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Registration number: 06436009

Prepared for the registrar

The History Press Limited

Annual Report and Unaudited Financial Statements

for the Year Ended 31 December 2021

 

The History Press Limited

Contents

Company Information

1

Balance Sheet

2

Notes to the Unaudited Financial Statements

3 to 10

 

The History Press Limited

Company Information

Directors

G N Swain

L M Perehinec

J B Kinnear

Company secretary

G N Swain

Registered office

97 St. Georges Place
Cheltenham
Gloucestershire
GL50 3QB

Accountants

Hazlewoods LLP
Staverton Court
Staverton
Cheltenham
GL51 0UX

 

The History Press Limited

(Registration number: 06436009)
Balance Sheet as at 31 December 2021

Note

2021
 £

(As restated)
2020
 £

Fixed assets

 

Intangible assets

4

4,056

4,563

Tangible assets

5

19,438

23,052

 

23,494

27,615

Current assets

 

Stocks

770,227

687,828

Debtors

7

1,260,804

1,018,510

Cash at bank and in hand

 

129,868

190,033

 

2,160,899

1,896,371

Creditors: Amounts falling due within one year

8

(804,308)

(847,297)

Net current assets

 

1,356,591

1,049,074

Total assets less current liabilities

 

1,380,085

1,076,689

Creditors: Amounts falling due after more than one year

8

(35,669)

(44,487)

Net assets

 

1,344,416

1,032,202

Capital and reserves

 

Called up share capital

10

6,844

6,844

Capital redemption reserve

530,100

530,100

Profit and loss account

807,472

495,258

Total equity

 

1,344,416

1,032,202

For the financial year ending 31 December 2021 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime and the option not to file the Profit and Loss Account has been taken.

Approved and authorised by the Board on 7 September 2022 and signed on its behalf by:
 

.........................................
G N Swain
Director

.........................................
L M Perehinec
Director

.........................................
J B Kinnear
Director

     
 

The History Press Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2021

 

1

General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
97 St. Georges Place
Cheltenham
Gloucestershire
GL50 3QB

 

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.

Basis of preparation

These financial statements have been prepared using the historical cost convention except for, where disclosed in these accounting policies, certain items that are shown at fair value.

The presentational currency of the financial statements is Pounds Sterling, being the functional currency of the primary economic environment in which the company operates. Monetary amounts in these financial statements are rounded to the nearest Pound.

Group accounts not prepared

The company has taken advantage of the exemption in section 398 of the Companies Act 2006 from the requirement to prepare consolidated financial statements, on the grounds that it is a small group.

Going concern

After reviewing the company's forecasts and projections, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. The company therefore continues to adopt the going concern basis in preparing its financial statements.

 

The History Press Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2021

Prior period errors

During the year the directors identified historic charges for the use of its subsidiary's intellectual property which had not been accounted for. An adjustment was made in the prior year profit and loss as well as brought forward reserves to account for these charges.

 

Relating to the current period disclosed in these financial statements
£

Relating to the prior period disclosed in these financial statements
£

Relating to periods before the prior period disclosed in these financial statements
£

Cost of sales

-

(17,475)

(56,375)

Retained earnings

-

(73,850)

(56,375)

    

Critical accounting judgements and key sources of estimation uncertainty
In the application of the company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amounts 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 if the revision affects only that period, or in the period of the revision and future periods if the revision affects both current and future periods.
 

Judgements

No significant judgements have been made by management in preparing these financial statements.

Key sources of estimation uncertainty

No key sources of estimation uncertainty have been identified by management in preparing these financial statements other than those detailed in these accounting policies.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts and after eliminating sales within the company.

The company recognises revenue when, the amount of revenue can be reliably measured, it is probable that future economic benefits will flow to the entity and specific criteria have been met for each of the company's activities.

Government grants

Government grants are recognised based on the accrual model and are measured at the fair value of the asset received or receivable. Grants are classified as relating either to revenue or to assets. Grants relating to revenue are recognised in income over the period in which the related costs are recognised. Grants relating to assets are recognised over the expected useful life of the asset. Where part of a grant relating to an asset is deferred, it is recognised as deferred income.

Foreign currency transactions and balances

Transactions in foreign currencies are initially recorded at the functional currency rate prevailing at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are retranslated into the respective functional currency of the entity at the rates prevailing on the reporting period date. Non-monetary items carried at fair value that are denominated in foreign currencies are retranslated at the rates prevailing on the initial transaction dates.

Non-monetary items measured in terms of historical cost in a foreign currency are not retranslated.

 

The History Press Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2021

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Fixtures and fittings

20% on cost

Computer equipment

50% on cost

Intangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition.

Amortisation

Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:

Asset class

Amortisation method and rate

Trademarks

10% on cost

Investments

Investments in equity shares which are publicly traded or where the fair value can be measured reliably are initially measured at fair value, with changes in fair value recognised in profit or loss. Investments in equity shares which are not publicly traded and where fair value cannot be measured reliably are measured at cost less impairment.

Interest income on debt securities, where applicable, is recognised in income using the effective interest method. Dividends on equity securities are recognised in income when receivable.

Trade debtors

Trade debtors are amounts due from customers for goods sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. All trade debtors are repayable within one year and hence are included at the undiscounted cost of cash expected to be received. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the debtors.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.

 

The History Press Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2021

Financial instruments


Classification
Financial instruments are classified and accounted for according to the substance of the contractual arrangement, as financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities. Where shares are issued, any component that creates a financial liability of the company is presented as a liability on the balance sheet. The corresponding dividends relating to the liability component are charged as interest expenses in the profit and loss account.

 Recognition and measurement
All financial assets and liabilities are initially measured at transaction price (including transaction costs), except for those financial assets classified as at fair value through profit or loss, which are initially measured at fair value (which is normally the transaction price excluding transaction costs), unless the arrangement constitutes a financing transaction. If an arrangement constitutes a financing transaction, the financial asset or financial liability is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.

 Impairment
Assets, other than those measured at fair value, are assessed for indicators of impairment at each balance sheet date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss as described below.

A non financial asset is impaired where there is objective evidence that, as a result of one or more events that occurred after initial recognition, the estimated recoverable value of the asset has been reduced. The recoverable amount of an asset is the higher of its fair value less costs to sell and its value in use.

The recoverable amount of goodwill is derived from measurement of the present value of the future cash flows of the cash-generating units ('CGUs') of which the goodwill is a part. Any impairment loss in respect of a CGU is allocated first to the goodwill attached to that CGU, and then to other assets within that CGU on a pro-rata basis.

Where indicators exist for a decrease in impairment loss, the prior impairment loss is tested to determine reversal. An impairment loss is reversed on an individual impaired asset to the extent that the revised recoverable value does not lead to a revised carrying amount higher than the carrying value had no impairment been recognised. Where a reversal of impairment occurs in respect of a CGU, the reversal is applied first to the assets (other than goodwill) of the CGU on a pro-rata basis and then to any goodwill allocated to that CGU.

For financial assets carried at amortised cost, the amount of an impairment is the difference between the asset’s carrying amount and the present value of estimated future cash flows, discounted at the financial asset’s original effective interest rate.

For financial assets carried at cost less impairment, the impairment loss is the difference between the asset’s carrying amount and the best estimate of the amount that would be received for the asset if it were to be sold at the reporting date.

Where indicators exist for a decrease in impairment loss, and the decrease can be related objectively to an event occurring after the impairment was recognised, the prior impairment loss is tested to determine reversal. An impairment loss is reversed on an individual impaired financial asset to the extent that the revised recoverable value does not lead to a revised carrying amount higher than the carrying value had no impairment been recognised.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Trade creditors are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and all are repayable within one year and hence are included at the undiscounted amount of cash expected to be paid.

 

The History Press Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2021

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the Profit and Loss Account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Provisions

Provisions are set up only where it is probable that a present obligation exists as a result of an event prior to the balance sheet date and that a payment will be required in settlement that can be estimated reliably. Where material, provisions are calculated on a discounted basis.

Leases

Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

 

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 31 (2020 - 31).

 

The History Press Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2021

 

4

Intangible assets

Trademarks
 £

Cost

At 1 January 2021

5,070

At 31 December 2021

5,070

Amortisation

At 1 January 2021

507

Amortisation charge

507

At 31 December 2021

1,014

Carrying amount

At 31 December 2021

4,056

At 31 December 2020

4,563

 

5

Tangible assets

Fixtures and fittings
 £

Computer Equipment
 £

Total
£

Cost

At 1 January 2021

26,419

78,611

105,030

Additions

-

6,792

6,792

At 31 December 2021

26,419

85,403

111,822

Depreciation

At 1 January 2021

7,765

74,213

81,978

Charge for the year

5,284

5,122

10,406

At 31 December 2021

13,049

79,335

92,384

Carrying amount

At 31 December 2021

13,370

6,068

19,438

At 31 December 2020

18,654

4,398

23,052

 

The History Press Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2021

 

6

Investments

2021
£

2020
£

Investments in subsidiaries

-

-

-

-

Subsidiaries

£

Cost

At 1 January 2021

30,000

At 31 December 2021

30,000

Provision

At 1 January 2021

30,000

At 31 December 2021

30,000

Carrying amount

At 31 December 2021

-

At 31 December 2020

-

Details of undertakings

Details of the investments (including principal place of business of unincorporated entities) in which the company holds 20% or more of the nominal value of any class of share capital are as follows:

Undertaking

Registered office

Holding

Proportion of voting rights and shares held

     

2021

2020

Subsidiary undertakings

Phillimore & Co. Limited

97 St. George's Place
Cheltenham
Gloucestershire
England
GL50 3QB

Ordinary shares

100%

100%

 

7

Debtors

2021
 £

2020
 £

Trade debtors

590,581

439,531

Amounts owed by related parties

-

2,009

Other debtors

261,955

263,910

Prepayments and accrued income

396,303

302,409

VAT recoverable

11,965

10,651

 

1,260,804

1,018,510

 

The History Press Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2021

 

8

Creditors

Note

2021
 £

(As restated)
2020
 £

Due within one year

 

Loans and borrowings

9

9,631

68,775

Trade creditors

 

288,765

222,520

Amounts due to related parties

107,905

-

Social security and other taxes

 

13,521

11,289

Outstanding defined contribution pension costs

 

3,872

4,286

Other creditors

 

136,071

329,063

Accrued expenses

 

244,543

211,364

 

804,308

847,297

Note

2021
£

2020
£

Due after one year

 

Loans and borrowings

9

35,669

44,487

 

9

Loans and borrowings

2021
£

2020
£

Current loans and borrowings

Bank overdrafts

-

58,759

Other borrowings

9,631

10,016

9,631

68,775

2021
£

2020
£

Non-current loans and borrowings

Other borrowings

35,669

44,487

Secured debts

A charge was created 3 March 2017 between the Company and IGF Business Credit Limited, to provide continuing security for the payment, discharge and performance of all the secured obligations in relation to all the assets whether now or in the future belonging to the Company. Charge contains fixed charge(s), floating charges that covers all the property or undertaking of the company and negative pledge. This charge was satisfied in full on 12 October 2021.
 

 

10

Share capital

Allotted, called up and fully paid shares

 

2021

2020

 

No.

£

No.

£

Ordinary of £0.01 each

624,387

6,243.87

624,387

6,243.87

A Ordinary of £0.00 each

600,000

600.00

600,000

600.00

 

1,224,387

6,844

1,224,387

6,844