REGISTERED NUMBER: |
CRESCENT PUBLISHING LIMITED |
Financial Statements for the Year Ended 31 December 2021 |
REGISTERED NUMBER: |
CRESCENT PUBLISHING LIMITED |
Financial Statements for the Year Ended 31 December 2021 |
CRESCENT PUBLISHING LIMITED (REGISTERED NUMBER: 07906895) |
Contents of the Financial Statements |
for the year ended 31 December 2021 |
Page |
Company Information | 1 |
Balance Sheet | 2 |
Notes to the Financial Statements | 3 |
CRESCENT PUBLISHING LIMITED |
Company Information |
for the year ended 31 December 2021 |
DIRECTORS: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
AUDITORS: |
Chartered Accountants and Statutory Auditors |
Beckett House |
36 Old Jewry |
London |
EC2R 8DD |
CRESCENT PUBLISHING LIMITED (REGISTERED NUMBER: 07906895) |
Balance Sheet |
31 December 2021 |
2021 | 2020 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Tangible assets | 5 |
CURRENT ASSETS |
Debtors | 6 |
Cash at bank |
CREDITORS |
Amounts falling due within one year | 7 |
NET CURRENT LIABILITIES | ( |
) | ( |
) |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CREDITORS |
Amounts falling due after more than one year |
8 |
NET LIABILITIES | ( |
) | ( |
) |
CAPITAL AND RESERVES |
Called up share capital |
Retained earnings | ( |
) | ( |
) |
SHAREHOLDERS' FUNDS | ( |
) | ( |
) |
In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered. |
The financial statements were approved by the Board of Directors and authorised for issue on |
CRESCENT PUBLISHING LIMITED (REGISTERED NUMBER: 07906895) |
Notes to the Financial Statements |
for the year ended 31 December 2021 |
1. | STATUTORY INFORMATION |
Crescent Publishing Limited is a |
The presentation currency of the financial statements is the Pound Sterling (£). |
2. | STATEMENT OF COMPLIANCE |
3. | ACCOUNTING POLICIES |
BASIS OF PREPARING THE FINANCIAL STATEMENTS |
The accounts have been prepared on a going concern basis. The company incurred a net loss of £38,327 for the period ended 31 December 2021, at which date the deficit on the company's profit and loss account amounted to £628,415. The company's ability to continue as a going concern relies on the continued support of the ultimate parent company Al Hilal Publishing and Marketing Group, a company registered in Bahrain. |
TURNOVER |
Turnover represents commission earned on sales, excluding value added tax where applicable. Commission is recognised once the customer has made payment for their advertisements. |
TAXATION |
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. |
Current or deferred taxation assets and liabilities are not discounted. |
Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date. |
DEFERRED TAX |
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date. |
Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference. |
Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. |
FOREIGN CURRENCIES |
Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result. |
PENSION COSTS AND OTHER POST-RETIREMENT BENEFITS |
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate. |
CRESCENT PUBLISHING LIMITED (REGISTERED NUMBER: 07906895) |
Notes to the Financial Statements - continued |
for the year ended 31 December 2021 |
3. | ACCOUNTING POLICIES - continued |
FINANCIAL INSTRUMENTS |
Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as either financial assets, financial liabilities or equity instruments. |
4. | EMPLOYEES AND DIRECTORS |
The average number of employees during the year was |
5. | TANGIBLE FIXED ASSETS |
Plant and |
machinery |
etc |
£ |
COST |
At 1 January 2021 |
and 31 December 2021 |
DEPRECIATION |
At 1 January 2021 |
Charge for year |
At 31 December 2021 |
NET BOOK VALUE |
At 31 December 2021 |
At 31 December 2020 |
6. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2021 | 2020 |
£ | £ |
Other debtors |
7. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2021 | 2020 |
£ | £ |
Other creditors |
8. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
2021 | 2020 |
£ | £ |
Amounts owed to group undertakings |
9. | DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006 |
The Report of the Auditors was unqualified. |
for and on behalf of |
CRESCENT PUBLISHING LIMITED (REGISTERED NUMBER: 07906895) |
Notes to the Financial Statements - continued |
for the year ended 31 December 2021 |
10. | RELATED PARTY DISCLOSURES |
The Company operates from premises owned by Midco Holdings Limited and Anwar Holdings Limited. Mr R Middleton, director of the ultimate parent company has joint control of Midco Holdings Limited and Mr A Mohammed Abdul - Rahman, a director, owns Anwar Holdings Limited. |
No rent was charged during the year to 31 December 2021 in relation to this. As at 31st December 2021 the company owed Midco £6,811 (2020: £2,257) which is included within creditors due within one year. |
During the year commission was received from Al Hilal Publishing and Marketing Group WLL of £23,730 (2020: £29,874). |
As at the 31 December 2021 the amount due to Al Hilal Publishing and Marketing Group WLL was £642,861 (2020 £614,702). This balance is interest free and repayment will not be requested until the financial position of the company permits. |
11. | FRC ETHICAL STANDARD - PROVISIONS AVAILABLE FOR SMALL ENTITIES |
In common with many other businesses of our size and nature we use our auditors to prepare our financial statements, prepare and submit returns to the tax authorities and assist with the preparation of the financial statements. In addition to this our auditors also prepare our monthly payroll and deal with the relevant monthly and year end submissions. |