).
The following principal accounting policies have been applied:
The Company has taken advantage of the following disclosure exemptions under FRS 101:
∙the requirements of IFRS 7 Financial Instruments: Disclosures
∙the requirements of paragraphs 91-99 of IFRS 13 Fair Value Measurement
∙the requirement in paragraph 38 of IAS 1 'Presentation of Financial Statements' to present comparative information in respect of:
- paragraph 79(a)(iv) of IAS 1;
- paragraph 73(e) of IAS 16 Property, Plant and Equipment;
- paragraph 118(e) of IAS 38 Intangible Assets;
∙the requirements of paragraphs 10(d), 10(f), 16, 38A, 38B, 38C, 38D, 40A, 40B, 40C, 40D, 111 and 134-136 of IAS 1 Presentation of Financial Statements
∙the requirements of IAS 7 Statement of Cash Flows
∙the requirements of paragraphs 30 and 31 of IAS 8 Accounting Policies, Changes in Accounting Estimates and Errors
∙the requirements of paragraph 17 and 18A of IAS 24 Related Party Disclosures
∙the requirements in IAS 24 Related Party Disclosures to disclose related party transactions entered into between two or more members of a group, provided that any subsidiary which is a party to the transaction is wholly owned by such a member
This information is included in the consolidated financial statements of Bertelsmann SE & Co KGaA as at 31 December 2025 and these financial statements may be obtained from Bertelsmann SE & Co KGaA, Corporate Communications, Carl Bertelsmann Strasse 270, Postfach 111, D-33311 Gütersloh, Germany.
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HISTORIC NEWSPAPERS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE 7 MONTH PERIOD ENDED 31 DECEMBER 2025
2.Accounting policies (continued)
In preparing these financial statements, the directors have assessed the ability of the Company to continue to operate for a period of at least twelve months from the date of signing the financial statements.
The Company has undertaken a risk assessment and forecasting exercise to assess the Company's liquidity position. The forecast for the going concern period being to 31 July 2027 has been prepared using the three year plan approved by the Board and takes account of prior trends and expected titles to be published in the future and key cost drivers such as commodity prices and inflation.
For the purposes of the Company's going concern assessment, the directors have performed sensitivity analysis on cashflows based on unforeseen changes in demand and the potential impact of increased inflationary pressures. In addition, reverse stress testing has been performed to establish the levels of performance where cash availability would be breached. The results of the analysis demonstrated that there was sufficient cash availability to deal with all of the identified plausible scenarios.
Based on the Company's current trading performance, the sensitivity and reverse stress testing scenarios performed, the directors have a reasonable expectation that the Company has adequate resources to continue in operational existence for the foreseeable future, being a period of no less than twelve months from the date of approval of these financial statements. Accordingly, they continue to adopt the going concern basis in preparing the financial statements.
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HISTORIC NEWSPAPERS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE 7 MONTH PERIOD ENDED 31 DECEMBER 2025
2.Accounting policies (continued)
Functional and presentation currency
Transactions and balances
At each period end foreign currency monetary items are translated using the closing rate. Management assess the underlying asset and liability in the transaction to determine the nature of the foreign exchange gains and losses. As this results from operating activities gains and losses resulting from the settlement of transactions and from the translation at period end exchange rates of monetary assets and liabilities denominated in foreign currencies, are recognised in the Statement of comprehensive income within ‘Administrative expenses’.
Revenue is measured at the fair value of the consideration received or receivable, and represents amounts receivable for goods supplied, stated net of discounts, returns and value added taxes. The Company recognises revenue when performance obligations have been satisfied and for the Company this is when the goods (books) have transferred to the customer and the customer has control of these. The Company’s activities are described in detail below. The Company bases its estimate of return on historical results, taking into consideration the type of customer, the type of transaction and the specifics of each arrangement.
Revenue from the sale of books, newspapers and other goods is recognised at the point in time when title passes. This is generally at the point of delivery when title passes to the customer.
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HISTORIC NEWSPAPERS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE 7 MONTH PERIOD ENDED 31 DECEMBER 2025
2.Accounting policies (continued)
The Company holds two leases for office space and their warehouse. Rental contracts are typically made for fixed periods of 5 to 10 years but may extend beyond the term where extension options are present. Lease terms are negotiated on an individual basis and contain a wide range of different terms and conditions. The lease agreements do not impose any covenants other than the security interests in the leased assets that are held by the lessor. Leased assets may not be used as security for borrowing purposes.
Leases are recognised as a right-of-use asset and a corresponding lease liability at the date at which the leased asset is available for use by the Company.
The Company as a lessee
The Company assesses whether a contract is or contains a lease, at inception of a contract. The Company recognises a right-of-use asset and a corresponding lease liability with respect to all lease agreements in which it is the lessee, except for short-term leases (defined as leases with a lease term of 12 months or less) and leases of low value assets. For these leases, the Company recognises the lease payments as an operating expense on a straight-line basis over the term of the lease unless another systematic basis is more representative of the time pattern in which economic benefits from the leased asset are consumed.
The lease liability is initially measured at the present value of the lease payments that are not paid at the commencement date, discounted by using the rate implicit in the lease. If this rate cannot be readily determined, the Company uses its incremental borrowing rate.
Lease payments included in the measurement of the lease liability comprise:
•fixed lease payments (including in-substance fixed payments), less any lease incentives;
•variable lease payments that depend on an index or rate, initially measured using the index or rate at the commencement date.
The right-of-use assets comprise the initial measurement of the corresponding lease liability, lease payments made at or before the commencement day and any initial direct costs. They are subsequently measured at cost less accumulated depreciation and impairment losses.
Whenever the Company incurs an obligation for costs to dismantle and remove a leased asset, restore the site on which it is located or restore the underlying asset to the condition required by the terms and conditions of the lease, a provision is recognised and measured under IAS 37. present value of the expected costs are included in the related right-of-use assets. The obligation is recorded within provisions on the balance sheet. Right-of-use assets are depreciated over the shorter period of lease term and useful life of the underlying asset. If the Company expects to exercise a purchase option, the related right-of-use asset is depreciated over the useful life of the underlying asset. The depreciation starts at the commencement date of the lease. Management applies judgement to the expected lease term where early termination or extension options are present in the contract. The Company applies IAS 36 to determine whether a right-of-use asset is impaired and accounts for any identified impairment loss. As a practical expedient, IFRS 16 permits a lessee not to separate non-lease components, and instead account for any lease and associated non-lease components as a single arrangement. The
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HISTORIC NEWSPAPERS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE 7 MONTH PERIOD ENDED 31 DECEMBER 2025
2.Accounting policies (continued)
Company has used this practical expedient.
Tax on the profit or loss for the year comprises current and deferred tax. Tax is recognised in the Statement of comprehensive income except to the extent that it relates to items recognised directly in equity or other comprehensive income, in which case it is recognised directly in equity or other comprehensive income.
Current tax is the expected tax payable or receivable on the taxable income or loss for the year, using tax rates enacted or substantively enacted at the balance sheet date, and any adjustment to tax payable in respect of previous years. Deferred tax is provided on temporary differences between the carrying amounts of assets and liabilities for financial reporting purposes and the amounts used for taxation purposes. The following temporary differences are not provided for: the initial recognition of goodwill; the initial recognition of assets or liabilities that affect neither accounting nor taxable profit other than in a business combination, and differences relating to investments in subsidiaries to the extent that they will probably not reverse in the foreseeable future. The amount of deferred tax provided is based on the expected manner of realisation or settlement of the carrying amount of assets and liabilities, using tax rates enacted or substantively enacted at the balance sheet date. A deferred tax asset is recognised only to the extent that it is probable that future taxable profits will be available against which the temporary difference can be utilised. It mainly comprises of the management recharge of administrative, distribution and other operating expenses incurred by the Company on behalf of other group undertakings. It is recognised at a point in time that the services are provided in accordance with the relevant performance obligation. The management charge is a combination of certain fixed costs and the allocation of expenses calculated using agreed specific percentages within a recharge model.
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HISTORIC NEWSPAPERS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE 7 MONTH PERIOD ENDED 31 DECEMBER 2025
2.Accounting policies (continued)
Definited contribution pension plan
The Company operates a defined contribution plan for certain employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. The Company has no legal or constructive obligations to pay further contributions if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods. The Company pays contributions to publicly or privately administered pension insurance plans on a mandatory, contractual or voluntary basis. The Company has no further payment obligations once the contributions have been paid. The contributions are recognised as employee benefit expense when they are due. Prepaid contributions are recognised as an asset to the extent that a cash refund or a reduction in the future payments is available. Assets that are subject to amortisation are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount may not be recoverable in accordance with IAS 36. An impairment loss is recognised for the amount by which the asset's carrying amount exceeds its recoverable amount, being the higher of an asset's fair value less costs of disposal or value in use. For the purposes of assessing impairment, assets are grouped at the lowest levels for which independent cash inflows are generated(cash-generating units). Prior impairments of non-financial assets are reviewed for possible reversal at each reporting date, if there have been favourable events or changes in circumstances, since the impairment loss was recognised that would indicate that the impairment loss no longer exists or might have decreased.
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HISTORIC NEWSPAPERS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE 7 MONTH PERIOD ENDED 31 DECEMBER 2025
2.Accounting policies (continued)
The estimated useful lives range as follows:
Development costs that are directly attributable to the design and testing of identifiable and unique websites controlled by the Company are recognised as intangible assets when the following criteria are met:
•It is technically feasible to complete the software product so that it will be available for use;
•Management intends to complete the software product and use it or sell it;
•There is an ability to use or sell the software product;
•It can be demonstrated how the software product will generate probable future economic benefits;
•Adequate technical, financial and other resources to complete the development and to use or sell the websites are available; and
•The expenditure attributable to the software product during its development can be reliably measured.
Directly attributable costs that are capitalised as part of the website product include the website development employee costs and an appropriate portion of relevant overheads. Other development expenditures that do not meet these criteria, as well as ongoing maintenance costs are recognised as the expense is incurred. Development costs previously recognised as an expense are not recognised as an asset in a subsequent period.
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HISTORIC NEWSPAPERS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE 7 MONTH PERIOD ENDED 31 DECEMBER 2025
2.Accounting policies (continued)
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.
Depreciation is provided on the following basis:
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. Management applies judgement in determining both the residual value and economic life of the asset.
Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.
Assets under construction are not depreciated. External borrowing costs attributable to assets under construction are accounted for under IAS 23 and added to the asset value if material to the company and can be directly attributed to the asset under construction. All other borrowing costs, including those arising through intercompany borrowing are recognised as an expense when incurred. At each balance sheet date, management review the investments in order to determine whether there is any objective evidence present that in accordance with IAS 36 would lead to an impairment being charged. Prior impairments of non-financial assets (other than goodwill) are reviewed for possible reversals at each reporting date, where a favourable event or change in circumstance has materialised that would indicate the impairment loss no longer exists or has decreased in size.
Page 20
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HISTORIC NEWSPAPERS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE 7 MONTH PERIOD ENDED 31 DECEMBER 2025
2.Accounting policies (continued)
The Company applies IFRS 9 when using the expected credit loss model. Management adopts the “simplified approach” to determine an amount equal to the lifetime expected credit losses for insignificant trade debtors and a risk score on an individual basis for significant trade debtors. To measure the expected credit losses, trade debtors are grouped based on shared credit risk characteristics and the balance of uninsured debt across the Company. Provisions are measured as the best estimate of the amount required to settle the obligation, taking into account the related risks and uncertainties.
Page 21
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HISTORIC NEWSPAPERS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE 7 MONTH PERIOD ENDED 31 DECEMBER 2025
Analysis of turnover by country of destination:
Page 22
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HISTORIC NEWSPAPERS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE 7 MONTH PERIOD ENDED 31 DECEMBER 2025
Page 23
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HISTORIC NEWSPAPERS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE 7 MONTH PERIOD ENDED 31 DECEMBER 2025
Page 24
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HISTORIC NEWSPAPERS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE 7 MONTH PERIOD ENDED 31 DECEMBER 2025
Retirement benefits are accruing to no directors (2025: 0) under defined benefit pension schemes and to 1 director (2025: 1) under a money purchase scheme.
Page 25
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HISTORIC NEWSPAPERS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE 7 MONTH PERIOD ENDED 31 DECEMBER 2025
The group to which the company belongs was majority acquired on 02 June 2025 by Penguin Random House Limited. The directors emoluments are borne by another group company.
Page 26
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HISTORIC NEWSPAPERS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE 7 MONTH PERIOD ENDED 31 DECEMBER 2025
Page 27
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HISTORIC NEWSPAPERS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE 7 MONTH PERIOD ENDED 31 DECEMBER 2025
10.Tax on profit (continued)
There were no factors that may affect future tax charges.
The prior year balances have been restated as detailed on notes 24 and 25.
Page 28
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HISTORIC NEWSPAPERS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE 7 MONTH PERIOD ENDED 31 DECEMBER 2025
Page 29
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HISTORIC NEWSPAPERS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE 7 MONTH PERIOD ENDED 31 DECEMBER 2025
Page 30
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HISTORIC NEWSPAPERS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE 7 MONTH PERIOD ENDED 31 DECEMBER 2025
Page 31
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HISTORIC NEWSPAPERS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE 7 MONTH PERIOD ENDED 31 DECEMBER 2025
Page 32
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HISTORIC NEWSPAPERS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE 7 MONTH PERIOD ENDED 31 DECEMBER 2025
The Company has two lease contracts for warehouse and office space. In accordance with the provisions of ‘IFRS 16: Leases’, the company recognises a right-of-use asset for the leased premises which it occupies. The company recognises a lease liability for the net present value of future rent payments due under the lease agreement, discounted using the interest rate implicit in the lease.
The amounts recognised in the financial statements in relation to the leases are as follows:
Right-of-use assets
Future minimum lease payments as at 31 December 2025 are as follows:
Page 33
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HISTORIC NEWSPAPERS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE 7 MONTH PERIOD ENDED 31 DECEMBER 2025
The total cash outflow for leases during the period was £51,473 (2025: £88,240 as restated).
Amounts charged to the income statement in respect of leases:
Prior year balances have been restated as detailed in notes 24 and 25.
Page 34
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HISTORIC NEWSPAPERS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE 7 MONTH PERIOD ENDED 31 DECEMBER 2025
Page 35
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HISTORIC NEWSPAPERS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE 7 MONTH PERIOD ENDED 31 DECEMBER 2025
Deferred tax liabilities are recognised within provisions (note 20).
The deferred tax assets/(liabilities) have been calculated at 25.00%. There are no unused tax losses or unused tax credits.
Page 36
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HISTORIC NEWSPAPERS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE 7 MONTH PERIOD ENDED 31 DECEMBER 2025
Share premium account
Profit and loss account
The Company transitioned to FRS 101 from FRS 102 as at 1 June 2024. The impact of the transition to FRS 101 is as follows:
The following were changes in accounting policies arising from the transition to FRS 101:
1. The recognition of a Right of Use Asset for a leased asset under the guidance prescribed by IFRS 16. Full accounting policy and further information is provided in note 2.7.
Page 37
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HISTORIC NEWSPAPERS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE 7 MONTH PERIOD ENDED 31 DECEMBER 2025
The Company has restated certain prior year balances relating to the following matters identified during the course of preparing these financial statements.
Recognition of dilapidations provision As part of the transition to FRS101 the leases were reviewed and it was deemed necessary to introduce a dilapidations provision, the impact of this restatement is to increase the Right-of-use asset and provisions by £611,703. There is no impact on the Company's net assets, tax or total comprehensive income for the year ended 31 May 2024. Recognition of deferred income Recognition of billed not shipped were adjusted for following on from the assessment of the passing of control under IFRS 15, this is the point of delivery to the customer. The impact of this restatement is to increase deferred income and reduce turnover by £93,267, and decrease accruals and increase cost of sales by £34,412. The Company's net assets and total comprehensive income decreased by £5,054 for the year ended 31 May 2024. The impact on tax of this restatement is immaterial and has been adjusted for within the current period tax computation.
The Company's immediate parent company is LostMy.Name Ltd. The group to which the company belongs was majority acquired on 02 June 2025 by Penguin Random House Limited. The Company’s ultimate controlling party is Bertelsmann SE & Co KGaA, which is incorporated in Germany. Copies of Bertelsmann SE & Co KGaA’s consolidated financial statements (the smallest and largest financial statements in which the Company is consolidated) can be obtained from:
Bertelsmann SE & Co KGaA Corporate Communications Carl Bertelsmann Strasse 270 33311 Gütersloh, Germany
Page 38
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