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Registered number:
FOR THE YEAR ENDED 28 FEBRUARY 2025
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REDACTIVE PUBLISHING LIMITED
COMPANY INFORMATION
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REDACTIVE PUBLISHING LIMITED
CONTENTS
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REDACTIVE PUBLISHING LIMITED
STRATEGIC REPORT
FOR THE YEAR ENDED 28 FEBRUARY 2025
The principal activity of the company during the year was producing multimedia content for its diverse client portfolio in various formats, including websites, audiovisual and printed publications. The company’s clients are predominantly membership organisations. The company produces gold standard content and experiences that enhance each client’s authority and standing, maximising engagement with their membership bases (many of which are global) and capturing the attention of audiences in the wider world.
The directors are pleased that the outstanding quality of the company’s products and services has gained industry recognition at an increased number of prestigious award programmes this year; recognition that the company is the content marketing and publishing specialist ‘where membership thrives’. The directors report a set of results for the year that has seen an increase in gross margin despite sub optimal conditions in the wider advertising market. The directors are pleased with the performance of new business, the continuing expansion of the services supplied on existing accounts and the prudent cost management across the company. The directors are pleased that the company has made an operating profit of £2,072,090 (2024: £2,035,345). The directors are delighted that their much valued colleagues have been able to continue to deliver growth since becoming majority owned by the Redactive Media Group Employee Ownership Trust in March 2023 and that being effectively member owned has cemented the group’s position as the pre-eminent player in the membership organisation sector.
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REDACTIVE PUBLISHING LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 28 FEBRUARY 2025
Our strong operational board bring a wealth of publishing and commercial experience and underpins the company’s success. Our clients benefit from dedicated, on hand, immediately available expertise in Content, Digital, Commercial, Job boards, Marketing and User Experience. Production and Finance & Legal is also run in house. All clients are allocated an Account Director who collaborates with our in house experts to deliver the best possible service and results to our clients. This approach has resulted in Redactive winning sought after industry recognition, each year, every year.
A significant risk is the retention of our skilled people; we mitigate this by making the company a rewarding and enjoyable place to work with substantial developmental opportunities, as evidenced by the enviable retention rates of our key people. The move to an employee owned trust structure has been warmly welcomed by colleagues. Further risk associated with the company is the highly competitive environment that it operates in and therefore its reliance on certain key contracts. The directors are pleased to report that this risk significantly reduced as new contracts were won during the year and existing accounts were retained, developed and had their durations extended. Other substantial risks are the cyclical nature of publishing advertising revenue, and the volatility of job boards revenues which are highly sensitive to movement in the economy. These risks together with the continuing migration of print revenues to digital and the particular sector risks attaching to each of the company’s clients are being reduced by diversification as the company has created new and innovative digital and data revenue streams and diversified and grown its client base. The directors are therefore confident about the future development of the company, the more so as it has continually demonstrated growth, innovation, agility and resilience. The company's operations are such that it has very limited exposure to financial risks, principally price risk and credit risk. The company does not use any derivative financial instruments; therefore no hedge accounting is applied. The company is exposed to price risk due to normal inflationary increases including the value of sterling and wholesale energy prices in the purchase price of goods and services and due to market factors affecting the price charged for its services. The company has implemented policies that require appropriate checks on potential customers before sales are made. Trade debtors are reviewed regularly and provision is made for doubtful debts where necessary.
This report was approved by the board on 27 November 2025 and signed on its behalf.
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REDACTIVE PUBLISHING LIMITED
DIRECTORS' REPORT
FOR THE YEAR ENDED 28 FEBRUARY 2025
The directors present their report and the financial statements for the year ended 28 February 2025.
The directors are responsible for preparing the Strategic report, the Directors' report and the financial statements in accordance with applicable law and regulations.
In preparing these financial statements, the directors are required to:
∙select suitable accounting policies for the Company's financial statements and then apply them consistently;
∙make judgments 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.
The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the Company's transactions and disclose with reasonable accuracy at any time the financial position of the Company and to enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the Company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
The profit for the year, after taxation, amounted to £1,601,135 (2024 - £1,635,945).
The directors who served during the year were:
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REDACTIVE PUBLISHING LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 28 FEBRUARY 2025
Please refer to note 19.
The auditors, Sumer Auditco Limited, will be proposed for reappointment in accordance with section 485 of the Companies Act 2006.
This report was approved by the board on
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REDACTIVE PUBLISHING LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF REDACTIVE PUBLISHING LIMITED
We have audited the financial statements of Redactive Publishing Limited (the 'Company') for the year ended 28 February 2025, which comprise the Profit and loss account, the Balance sheet, the Statement of changes in equity and the related notes, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).
In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.
Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the Company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.
Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.
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REDACTIVE PUBLISHING LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF REDACTIVE PUBLISHING LIMITED (CONTINUED)
The other information comprises the information included in the Annual Report other than the financial statements and our Auditors' report thereon. The directors are responsible for the other information contained within the Annual Report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.
We have nothing to report in this regard.
In our opinion, based on the work undertaken in the course of the audit:
∙the information given in the Strategic report and the Directors' report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
∙the Strategic report and the Directors' report have been prepared in accordance with applicable legal requirements.
In the light of the knowledge and understanding of the Company and its environment obtained in the course of the audit, we have not identified material misstatements in the Strategic report or the Directors' report.
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REDACTIVE PUBLISHING LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF REDACTIVE PUBLISHING LIMITED (CONTINUED)
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an Auditors' report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.
Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:
In order to identify and assess the risks of material misstatements, including fraud and non-compliance with laws and regulations that could be expected to have a material impact on the financial statements, we have considered:
∙the results of our enquiries of management and those charged with governance of their assessment of the risks of fraud and irregularities;
∙the nature of the company, including its management structure and control systems (including the opportunity for management to override such controls);
∙management’s incentives and opportunities for fraudulent manipulation of the financial statements; and
∙the industry and environment in which it operates.
We also considered UK tax and pension legislation and laws and regulations relating to employment and the preparation and presentation of the financial statements such as the Companies Act 2006.
Based on this understanding we identified the following matters as being of significance to the entity:
∙laws and regulations considered to have a direct effect on the financial statements including UK financial reporting standards, Company Law, tax and distributable profits legislation;
∙the timing of the recognition of commercial income;
∙compliance with legislation relating to GDPR and health and safety;
∙management bias in selecting accounting policies and determining estimates;
∙inappropriate journal entries;
∙debtor provisions and credit balances;
∙year end accruals and provisions made.
We communicated the outcomes of these discussions and enquiries, as well as consideration as to where and how fraud may occur in the entity, to all engagement team members.
Audit procedures undertaken in response to the potential risks relating to irregularities (which include fraud and non-compliance with laws and regulations) comprised:
∙enquiries of management and those charged with governance as to whether the entity complies with such laws and regulations;
∙enquiries with the same concerning any actual or potential litigation or claims;
∙discussion with the same regarding any known or suspected instances of non-compliance with laws and regulation and fraud;
∙assessment of matters reported to management and the result of the subsequent investigation;
∙obtaining an understanding of the policies and controls over the recognition of income and testing their
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REDACTIVE PUBLISHING LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF REDACTIVE PUBLISHING LIMITED (CONTINUED)
implementation during the year;
∙challenging assumptions made by management in their specific accounting policies and estimates, in particular in relation to depreciation of tangible fixed assets; amortisation of intangible fixed assets;
∙identifying and testing journal entries, in particular any journal entries posted with unusual account combinations or crediting revenue or cash;
∙assessing the recovery of debtors in the period since the balance sheet date and challenging assumptions made by management regarding the recovery of balances which remain outstanding;
∙review of sales ledger credit balances and where appropriate their write back in the accounts;
∙reviewing accruals and provisions made;
∙reviewing the financial statements for compliance with the relevant disclosure requirements;
∙performing analytical procedures to identify any unusual or unexpected relationships or unexpected movements in account balances which may be indicative of fraud;
∙evaluating the underlying business reasons for any unusual transactions; and
∙considered the implementation of controls during the year.
No instances of material non-compliance were identified. However, the likelihood of detecting irregularities, including fraud, is limited by the inherent difficulty in detecting irregularities, the effectiveness of the entity’s controls, and the nature, timing and extent of the audit procedures performed. Irregularities that result from fraud might be inherently more difficult to detect than irregularities that result from error. As explained above, there is an unavoidable risk that material misstatements may not be detected, even though the audit has been planned and performed in accordance with ISAs (UK).
A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our Auditors' report.
This report is made solely to the Company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the Company's members those matters we are required to state to them in an Auditors' report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the Company and the Company's members, as a body, for our audit work, for this report, or for the opinions we have formed.
for and on behalf of
Statutory Auditors
14th Floor
33 Cavendish Square
W1G 0PW
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REDACTIVE PUBLISHING LIMITED
PROFIT AND LOSS ACCOUNT
FOR THE YEAR ENDED 28 FEBRUARY 2025
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REDACTIVE PUBLISHING LIMITED
REGISTERED NUMBER: 03156216
BALANCE SHEET
AS AT 28 FEBRUARY 2025
The financial statements were approved and authorised for issue by the board and were signed on its behalf on
The notes on pages 13 to 23 form part of these financial statements.
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REDACTIVE PUBLISHING LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 28 FEBRUARY 2025
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REDACTIVE PUBLISHING LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 29 FEBRUARY 2024
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REDACTIVE PUBLISHING LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 28 FEBRUARY 2025
The company is a private company limited by shares and is incorporated in England and Wales. The address of its registered office is 71-75 Shelton Street, London, WC2H 9JQ.
2.Accounting policies
The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.
The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgment in applying the Company's accounting policies (see note 3).
The following principal accounting policies have been applied:
The Company has taken advantage of the following disclosure exemptions in preparing these financial statements, as permitted by the FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland":
∙the requirements of Section 7 Statement of Cash Flows;
∙the requirements of Section 3 Financial Statement Presentation paragraph 3.17(d);
∙the requirements of Section 11 Financial Instruments paragraphs 11.42, 11.44 to 11.45, 11.47, 11.48(a)(iii), 11.48(a)(iv), 11.48(b) and 11.48(c);
∙the requirements of Section 12 Other Financial Instruments paragraphs 12.26 to 12.27, 12.29(a), 12.29(b) and 12.29A;
∙the requirements of Section 33 Related Party Disclosures paragraph 33.7.
This information is included in the consolidated financial statements of Redactive Media Group (Holdings) Limited as at 28 February 2025 and these financial statements may be obtained from 71-75 shelton Street, London, WC2H 9JQ.
Revenue from publishing magazines and selling advertising services is recognised when the magazine is published. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.
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REDACTIVE PUBLISHING LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 28 FEBRUARY 2025
2.Accounting policies (continued)
Goodwill
Goodwill represents the difference between amounts paid on the cost of a business combination and the acquirer’s interest in the fair value of its identifiable assets and liabilities of the acquiree at the date of acquisition. Subsequent to initial recognition, goodwill is measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is amortised on a straight-line basis to the Profit and loss account over its useful economic life. Research and development
All intangible assets are considered to have a finite useful life. If a reliable estimate of the useful life cannot be made, the useful life shall not exceed ten years.
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REDACTIVE PUBLISHING LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 28 FEBRUARY 2025
2.Accounting policies (continued)
Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.
Depreciation is provided on the following basis:
The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.
Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.
The Company has elected to apply the provisions of Section 11 “Basic Financial Instruments” 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.
Basic financial assets
Basic financial assets, which include trade and other debtors, cash and bank balances, are initially measured at their transaction price (adjusted for transaction costs except in the initial measurement
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REDACTIVE PUBLISHING LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 28 FEBRUARY 2025
2.Accounting policies (continued)
of financial assets that are subsequently measured at fair value through profit and loss) and are subsequently carried at their amortised cost using the effective interest method, less any provision for impairment, 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.
Discounting is omitted where the effect of discounting is immaterial. The Company's cash and cash equivalents, trade and most other debtors due with the operating cycle fall into this category of financial instruments.
Basic 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 Company after the deduction of all its liabilities.
Basic financial liabilities, which include trade and other creditors, bank loans and other loans are initially measured at their transaction price (adjusting for transaction costs except in the initial measurement of financial liabilities that are subsequently measured at fair value through profit and loss). When this constitutes a financing transaction, whereby the debt instrument is measured at the present value of the future payments discounted at a market rate of interest, discounting is omitted where the effect of discounting is immaterial.
Debt instruments are subsequently carried at their amortised cost using the effective interest rate method.
Trade creditors are obligations to pay for goods and services that have been acquired in the ordinary course of business from suppliers. Trade creditors are classified as current liabilities if the payment is due within one year. If not, they represent non-current liabilities. Trade creditors are initially recognised at their transaction price and subsequently are measured at amortised cost using the effective interest method. Discounting is omitted where the effect of discounting is immaterial.
Development expenditure is capitalised if the directors are satisfied as to the technical, commercial and financial viability of the individual projects.
The capitalised expenditure is deferred and amortised over the period which the company is expected to benefit.
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REDACTIVE PUBLISHING LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 28 FEBRUARY 2025
Analysis of turnover by country of destination:
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REDACTIVE PUBLISHING LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 28 FEBRUARY 2025
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REDACTIVE PUBLISHING LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 28 FEBRUARY 2025
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REDACTIVE PUBLISHING LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 28 FEBRUARY 2025
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REDACTIVE PUBLISHING LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 28 FEBRUARY 2025
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REDACTIVE PUBLISHING LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 28 FEBRUARY 2025
The Company operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the Company in an independently administered fund. The pension cost charge represents contributions payable by the Company to the fund and amounted to £389,224 (2024 - £351,379). Contributions totaling £39,354 (2024 - £41,606) were payable to the fund at the balance sheet date.
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REDACTIVE PUBLISHING LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 28 FEBRUARY 2025
The immediate parent company during the year was Redactive Media Group Limited, a company incorporated in England. The ultimate parent company during the year was Redactive Media Group (Holdings) Limited, a company incorporated in England.
The group for which consolidated financial statements are prepared which include the results of this company is that headed by Redactive Media Group (Holdings) Limited, who's registered office is: 71-75 Shelton Street London WC2H 9JQ
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