Company registration number 00379527 (England and Wales)
BATH PRESS LIMITED
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2021
BATH PRESS LIMITED
COMPANY INFORMATION
Directors
J Owen
(Appointed 1 January 2022)
C Rossiter
(Appointed 20 April 2022)
Company number
00379527
Registered office
110 Beddington Lane
Croydon
CR0 4TD
Auditor
TC Group
The Courtyard
Shoreham Road Upper Beeding
Steyning
West Sussex
BN44 3TN
BATH PRESS LIMITED
CONTENTS
Page
Strategic report
1
Directors' report
2 - 3
Independent auditor's report to the members of Bath Press Limited
4 - 6
Profit and loss account and other comprehensive income
7
Balance sheet
8
Statement of changes in equity
9
Notes to the financial statements
10 - 18
BATH PRESS LIMITED
STRATEGIC REPORT
FOR THE YEAR ENDED 30 SEPTEMBER 2021
- 1 -

The directors present the strategic report for the year ended 30 September 2021.

Business Strategy and Objectives
The company's strategy and that of the broader CPI Group (which includes Bath Press Limited) continues to be focused on optimising production, growing market share and to create value for our customers.
Review of the business

The company reported a loss after tax for the year ended 30 September 2021 amounting to £526,962 (year end 30 September 2020, profit after tax: £463,352). The directors are satisfied with the results for the period (as shown on page 7) and consider that the state of the company’s affairs is satisfactory and in line with expectations.

The company continues to act as an investment holding company with investments held in wholly owned subsidiaries, Pitman Press Limited and CPI Property Investments (Jersey) Limited.

 

During the year ended 30 September 2021 the CPI group saw an increase in the volumes in the traditional book market. Run lengths remained broadly in line with the prior year and re-print activity remained high. The company will continue to invest in the most appropriate technology to keep pace with the market changes. The company and the wider CPI group continue to monitor it's cost base in order to mitigate pressure from market price reductions and increase in material costs.

 

The director is satisfied that the company is well placed to react to the external market forces and meet customer demands.

 

Covid-19

The impact on the company is minimal given its operation as a holding company.

 

Principal Risks

The principal risks of the business revolve around the wider CPI group’s ability to maintain and process a high order intake, high quality production to pre-agreed deadlines and management of costs and overheads in a highly competitive environment. The increase in orders coupled with reducing run lengths is a key challenge for the industry. The company will continue to focus on maintaining operational efficiency despite these challenges.

 

Key Performance Indicators

 

The Board and management team also regularly monitor the performance of the company through a range of key performance indicators, which are related to health and safety performance, and a number of operational metrics related to efficiencies and output.

 

On behalf of the board

J Owen
Director
2 September 2022
BATH PRESS LIMITED
DIRECTORS' REPORT
FOR THE YEAR ENDED 30 SEPTEMBER 2021
- 2 -

The directors present their annual report and financial statements for the year ended 30 September 2021.

Results and dividends

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

No ordinary dividends were paid. The directors do not recommend payment of a final dividend (2020: £nil).

No preference dividends were paid. The directors do not recommend payment of a final dividend (2020: £nil).

Directors

The directors who held office during the year and up to the date of signature of the financial statements were as follows:

M Robson
(Resigned 17 August 2021)
J Evans
(Appointed 1 August 2021 and resigned 20 April 2022)
J Owen
(Appointed 1 January 2022)
C Rossiter
(Appointed 20 April 2022)
Political donations

The company made no political or charitable donations, or incurred any political expenditure during the year (year ended 30 September 2020: £Nil).

Employees

The company's policy is to consult and discuss with employees, through unions, staff councils and at meetings,

matters likely to affect employees' interests.

 

Information of matters of concern to employees is given through information bulletins and reports which seek to

achieve a common awareness on the part of all employees of the financial and economic factors affecting the

group's performance.

Going concern

The details of the accounting policy on going concern are set out on page 11.

Future plans

The company intends to continue to operate as an investment holding company.

Auditor

The auditor, TC Group, is deemed to be reappointed under section 487(2) of the Companies Act 2006.

BATH PRESS LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2021
- 3 -
Statement of directors' responsibilities

The directors are responsible for preparing the Strategic report, Directors' report and the financial statements in accordance with applicable law and regulations.

 

Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with UK Accounting Standards and applicable law (UK Generally Accepted Accounting Practice), including FRS 101 Reduced Disclosure Framework. Under company law the directors must not approve the financial statements unless they are 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 directors are required to:

 

 

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 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.

Statement of disclosure to auditor

So far as the directors are aware, there is no relevant audit information of which the company's auditor is unaware. Additionally, the directors 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 auditors is aware of that information.

On behalf of the board
J Owen
Director
2 September 2022
BATH PRESS LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF BATH PRESS LIMITED
- 4 -
Opinion

We have audited the financial statements of Bath Press Limited (the 'company') for the year ended 30 September 2021 which comprise the profit and loss account, 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 101 Reduced Disclosure Framework (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

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:

BATH PRESS LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF BATH PRESS LIMITED
- 5 -
Matters on which we are required to report by exception

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 and the directors' report.

 

We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion:

 

 

Responsibilities of directors

As explained more fully in the directors' responsibilities statement set out on page 3, the directors are 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 directors determine 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 directors are 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 directors either intend to liquidate the company or to cease operations, or have no realistic alternative but to do so.

Auditor's responsibilities for the audit of the financial statements

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.

Irregularities, including fraud, are instances of non-compliance with laws and regulations. The extent to which our procedures are capable of detecting irregularities, including fraud, is detailed below.

 

BATH PRESS LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF BATH PRESS LIMITED
- 6 -

Extent to which the audit was considered capable of detecting irregularities, including fraud

The objectives of our audit, in respect to fraud, are: to identify and assess the risks of material misstatement of the financial statements due to fraud; to obtain sufficient appropriate audit evidence regarding the assessed risks of material misstatement due to fraud, through designing and implementing appropriate responses; and to respond appropriately to fraud or suspected fraud identified during the audit. However, the primary responsibility for the prevention and detection of fraud rests with both those charged with governance of the entity and its management.

 

Our approach was as follows:

 

Based on this understanding we designed our audit procedures to identify non-compliance with such laws and regulations. Where the risk was considered to be higher, we performed audit procedures to address each identified fraud risk. These procedures included: testing manual journals; reviewing the financial statement disclosures and testing to supporting documentation; performing analytical procedures; and enquiring of management, and were designed to provide reasonable assurance that the financial statements were free from fraud or error.

 

Owing to the inherent limitations of an audit, there is an unavoidable risk that we may not have detected some material misstatements in the financial statements, even though we have properly planned and performed our audit in accordance with auditing standards. For example, the further removed non-compliance with laws and regulations (irregularities) is from the events and transactions reflected in the financial statements, the less likely the inherently limited procedures required by auditing standards would identify it. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation. We are not responsible for preventing non-compliance and cannot be expected to detect non-compliance with all laws and regulations.

 

A further description of our responsibilities is available on the Financial Reporting Council’s website at: https://www.frc.org.uk/Our-Work/Audit/Audit-and-assurance/Standards-and-guidance/Standards-and-guidance-forauditors/Auditors-responsibilities-for-audit/Description-of-auditors-responsibilities-for-audit.aspx. This description forms part of our auditor’s report.

 

Use of our 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 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 members, as a body, for our audit work, for this report, or for the opinions we have formed.

6 September 2022
Chris Checkley (Senior Statutory Auditor)
for and on behalf of TC Group
Statutory Auditor
Office; Steyning
BATH PRESS LIMITED
PROFIT AND LOSS ACCOUNT AND OTHER COMPREHENSIVE INCOME
FOR THE YEAR ENDED 30 SEPTEMBER 2021
- 7 -
Year 2021
Year 2020
Notes
£
£
Administrative income/(expenses)
(692,905)
326,215
Other operating income
79,916
-
0
Operating (loss)/profit
3
(612,989)
326,215
Interest receivable and similar income
6
170,207
172,385
Interest payable and similar charges
7
(63,473)
(35,248)
(Loss)/profit before taxation
(506,255)
463,352
Tax on (loss)/profit
8
(20,707)
-
0
(Loss)/profit for the year
(526,962)
463,352

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

 

There was no other comprehensive income in either period other than the results shown above.

 

The notes on pages 10 to 18 form part of these financial statements.

BATH PRESS LIMITED
BALANCE SHEET
AS AT
30 SEPTEMBER 2021
30 September 2021
- 8 -
2021
2020
Notes
£
£
Fixed assets
Investments
9
135,100
135,100
Current assets
Debtors falling due
11
15,889,713
16,930,958
Cash at bank and in hand
5,408
5,523
15,895,121
16,936,481
Creditors: amounts falling due within one year
12
(9,034,402)
(9,097,531)
Net current assets
6,860,719
7,838,950
Total assets less current liabilities
6,995,819
7,974,050
Creditors: amounts falling due after more than one year
Creditors
12
(10,328,879)
(10,780,148)
Net liabilities
(3,333,060)
(2,806,098)
Capital and reserves
Called up share capital
13
4,365,950
4,365,950
Capital redemption reserve
14
362
362
Profit and loss account
(7,699,372)
(7,172,410)
Shareholder's deficit
(3,333,060)
(2,806,098)
The notes on pages 10 to 18 form part of these financial statements.
The financial statements were approved by the Board of directors and authorised for issue on 2 September 2022
Signed on its behalf by:
J Owen
Director
Company Registration No. 00379527
BATH PRESS LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 30 SEPTEMBER 2021
- 9 -
Share capital
Share premium account
Capital redemption reserve
Retained earnings
Total
Notes
£
£
£
£
£
Balance at 1 October 2019
4,365,950
-
0
362
(7,635,762)
(3,269,450)
Profit and total comprehensive income for the year
-
-
-
463,352
463,352
Balance at 30 September 2020
4,365,950
-
0
362
(7,172,410)
(2,806,098)
Loss and total comprehensive income for the year
-
-
-
(526,962)
(526,962)
Balance at 30 September 2021
4,365,950
-
0
362
(7,699,372)
(3,333,060)
The notes on pages 10 to 18 form part of these financial statements.
BATH PRESS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2021
- 10 -
1
Accounting policies
Company information

Bath Press Limited is a private company limited by shares incorporated and domiciled in England and Wales. The registered office is 110 Beddington Lane, Croydon, CR0 4TD.

 

The company is exempt by virtue of s400 of the Companies Act 2006 from the requirement to prepare group financial statements. These financial statements present information about the Company as an individual undertaking and not about its group.

1.1
Accounting convention

These financial statements were prepared in accordance with Financial Reporting Standard 101 Reduced Disclosure Framework (“FRS 101”). The amendments to FRS 101 (2014/15 Cycle) issued in July 2015 and effective immediately have been applied.

In preparing these financial statements, the Company applies the recognition, measurement and disclosure requirements of International Financial Reporting Standards as adopted by the EU (“Adopted IFRSs”), but makes amendments where necessary in order to comply with Companies Act 2006 and has set out below where advantage of the FRS 101 disclosure exemptions has been taken.

The ultimate parent company and the largest group in which the results of the Company are consolidated is that headed by Elpis Holdings Limited, incorporated in the UK. No other group financial statements include the results of the Company. The consolidated financial statements of Elpis Holdings Limited are prepared in accordance with International Financial Reporting Standards and are available to the public from Elma House, Beaconsfield Close, Hatfield, AL10 8YG.

In these financial statements, the company has applied the exemptions available under FRS 101 in respect of the following disclosures:

The Company proposes to continue to adopt the reduced disclosure framework of FRS 101 in its next financial statements.

The functional currency of the company is pounds sterling. Items in the accounts are rounded to the nearest pound.

The accounting policies set out below have, unless otherwise stated, been applied consistently to all periods presented in these financial statements.

The financial statements have been prepared on the historical cost basis . The principal accounting policies adopted are set out below.

BATH PRESS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2021
1
Accounting policies
(Continued)
- 11 -
1.2
Going concern

The financial statements have been prepared on a going concern basis.   trueAs part of the directors’ consideration of the appropriateness of adopting the going concern basis a range of scenarios have been reviewed. The assumptions are based on the estimated potential impact of COVID-19 restrictions and regulations, along with our responses over the course of the period to 31 March 2023.

 

The ultimate parent company is Elpis Holdings Limited and the CPI UK entities (which includes Bath Press Limited) are managed autonomously from the rest of the Group.

 

The UK group companies operate with a cash pooling arrangement, and therefore the Directors have prepared cash flow forecasts for the period to 31 March 2024 for the UK legal entities collectively. The cash flow forecasts indicate that taking account of the anticipated impact of COVID-19 on the operations and its financial resources, the company and the wider CPI UK group will have sufficient funds to meet its liabilities as they fall due for that period. The UK entities' cash balance as at 1 April 2022 is £14.5m.

 

Furthermore, Elpis Holdings Limited have provided Bath Press Limited with a financial guarantee for one year on from the date the audit report is signed.

 

Given the uncertain trading environment that results from the impact of COVID-19, the management of Elpis Holdings Ltd have prepared a ‘worst case’ scenario forecast to 31 March 2024, modelling a no growth scenario across the 6 entities and a further 2 month lockdown during winter 2021. This assumes that:

 

 

This forecast shows the UK entities have sufficient liquidity for the period forecast to 31 March 2023 and operate within the covenant requirements of their loan finance.

 

Consequently, the Directors are confident that the Company and the wider UK group will have sufficient funds to continue to meet its liabilities as they fall due for at least 12 months from the date of approval of the financial statements and therefore have prepared the financial statements on a going concern basis.

1.3
Fixed asset investments

Fixed assets investments are stated at cost less amounts written off.

BATH PRESS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2021
1
Accounting policies
(Continued)
- 12 -
1.4
Financial assets

Financial assets (including trade and other debtors)

A financial asset not carried at fair value through profit or loss is assessed at each reporting date to determine whether there is objective evidence that it is impaired. A financial asset is impaired if objective evidence indicates that a loss event has occurred after the initial recognition of the asset, and that the loss event had a negative effect on the estimated future cash flows of that asset that can be estimated reliably.

An impairment loss in respect of a financial asset measured at amortised cost is calculated as the difference between its carrying amount and the present value of the estimated future cash flows discounted at the asset’s original effective interest rate. For financial instruments measured at cost less impairment an impairment is calculated as the difference between its carrying amount and the best estimate of the amount that the Company would receive for the asset if it were to be sold at the reporting date. Interest on the impaired asset continues to be recognised through the unwinding of the discount. When a subsequent event causes the amount of impairment loss to decrease, the decrease in impairment loss is reversed through profit or loss.

Non-financial assets

The carrying amounts of the Company’s non-financial assets, other than stocks and deferred tax assets, are reviewed at each reporting date to determine whether there is any indication of impairment. If any such indication exists, then the asset’s recoverable amount is estimated.

The recoverable amount of an asset or cash-generating unit is the greater of its value in use and its fair value less costs to sell. 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 the purpose of impairment testing, assets that cannot be tested individually are grouped together into the smallest group of assets that generates cash inflows from continuing use that are largely independent of the cash inflows of other assets or groups of assets (the “cash-generating unit”).

 

An impairment loss is recognised if the carrying amount of an asset or its CGU exceeds its estimated recoverable amount. Impairment losses are recognised in profit or loss. Impairment losses recognised in respect of CGUs are allocated first to reduce the carrying amount of any goodwill allocated to the units, and then to reduce the carrying amounts of the other assets in the unit (group of units) on a pro rata basis.

 

In respect of other assets, impairment losses recognised in prior periods are assessed at each reporting date for any indications that the loss has decreased or no longer exists. An impairment loss is reversed if there has been change in the estimates used to determine the recoverable amount. An impairment loss is reversed only to the extent that the asset's carrying amount does not exceed the carrying amount that would have been determined, net of depreciation or amortisation, if no impairment loss had been recognised.

1.5
Fair value measurement

IFRS 13 establishes a single source of guidance for all fair value measurements. IFRS 13 does not change when an entity is required to use fair value, but rather provides guidance on how to measure fair value under IFRS when fair value is required or permitted. The company is exempt under FRS 101 from the disclosure requirements of IFRS 13. There was no impact on the company from the adoption of IFRS 13.

BATH PRESS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2021
1
Accounting policies
(Continued)
- 13 -
1.6
Taxation

Tax on the profit or loss for the year comprises current and deferred tax. Tax is recognised in the profit and loss account except to the extent that it relates to items recognised directly in equity or other comprehensive income, in which case it is recognised directly in equity or other comprehensive income.

Current tax is the expected tax payable or receivable on the taxable income or loss for the year, using tax rates enacted or substantively enacted at the balance sheet date, and any adjustment to tax payable in respect of previous years.

Deferred tax is provided on temporary differences between the carrying amounts of assets and liabilities for financial reporting purposes and the amounts used for taxation purposes. The following temporary differences are not provided for: the initial recognition of goodwill; the initial recognition of assets or liabilities that affect neither accounting nor taxable profit other than in a business combination, and differences relating to investments in subsidiaries to the extent that they will probably not reverse in the foreseeable future. The amount of deferred tax provided is based on the expected manner of realisation or settlement of the carrying amount of assets and liabilities, using tax rates enacted or substantively enacted at the balance sheet date.

A deferred tax asset is recognised only to the extent that it is probable that future taxable profits will be available against which the temporary difference can be utilised.

1.7
Foreign exchange

Transactions in foreign currencies are translated to the Company’s functional currencies at the foreign exchange rate ruling at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies at the balance sheet date are retranslated to the functional currency at the foreign exchange rate ruling at that date. Non-monetary assets and liabilities that are measured in terms of historical cost in a foreign currency are translated using the exchange rate at the date of the transaction. Non-monetary assets and liabilities denominated in foreign currencies that are stated at fair value are retranslated to the functional currency at foreign exchange rates ruling at the dates the fair value was determined. Foreign exchange differences arising on translation are recognised in the profit and loss account.

1.8

Non-derivative financial instruments

Non-derivative financial instruments comprise trade and other debtors, cash and cash equivalents, and trade and other creditors.

 

Trade and other debtors

 

Trade and other debtors are recognised initially at fair value. Subsequent to initial recognition they are measured at amortised cost using the effective interest method, less any impairment losses.

 

Trade and other creditors

 

Trade and other creditors are recognised initially at fair value. Subsequent to initial recognition they are measured at amortised cost using the effective interest method.

 

Cash and cash equivalent

 

Cash and cash equivalents comprise cash balances and call deposits. Bank overdrafts that are repayable on demand and form and integral part of the Company's cash management are included as a component of cash and cash equivalents.

BATH PRESS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2021
1
Accounting policies
(Continued)
- 14 -
1.9

Income/expenses

Interest receivable and Interest payable

Interest payable and similar charges include interest payable.

Interest income and interest payable is recognised in profit or loss as it accrues, using the effective interest method.

 

2
Critical accounting estimates and judgements

In the application of the company’s accounting policies, the directors are 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.

 

The director does not consider there to be any critical estimates or areas of judgement that need to be brought to the attention of the readers of the financial statements.

3
Expenses and auditor's remuneration
Year 2021
Year 2020
£
£
Operating (loss)/profit for the year is stated after charging/(crediting):
Net foreign exchange (gains)/losses
692,905
(326,215)

Auditor's remuneration is borne by another group company and is estimated at £4,000 (2020: £2,000).

4
Employees

There were no employees during the year apart from the directors.

5
Directors' remuneration

The directors did not have any qualifying service for the company and hence did not receive any remuneration in current or prior year.

6
Interest receivable and similar income
Year 2021
Year 2020
£
£
Interest income from group undertakings
170,207
172,385
BATH PRESS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2021
- 15 -
7
Interest payable and similar charges
Year 2021
Year 2020
£
£
Interest payable to group undertakings
63,473
35,248
8
Income tax expense
Year 2021
Year 2020
£
£
Current tax
Other tax reliefs
20,707
-

The charge for the year can be reconciled to the (loss)/profit per the profit and loss account as follows:

Year 2021
Year 2020
£
£
(Loss)/profit before taxation
(506,255)
463,352
Expected tax charge based on a corporation tax rate of 19.00% (2020: 19.00%)
(96,188)
88,037
Payment/(receipt) in respect of group relief
20,707
-
Tax losses
96,188
(88,037)
Tax charge for the year
20,707
-

The company carries an unrecognised deferred tax asset of £1,842 (2020: £1,842) resulting from carried forward capital losses of £9,695 (2020: £9,695) . These amounts have not been recognised in these accounts due to uncertainty over the recoverability of the asset.

 

The Chancellor's Budget on 3 March 2021 announced a UK corporation tax rate increase from 19% to 25% effective from 1 April 2023. As this rate was not substantively enacted as at 30 September 2021, deferred tax assets and liabilities in these financial statements continue to be measured at 19%, the enacted rate at which they are expected to reverse.

 

9
Investments
Year 2021
Year 2020
£
£
Investments in subsidiaries
135,100
135,100

 

BATH PRESS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2021
9
Investments
(Continued)
- 16 -
Movements in fixed asset investments
Shares
£
Cost or valuation
At 1 October 2019 & 1 October 2020
135,100
Impairment
At 1 October 2019 & 1 October 2020
-
Carrying amount
At 30 September 2021
135,100
At 30 September 2020
135,100
10
Subsidiaries

The company holds more than 20% of the share capital of the following companies:

Details of the company's subsidiaries at 30 September 2021 are as follows:

Country of incorporation (or residence)
Proportion of ownership interest (%) 2020
Proportion of ownership interest (%) 2020
Class of shares
Nature of business
Pitman Press Limited
United Kingdom
100.00%
100.00%
Ordinary
Holding company
CPI Property Investments
United Kingdom
100.00%
100.00%
Ordinary
Investment holding company
(Jersey Limited)

As at 30 September 2021, the company has reviewed the carrying value of each of its investments in its subsidiaries, in comparison to the assets and expected future cash flows of those companies. Based on this review, the directors have considered the investment carrying value of CPI Property Investments (Jersey) Limited and Pitman Press Limited to remain unchanged.

 

Registered office: Pitman Press Limited, 110 Beddington Lane, Croydon, CR0 4TD

Registered office: CPI Property Investments (Jersey Limited) One The Esplanade, St Helier, Jersey, JE2 3QA.

 

BATH PRESS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2021
- 17 -
11
Debtors
Due within one year
Due after one year
Year 2021
Year 2020
Year 2021
Year 2020
£
£
£
£
Trade debtors
-
8,152
-
-
Amounts owed by fellow group undertakings
1,201,262
1,201,262
14,688,451
15,721,544
1,201,262
1,209,414
14,688,451
15,721,544

Amounts falling due after more than one year and included in the debtors are £14,688,451 (2020: ££15,721,544).


During the year to 21 March 2011 the company entered into a loan arrangement with its subsidiary undertaking, Pitman Press Limited. The loan with a principal value of €14,000,000 is repayable in full in November 2024 and is subject to interest at EURIBOR plus 1.125% compounded annually. As at the year end the full amount of the loan remains payable.

As at 30 September 2021, the face value of the loan was €14,000,000 (£12,173,913); (2020: €14,000,000 (2020: £12,772,557)). The carrying value of the loan was €16,899,234 (£14,688,451); (2020: €17,232,384 (£15,721,544)).

12
Creditors
Due within one year
Due after one year
Year 2021
Year 2020
Year 2021
Year 2020
£
£
£
£
Trade creditors
-
0
1,182
-
0
-
0
Amounts due to fellow group undertakings
9,034,400
9,009,347
10,328,879
10,780,148
Accruals
2
87,002
-
0
-
0
9,034,402
9,097,531
10,328,879
10,780,148

During the year to 31 March 2011 the company entered into a loan arrangement with its ultimate parent undertaking, Cameron France Holding S.A.S. The loan, with principal value of €11,000,000, is repayable in full in November 2024 and is subject to interest at EURIBOR plus 1.125% compounded annually.

 

As at 30 September 2021, the face value of the loan was €3,139,687 (£2,729,536); (2020 : €3,593,514 (£3,182,918)). The carrying value of the loan was €3,171,924 (£2,757,562); (2020: €3,629,562 (£3,214,847)).

 

The difference in the face value is due to repayments made throughout the term.

 

 

13
Share capital
Year 2021
Year 2020
Year 2021
Year 2020
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of 6p each
72,765,833
72,765,833
4,365,950
4,365,950
BATH PRESS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2021
- 18 -
14
Capital redemption reserve
£
At 1 October 2019 & at 30 September 2021
362
15
Controlling party

The ultimate parent company and the largest group in which the results of the Company are consolidated is that headed by Elpis Holdings Limited, incorporated in the UK. No other group financial statements include the results of the Company. The consolidated financial statements of Elpis Holdings Limited are prepared in accordance with International Financial Reporting Standards and are available to the public from Elma House, Beaconsfield Close, Hatfield, AL10 8YG.

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