THE CHELSEA MAGAZINE COMPANY LIMITED

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  Material uncertainty over going concern

  However, members of the Group, including its parent entities, remain involved in the potential transaction relating to TMGH described above which may result in a change in all the Group and Company's directors in the going concern period and as such the current directors may not remain on the boards of the Group and Company after a transaction is consummated or if they are removed, and as such do not have certainty on the plans of the future directors of the Group and Company, including any financing arrangements, which creates a material uncertainty which may cast significant doubt about the Group and Company's ability to continue as a going concern.

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  1 PSC ceased in last 24 months

  Significant control changed hands — see the Ownership section.

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  Going-concern uncertainty disclosed

Values shown as filed in the company's annual accounts. — indicates the figure wasn't present under that line item in that period. The Δ column is the change from the prior filed period as a percentage of |prior|; lines a company doesn't report show —. About these numbers

Margins divide P&L lines by turnover. Gearing is liabilities over total assets. Current ratio is current assets over creditors falling due within one year. Interest cover is operating profit over absolute finance costs. Sector-distribution context coming next.

Accounting basis

FRS 102

Reporting scope

Consolidated group

Auditor

Bessler Hendrie LLP

Audit opinion

Unqualified (clean)

Going concern

Material uncertainty disclosed

“However, members of the Group, including its parent entities, remain involved in the potential transaction relating to TMGH described above which may result in a change in all the Group and Company's directors in the going concern period and as such the current directors may not remain on the boards of the Group and Company after a transaction is consummated or if they are removed, and as such do not have certainty on the plans of the future directors of the Group and Company, including any financing arrangements, which creates a material uncertainty which may cast significant doubt about the Group and Company's ability to continue as a going concern.”

Group structure

1. THE CHELSEA MAGAZINE COMPANY LIMITED · parent
   1. Chelsea Magazines Inc 100% · Connecticut · Magazine publisher

Significant events

• “On 15 May 2023, Bank of Scotland... appointed Alastair Beveridge and Ben Browne of AlixPartners as receivers (the "Receivers") of the shares of B.UK. Limited, a direct subsidiary of PIHL.”
• “In October 2023, the board of PAL launched a sales process of the TMG business with the intention that the net proceeds of the sale would be up streamed and applied in partial or, if sufficient, full repayment of the Debt.”
• “On 16 December 2025, Daily Mail and General Trust ("DMGT") announced that Redbird IMI had written to the Secretary of State for DCMS requesting permission to transfer its interest in the TMG business (being the Call Option over TMGH, as well as its loan to PIHL) to DMGT.”
• “On 6 March 2026, Axel Springer announced that it had agreed to acquire the TMG business in a deal valued at £575 million.”

Auditor, going-concern and subsidiary information is drawn from the narrative of the latest annual accounts. About these numbers

Filings

9

last 12 months

Capital events

0

last 24 months

Officers appointed

0

last 12 months

Officers resigned

0

last 12 months

Direct counts from the register. No score, no rating — see the Filing timeline for the underlying events.