REGISTERED NUMBER: |
Unaudited Financial Statements |
for the Period |
1 January 2023 to 30 June 2023 |
for |
Barrington Stoke Limited |
REGISTERED NUMBER: |
Unaudited Financial Statements |
for the Period |
1 January 2023 to 30 June 2023 |
for |
Barrington Stoke Limited |
Barrington Stoke Limited (Registered number: SC169395) |
Contents of the Financial Statements |
for the Period 1 January 2023 to 30 June 2023 |
Page |
Company Information | 1 |
Balance Sheet | 2 |
Notes to the Financial Statements | 3 |
Barrington Stoke Limited |
Company Information |
for the Period 1 January 2023 to 30 June 2023 |
DIRECTORS: |
SECRETARY: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
ACCOUNTANTS: |
Chartered Accountants |
6 Logie Mill |
Edinburgh |
Lothian |
EH7 4HG |
BANKERS: |
76 Hanover Street |
Edinburgh |
EH2 1HQ |
Barrington Stoke Limited (Registered number: SC169395) |
Balance Sheet |
30 June 2023 |
30.6.23 | 31.12.22 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Tangible assets | 4 |
CURRENT ASSETS |
Stocks |
Debtors | 5 |
Cash at bank and in hand |
CREDITORS |
Amounts falling due within one year | 6 |
NET CURRENT ASSETS |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CAPITAL AND RESERVES |
Called up share capital | 8 |
Share premium |
Capital redemption reserve |
Share option reserve |
Retained earnings |
SHAREHOLDERS' FUNDS |
The directors acknowledge their responsibilities for: |
(a) | ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and |
(b) | preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company. |
In accordance with Section 444 of the Companies Act 2006, the Profit and Loss Account has not been delivered. |
The financial statements were approved by the Board of Directors and authorised for issue on |
Barrington Stoke Limited (Registered number: SC169395) |
Notes to the Financial Statements |
for the Period 1 January 2023 to 30 June 2023 |
1. | STATUTORY INFORMATION |
Barrington Stoke Limited is a |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
Turnover |
Turnover is stated net of VAT and trade discounts and is recognised when the significant risks and rewards are considered to have been transferred to the buyer. Turnover from the supply of services represent the value of services provided under contracts to the extent that there is a right to consideration and is recorded at fair value of the consideration received or receivable. |
Tangible fixed assets |
Tangible fixed assets are stated at cost or valuation, net of depreciation and any provision for impairment. Depreciation is provided on all tangible fixed assets, at rates calculated to write off the cost or valuation, less estimated residual value, of each asset on a straight-line basis over its expected useful life, as follows: |
Fixtures and fittings - 25% per annum |
Computer equipment - 25% per annum |
Residual value represents the estimated amount which would currently be obtained from disposal of an asset, after deducting estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life. |
Assets not measured at fair value are reviewed for any indication that the asset may be impaired at each balance sheet date. If such indication exists, the recoverable amount of the asset, or the asset's cash generating unit, is estimated and compared to the carrying amount. Where the carrying amount exceeds its recoverable amount, an impairment loss is recognised in profit or loss unless the asset is carried at a revalued amount where the impairment loss is a revaluation decrease. |
Stocks |
Stocks are stated at the lower of cost and estimated selling price less costs to sell, which is equivalent to the net realisable value. Cost includes materials, direct labour and an attributable proportion of manufacturing overheads based on normal levels of activity. Cost is calculated using the FIFO (first-in, first-out) method. Provision is made for obsolete, slow-moving or defective items where appropriate. |
Financial instruments |
Financial assets and liabilities are recognised when the company becomes a party to the contractual provisions of the instrument. |
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). |
Financial assets are derecognised when and only when contractual rights to the cash flows from the financial asset expire or are settled. Financial liabilities are derecognised only when the obligation specified in the contract is discharged, cancelled or expires. |
Taxation |
Taxation for the period comprises current and deferred tax. Tax is recognised in the Profit and Loss Account, 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. |
Barrington Stoke Limited (Registered number: SC169395) |
Notes to the Financial Statements - continued |
for the Period 1 January 2023 to 30 June 2023 |
2. | ACCOUNTING POLICIES - continued |
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 period 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. |
Provisions |
Provisions are recognised when the company has a present obligation (legal or constructive) as a result of a past event, it is probable that the company will be required to settle that obligation and a reliable estimate can be made of the amount of the obligation. |
The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the balance sheet date, taking into account the risks and uncertainties surrounding the obligation. |
Exemption from preparing a cash flow statement |
Exemption has been taken from preparing a cash flow statement on the grounds that the company qualifies as a small company. |
3. | EMPLOYEES AND DIRECTORS |
The average number of employees during the period was |
4. | TANGIBLE FIXED ASSETS |
Fixtures |
and | Computer |
fittings | equipment | Totals |
£ | £ | £ |
COST |
At 1 January 2023 |
Additions |
Disposals | ( |
) | ( |
) |
At 30 June 2023 |
DEPRECIATION |
At 1 January 2023 |
Charge for period |
Eliminated on disposal | ( |
) | ( |
) |
At 30 June 2023 |
NET BOOK VALUE |
At 30 June 2023 |
At 31 December 2022 |
Barrington Stoke Limited (Registered number: SC169395) |
Notes to the Financial Statements - continued |
for the Period 1 January 2023 to 30 June 2023 |
5. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
30.6.23 | 31.12.22 |
£ | £ |
Trade debtors |
Other debtors |
6. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
30.6.23 | 31.12.22 |
£ | £ |
Trade creditors |
Taxation and social security |
Other creditors |
7. | LEASING AGREEMENTS |
Minimum lease payments under non-cancellable operating leases fall due as follows: |
30.6.23 | 31.12.22 |
£ | £ |
Within one year |
Between one and five years |
8. | CALLED UP SHARE CAPITAL |
Allotted, issued and fully paid: |
Nominal | 30.06.23 | 31.12.22 |
Number: | Class: | value: | £ | £ |
760,015 (2022: 760,015) | Ordinary | 10p | 76,002 | 76,002 |
9. | RELATED PARTY DISCLOSURES |
Transactions with related parties during the year and balances outstanding at the period end were as follows: |
Transaction type |
Transactions in the period / year |
Balance receivable/(payable) to related party at |
Balance receivable/(payable) to related party at |
30.06.23 | 31.12.22 |
£ | £ | £ |
Jenny BrownAssociates |
Author Advances |
2,250 (2022: 1,920) |
(1,250) |
nil |
HarperCollins Publishers Limited |
Intercompany Loan |
1,000,000 (2022: nil |
) |
1,000,000 |
nil |
A director who resigned during the period is an agent for Jenny Brown Associates. |
HarperCollins Publishers Limited is the parent company of Barrington Stoke Limited. |
10. | POST BALANCE SHEET EVENTS |
The company ceased to trade on 1st July 2023. All the trading assets were moved to the parent company, HarperCollins Publishers Limited. |
Barrington Stoke Limited (Registered number: SC169395) |
Notes to the Financial Statements - continued |
for the Period 1 January 2023 to 30 June 2023 |
11. | ULTIMATE CONTROLLING PARTY |
The company's immediate controlling party is HarperCollins Publishers Limited, a company incorporated in Scotland. |
The ultimate parent is News Corporation, a company incorporated in Delaware, United States of America. |
The smallest and largest group in which the results of the company are consolidated is that headed by News Corporation, whose principal place of business is 1211 Avenue of the Americas, New York, NY 10036. The consolidated financial statements are available to the public and may be obtained from 1 London Bridge Street, London, SE1 9GF. |
12. | SHARE-BASED PAYMENT TRANSACTIONS |
During the year ended 31st December 2015, a total of 7,500 share options were granted to employees. The options had a long stop vesting period of ten years and are exercisable at a price of £1 per share. |
During the period ended 30th June 2023, all share options held by employees were cancelled. As consideration for the cancellation of the options and the waiver of all rights and claims in respect thereof, a option cancellation payment was made to the employees. |
The total cost recognised in the income statement in relation to the option cancellation payment is £33,900. |