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Registered number:
FOR THE PERIOD FROM 27 MAY 2025 TO 31 DECEMBER 2025
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YETI BIDCO LIMITED
COMPANY INFORMATION
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YETI BIDCO LIMITED
CONTENTS
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YETI BIDCO LIMITED
STRATEGIC REPORT
FOR THE PERIOD FROM 27 MAY 2025 TO 31 DECEMBER 2025
The directors present their Strategic Report for Yeti Bidco Limited (“the Company” or “YBL”) for the period from 27 May 2025 to 31 December 2025.
The Company was incorporated on the 27 May 2025, this is the first reporting period of the entity and covers the period from that date to 31 December 2025. The principal activity of the Company is that of a holding company. Penguin Random House Limited "PRHL" holds 88.57% of the A Ordinary Shares and the Managers (who are all Employees) in aggregate hold 11.43% of the A Ordinary Shares and all of the B Ordinary Shares.
On 2 June 2025 the Company acquired the shares in Aardvark Topco Limited for £83,268,558. The principal activities of the subsidiaries (trading as Wonderbly and Historic Newspapers) is the publishing and sale of personalised books. The results and financial position of the Company are set out in the attached financial statements. There is an operating loss of the Company of £88,521. The loss for the Company of £1,480,869 is primarily as a result of interest payable of £3,830,517 on inter-company loans used to part fund the consideration payable to the Sellers under the SPA. The net assets of the Company are £40,381,699, which is made up mainly of amounts owed by group undertakings for loans as a result of the restructure.
The Company's operations expose it to a variety of commercial and financial risks.
The Company is subject to risk management procedures and an annual risk assessment implemented by the ultimate parent company, Bertelsmann SE & Co. KGaA. The Company has procedures in place to make the directors aware of the various risks to the Company’s business. The risks are monitored and reported to management.
The Company’s key risk consists of falling portfolio valuations and a lack of exit opportunities with its investments, resulting in the need to impair the carrying value of these investments. These risks are addressed through a standardised investment process and continuous monitoring of investments’ performance by management.
The Company is subject to risk whereby group companies could default on amounts owed.
The objective of the Company in managing liquidity risk is to ensure that it can meet its financial obligations as and when they fall due. The Company expects to meet its financial obligations through operating cash flows. The Company’s results, including cash flows, are reviewed by the board on a monthly basis.
Given the straightforward nature of the business, the Company’s directors are of the opinion that analysis using KPI’s is not necessary for an understanding of the development, performance or position of the business.
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YETI BIDCO LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE PERIOD FROM 27 MAY 2025 TO THE PERIOD ENDED 31 DECEMBER 2025
The Directors of the Company must act in accordance with a set of general duties, as detailed in section 172 of the UK Companies Act 2006, summarised as follows:
A director of a Company must act in the way they consider, in good faith, would be most likely to promote the success of the Company for the benefit of its shareholders as a whole and, in doing so have regard (amongst other matters) to:
- the likely consequences of any decisions in the long-term;
- the interest of the Company’s employees;
- the need to foster the Company’s business relationships with suppliers, customers and others;
- the impact of the Company’s operations on the community and environment;
- the desirability of the Company maintaining a reputation for high standards of business conduct; and
- the need to act fairly as between the shareholders of the Company.
Examples of how the Directors have oversight of these stakeholder matters are included throughout the Strategic and Director’s report as well as set out specifically below.
The Board operates a structured governance model which supports the Group in ensuring that decisions are considered, documented and reported upon, and in alignment with our strategic plans. Detailed budgets and reforecasts are prepared which enable the Board to track performance and ensure that it is as expected, or that mitigation steps are taken to deliver performance in line with, or close to, expectations. The Board and senior management personnel operate within this structure, with the aim of promoting the success of the Company and delivering longterm shareholder value.
The directors appreciate the importance of fostering business relationships with key stakeholders, such as customers and suppliers, and focus on the maintenance and growth of these relationships in their decisionmaking and strategic planning. The Company employs dedicated relationship managers to foster these relationships which also ensures the Board has a high degree of visibility to take stakeholder considerations into account.
The Board ensures significant consideration is given to the impact of the group’s operations on the community and their customers in their decision-making. The Company’s approach is to use its position of strength to ensure it is an asset to the communities and people with which it interacts.
The Company’s leadership team ensure environmental issues are managed effectively and considered in the strategic decisions of the Company. The Company strives to create positive change in reducing the environmental impact of its businesses whilst maintaining effective and continuing business practices. As part of the environmental strategy, the wider Bertelsmann group aims to be climate neutral by 2030.
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YETI BIDCO LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE PERIOD FROM 27 MAY 2025 TO THE PERIOD ENDED 31 DECEMBER 2025
The Company has a Code of Conduct setting out the behaviours and values expected of all of our employees, which is communicated to all colleagues. Company processes ensure the Board and management are continually updated on the operation of the code and an independent whistleblowing service enables employees and third parties to anonymously raise concerns. Through its oversight and monitoring role, the Board requires all of our people to work to the highest standards of business conduct.
The Board recognises the importance of regular and open dialogue with the shareholders and the need to ensure the strategy and goals of the Company are effectively communicated to them. Feedback on these plans and objectives is welcomed by the directors and major business decisions are made closely and with the approval of the shareholders.
The Company is presenting the financial statements in accordance with Financial Reporting Standard 101, ‘Reduced Disclosure Framework’ (FRS 101).
This report was approved by the board on 8 July 2026 and signed on its behalf.
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YETI BIDCO LIMITED
DIRECTORS' REPORT
FOR THE PERIOD FROM 27 MAY 2025 TO THE PERIOD ENDED 31 DECEMBER 2025
The directors present their report and the financial statements period from 27 May 2025 to the period ended 31 December 2025.
The loss for the period from 27 May 2025 to 31 December 2025, after taxation, amounted to £1,480,869.
Dividends of £nil were paid during the period.
The directors who served during the period from 27 May 2025 to 31 December 2025 were:
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. Based on the Company and subsidiaries 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.
The directors do not anticipate any significant changes in the activities of the Company.
It is the Company’s policy to implement financial risk management objectives and policies, for each major type of forecasted transaction for which hedge accounting is used. The directors consider the entity's financial risk management in the Strategic Report.
Details on key performance indicators, financial risk management, engagement with customers and suppliers and other stakeholders are not included within the Directors Report as they are considered to be of strategic importance to the Company and, as permitted under the Companies Act 2006 s.414C(11), they have instead been included in the Strategic Report.
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YETI BIDCO LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE PERIOD FROM 27 MAY 2025 TO THE PERIOD ENDED 31 DECEMBER 2025
On the 1st July 2026 the Company's subsidiary Aardvark Topco Limited was wound up as part of a group restructure. All balances were settled on this date and the Company became the parent company of the trading subsidiary LostMy.Name Limited ("LMN") by acquiring 100% of LMN's shares from Aardvark Bidco Limited for a purchase price of £132,600,000.
The auditor, Grant Thornton UK LLP, will be proposed for reappointment in accordance with section 485 of the Companies Act 2006.
This report was approved by the board on
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YETI BIDCO LIMITED
DIRECTORS' RESPONSIBILITIES STATEMENT
FOR THE PERIOD FROM 27 MAY 2025 TO 31 DECEMBER 2025
The directors are responsible for preparing the Strategic Report, 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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YETI BIDCO LIMITED
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF YETI BIDCO LIMITED
We have audited the financial statements of YETI BIDCO LIMITED (the 'Company') for the period from 27 May 2025 to 31 December 2025, which comprise the Statement of Comprehensive Income, the Balance Sheet, the Statement of Changes in Equity and the notes to the financial statements, 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).
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 UK, including the FRC’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 opinion.
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YETI BIDCO LIMITED
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF YETI BIDCO 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 the 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 other than the financial statements and our auditor's report thereon. The directors are responsible for the other information contained within the annual report and finacial statements. 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.
We have nothing to report in this regard.
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YETI BIDCO LIMITED
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF YETI BIDCO LIMITED (CONTINUED)
In our opinion, based on the work undertaken in the course of the audit:
∙the information given in the Strategic Report and the Directors' Report for the financial for the period for which the financial statements are prepared is consistent with the financial statements; and
∙the Strategic Report and the Directors' Report have been prepared in accordance with applicable legal requirements.
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 Strategic Report or the Directors' Report.
We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:
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YETI BIDCO LIMITED
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF YETI BIDCO 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
∙assessing the extent of compliance with the relevant laws and regulations as part of our procedures on the related financial statement item.
∙In addition, we completed audit procedures to conclude on the compliance of disclosures in the Annual report and financial statements with applicable financial reporting requirements.
∙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
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YETI BIDCO LIMITED
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF YETI BIDCO LIMITED (CONTINUED)
would become aware of it;
∙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.
for and on behalf of
Statutory Auditor, Chartered Accountants
Milton Keynes
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YETI BIDCO LIMITED
STATEMENT OF COMPREHENSIVE INCOME
FOR THE PERIOD FROM 27 MAY 2025 TO 31 DECEMBER 2025
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YETI BIDCO LIMITED
REGISTERED NUMBER: 16477737
BALANCE SHEET
AS AT 31 DECEMBER 2025
The notes on pages 15 to 26 form part of these financial statements.
The financial statements were approved and authorised for issue by the board and were signed on its behalf by: by
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YETI BIDCO LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE PERIOD FROM 27 MAY 2025 TO 31 DECEMBER 2025
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YETI BIDCO LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD FROM 27 MAY 2025 TO THE PERIOD ENDED 31 DECEMBER 2025
Yeti Bidco Limited ("the Company" or "YBL") is a private company limited by shares, incorporated on 27 May 2025 in the United Kingdom. Its registered office at 31 December 2025 was 20 Vauxhall Bridge Road, London, United Kingdom, SW1V 2SA. The Company acts as the intermediate holding company for entities under the Wonderbly Group. This is the first reporting period of the entity and covers the period from 27 May 2025 to 31 December 2025.
2.Accounting policies
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 101 'Reduced Disclosure Framework' and the Companies Act 2006. In preparing these financial statements, the Company applies the recognition, measurement and disclosure requirements of UK-adopted international accounting standards (“UK-adopted IFRS”), but makes amendments where necessary in order to comply with Companies Act 2006 and has set out below where advantage of the FRS 101 disclosure exemptions has been taken. The preparation of financial statements in compliance with FRS 101 requires the use of certain critical accounting estimates. It also requires management to exercise judgement in applying the Company's accounting policies. The areas involving a higher degree of judgement or complexity, or areas where assumptions and estimates are significant to the financial statements are disclosed in note 3.
The following principal accounting policies have been applied:
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YETI BIDCO LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD FROM 27 MAY 2025 TO THE PERIOD ENDED 31 DECEMBER 2025
2.Accounting policies (continued)
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..
The Company is a parent company that is also a subsidiary included in the consolidated financial statements of its ultimate parent undertaking established under the law of any part of the United Kingdom and is therefore exempt from the requirement to prepare consolidated financial statements under section 401 of the Companies Act 2006. The address of the ultimate parent's registered office is Bertelsmann SE & Co KGaA, Corporate Communications, Carl Bertelsmann Strasse 270, Postfach 111, D-33311 Gütersloh, Germany.
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YETI BIDCO LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD FROM 27 MAY 2025 TO THE 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. Based on the Company and subsidiaries 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.
Functional and presentation currency
Items included in the financial statements are measured using the currency of the primary economic environment in which the entity operates. The financial statements are presented in pound sterling, which is also the functional currency of the Company.
Transactions and balances
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YETI BIDCO LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD FROM 27 MAY 2025 TO THE PERIOD ENDED 31 DECEMBER 2025
2.Accounting policies (continued)
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 measured at the tax rate that is expected to apply to the reversal of the related difference, using tax rates enacted or substantively enacted at the balance sheet date. Deferred tax balances are not discounted. Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. At each year-end, management review the investments performance, asset value and performance projections to determine whether there is any objective evidence present that in accordance with IAS 36 would lead to an impairment being charged. Where an impairment is identified, the difference between the investments determined value, and the cost less previous impairments is booked as an impairment charge to the Statement of comprehensive income. 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. Where payments are received from subsidiaries which are accounted for as a return of capital, these are credited against the Company’s investment cost in that subsidiary.
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YETI BIDCO LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD FROM 27 MAY 2025 TO THE PERIOD ENDED 31 DECEMBER 2025
2.Accounting policies (continued)
The Company classifies its financial assets in the following categories:
•Amortised cost
•Fair value through profit or loss (FVTPL)
•Fair value through other comprehensive income (FVOCI)
The classification depends on the purpose for which the financial assets were acquired i.e. the entity’s business model for managing the financial assets and/or the contractual cash flow characteristics of the financial asset. Financial assets are not reclassified subsequent to their initial recognition unless the Company changes its business model for managing financial assets in which case all affected financial assets are reclassified on the first day of the first reporting period following the change in the business model.
A debt investment is measured at FVOCI if it meets both of the following conditions and is not designated as at FVTPL:
•it is held within a business model whose objective is achieved by both collecting contractual cash flows and selling financial assets; and
• its contractual terms give rise on specified dates to cash flows that are solely payments of principal and interest on the principal amount outstanding.
Subsequent to initial recognition these are measured at amortised cost using the effective interest method. Interest income from these financial assets is included in finance income using the effective interest rate method. Any gain or loss arising on derecognition is recognised directly in profit or loss and presented in other (expenses)/income together with foreign exchange gains and losses. Impairment losses are presented as a separate line item in the profit or loss under ‘net impairment losses on financial and contract assets’.
On initial recognition of an equity investment that is not held for trading, the Company may irrevocably elect to present subsequent changes in the investment’s fair value in OCI. This election is made on an investment-by-investment basis. All financial assets not classified as measured at amortised cost or FVOCI as described above are measured at FVTPL. This includes all derivative financial assets. The Company does not have any assets classified at FVOCI nor FVTPL. The Company assesses at the end of each reporting period whether there is objective evidence that one or more event has occurred which has impacted on the estimated cash flows of the financial asset. Financial assets are impaired and impairment losses are incurred only if such objective evidence of impairment can be reliably measured.
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YETI BIDCO LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD FROM 27 MAY 2025 TO THE PERIOD ENDED 31 DECEMBER 2025
2.Accounting policies (continued)
Trade debtors and amounts owed by group undertakings are stated at amortised cost after provision for bad and doubtful debts.
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.
Trade and other creditors are recognised initially at fair value and subsequently measured at amortised cost using the effective interest method.
Creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers or a commitment to provide goods and services where monies have been receipted.
Impairment of Investments
Investments in subsidiary companies are held at cost less accumulated impairment losses. The Company tests annually whether investments have suffered any impairment, with the carrying amount being written down for any impairment highlighted.
The Company uses budgeted profits, projected cash flows and weighted average cost of capital in order to determine whether any impairment is required. See note 9 for the carrying amount of investments and associated impairment provision.
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YETI BIDCO LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD FROM 27 MAY 2025 TO THE PERIOD ENDED 31 DECEMBER 2025
The Company has no employees other than the directors.
The directors of the Company are employed and paid by other companies within the Bertelsmann group with no recharge to the Company. Their services to the Company are incidental to their respective responsibilities to the company which employs them. Accordingly no emoluments in respect of these directors are included in these financial statements.
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YETI BIDCO LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD FROM 27 MAY 2025 TO THE PERIOD ENDED 31 DECEMBER 2025
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YETI BIDCO LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD FROM 27 MAY 2025 TO THE PERIOD ENDED 31 DECEMBER 2025
8.Taxation (continued)
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YETI BIDCO LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD FROM 27 MAY 2025 TO THE PERIOD ENDED 31 DECEMBER 2025
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YETI BIDCO LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD FROM 27 MAY 2025 TO THE PERIOD ENDED 31 DECEMBER 2025
The A and B Ordinary shares have attached to them full voting rights. There are no restrictions on dividends and the repayment of capital.
Share premium account
Profit and loss account
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YETI BIDCO LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD FROM 27 MAY 2025 TO THE PERIOD ENDED 31 DECEMBER 2025
Creditor balances are unsecured and no guarantees have been received. Creditor balances will be settled in cash
The Company's immediate parent company is Penguin Random House Limited (“PRHL”). 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
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