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Maverick Arts Publishing Limited

Annual Report and Unaudited Financial Statements

for the Year Ended 30 June 2023

Registration number: 06521333

 

Maverick Arts Publishing Limited

Contents

Statement of financial position

1 to 2

Notes to the Financial Statements

3 to 8

 

Maverick Arts Publishing Limited

(Registration number: 06521333)
Statement of financial position as at 30 June 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

5

3,103

1,807

Current assets

 

Stocks

6

92,152

50,771

Debtors

7

113,681

222,837

Cash at bank and in hand

 

38,080

8,370

 

243,913

281,978

Creditors: Amounts falling due within one year

8

(132,388)

(112,203)

Net current assets

 

111,525

169,775

Total assets less current liabilities

 

114,628

171,582

Creditors: Amounts falling due after more than one year

8

(76,359)

(38,306)

Provisions for liabilities

(590)

(343)

Net assets

 

37,679

132,933

Capital and reserves

 

Called up share capital

9

118

118

Retained earnings

37,561

132,815

Shareholders' funds

 

37,679

132,933

For the financial year ending 30 June 2023 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.

 

Maverick Arts Publishing Limited

(Registration number: 06521333)
Statement of financial position as at 30 June 2023

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. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Income statement.

Approved and authorised by the Board on 12 October 2023 and signed on its behalf by:
 

.........................................
Mr S A Bicknell
Director

 

Maverick Arts Publishing Limited

Notes to the Financial Statements for the Year Ended 30 June 2023

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:
Solo House
The Courtyard
London Road
Horsham
West Sussex
RH12 1AT

These financial statements were authorised for issue by the Board on 12 October 2023.

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 smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

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

Going concern

The financial statements have been prepared on a going concern basis.

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.

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.

 

Maverick Arts Publishing Limited

Notes to the Financial Statements for the Year Ended 30 June 2023

Government grants

The entity recognises grant income at the same time as any underlying expenditure. During the year the entity was in receipt of government grants from the Job Retention Scheme. Income from the JRS was recognised at the same time as any underlying salary expenses.

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 rate on the date when the fair value is re-measured.

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

Tax

The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference.

Tangible assets

Tangible assets are stated in the statement of financial position 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

Office and computer equipment

33.3% straight line

Website costs

33.3% straight line

 

Maverick Arts Publishing Limited

Notes to the Financial Statements for the Year Ended 30 June 2023

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

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.

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 income statement 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.

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.

 

Maverick Arts Publishing Limited

Notes to the Financial Statements for the Year Ended 30 June 2023

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 6 (2022 - 6).

4

Profit before tax

Arrived at after charging/(crediting)

2023
£

2022
£

Depreciation expense

2,084

958

5

Tangible assets

Website costs
£

Office equipment
£

Total
£

Cost or valuation

At 1 July 2022

-

19,491

19,491

Additions

3,380

-

3,380

At 30 June 2023

3,380

19,491

22,871

Depreciation

At 1 July 2022

-

17,684

17,684

Charge for the year

1,126

958

2,084

At 30 June 2023

1,126

18,642

19,768

Carrying amount

At 30 June 2023

2,254

849

3,103

At 30 June 2022

-

1,807

1,807

 

Maverick Arts Publishing Limited

Notes to the Financial Statements for the Year Ended 30 June 2023

6

Stocks

2023
£

2022
£

Books

92,152

50,771

7

Debtors

2023
£

2022
£

Trade debtors

97,058

182,149

Prepayments

1,203

29,439

Other debtors

15,420

11,249

113,681

222,837

8

Creditors

Creditors: amounts falling due within one year

Note

2023
£

2022
£

Due within one year

 

Loans and borrowings

51,267

16,896

Trade creditors

 

52,153

47,862

Taxation and social security

 

397

14,730

Accruals and deferred income

 

27,950

31,918

Other creditors

 

621

797

 

132,388

112,203

 

Maverick Arts Publishing Limited

Notes to the Financial Statements for the Year Ended 30 June 2023

Creditors: amounts falling due after more than one year

Note

2023
£

2022
£

Due after one year

 

Loans and borrowings

76,359

38,306

9

Share capital

Allotted, called up and fully paid shares

 

2023

2022

 

No.

£

No.

£

Ordinary A shares of £0.01 each

10,000

100

10,000

100

Ordinary B shares of £0.01 each

1,765

18

1,765

18

 

11,765

118

11,765

118

10

Related party transactions

Transactions with directors

2023

At 1 July 2022
£

Advances to director
£

At 30 June 2023
£

Mr S A Bicknell

Director loan

-

18

18

       
     

Mrs K W Bicknell

Director loan

-

730

730

       
     

 

Directors' loan details

Director loans are provided at an interest rate of 2% and are repayable on demand.