Registered number: 09952345
AUDITED
ANNUAL REPORT
AND FINANCIAL STATEMENTS
AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED
31 DECEMBER 2025
31 DECEMBER 2025
COMPANY INFORMATION
CONTENTS
STRATEGIC REPORT
FOR THE YEAR ENDED 31 DECEMBER 2025
The purpose of the strategic report is to inform members of the Company and help them assess how the Directors have performed their duty under Section 172 of the Companies Act 2006 to promote the success of the Company.
The Directors present their Strategic Report for Frontiers Media Limited ("the Company") for the year ended 31 December 2025.
The principal activity of the Company during the year under review was the provision of support services to its parent company, Frontiers Media SA.
The principal activity of the Company during the year under review was the provision of support services to its parent company, Frontiers Media SA.
Following the right-sizing undertaken in prior years, the Company entered 2025 with a more streamlined organisation aligned to its strategic priorities. During the year, headcount reduced by a further 38, ensuring staffing levels remained appropriately matched to operational requirements. Despite reduced capacity, operations remained stable due to strengthened processes and improved productivity.
Turnover for 2025 amounted to £28,159,081, compared with £35,774,241 in 2024. This decrease was primarily driven by the reduction in workforce from the first half of 2025 as well as the absence of redundancy related costs that had inflated turnover in the previous year. However, the Company continued to apply a mark-up aligned to the most recent transfer pricing benchmarking analysis across each activity resulting to an increase in profit for the year versus 2024.
Following a further strengthening of financial performance in 2025, the Company’s balance sheet improved with net assets increasing to £5,079,821 (2024 - £4,048,595).
In 2025, the Company maintained its hybrid working approach, with employees continuing to split time between remote and in-office work in accordance with organisational needs
Turnover for 2025 amounted to £28,159,081, compared with £35,774,241 in 2024. This decrease was primarily driven by the reduction in workforce from the first half of 2025 as well as the absence of redundancy related costs that had inflated turnover in the previous year. However, the Company continued to apply a mark-up aligned to the most recent transfer pricing benchmarking analysis across each activity resulting to an increase in profit for the year versus 2024.
Following a further strengthening of financial performance in 2025, the Company’s balance sheet improved with net assets increasing to £5,079,821 (2024 - £4,048,595).
In 2025, the Company maintained its hybrid working approach, with employees continuing to split time between remote and in-office work in accordance with organisational needs
The Company provides support services to its Swiss holding company on a cost-plus basis, with fees calculated monthly. This continues to create a low risk operating model and ensures a stable environment for the Company. The mark-up applied in 2025 remained aligned with updated benchmarking analyses and within the appropriate interquartile ranges.
The primary risk remains unchanged: the potential inability of the holding company to continue trading as a going concern. Frontiers Media SA continues to maintain a healthy balance sheet and strong cash reserves to support the Company for the foreseeable future.
Other risks relating to operational management, employment procedures and corporate governance continue to be managed on a group-wide basis by the Swiss holding company with input from local UK advisors. Insurance policies are maintained where appropriate to mitigate identified risks. No material changes to these risks were identified in 2025.
The average FTE for 2025 decreased to 463, reflecting the impact of the right-sizing exercise carried out at the beginning of 2024. As a result, revenue per employee increased to £60,819 for the year, while the average salary cost per head rose marginally to £51,847.
Given the increase in turnover, the alignment of recharge margins to current market benchmarks, and a reduction in the overall cost base, profit before tax for 2025 increased to £1,404,916 compared with £1,108,120 in 2024.
Results for 2025 reflect the Company’s return to growth and increased operational stability following the right-sizing measures implemented in the prior year, supported by the alignment of mark-up rates to current market benchmarks and a continued reduction in the overall cost base.
The primary risk remains unchanged: the potential inability of the holding company to continue trading as a going concern. Frontiers Media SA continues to maintain a healthy balance sheet and strong cash reserves to support the Company for the foreseeable future.
Other risks relating to operational management, employment procedures and corporate governance continue to be managed on a group-wide basis by the Swiss holding company with input from local UK advisors. Insurance policies are maintained where appropriate to mitigate identified risks. No material changes to these risks were identified in 2025.
The average FTE for 2025 decreased to 463, reflecting the impact of the right-sizing exercise carried out at the beginning of 2024. As a result, revenue per employee increased to £60,819 for the year, while the average salary cost per head rose marginally to £51,847.
Given the increase in turnover, the alignment of recharge margins to current market benchmarks, and a reduction in the overall cost base, profit before tax for 2025 increased to £1,404,916 compared with £1,108,120 in 2024.
Results for 2025 reflect the Company’s return to growth and increased operational stability following the right-sizing measures implemented in the prior year, supported by the alignment of mark-up rates to current market benchmarks and a continued reduction in the overall cost base.
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STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
The revenue per employee (average FTE) increased to £60,819 from £58,646 in 2024 while the average salary cost per head increased by 6% to £51,847 (2024 - £48,719).
The Directors do not consider that there are any other key performance indicators to the Company.
This report was approved by the board and signed on its behalf.
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DIRECTORS' REPORT
FOR THE YEAR ENDED 31 DECEMBER 2025
The Directors present their report and the financial statements for the year ended 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 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland'. 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:
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.
The profit for the year, after taxation, amounted to £1,031,226 (2024 - £851,373).
No dividends were declared or paid in the current or prior periods.
The Directors who served during the year were:
The Company will seek to minimise adverse impacts on the environment from its activities, whilst continuing to address health, safety and economic issues. The Company has complied with all applicable legislation and regulations.
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DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
Following prior restructuring and continued alignment of resources with strategic priorities, the Company is positioned to support the broader Frontiers Group in its plans for renewed growth beyond 2025. Management remains committed to advancing Frontiers’ mission to make all science open, supporting the long-term transition from traditional subscription-based publishing to open access models that enable global access to scientific research.
The Directors do not anticipate any change in the level or nature of the Company's business in the near future and remain focused on enhancing and improving existing operations.
The Directors do not anticipate any change in the level or nature of the Company's business in the near future and remain focused on enhancing and improving existing operations.
Frontiers firmly believes that the company cannot operate and achieve our strategic goals without a fully enagaged employee base.
To ensure employee engagement, Frontiers carries out company-wide employee engagement surveys. This allows colleagues to give honest and open feedback and gives an opportunity to establish two way-communication, giving employees a direct voice to the management team. Results from each engagement survey are then presented and actioned according to specific focus areas including improvements and impactfulness with subsequent surveys also measuring the impact of those surveys prior.
In addition, Frontiers also carries-out quarterly reviews to all employees with the leadership team presenting both financial and non-financial updates to give visibility on the overall status and direction of the company.
To ensure employee engagement, Frontiers carries out company-wide employee engagement surveys. This allows colleagues to give honest and open feedback and gives an opportunity to establish two way-communication, giving employees a direct voice to the management team. Results from each engagement survey are then presented and actioned according to specific focus areas including improvements and impactfulness with subsequent surveys also measuring the impact of those surveys prior.
In addition, Frontiers also carries-out quarterly reviews to all employees with the leadership team presenting both financial and non-financial updates to give visibility on the overall status and direction of the company.
Frontiers actively embraces diversity and prides itself on providing a safe and welcoming workplace for all. This policy permeates throughout our recruitment and selection process, training and development, performance reviews and promotion.
The Company's policy is to promote an environment that is free from discrimination, harassment and victimisation, where everyone will receive equal treatment regardless of their race, national or ethnic origin, age, religion, disability, sex, gender identity or sexual orientation.
With over 1,200 employees across the Frontiers Media Group at the end of 2025, from more than 50 different nations, our diversity creates vibrant teams and constantly challenges us to appreciate multiple perspectives.
The Company's policy is to promote an environment that is free from discrimination, harassment and victimisation, where everyone will receive equal treatment regardless of their race, national or ethnic origin, age, religion, disability, sex, gender identity or sexual orientation.
With over 1,200 employees across the Frontiers Media Group at the end of 2025, from more than 50 different nations, our diversity creates vibrant teams and constantly challenges us to appreciate multiple perspectives.
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DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
Our energy and carbon calculations have been conducted in accordance with the UK Government’s Reporting Guidelines for Company Report. Data has been reviewed and verified by a third party (Adler and Allan). GHG calculations have been performed using the Greenhouse Gas Protocol Corporate Reporting Standards (GHG Protocol) and ISO14064-1:2018 Greenhouse Gases – Part 1: Specification with guidance at the organization level for quantification and reporting of greenhouse gas emissions and removals. All emissions calculations use up to date GHG Conversion Factors for Company Reporting (DEFRA) and are reported as carbon dioxide equivalent (CO2e), accounting for all major greenhouse gases.
The table below sets out total energy consumption and resulting GHG emissions by scopearising from business operations
Our carbon footprint for the 2025 reporting year has been calculated based on our environmental impact across scope 1, 2 and 3 (selected categories) emissions sources for the UK only. Our emissions for 2025 are 9.12 tCO2e (24 lower than 2024), which represents an average impact of 0.324 tCO2e per £m revenue (4% lower than 2024). We have calculated emissions intensity metrics on revenue, floor area and employee bases, which we will monitor to track performance in our subsequent environmental disclosures.
During the reporting period, we implemented the following actions to minimize ourenvironmental impact:
The table below sets out total energy consumption and resulting GHG emissions by scopearising from business operations
Our carbon footprint for the 2025 reporting year has been calculated based on our environmental impact across scope 1, 2 and 3 (selected categories) emissions sources for the UK only. Our emissions for 2025 are 9.12 tCO2e (24 lower than 2024), which represents an average impact of 0.324 tCO2e per £m revenue (4% lower than 2024). We have calculated emissions intensity metrics on revenue, floor area and employee bases, which we will monitor to track performance in our subsequent environmental disclosures.
During the reporting period, we implemented the following actions to minimize ourenvironmental impact:
∙Employees awareness: we have shared best practices on green behavior to support our team's understanding of sustainability and foster eco-friendly habits;
∙Data visibility: to promote transparency, we provided employees with access to carbon footprint data; and
∙Local suppliers: we have committed to working with local suppliers, reducing transportation-related emissions.
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DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
Over the next three years, we are working towards achieving the following targets set in our ESOS action plan:
∙Ensuring workstations are switched off when not in use to conserve energy;
∙Cleaning all refrigerant coils in refrigeration and freezer units to improve efficiency; and
∙Transitioning to cloud-based servers and data storage to reduce energy consumption and improve overall
sustainability.
sustainability.
These initiatives collectively aim at significantly reducing Frontiers' environmental footprintand promoting a culture of sustainability within our organization
There have been no significant events affecting the Company since the year end.
The auditors, Wellden Turnbull Limited, will be proposed for reappointment in accordance with section 485 of the Companies Act 2006.
This report was approved by the board and signed on its behalf.
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INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF FRONTIERS MEDIA LIMITED
We have audited the financial statements of Frontiers Media Limited (the 'Company') for the year ended 31 December 2025, which comprise the Statement of income and retained earnings, the Statement of financial position, the Statement of cash flows 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 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).
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 Auditors' 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.
We have nothing to report in this regard.
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INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF FRONTIERS MEDIA 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 year 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.
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INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF FRONTIERS MEDIA 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 Auditors' 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. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. We have identified the greatest risk of a material impact on the financial statements from irregularities, including fraud, to relate to the timing and recognition of revenue and the override of controls by management. We have obtained an understanding of the legal and regulatory frameworks that the Company operates within including both those that directly have an impact on the financial statements and more widely those for which non-compliance could have a significant impact on the Company’s operations and reputation. The Companies Act 2006, employee legislation, health and safety legislation, data protection legislation and UK company tax law are those we have identified in this regard. Auditing standards limit the required procedures as to non-compliance with laws and regulations to enquiries of those charged with governance and review of any applicable correspondence.
The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:
The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:
∙Enquiry of management and those charged with governance as to actual and potential litigation and claims;
∙Enquiry of management and those charged with governance to identify any instances of non-compliance with laws and regulations;
∙Assessing the reasonableness and accuracy of revenue recognised in the period based on underlying contractual terms, obligations and the requirements of accounting standards, ensuring that revenue is recorded in the correct period;
∙Reviewing financial statement disclosures and testing to supporting documentation to assess compliance with applicable laws and regulations; and
∙Performing audit work over the risk of management override of controls, including testing of journal entries and other adjustments for appropriateness, evaluating the business rationale of significant transactions outside the normal course of business, and reviewing accounting estimates for bias.
Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.
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 Auditors' report.
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INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF FRONTIERS MEDIA LIMITED (CONTINUED)
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 Auditors' 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
Chartered Accountants
Statutory Auditors
Albany House
Claremont Lane
Surrey
KT10 9FQ
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STATEMENT OF INCOME AND RETAINED EARNINGS
FOR THE YEAR ENDED 31 DECEMBER 2025
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STATEMENT OF FINANCIAL POSITION
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 14 to 25 form part of these financial statements.
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STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 DECEMBER 2025
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
Frontiers Media Limited is a private company, limited by shares and incorporated in England and Wales, registration number 09952345 . The registered office address is Albany House, Claremont Lane, Esher, Surrey, KT10 9FQ. The principal place of business is The Yarnwicke, 119-121 Cannon Street, London EC4N 5AT.
2.Accounting policies
These financial statements are rounded to the nearest £.
The following principal accounting policies have been applied:
Functional and presentation currency
Transactions and balances
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
2.Accounting policies (continued)
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
2.Accounting policies (continued)
At each reporting date the Company assesses whether there is any indication of impairment. If such indication exists, the recoverable amount of the asset is determined which is the higher of its fair value less costs to sell and its value in use. An impairment loss is recognised where the carrying amount exceeds the recoverable amount.
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.
Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
2.Accounting policies (continued)
Provisions are measured as the best estimate of the amount required to settle the obligation, taking into account the related risks and uncertainties.
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
2.Accounting policies (continued)
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
2.Accounting policies (continued)
Management do not consider the Company to have any key sources of estimation uncertainty not any significant judgements or assumptions in preparing these financial statements.
The whole of the turnover is attributable to the Company's principal activity and invoiced to the Company's parent undertaking, Frontiers Media SA, located in Switzerland.
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
There were no factors that may affect future tax charges.
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
Profit and loss account
The Company operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the Company in an independently administered fund. The pension cost charge represents contributions payable by the Company to the fund and amounted to £1,554,678 (2024 - £1,892,209). Contributions totalling £225 (2024 - £224,213) were payable to the fund at the reporting date and are included in other creditors.
The ultimate parent undertaking and controlling party is Frontiers Media SA , a company incorporated in Switzerland located at Avenue du Tribunal Fédéral 34, 1005 Lausanne .
The parent company of the largest group in which the results of the Company are consolidated isFrontiers Media SA .
The parent company of the largest group in which the results of the Company are consolidated is
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