Company registration number 02637030 (England and Wales)
ACC PUBLISHING GROUP LIMITED
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
ACC PUBLISHING GROUP LIMITED
COMPANY INFORMATION
Directors
Mr G Liu
Mrs V Shorten
Mr X Huang
Mr J. Smith
Secretary
Mrs V Shorten
Company number
02637030
Registered office
c/o Antique Collectors Club Ltd
Riverside House, Dock Lane
Melton
Woodbridge
IP12 1PE
Auditor
BG Audit LLP
Statutory Auditors
7 Three Rivers Business Park
Felixstowe Road, Foxhall
IPSWICH
IP10 0BF
Business address
c/o Antique Collectors Club Ltd
Riverside House, Dock Lane
Melton
Woodbridge
IP12 1PE
ACC PUBLISHING GROUP LIMITED
CONTENTS
Page
Strategic report
1
Directors' report
2
Directors' responsibilities statement
3
Independent auditor's report
4 - 6
Group statement of comprehensive income
7
Group balance sheet
8
Company balance sheet
9
Group statement of changes in equity
10
Company statement of changes in equity
11
Group statement of cash flows
12
Company statement of cash flows
13
Notes to the financial statements
14 - 28
ACC PUBLISHING GROUP LIMITED
STRATEGIC REPORT
FOR THE YEAR ENDED 31 DECEMBER 2025
- 1 -

The directors present the strategic report for the year ended 31 December 2025.

Review of the business

It has been a difficult trading year for the group. USA Sales suffered with trump taxes introduced in January 2025, unstabling the markets and causing a cost of living crisis in the USA. Amazon, our biggest USA customer, changed its stock holding policy and reduced its normal ordering quantities significantly. We changed distributor in the USA and this caused a significant reduction in sales whilst the new distributor took over. The drop in USA Sales also affected the UK turnover as US sales of ACC’s own books were very down.

The parent company did not trade.

Principal risks and uncertainties

Political unrest and conflicts around the world as well as the sudden increase of trading tariffs can cause significant reductions in Turnover and add to bad debt risks as well as major fluctuations in currency rates. Exponential increases in Shipping and Paper costs due to conflict or world economy can have a big impact as well as new European trading regulations EUDR on packaging and paper.

Liquidity Risk

The Group has sufficient cash reserves to enable it to meet its obligations as they fall due.

Development and performance

The UK continue to increasing their production plans over the next few years to produce more books and also more books specifically aimed for the US Market. The New distributors in USA, Simon & Schuster are now working well and we have been significantly reducing overheads in both UK & USA.

Key performance indicators

The key financial highlights are as follows:

Turnover growth - 2025: (£3,583,499) 2024: (£1,172,761)

Gross Profit % - 2025: 50.84% 2024: 57.10%

Position of the group at the year end

The group financial position at the year end is strong, with the reserves at £5,933,839.

On behalf of the board

Mrs V Shorten
Director
27 July 2026
ACC PUBLISHING GROUP LIMITED
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 DECEMBER 2025
- 2 -

The directors present their annual report and financial statements for the year ended 31 December 2025.

Principal activities

The principal activity of the group was that of a book publisher, sales and distribution of books and a magazine publisher.

ACC Book Distribution Limited and Antique Collectors Club Limited are dormant companies.

The principal activity of the ACC Publishing Group Limited continued to be that of an investment company, holding shares in it's subsidiary undertaking s.

Results and dividends

The results for the year are set out on page 7.

Ordinary dividends were paid amounting to £112,258. The directors do not recommend payment of a further dividend.

Directors

The directors who held office during the year and up to the date of signature of the financial statements were as follows:

Mr G Liu
Mrs V Shorten
Mr X Huang
Mr J. Smith
Post reporting date events

No significant events have occurred between 31 December 20 25 and the date of authorisation of these financial statements.

Auditor

The auditor, BG Audit LLP, is deemed to be reappointed under section 487(2) of the Companies Act 2006.

Statement of disclosure to auditor

So far as each person who was a director at the date of approving this report is aware, there is no relevant audit information of which the auditor of the company is unaware. Additionally, the directors individually have taken all the necessary steps that they ought to have taken as directors in order to make themselves aware of all relevant audit information and to establish that the auditor of the company is aware of that information.

On behalf of the board
Mrs V Shorten
Director
27 July 2026
ACC PUBLISHING GROUP LIMITED
DIRECTORS' RESPONSIBILITIES STATEMENT
FOR THE YEAR ENDED 31 DECEMBER 2025
- 3 -

The directors are responsible for preparing the Annual 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 prepared the group and parent company financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). 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 group and parent company, and of the profit or loss of the group for that period.

In preparing these financial statements, the directors are required to:

- select suitable accounting policies and then apply them consistently;

- make judgements and accounting estimates that are reasonable and prudent;

- state whether applicable U nited K ingdom Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements; and

- prepare the financial statements on the going concern basis unless it is inappropriate to presume that the group and parent company will continue in business.

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the group’s and parent company’s transactions and disclose with reasonable accuracy at any time the financial position of the group and parent company, and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the group and parent company, and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

ACC PUBLISHING GROUP LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF ACC PUBLISHING GROUP LIMITED
- 4 -
Opinion

We have audited the financial statements of ACC Publishing Group Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 31 December 2025 which comprise the group statement of comprehensive income, the group balance sheet, the company balance sheet, the group statement of changes in equity, the company statement of changes in equity, the group statement of cash flows, the company statement of cash flows and notes to the financial statements, including 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 our opinion the financial statements:

- give a true and fair view of the state of the group's and the parent company's affairs as at 31 December 2025 and of the group's loss for the year then ended;

- have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and

- have been prepared in accordance with the requirements of the Companies Act 2006.

Basis for opinion

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 group and parent 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.

Conclusions relating to going concern

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 group's and parent 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.

Other information

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. 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.

Opinions on other matters prescribed by the Companies Act 2006

In our opinion, based on the work undertaken in the course of our audit:

- T he information given in the strategic report and the directors' r eport 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.

ACC PUBLISHING GROUP LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF ACC PUBLISHING GROUP LIMITED
- 5 -
Matters on which we are required to report by exception

In the light of the knowledge and understanding of the group and the parent company and their environment obtained in the course of the audit, we have not identifie d material misstatements in the strategic report or the directors' r eport.

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:

- adequate accounting records have not been kept by the parent company, or returns adequate for our audit have not been received from branches not visited by us; or

- the parent company financial statements are not in agreement with the accounting records and returns; or

- certain disclosures of directors' remuneration specified by law are not made; or

- we have not received all the information and explanations we require for our audit.

Responsibilities of directors

As explained more fully in the directors' r esponsibilities s tatement, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. In preparing the financial statements, the directors are responsible for assessing the group's and parent company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the group or parent company or to cease operations, or have no realistic alternative but to do so.

Auditor's responsibilities for the audit of the financial statements

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. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud, is detailed below.

Based on our understanding of the Company’s industry and activities, we identified the principal risks of non-compliance with laws and regulations, and considered the extent to which non-compliance might have a material effect on the financial statements. We also considered those laws and regulations that impact directly on the preparation of the financial statements including the Companies Act, and UK tax legislation.

We considered the opportunities for fraudulent adjustments to the financial statements including override of controls and determined that the principal risks were related to fraudulent transactions that would result in the manipulation of profits.

Audit procedures included:

- Making enquiries of management for known or suspected instances of fraud or non-compliance with laws and regulations.

- Consideration of management’s procedures for detecting and preventing fraud, including controls.

- Reviewing journal entries to identify material or unusual transactions

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.

ACC PUBLISHING GROUP LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF ACC PUBLISHING GROUP LIMITED
- 6 -

A further description of our responsibilities is available on the Financial Reporting Council’s website at: https://www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report.

Use of our report

This report is made solely to the parent 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 parent 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 parent company and the parent company’s members as a body, for our audit work, for this report, or for the opinions we have formed.

Jonathan Oakley FCA (Senior Statutory Auditor)
For and on behalf of BG Audit LLP
27 July 2026
Statutory Auditor
7 Three Rivers Business Park
Felixstowe Road, Foxhall
IPSWICH
IP10 0BF
ACC PUBLISHING GROUP LIMITED
GROUP STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 DECEMBER 2025
- 7 -
2025
2024
Notes
£
£
Turnover
3
14,073,774
17,657,273
Cost of sales
(6,917,988)
(7,574,627)
Gross profit
7,155,786
10,082,646
Distribution costs
(4,880,123)
(5,951,934)
Administrative expenses
(2,838,103)
(2,649,243)
Other operating income
44,007
34,847
Operating (loss)/profit
4
(518,433)
1,516,316
Interest receivable and similar income
8
43,669
30,069
Interest payable and similar expenses
9
(8,358)
(8,457)
(Loss)/profit before taxation
(483,122)
1,537,928
Tax on (loss)/profit
10
80,553
(424,230)
(Loss)/profit for the financial year
(402,569)
1,113,698
Total comprehensive income for the year is all attributable to the owners of the parent company.

The profit and loss account has been prepared on the basis that all operations are continuing operations.

ACC PUBLISHING GROUP LIMITED
GROUP BALANCE SHEET
AS AT 31 DECEMBER 2025
31 December 2025
- 8 -
2025
2024
Notes
£
£
£
£
Fixed assets
Tangible assets
13
37,697
52,861
Current assets
Stocks
17
2,002,215
1,772,005
Debtors
18
5,893,466
7,864,186
Cash at bank and in hand
2,259,605
2,147,948
10,155,286
11,784,139
Creditors: amounts falling due within one year
19
(4,250,268)
(5,375,785)
Net current assets
5,905,018
6,408,354
Total assets less current liabilities
5,942,715
6,461,215
Provisions for liabilities
Deferred tax liability
20
8,876
12,549
(8,876)
(12,549)
Net assets
5,933,839
6,448,666
Capital and reserves
Called up share capital
22
1,500
1,500
Share premium account
298,500
298,500
Profit and loss reserves
5,633,839
6,148,666
Total equity
5,933,839
6,448,666
The financial statements were approved by the board of directors and authorised for issue on 27 July 2026 and are signed on its behalf by:
27 July 2026
Mrs V Shorten
Director
Company registration number 02637030 (England and Wales)
ACC PUBLISHING GROUP LIMITED
COMPANY BALANCE SHEET
AS AT 31 DECEMBER 2025
31 December 2025
- 9 -
2025
2024
Notes
£
£
£
£
Fixed assets
Investments
14
597,700
597,700
Current assets
Debtors
18
251,946
251,946
Cash at bank and in hand
458
302
252,404
252,248
Creditors: amounts falling due within one year
19
(46,278)
(46,278)
Net current assets
206,126
205,970
Net assets
803,826
803,670
Capital and reserves
Called up share capital
22
1,500
1,500
Share premium account
298,500
298,500
Profit and loss reserves
503,826
503,670
Total equity
803,826
803,670

As permitted by section 408 of the Companies Act 2006, the c ompany has not presented its own profit and loss account and related notes. The c ompany’s profit for the year was £112,414 (2024 - £97,499 profit).

The financial statements were approved by the board of directors and authorised for issue on 27 July 2026 and are signed on its behalf by:
27 July 2026
Mrs V Shorten
Director
Company registration number 02637030 (England and Wales)
ACC PUBLISHING GROUP LIMITED
GROUP STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2025
- 10 -
Share capital
Share premium account
Profit and loss reserves
Total
Notes
£
£
£
£
Balance at 1 January 2024
1,500
298,500
5,135,293
5,435,293
Year ended 31 December 2024:
Profit and total comprehensive income
-
-
1,113,698
1,113,698
Dividends
11
-
-
(100,325)
(100,325)
Balance at 31 December 2024
1,500
298,500
6,148,666
6,448,666
Year ended 31 December 2025:
Loss and total comprehensive income
-
-
(402,569)
(402,569)
Dividends
11
-
-
(112,258)
(112,258)
Balance at 31 December 2025
1,500
298,500
5,633,839
5,933,839
ACC PUBLISHING GROUP LIMITED
COMPANY STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2025
- 11 -
Share capital
Share premium account
Profit and loss reserves
Total
Notes
£
£
£
£
Balance at 1 January 2024
1,500
298,500
506,496
806,496
Year ended 31 December 2024:
Profit and total comprehensive income for the year
-
-
97,499
97,499
Dividends
11
-
-
(100,325)
(100,325)
Balance at 31 December 2024
1,500
298,500
503,670
803,670
Year ended 31 December 2025:
Profit and total comprehensive income
-
-
112,414
112,414
Dividends
11
-
-
(112,258)
(112,258)
Balance at 31 December 2025
1,500
298,500
503,826
803,826
ACC PUBLISHING GROUP LIMITED
GROUP STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 DECEMBER 2025
- 12 -
2025
2024
Notes
£
£
£
£
Cash flows from operating activities
Cash generated from operations
26
604,254
2,156,096
Interest paid
(8,358)
(8,457)
Income taxes paid
(410,535)
(370,770)
Net cash inflow from operating activities
185,361
1,776,869
Investing activities
Purchase of tangible fixed assets
(5,115)
(11,482)
Interest received
43,669
30,069
Net cash generated from investing activities
38,554
18,587
Financing activities
Dividends paid to equity shareholders
(112,258)
(100,325)
Net cash used in financing activities
(112,258)
(100,325)
Net increase in cash and cash equivalents
111,657
1,695,131
Cash and cash equivalents at beginning of year
2,147,948
452,817
Cash and cash equivalents at end of year
2,259,605
2,147,948
ACC PUBLISHING GROUP LIMITED
COMPANY STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 DECEMBER 2025
- 13 -
2025
2024
Notes
£
£
£
£
Cash flows from operating activities
Cash (absorbed by)/generated from operations
27
(1,098)
3,026
Investing activities
Interest received
8
-
0
Dividends received
113,504
97,551
Net cash generated from investing activities
113,512
97,551
Financing activities
Dividends paid to equity shareholders
(112,258)
(100,325)
Net cash used in financing activities
(112,258)
(100,325)
Net increase in cash and cash equivalents
156
252
Cash and cash equivalents at beginning of year
302
50
Cash and cash equivalents at end of year
458
302
ACC PUBLISHING GROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
- 14 -
1
Accounting policies
Company information

ACC Publishing Group Limited (“the company”) is a private limited company domiciled and incorporated in England and Wales. The registered office is Riverside House, Dock Lane, Melton, Woodbridge IP12 1PE.

The group consists of ACC Publishing Group Limited and all of its subsidiaries.

1.1
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary a mounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

1.2
Business combinations

In the parent company financial statements, t he cost of a business combination is the fair value at the acquisition date of the assets given, equity instruments issued and liabilities incurred or assumed, plus costs directly attributable to the business combination. The excess of the cost of a business combination over the fair value of the identifiable assets, liabilities and contingent liabilities acquired is recognised as goodwill. The cost of the combination includes the estimated amount of contingent consideration that is probable and can be measured reliably, and is adjusted for changes in contingent consideration after the acquisition date. Provisional fair values recognised for business combinations in previous periods are adjusted retrospectively for final fair values determined in the 12 months following the acquisition date. I nvestments in subsidiaries, joint ventures and associates are accounted for at cost less impairment.

Deferred tax is recognised on differences between the value of assets (other than goodwill) and liabilities recognised in a business combination accounted for using the purchase method and the amounts that can be deducted or assessed for tax, considering the manner in which the carrying amount of the asset or liability is expected to be recovered or settled. The deferred tax recognised is adjusted against goodwill or negative goodwill.

1.3
Basis of consolidation

The consolidated group financial statements consist of the financial statements of the parent company ACC Publishing Group Limited together with all entities controlled by the parent company (its subsidiaries) and the group’s share of its interests in joint ventures and associates.

All financial statements are made up to 31 December 2025. Where necessary, adjustments are made to the financial statements of subsidiaries to bring the accounting policies used into line with those used by other members of the g roup.

All intra-group transactions, balances and unrealised gains on transactions between group companies are eliminated on consolidation. Unrealised losses are also eliminated unless the transaction provides evidence of an impairment of the asset transferred.

Subsidiaries are consolidated in the group’s financial statements from the date that control commences until the date that control ceases.

Entities in which the group holds an interest and which are jointly controlled by the group and one or more other venturers under a contractual arrangement are treated as joint ventures. Entities other than subsidiary undertakings or joint ventures, in which the group has a participating interest and over whose operating and financial policies the group exercises a significant influence, are treated as associates.

ACC PUBLISHING GROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
1
Accounting policies
(Continued)
- 15 -

Investments in joint ventures and associates are carried in the group balance sheet at cost plus post-acquisition changes in the group’s share of the net assets of the entity, less any impairment in value. The carrying values of investments in joint ventures and associates include acquired goodwill.

If the group’s share of losses in a joint venture or associate equals or exceeds its investment in the joint venture or associate, the group does not recognise further losses unless it has incurred obligations to do so or has made payments on behalf of the joint venture or associate.

Unrealised gains arising from transactions with joint ventures and associates are eliminated to the extent of the group’s interest in the entity.

1.4
Going concern

A t the time of approving the financial statements, t he directors have a reasonable expectation that the group and parent company ha ve adequate resources to continue in operational existence for the foreseeable future. Thus t he directors continue to adopt the going concern basis of accounting in preparing the financial statements.

1.5
Turnover

Revenue comprises sales of goods or services provided to customers net of value added tax and other sales taxes, less an appropriate deduction for actual and expected returns and discounts. Revenue is recognised when performance obligations are satisfied and the control of goods or services is transferred to the buyer. Where the performance obligation is satisfied over time, revenue is recognised in accordance with its progress towards complete satisfaction of that performance obligation.

When cash inflows are deferred and represent a financing arrangement, the promised consideration is adjusted for the effects of the time value of money, which is recognised as interest income.

Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer (usually on dispatch of the goods), the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably.

1.6
Intangible fixed assets - goodwill

Goodwill represents the excess of the cost of acquisition of a business over the fair value of net assets acquired. It is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is considered to have a finite useful life and is amortised on a systematic basis over its expected life.

For the purposes of impairment testing, goodwill is allocated to the cash-generating units expected to benefit from the acquisition. Cash-generating units to which goodwill has been allocated are tested for impairment at least annually, or more frequently when there is an indication that the unit may be impaired. If the recoverable amount of the cash-generating unit is less than the carrying amount of the unit, the impairment loss is allocated first to reduce the carrying amount of any goodwill allocated to the unit and then to the other assets of the unit pro-rata on the basis of the carrying amount of each asset in the unit.

1.7
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Fixtures and fittings
20% straight line
ACC PUBLISHING GROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
1
Accounting policies
(Continued)
- 16 -

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is recognised in the profit and loss account.

1.8
Fixed asset investments

Equity in vest ments are measured at fair value through profit or loss, except for those equity investments that are not publicly traded and whose fair value cannot otherwise be measured reliably, which are recognised at cost less impairment until a reliable measure of fair value becomes available.

I n the parent company financial statements, investments in subsidiaries, associates and jointly controlled entities are initially measured at cost and subsequently measured at cost less any accumulated impairment losses.

A subsidiary is an entity controlled by the group. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities.

1.9
Impairment of fixed assets

At each reporting period end date, the group reviews the carrying amounts of its tangible and intangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs. The carrying amount of the investments accounted for using the equity method is tested for impairment as a single asset. Any goodwill included in the carrying amount of the investment is not tested separately for impairment.

Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted. If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.

Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased to apply. Where an impairment loss subsequently reverses, the carrying amount of the asset (or cash-generating unit) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset (or cash-generating unit) in prior years. A reversal of an impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase.

1.10
Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.

Stocks held for distribution at no or nominal consideration are measured at the lower of cost and replacement cost, adjusted where applicable for any loss of service potential.

At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.

ACC PUBLISHING GROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
1
Accounting policies
(Continued)
- 17 -
1.11
Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

1.12
Financial instruments

The group has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

Financial instruments are recognised in the group's balance sheet when the group becomes party to the contractual provisions of the instrument.

Financial assets and liabilities are offset and the net amounts presented in the financial statements when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest m ethod unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

Other financial assets

Other financial assets, including investments in equity instruments which are not subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the transaction price. Such assets are subsequently carried at fair value and the changes in fair value are recognised in profit or loss, except that investments in equity instruments that are not publicly traded and whose fair values cannot be measured reliably are measured at cost less impairment.

Impairment of financial assets

Financial assets, other than those held at fair value through profit and loss, are assessed for indicators of impairment at each reporting end date.

Financial assets are impaired where there is objective evidence that, as a result of one or more events that occurred after the initial recognition of the financial asset, the estimated future cash flows have been affected. If an asset is impaired, the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss is recognised in profit or loss.

If there is a decrease in the impairment loss arising from an event occurring after the impairment was recognised, the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been, had the impairment not previously been recognised. The impairment reversal is recognised in profit or loss.

Derecognition of financial assets

Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when the group transfers the financial asset and substantially all the risks and rewards of ownership to another entity, or if some significant risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party.

ACC PUBLISHING GROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
1
Accounting policies
(Continued)
- 18 -
Classification of financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the group after deducting all of its liabilities.

Basic financial liabilities

Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future paymen ts discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

Other financial liabilities

Derivatives, including interest rate swaps and forward foreign exchange contracts, are not basic financial instruments. Derivatives are initially recognised at fair value on the date a derivative contract is entered into and are subsequently re-measured at their fair value. Changes in the fair value of derivatives are recognised in profit or loss in finance costs or finance income as appropriate, unless hedge accounting is applied and the hedge is a cash flow hedge.

Debt instruments that do not meet the conditions in FRS 102 paragraph 11.9 are subsequently measured at fair value through profit or loss. Debt instruments may be designated as being measured at fair value th r ough profit or loss to eliminate or reduce an accounting mismatch or if the instruments are measured and their performance evaluated on a fair value basis in accordance with a documented risk management or investment strategy.

Derecognition of financial liabilities

Financial liabilities are derecognised when the group's contractual obligations expire or are discharged or cancelled.

1.13
Equity instruments

Equity instruments issued by the group are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the group.

1.14
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The group’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

ACC PUBLISHING GROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
1
Accounting policies
(Continued)
- 19 -
Deferred tax

Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

1.15
Employee benefits

The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

1.16
Retirement benefits

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

1.17
Foreign exchange

Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss.

2
Judgements and key sources of estimation uncertainty

In the application of the group’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. These include judgements relating to the amount of stock provisions. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

3
Turnover and other revenue
2025
2024
£
£
Turnover analysed by class of business
14,073,774
17,657,273
ACC PUBLISHING GROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
3
Turnover and other revenue
(Continued)
- 20 -
2025
2024
£
£
Turnover analysed by geographical market
United Kingdom
8,346,341
8,919,610
Rest of the world
5,727,433
8,737,663
14,073,774
17,657,273
2025
2024
£
£
Other revenue
Interest income
43,669
30,069
4
Operating (loss)/profit
2025
2024
£
£
Operating (loss)/profit for the year is stated after charging:
Exchange losses
151,197
66,850
Depreciation of owned tangible fixed assets
20,279
22,711
Cost of stocks recognised as an expense
725,131
1,409,454
5
Auditor's remuneration
2025
2024
Fees payable to the company's auditor and associates:
£
£
For audit services
Audit of the financial statements of the group and company
-
-
Audit of the financial statements of the company's subsidiaries
20,720
25,417
6
Employees

The average monthly number of persons (including directors) employed by the group and company during the year was:

Group
Company
2025
2024
2025
2024
Number
Number
Number
Number
44
43
0
0
ACC PUBLISHING GROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
6
Employees
(Continued)
- 21 -

Their aggregate remuneration comprised:

Group
Company
2025
2024
2025
2024
£
£
£
£
Wages and salaries
2,364,188
2,360,271
-
0
-
0
Social security costs
162,326
131,127
-
-
Pension costs
210,312
178,182
-
0
-
0
2,736,826
2,669,580
-
0
-
0
7
Directors' remuneration
2025
2024
£
£
Remuneration for qualifying services
291,110
176,260
Company pension contributions to defined contribution schemes
111,113
59,404
402,223
235,664
Remuneration disclosed above includes the following amounts paid to the highest paid director:
2025
2024
£
£
Remuneration for qualifying services
197,392
97,250
Company pension contributions to defined contribution schemes
58,440
44,873
8
Interest receivable and similar income
2025
2024
£
£
Interest income
Interest on bank deposits
43,639
29,954
Other interest income
30
115
Total income
43,669
30,069
2025
2024
Investment income includes the following:
£
£
Interest on financial assets not measured at fair value through profit or loss
43,639
29,954
ACC PUBLISHING GROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
- 22 -
9
Interest payable and similar expenses
2025
2024
£
£
Other finance costs:
Other interest
8,358
8,457
10
Taxation
2025
2024
£
£
Current tax
UK corporation tax on profits for the current period
(76,881)
426,978
Deferred tax
Origination and reversal of timing differences
(3,672)
(2,748)
Total tax (credit)/charge
(80,553)
424,230

The actual (credit)/charge for the year can be reconciled to the expected (credit)/charge for the year based on the profit or loss and the standard rate of tax as follows:

2025
2024
£
£
(Loss)/profit before taxation
(483,122)
1,537,928
Expected tax (credit)/charge based on the standard rate of corporation tax in the UK of 25% (2024: 25%)
(120,781)
384,482
Effects of:
Expenses that are not deductible in determining taxable profit
10,555
(587)
Utilisation of tax losses not previously recognised
198
(455)
Change in corporation tax rate
-
(886)
Other permanent differences
(305)
(53)
Overseas tax rates
29,780
41,729
Taxation (credit)/charge in the financial statements
(80,553)
424,230
11
Dividends
2025
2024
Recognised as distributions to equity holders:
£
£
Interim paid
112,258
100,325
ACC PUBLISHING GROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
- 23 -
12
Intangible fixed assets
Group
Goodwill
£
Cost
At 1 January 2025 and 31 December 2025
597,200
Amortisation and impairment
At 1 January 2025 and 31 December 2025
597,200
Carrying amount
At 31 December 2025
-
0
At 31 December 2024
-
0
The company had no intangible fixed assets at 31 December 2025 or 31 December 2024.
13
Tangible fixed assets
Group
Fixtures and fittings
£
Cost
At 1 January 2025
154,179
Additions
5,115
At 31 December 2025
159,294
Depreciation and impairment
At 1 January 2025
101,318
Depreciation charged in the year
20,279
At 31 December 2025
121,597
Carrying amount
At 31 December 2025
37,697
At 31 December 2024
52,861
The company had no tangible fixed assets at 31 December 2025 or 31 December 2024.
14
Fixed asset investments
Group
Company
2025
2024
2025
2024
Notes
£
£
£
£
Investments in subsidiaries
15
-
0
-
0
597,700
597,700
ACC PUBLISHING GROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
14
Fixed asset investments
(Continued)
- 24 -
Movements in fixed asset investments
Company
Shares in subsidiaries
£
Cost or valuation
At 1 January 2025 and 31 December 2025
597,700
Carrying amount
At 31 December 2025
597,700
At 31 December 2024
597,700
15
Subsidiaries

Details of the company's subsidiaries at 31 December 2025 are as follows:

Name of undertaking
Registered office
Class of
% Held
shares held
Direct
Indirect
ACC Art Books Limited
England and Wales
Ordinary
100.00
-
Antique Collectors Club Limited
England and Wales
Ordinary
100.00
-
ACC Book Distribution Limited
England and Wales
Ordinary
100.00
-
ACC Art Books Ltd
United States of America
Ordinary
0
100.00
16
Financial instruments
Group
Company
2025
2024
2025
2024
£
£
£
£
Carrying amount of financial assets
Debt instruments measured at amortised cost
5,282,273
7,641,480
251,946
251,946
Carrying amount of financial liabilities
Measured at amortised cost
4,214,975
5,141,031
46,276
46,278
17
Stocks
Group
Company
2025
2024
2025
2024
£
£
£
£
Work in progress
257,660
100,938
-
-
Finished goods and goods for resale
1,744,555
1,671,067
-
0
-
0
2,002,215
1,772,005
-
-
ACC PUBLISHING GROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
- 25 -
18
Debtors
Group
Company
2025
2024
2025
2024
Amounts falling due within one year:
£
£
£
£
Trade debtors
4,514,478
7,074,971
-
0
-
0
Corporation tax recoverable
283,840
7
-
0
-
0
Amounts owed by group undertakings
435,035
363,731
251,946
251,946
Other debtors
370,403
253,398
-
0
-
0
Prepayments and accrued income
289,710
172,079
-
0
-
0
5,893,466
7,864,186
251,946
251,946
19
Creditors: amounts falling due within one year
Group
Company
2025
2024
2025
2024
£
£
£
£
Trade creditors
3,365,749
4,601,096
-
0
-
0
Amounts owed to group undertakings
124,797
175,193
46,276
46,278
Corporation tax payable
2
203,584
2
-
0
Other taxation and social security
35,291
31,170
-
0
-
0
Other creditors
258,083
139,766
-
0
-
0
Accruals and deferred income
466,346
224,976
-
0
-
0
4,250,268
5,375,785
46,278
46,278
20
Deferred taxation

The following are the major deferred tax liabilities and assets recognised by the group and company:

Liabilities
Liabilities
2025
2024
Group
£
£
Accelerated capital allowances
8,876
12,549
The company has no deferred tax assets or liabilities.
Group
Company
2025
2025
Movements in the year:
£
£
Liability at 1 January 2025
12,549
-
Credit to profit or loss
(3,673)
-
Liability at 31 December 2025
8,876
-
ACC PUBLISHING GROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
20
Deferred taxation
(Continued)
- 26 -

The net deferred tax liability expected to reverse in the year ended 31st December 2026 is £4,343. This primarily relates to the reversal of timing differences on acquired tangible assets and capital allowances through depreciation, offset by expected tax deductions when payments are made to utilise provisions.

21
Retirement benefit schemes
2025
2024
Defined contribution schemes
£
£
Charge to profit or loss in respect of defined contribution schemes
210,312
178,182

A defined contribution pension scheme is operated for all qualifying employees. The assets of the scheme are held separately from those of the group in an independently administered fund.

22
Share capital
Group and company
2025
2024
2025
2024
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of £1 each
1,500
1,500
1,500
1,500

There is a single class of ordinary shares. There are no restrictions on the distribution of dividends and the repayment of capital.

23
Operating lease commitments
Lessee

At the reporting end date the group had outstanding commitments for future minimum lease payments under non-cancellable operating leases, which fall due as follows:

Group
Company
2025
2024
2025
2024
£
£
£
£
Within one year
120,361
118,932
-
-
Between two and five years
16,250
48,250
-
-
136,611
167,182
-
-
ACC PUBLISHING GROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
- 27 -
24
Related party transactions
Remuneration of key management personnel

The remuneration of key management personnel is as follows.

2025
2024
£
£
Aggregate compensation
623,807
618,763
Other information

The company is exempt from disclosing related party transactions as they are with a company that is wholly owned within the Group.

25
Controlling party

The immediate parent company of ACC Publishing Group Limi ted is The Images Publishing Group (S) Pte. Ltd, a company registered in Singapore. The ultimate parent company is Guangxi Normal University Press (Shanghai) Co Ltd, a company registered in China. The group accounts are available from Guangxi Normal University Press (Shanghai) Co Ltd, 6th Floor Building C 838 Guangji Road, Hongkou District, Shanghai, China.

26
Cash generated from group operations
2025
2024
£
£
(Loss)/profit for the year after tax
(402,569)
1,113,698
Adjustments for:
Taxation (credited)/charged
(80,553)
424,230
Finance costs
8,358
8,457
Investment income
(43,669)
(30,069)
Depreciation and impairment of tangible fixed assets
20,279
22,711
Movements in working capital:
(Increase)/decrease in stocks
(230,210)
30,386
Decrease / (increase) in debtors
2,254,553
191,121
(Decrease) / increase in creditors
(921,935)
395,562
Cash generated from operations
604,254
2,156,096
ACC PUBLISHING GROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
- 28 -
27
Cash (absorbed by)/generated from operations - company
2025
2024
£
£
Profit after taxation
112,414
97,499
Adjustments for:
Taxation charged
2
-
0
Investment income
(113,512)
(97,551)
Movements in working capital:
(Decrease)/increase in creditors
(2)
3,078
Cash (absorbed by)/generated from operations
(1,098)
3,026
28
Analysis of changes in net funds - group
1 January 2025
Cash flows
31 December 2025
£
£
£
Cash at bank and in hand
2,147,948
111,657
2,259,605
29
Analysis of changes in net funds - company
1 January 2025
Cash flows
31 December 2025
£
£
£
Cash at bank and in hand
302
156
458
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