The director presents the strategic report for the period ended 31 January 2026.

Kelsey Publishing Limited is a media company, providing content and entertainment to audiences throughout print, online, video and live events.

* Earnings before Interest, Tax, Depreciation, Amortisation and Redundancy costs.

The current period covers 15 months following the change in accounting reference date, whereas the comparative period covers 12 months; consequently, the figures and margins should be considered in that context. Additionally, an increase in trade is noted in the current year following the acquisition of the Mortons Media Group Ltd trade and assets in March 2025.

Non financial KPIs

The business continues to invest in future capabilities and using data to gain greater insight to improve operational efficiency and customer experience. The company makes a conscious effort to develop and grow effective, diverse teams to foster innovation and maintain sustainable growth. The business develops a collaborative culture and invests in talented employees, so they continue to thrive in the face of a changing business environment.

Debtor risk

The company’s main debtor is its magazine distributor, and this is considered low risk due to its financial strength. Debt risk with advertisers is spread widely, with the ten largest debtors representing 63% of total advertiser debt.

Cash Flow and Borrowings
Period ended 31 January 2026 cash totalled £1.75m (2024: £2.1m) and borrowings totalled £2.91m (2024: £1.11m). During the period the business secured additional financing in order to finance the acquisition of Mortons Media Group.

On behalf of the board

The director presents his annual report and financial statements for the period ended 31 January 2026.

The principal activity of the company through the period under review was that of magazine publishing. The future developments of the company are discussed in the Strategic Report.

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

No ordinary dividends were paid. The director does not recommend payment of a final dividend.

The director who held office during the period and up to the date of signature of the financial statements was as follows:

The company seeks to manage financial risk by ensuring sufficient working capital is available to meet its foreseeable needs.

The company policy during the period was unchanged to hold cash balances in readily accessible treasury deposits.

The company has borrowings and is therefore susceptible to interest rate fluctuations. Borrowing costs have been increasing. However, aside from the property loan, the business mitigates interest rate risks by funding 50% of any acquisition from internal reserves, by repaying acquisition loans over three years, and, by targeting a high cash return on investment with its acquisitions.

The company does not hedge its foreign currency business as the risk is relatively small

The company’s principal assets are cash deposits and trade debtors. The credit risk associated with cash deposits is limited as the accounts are held with a major UK high street bank only. The principal credit risk arises therefore from trade debtors.

Since the period end, the company completed the acquisition of the Cycling Plus, MBUK and BikeRadar titles (the “Cycling Portfolio”) from Our Media on 17 July 2026, comprising the titles, subscriber base and associated trade. This acquisition continues to build the company's portfolio of specialist magazine and event brands and brings further well-established titles and subscribers into the business.

Bright Grahame Murray were appointed as auditor to the company and in accordance with section 485 of the Companies Act 2006, a resolution proposing that they be re-appointed will be put at a General Meeting.

The director is responsible for preparing the annual report and the financial statements in accordance with applicable law and regulations.

Company law requires the director to prepare financial statements for each financial year. Under that law the director has elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the director must not approve the financial statements unless he is 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 director is required to:

• select suitable accounting policies and then apply them consistently;

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

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

• state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements;

The director is 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 enable them to ensure that the financial statements comply with the Companies Act 2006. He is 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 directors are responsible for the maintenance and integrity of the corporate and financial information on the company’s website. Legislation in the United Kingdom governing the preparation and dissemination of financial statements may differ from legislation in other jurisdictions.

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 company’s auditor 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 company’s auditor is aware of that information.

We have audited the financial statements of Kelsey Publishing Limited (the 'company') for the period ended 31 January 2026 which comprise the statement of comprehensive income, the balance sheet, the statement of changes in equity 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 company's affairs as at 31 January 2026 and of its loss for the period 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 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 director's 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 director 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 director is 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:

• the information given in the strategic report and the director's report for the financial period for which the financial statements are prepared is consistent with the financial statements; and

• the strategic report and the director's 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 director's 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:

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

• the financial statements are not in agreement with the accounting records and returns; or

• certain disclosures of director's remuneration specified by law are not made; or

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

As explained more fully in the director's responsibilities statement, the director is 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 director determines 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 director is responsible for assessing the 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 director either intends to liquidate the company or to cease operations, or has no realistic alternative but to do so.

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.

The extent to which our procedures are capable of detecting irregularities, including fraud, is detailed below.

• We obtained an understanding of laws and regulations that affect the company, focusing on those that had a direct effect on the financial statements or that had a fundamental effect on its operations. Key laws and regulations that we identified included the UK Companies Act 2006, tax legislation, employment legislation, health and safety, licensing regulations.

• We enquired of the director, reviewed correspondence with HMRC and reviewed director meeting minutes for evidence of non-compliance with relevant laws and regulations. We also reviewed controls the director has in place to ensure compliance.

• We gained an understanding of the controls that the director has in place to prevent and detect fraud. We enquired of the director about any incidences of fraud that had taken place during the accounting period.

• The risk of fraud and non-compliance with laws and regulations and fraud was discussed within the audit team and tests were planned and performed to address these risks. We identified the potential for fraud in the following areas: revenue recognition, related parties outside normal course of business, management override, misappropriation of cash and other assets, onerous lease provisions and compliance with debt covenants.

• We reviewed financial statements disclosures and tested to supporting documentation to assess compliance with relevant laws and regulations discussed above.

• We enquired of the director about actual and potential litigation and claims.

• We performed analytical procedures to identify any unusual or unexpected relationships that might indicate risks of material misstatement due to fraud.

• In addressing the risk of fraud due to management override of internal controls we tested the appropriateness of journal entries and assessed whether the judgements made in making accounting estimates were indicative of a potential bias.

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 company's member 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 member those matters we are required to state to the member 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 member, for our audit work, for this report, or for the opinions we have formed.

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

Kelsey Publishing Limited is a private company limited by shares incorporated in England and Wales. The registered office is The Granary, Yalding Hill, Yalding, Maidstone, UK, ME18 6AL.

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 amounts 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.

This company is a qualifying entity for the purposes of FRS 102, being a member of a group where the parent of that group prepares publicly available consolidated financial statements, including this company, which are intended to give a true and fair view of the assets, liabilities, financial position and profit or loss of the group. The company has therefore taken advantage of exemptions from the following disclosure requirements:

- Section 7 ‘Statement of Cash Flows’: Presentation of a statement of cash flow and related notes and disclosures;

- Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instrument Issues’: Interest income/expense and net gains/losses for each category of financial instrument; basis of determining fair values; details of collateral, loan defaults or breaches, details of hedges, hedging fair value changes recognised in profit or loss and in other comprehensive income;

- Section 33 ‘Related Party Disclosures’: Compensation for key management personnel.

The financial statements of the company are consolidated in the financial statements of Kelsey Media Limited. These consolidated financial statements are available from its registered office, The Granary, Yalding Hill, Maidstone, ME18 6AL.

Atruet the time of approving the financial statements, the director has a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus the director continues to adopt the going concern basis of accounting in preparing the financial statements.

The financial statements are prepared for the 15‑month period from 1 November 2024 to 31 January 2026, following a change in the Company’s accounting reference date from 31 October to 31 January. The comparative figures are for the year ended 31 October 2024 and, as a result, are not directly comparable with the current period figures.

Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover from the sale of goods and services is recognised when the significant risks and rewards of ownership of the goods supplied has passed to the customer and on delivery of services.

Turnover is recognised when the company has no further control of the goods; the amount of revenue can be reliably measured; it is probable that future economic benefits will flow to the company and all costs incurred in respect of the revenue can be measured reliably.

Turnover represents amounts invoiced to or receivable from customers for newsstand sales; event and tour revenue; advertising services, magazine subscriptions and back issues in both print and digital format; book and bookazine sales; merchandise related to events and publishing titles and licensing and royalty income.

Newsstand, advertising and subscription revenue is included in the Statement of comprehensive income on the date the magazine goes on-sale (the publication date). Subscription income is allocated equally over the issues covered by the subscription and recognised as turnover when each issue reaches its publication date. Income received in respect of issues not yet published is included within accruals and deferred income.

Turnover from events is included in the Statement of comprehensive income once an event has taken place. Advance cash receipts for events that have not occurred at the period end are included in accruals and deferred income.

Goodwill represents the excess of the cost of acquisition of unincorporated businesses 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, which is five to ten years depending on the title.

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.

Intangible assets acquired separately from a business are recognised at cost and are subsequently measured at cost less accumulated amortisation and accumulated impairment losses.

Intangible assets acquired on business combinations are recognised separately from goodwill at the acquisition date where it is probable that the expected future economic benefits that are attributable to the asset will flow to the entity and the fair value of the asset can be measured reliably; the intangible asset arises from contractual or other legal rights; and the intangible asset is separable from the entity.

Publishing titles

Publishing titles included in intangible assets comprise the historic cost of publishing rights for magazines acquired.

Website development costs and software

When the company's websites are expected to generate future revenues in excess of the costs of developing those websites and all other capitalisation criteria are met, expenditure on the functionality of the website is capitalised and treated as an intangible fixed asset. Expenditure incurred on maintaining websites and expenditure incurred on developing websites used only for advertising and promotional purposes are written off as incurred. Development costs that are capitalised in accordance with the requirements of FRS 102 are not treated, for dividend purposes, as a realised loss.

Intangible software costs represent historical cost, less accumulated amortisation and any accumulated impairment losses of operating systems continuously used within the business. Costs include right of use licences, installation and the configuration necessary for the systems to be capable of operating in the manner intended by management.

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

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 basis:

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 credited or charged to profit or loss.

Interests in subsidiaries, associates and jointly controlled entities are initially measured at cost and subsequently measured at cost less any accumulated impairment losses. The investments are assessed for impairment at each reporting date, and any impairment losses or reversals of impairment losses are recognised immediately in profit or loss.

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

An associate is an entity, being neither a subsidiary nor a joint venture, in which the company holds a long-term interest and where the company has significant influence. The company considers that it has significant influence where it has the power to participate in the financial and operating decisions of the associate.

Entities in which the company has a long-term interest and shares control under a contractual arrangement are classified as jointly controlled entities.

At each reporting period end date, the company 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.

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.

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a first in, first out basis, from work undertaken on un-published magazines and books and for events that have not occurred at the reporting date. The carrying amount of stock sold and work in progress attributable is recognised as an expense in the period in which the related revenue is recognised. Work in progress and finished goods include labour and attributable overheads.

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.

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.

The company 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 company's balance sheet when the company becomes party to the contractual provisions of the instrument.

Financial assets and liabilities are offset, with 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, 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 method 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, 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.

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.

Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when the company 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.

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 company after deducting all of its 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 payments 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 obligated 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.

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 through 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.

Financial liabilities are derecognised when the company’s contractual obligations expire or are discharged or cancelled.

Equity instruments issued by the company 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 company.

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

The tax currently payable is based on taxable profit for the period. 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 company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

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.

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.

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

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessees. All other leases are classified as operating leases.

Assets held under finance leases are recognised as assets at the lower of the assets fair value at the date of inception and the present value of the minimum lease payments. The related liability is included in the balance sheet as a finance lease obligation. Lease payments are treated as consisting of capital and interest elements. The interest is charged to profit or loss so as to produce a constant periodic rate of interest on the remaining balance of the liability.

Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leases asset are consumed.

The company has sub-let space in buildings in occupation under an operating lease. The sub-leases are treated as an operating lease. Their annual rentals are credited to the Statement of Comprehensive Income on a straight-line basis over the term of the lease. Incentive payments to new tenants to occupy the sub-let space are treated as a reduction in revenue and initially recorded as prepayments. The payments are charged to profit or loss over the term of the lease.

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.

Holiday pay accrual

A liability is recognised to the extent of any unused holiday pay entitlement which has accrued at the Balance Sheet date and carried forward to future periods. This is measured at the undiscounted salary cost of the future holiday entitlement so accrued at the Balance Sheet date.

In the application of the company’s accounting policies, the director is required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. 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.

In preparing these financial statements, the director has made the following judgements :

• Determine whether there are indicators of impairment of the company's tangible and intangible assets, including goodwill. Factors taken into consideration in reaching such a decision include the economic viability and expected future financial performance of the asset, and where it is a component of a larger cash-generating unit, the viability of that unit. In order to assess viability and expected future performance, the director refers to future operating budgets for each cash-generating unit. The budgets take into account current and expected trends in readership numbers and revenues, advertising yields and revenue and event attendances along with expected changes to the significant production costs such as print, paper, postage and content costs and venue hire costs. The future cash flows of the cash-generating units are discounted at the company's weighted average cost of capital and compared to the net book value of each unit when assessing whether impairment is necessary.

• Estimates of newsstand revenue from magazines that are not yet closed for returns are included in turnover. The estimates are based on historical experience, any other information considered relevant and, where available, current information from retailer EPOS reports. Actual results may differ from estimates made and where they do, revisions are recognised in the period in which the estimate is revised.

• Reviewed activities to ensure that the business continues to comply with all relevant laws and regulations, including UK and overseas taxes. The recognition of a provision of disclosure of a contingent liability required judgement, which is made in accordance with FRS102. None were identified during the period.

The estimates and assumptions which have a significant risk of causing a material adjustment to the carrying amount of assets and liabilities are as follows.

Tangible assets are depreciated over their estimated useful lives. The estimation of the useful lives of assets is based on historic performance as well as expectations about future use and therefore requires estimates and assumptions to be applied by management. The actual lives of these assets can vary depending on a variety of factors, including technological innovation and product life cycles.

Loans, receivables, tangible and intangible fixed assets are reviewed for impairment whenever events or changes in circumstances indicate that the carrying value may not be fully recoverable. If an asset's recoverable amount is less than the asset's carrying amount, an impairment loss is recognised. Loans and receivables are evaluated based on collectability. Changes in estimates could impact recoverable values of the assets.

Intangible assets such as publishing titles are amortised over their estimated useful economic lives. The determination of those useful lives requires management to make estimates regarding the period over which the titles are expected to generate future economic benefits. In assessing useful lives, management considers factors including the historical performance of each title, trends in circulation and readership, advertising revenues, subscription levels, market position, brand strength and the expected long-term viability of the publication. Changes in consumer preferences, technological developments and the competitive publishing environment may result in actual economic lives differing from those estimated. Accordingly, changes in the assumptions used could result in a material adjustment to the carrying value of publishing titles and the related amortisation charge in future periods.

A segmental analysis of turnover by class and/or by geographical area is not presented, as it would be prejudicial to the commercial interests of the business.

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

Their aggregate remuneration comprised:

As total directors' remuneration was less than £200,000 in the current period, no disclosure is provided for that period.

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

Included within tangible fixed assets are assets held under finance leases or hire purchase contracts, as follows:

On 27 March 2025 the company acquired the entire issued share capital of IF Investments (Horncastle) Limited and Mortons Media Group Holdings Limited, and their trading subsidiary Mortons Media Group Limited for £6,600,000 and associated acquisition costs of £171,000. Upon purchase, the trade and assets of the trading subsidiary Mortons Media Group Limited were hived up into the company. For more information, see note 25.

Details of the company's subsidiaries at 31 January 2026 are as follows:

Toffee Publications Limited was dissolved on 7 July 2026. This is a non-adjusting post balance sheet event and does not affect the financial position or results for the period ended 31 January 2026

Details of the company's associates at 31 January 2026 are as follows:

The difference between purchase price or production cost of stocks and their replacement cost is not material.

The bank loans balances comprise multiple loans, which are secured by floating charge over the assets of the company and those of the group headed by the company's parent company undertaking, Kelsey Media Limited.

Repayment dates vary from May 2026 to December 2036 with repayments made via equal monthly payments. The loans accrue interest at a variable rate equivalent to Base Rate plus 3.25%.

Arrangement fees are released to the Statement of Comprehensive Income over the life of the loan.

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

The deferred tax liability set out above relates principally to intangible assets acquired on business combinations and will reverse as those assets are amortised.

The company operates a defined contribution pension scheme for all qualifying employees. The assets of the scheme are held separately from those of the company in an independently administered fund.

The share premium account included the premium on issue of equity shares, net of any issue costs.

The capital redemption reserve contains the nominal value of own shares that have been acquired by the group and cancelled.

The profit and loss account represents cumulative profits or losses, net of dividends paid and other adjustments.

On 27 March 2025 the company acquired the entire issued share capital of IF Investments (Horncastle) Limited and Mortons Media Group Holdings Limited, and their trading subsidiary Mortons Media Group Limited for £6,600,000 and associated acquisition costs of £171,000. Upon purchase, the trade and assets of the trading subsidiary Mortons Media Group Limited were hived up into the company.

The cost of the combination comprised the release of the carrying value of the company's investment in Mortons Media Group Holdings Limited and IF Investments (Horncastle) Limited, no cash or other consideration having been paid separately in respect of the transfer of trade and assets.

Included within creditors at 31 January 2026 is deferred consideration of £2,000,000 payable in connection with the acquisition of IF Investments (Horncastle) Limited and Mortons Media Group Holdings Limited. The deferred consideration is secured by a debenture granted in favour of the vendors incorporating fixed and floating charges over the assets and undertaking of the company.

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

The company had lease payments of £204,664 recognised as an expense in the period.

The company has taken advantage of the exemption conferred by Financial Reporting Standard 102 from the requirement to make disclosures concerning related parties within the group on the grounds that consolidated financial statements, in which Kelsey Publishing Limited figures are included, are publicly available.

There were no transactions requiring disclosure during the period.

The immediate and ultimate parent company is Kelsey Media Limited, a company incorporated in England. Kelsey Media Limited is the parent of the largest group for which the company is a member. Copies of the consolidated financial statements of Kelsey Media Limited are obtained from The Granary Yalding Hill, Yalding, Maidstone, England, ME18 6AL.