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01674260







WISEPRESS LIMITED

AUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED
31 DECEMBER 2022































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WISEPRESS LIMITED
REGISTERED NUMBER:01674260

BALANCE SHEET
AS AT 31 DECEMBER 2022

2022
2021
Note
£
£

Fixed assets
  

Tangible assets
 4 
63,225
47,250

Investments
 5 
8,585
8,585

  
71,810
55,835

Current assets
  

Stocks
 6 
25,244
19,399

Debtors: amounts falling due within one year
 7 
415,708
362,152

Cash at bank and in hand
  
21,866
19,847

  
462,818
401,398

Creditors: amounts falling due within one year
 8 
(1,020,889)
(679,741)

Net current liabilities
  
 
 
(558,071)
 
 
(278,343)

Total assets less current liabilities
  
(486,261)
(222,508)

Provisions for liabilities
  

Deferred tax
  
(15,379)
(10,213)

  
 
 
(15,379)
 
 
(10,213)

Net liabilities
  
(501,640)
(232,721)


Capital and reserves
  

Called up share capital 
  
90
90

Other reserves
  
30
30

Profit and loss account
  
(501,760)
(232,841)

  
(501,640)
(232,721)


Page 1

WISEPRESS LIMITED
REGISTERED NUMBER:01674260
    
BALANCE SHEET (CONTINUED)
AS AT 31 DECEMBER 2022

The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

The financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The Company has opted not to file the statement of income and retained earnings in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf by: 


P Kayani
Director

Date: 6 October 2023

The notes on pages 3 to 10 form part of these financial statements.

Page 2

WISEPRESS LIMITED
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022

1.


General information

Wisepress Limited ("the Company") is a company limited by shares that is incorporated and domiciled in England and Wales.
The address of its registered office and principal place of business is 15a London Road, Maidstone, England, ME16 8LY.
The Company's principal activity is the sale of books and journals as well as the provision of space and advertising at exhibitions.

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Section 1A of Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.
Monetary amounts in these financial statements are stated in pounds sterling and are rounded to
the nearest whole £1, except where otherwise indicated.

The following principal accounting policies have been applied:

 
2.2

Exemption from preparing consolidated financial statements

The Company is a parent company that is also a subsidiary included in the consolidated financial statements of a larger group by a parent undertaking established under the law of any part of the United Kingdom and is therefore exempt from the requirement to prepare consolidated financial statements under section 400 of the Companies Act 2006.

 
2.3

Going concern

The Company has made a loss before tax of £263,753 (2021: £452,698). The net liabilities of the Company are £501,640 (2021: £232,721).
The financial statements have been prepared on a going concern basis. The directors have considered relevant information, including the annual budget, forecast future cash flows and the impact of subsequent events in making their assessment. The COVID-19 pandemic had a significant impact on the Company's operations between 2020-2022.The directors consider COVID-19 to be an exceptional event that will not impact the Company's future business activities. The parent company has confirmed its support to the Company for at least 12 months from the date of approving these financial statements.
Based on these assessments and having regard to the resources available to the entity, the directors have concluded that there is no material uncertainty in relation to going concern and that the going concern basis of accounting is appropriate for these financial statements.

Page 3

WISEPRESS LIMITED
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022

2.Accounting policies (continued)

 
2.4

Foreign currency translation

Functional and presentation currency

The Company's functional and presentational currency is GBP.

Transactions and balances

Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions.

At each period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined.

Foreign exchange gains and losses resulting from the settlement of transactions and from the translation at period-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in profit or loss except when deferred in other comprehensive income as qualifying cash flow hedges.

 
2.5

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Revenue in respect of exhibition space and advertising is recognised across the period of the contract in line with the number of events that have taken place.
Revenue in respect of book and journal sales is recognised when the product is provided to the customer, which in most cases is at the point of sale.

 
2.6

Operating leases: the Company as lessee

Rentals paid under operating leases are charged to profit or loss on a straight-line basis over the lease term.

 
2.7

Government grants

Grants of a revenue nature are recognised in the Statement of Income and Retained Earnings in the same period as the related expenditure.

 
2.8

Finance costs

Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

Page 4

WISEPRESS LIMITED
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022

2.Accounting policies (continued)

 
2.9

Pensions

Defined contribution pension plan

The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations.

The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Balance Sheet. The assets of the plan are held separately from the Company in independently administered funds.

 
2.10

 Current and deferred taxation

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

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

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the balance sheet date, except that:
The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and
Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

 
2.11

 Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Page 5

WISEPRESS LIMITED
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022

2.Accounting policies (continued)


2.11
 Tangible fixed assets (continued)

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, on a reducing balance basis.

Depreciation is provided on the following basis:

Warehouse equipment
-
25%
Fixtures and fittings
-
25%
Computer equipment
-
33%

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

 
2.12

 Valuation of investments

Investments in subsidiaries are measured at cost less accumulated impairment.

 
2.13

 Stocks

Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a first in, first out basis. Work in progress and finished goods include labour and attributable overheads.

At each balance sheet date, stocks are assessed for impairment. If stock is 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.

 
2.14

 Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

 
2.15

 Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours.

 
2.16

 Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

 
2.17

 Financial instruments

The Company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in ordinary shares.

Page 6

WISEPRESS LIMITED
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022

3.


Employees

The average monthly number of employees, including directors, during the year was 7 (2021 - 8).
The director's are remunerated through a fellow group undertaking.


4.


Tangible fixed assets





Fixtures and fittings
Computer equipment
Warehouse equipment
Total

£
£
£
£



Cost or valuation


At 1 January 2022
447,689
98,081
5,980
551,750


Additions
-
39,365
-
39,365



At 31 December 2022

447,689
137,446
5,980
591,115



Depreciation


At 1 January 2022
423,194
75,386
5,920
504,500


Charge for the year
6,124
17,251
15
23,390



At 31 December 2022

429,318
92,637
5,935
527,890



Net book value



At 31 December 2022
18,371
44,809
45
63,225



At 31 December 2021
24,495
22,695
60
47,250


5.


Fixed asset investments





Investments in subsidiary companies

£



Cost or valuation


At 1 January 2022 and at 31 December 2022
8,585





6.


Stocks

2022
2021
£
£

Goods for resale
25,244
19,399


Page 7

WISEPRESS LIMITED
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022

7.


Debtors

2022
2021
£
£


Trade debtors
190,541
287,214

Amounts owed by group undertakings
187,445
27,068

Other debtors
4,623
4,607

Prepayments and accrued income
33,099
43,263

415,708
362,152



8.


Creditors: Amounts falling due within one year

2022
2021
£
£

Bank overdrafts
25,171
295,881

Trade creditors
277,815
49,083

Amounts owed to group undertakings
448,666
138,666

Other taxation and social security
32,169
16,424

Other creditors
5,126
3,126

Accruals and deferred income
231,942
176,561

1,020,889
679,741


The bank overdrafts are secured by way of a fixed and floating charge over the current and future assets of the Company.


9.


Deferred taxation




2022


£






At beginning of year
(10,213)


Charged to profit or loss
(5,166)



At end of year
(15,379)

Page 8

WISEPRESS LIMITED
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022
 
9.Deferred taxation (continued)

The provision for deferred taxation is made up as follows:

2022
2021
£
£


Accelerated capital allowances
(15,806)
(10,213)

Other short term timing differences
427
-

(15,379)
(10,213)


10.


Contingent liabilities

The Company has provided security to Coutts & Co in the form of a composite cross guarantee in respect of group facilities provided to the group as a whole. At the year end the loan outstanding from Datateam Business Media Limited, a fellow group company, to Coutts & Co amounted to £2,556,897 (2021: £4,166,357).


11.


Commitments under operating leases

At 31 December 2022 the Company had future minimum lease payments due under non-cancellable operating leases for each of the following periods:

2022
2021
£
£


Not later than 1 year
7,559
15,000

Later than 1 year and not later than 5 years
-
56,250

7,559
71,250


12.


Related party transactions

The Company has taken advantage of the exemption permitted by FRS102 Section 33 'Related party disclosures' not to provide disclosures of transactions entered into with other wholly owned members of the group.
P Kayani has provided a personal guarantee limited to £1 million in favour of the Company, its fellow trading subsidiaries and the parent company, as security for group facilities made available by Coutts & Co.

Page 9

WISEPRESS LIMITED
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022

13.


Controlling party

The ultimate parent company is Datateam Media and Communications Group Limited, a company that is incorporated and domiciled in England and Wales. The address of its registered office is 15a London Road, Maidstone, England, ME16 8LY.
The results of the Company are included in the consolidated financial statements of Datateam Media and Communications Group Limited which are available from the Registrar of Companies.
Datateam Media and Communications Group Limited is the largest and smallest group for which the Company is included in the consolidated financial statements. 
The ultimate controlling party is P Kayani by virtue of his controlling interest in shares of the ultimate parent company.


14.


Auditors' information

The auditors' report on the financial statements for the year ended 31 December 2022 was unqualified.

The audit report was signed on 13 October 2023 by Jeff Fletcher BA (Hons) FCCA (Senior Statutory Auditor) on behalf of Creaseys Group Limited.

 
Page 10