These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The director of the company has elected not to include a copy of the profit and loss account within the financial statements.true

IF Investments (Horncastle) 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 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

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.

As a holding company, IF Investments (Horncastle) Limited was dependent on the position of its trading subsidiary Mortons Media Group Limited. However, following the acquisition of IF Investments (Horncastle) Limited and its subsidiaries (including the Mortons entities) on 27 March 2025 by Kelsey Publishing Limited, the trade and assets of Mortons Media Group Limited were hived up to Kelsey Publishing Limited at which point the company ceased trading and became dormant. true

Therefore, these financial statements have been prepared on a basis other than going concern as required by FRS102 Section 3. The director has taken a prudent approach to preparing the financial statements with assets being written down to their estimated realisable amounts.

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.

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.

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 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.

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 company has no employees other than the directors, who were remunerated by other group companies.

As the income statement has been omitted from the filing copy of the financial statements, the following information in relation to the audit report on the statutory financial statements is provided in accordance with s444(5B) of the Companies Act 2006.

The auditor's report is unqualified and includes the following:

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 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.

Emphasis of matter - basis of preparation of financial statements

We draw attention to note 1.2 to the financial statements which explains that the director has made the decision for the company to cease trading and become dormant. Therefore, we do not consider it to be appropriate to adopt the going concern basis for accounting in preparing the financial statements. Accordingly, the financial statements have been prepared on a basis other than going concern as described in note 1.2. Our opinion is not modified in this respect.

Our responsibilities and the responsibilities of the director with respect to going concern are described in the relevant sections of this report.

The company has granted fixed and floating charges over the whole of its property and undertaking to Lloyds Bank PLC as security for banking facilities made available to group companies, including a £3,000,000 term loan drawn by the company's parent undertaking, Kelsey Publishing Limited, to finance the acquisition of the Mortons Media group. The security was granted on 27 March 2025. The company has no borrowings of its own under those facilities. At the balance sheet date the amount outstanding under the facilities secured in this way was £2,751,285 (2025: £Nil).

At 31 January 2025 deferred consideration of £1,000,000, arising on the purchase of Mortons Media Group Holdings Limited, was included in creditors: amounts falling due within one year. It was secured by a debenture carrying fixed and floating charges over the assets of the group and accrued interest at 2% per annum calculated on a daily basis. The deferred consideration was settled in full on 12 February 2025 and the charges were released on the same date. The aggregate amount of debts included in creditors in respect of which security has been given was therefore £Nil (2025: £1,000,000).

During the year, the company was acquired by Kelsey Publishing Limited and became a wholly owned subsidiary undertaking of that company.

The immediate parent undertaking is Kelsey Publishing Limited, a company incorporated in England and Wales. Kelsey Publishing Limited is itself a wholly owned subsidiary of Kelsey Media Limited, the company's ultimate parent undertaking.

The largest and smallest group for which consolidated financial statements are prepared is that headed by Kelsey Media Limited. Copies of the consolidated financial statements can be obtained from Companies House, Cardiff, CF14 3UZ.

Kelsey Media Limited is controlled by S Wright.