Company registration number 10995574 (England and Wales)
THE INDIGO PRESS PUBLISHING LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023
PAGES FOR FILING WITH REGISTRAR
THE INDIGO PRESS PUBLISHING LIMITED
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 6
THE INDIGO PRESS PUBLISHING LIMITED
BALANCE SHEET
AS AT
31 MARCH 2023
31 March 2023
- 1 -
2023
2022
Notes
£
£
£
£
Fixed assets
Tangible assets
3
747
Current assets
Stocks
67,242
45,217
Debtors
4
58,753
52,208
Cash at bank and in hand
8,097
5,204
134,092
102,629
Creditors: amounts falling due within one year
5
(18,557)
(322,797)
Net current assets/(liabilities)
115,535
(220,168)
Total assets less current liabilities
116,282
(220,168)
Creditors: amounts falling due after more than one year
6
(13,000)
(19,000)
Net assets/(liabilities)
103,282
(239,168)
Capital and reserves
Called up share capital
7
100
100
Profit and loss reserves
103,182
(239,268)
Total equity
103,282
(239,168)
The director of the company has elected not to include a copy of the profit and loss account within the financial statements.true
For the financial year ended 31 March 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The director acknowledges her responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
The member has not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
THE INDIGO PRESS PUBLISHING LIMITED
BALANCE SHEET (CONTINUED)
AS AT
31 MARCH 2023
31 March 2023
- 2 -
The financial statements were approved and signed by the director and authorised for issue on 6 November 2023
S Nicklin
Director
Company Registration No. 10995574
THE INDIGO PRESS PUBLISHING LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023
- 3 -
1
Accounting policies
Company information
The Indigo Press Publishing Limited is a private company limited by shares incorporated in England and Wales. The registered office is Wellesley House, Duke of Wellington Avenue, Royal Arsenal, London, SE18 6SS.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention, [modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value]. The principal accounting policies adopted are set out below.
The company is a wholly owned subsidiary of MILD Holdings Ltd (Company No: 10990590). Whose registered office is Wellesley House, Duke of Wellington Avenue, Royal Arsenal, London, SE18 6SS.
The company has taken advantage of truethe exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group.
1.2
Going concern
At the time of approving the financial statements, the director has a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus the director continues to adopt the going concern basis of accounting in the preparation of the financial statements.
1.3
Turnover
Turnover is recognised at the fair value of the consideration received or receivable for books provided in the normal course of business, and is shown net of VAT. Turnover is recognised on delivery of books to the customer.
Income derived from the granting of publishing and other rights to third parties is recognised on a cash basis as other income.
Grants received from third parties are recognised as income when the criteria set out in the contract has been satisfied.
1.4
Tangible fixed assets
Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Computer equipment
33% straight line basis
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.
THE INDIGO PRESS PUBLISHING LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
1
Accounting policies
(Continued)
- 4 -
1.5
Stocks
Stocks are stated at the lower of cost (inclusive of overheads that have been incurred in bringing the goods to their present location and condition) and estimated selling price less costs to complete and sell, after making due allowance for any obsolete or slow moving items.
Work-in-progress includes direct costs incurred in the development of titles prior to their publication.
1.6
Financial instruments
The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’, which are measured at amortised costs. The company does not have any Other Financial Instruments as covered by Section 12 of FRS 102.
1.7
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
1.8
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
1.9
Government grants
Government grants are recognised at the fair value of the asset received or receivable when there is reasonable assurance that the grant conditions will be met and the grants will be received.
A grant that specifies performance conditions is recognised in income when the performance conditions are met. Where a grant does not specify performance conditions it is recognised in income when the proceeds are received or receivable. A grant received before the recognition criteria are satisfied is recognised as a liability.
1.10
Foreign exchange
Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss.
1.11
Advances of royalties to authors are included within other debtors.
The advances are stated at cost and amortised at the contracted royalties' rate. Provisions are made if it becomes apparent that the advance will not be fully recovered.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2023
2022
Number
Number
Total
2
3
THE INDIGO PRESS PUBLISHING LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
- 5 -
3
Tangible fixed assets
Computer equipment
£
Cost
At 1 April 2022
Additions
1,121
At 31 March 2023
1,121
Depreciation and impairment
At 1 April 2022
Depreciation charged in the year
374
At 31 March 2023
374
Carrying amount
At 31 March 2023
747
At 31 March 2022
4
Debtors
2023
2022
Amounts falling due within one year:
£
£
Trade debtors
15,528
16,534
Other debtors
43,225
35,674
58,753
52,208
5
Creditors: amounts falling due within one year
2023
2022
£
£
Bank loans
6,000
6,000
Trade creditors
8,106
10,273
Taxation and social security
264
205
Other creditors
4,187
306,319
18,557
322,797
6
Creditors: amounts falling due after more than one year
2023
2022
£
£
Bank loans and overdrafts
13,000
19,000
THE INDIGO PRESS PUBLISHING LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
- 6 -
7
Called up share capital
2023
2022
£
£
Ordinary share capital
Issued and fully paid
100 Ordinary of £1 each
100
100
100
100