Company Registration No. 05296847 (England and Wales)
ARCHIVIST LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2023
PAGES FOR FILING WITH REGISTRAR
ARCHIVIST LIMITED
CONTENTS
Page
Balance sheet
1 - 2
Statement of changes in equity
3
Notes to the financial statements
4 - 8
ARCHIVIST LIMITED
BALANCE SHEET
AS AT 30 APRIL 2023
30 April 2023
- 1 -
2023
2022
Notes
£
£
£
£
Fixed assets
Intangible assets
3
3,422
4,079
Tangible assets
4
124,505
160,096
Investments
5
50
50
127,977
164,225
Current assets
Stocks
388,749
377,074
Debtors
6
560,107
429,094
Cash at bank and in hand
738,146
789,608
1,687,002
1,595,776
Creditors: amounts falling due within one year
7
(447,519)
(272,655)
Net current assets
1,239,483
1,323,121
Total assets less current liabilities
1,367,460
1,487,346
Provisions for liabilities
(18,351)
(22,268)
Net assets
1,349,109
1,465,078
Capital and reserves
Called up share capital
2
2
Profit and loss reserves
1,349,107
1,465,076
Total equity
1,349,109
1,465,078
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true
For the financial year ended 30 April 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
The members have 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.
ARCHIVIST LIMITED
BALANCE SHEET (CONTINUED)
AS AT 30 APRIL 2023
30 April 2023
- 2 -
The financial statements were approved by the board of directors and authorised for issue on
13 November 2023
13 November 2023
and are signed on its behalf by:
Mr W Allardice
Director
Company Registration No. 05296847
ARCHIVIST LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 30 APRIL 2023
- 3 -
Share capital
Profit and loss reserves
Total
Notes
£
£
£
Balance at 1 May 2021
2
1,092,841
1,092,843
Year ended 30 April 2022:
Profit and total comprehensive income for the year
-
551,131
551,131
Dividends
-
(178,896)
(178,896)
Balance at 30 April 2022
2
1,465,076
1,465,078
Year ended 30 April 2023:
Profit and total comprehensive income for the year
-
628,031
628,031
Dividends
-
(744,000)
(744,000)
Balance at 30 April 2023
2
1,349,107
1,349,109
ARCHIVIST LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2023
- 4 -
1
Accounting policies
Company information
Archivist Limited is a private company limited by shares incorporated in England and Wales. The registered office is The Old Rectory, Churchill, Chipping Norton, Oxfordshire, OX7 6NU.
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. The principal accounting policies adopted are set out below.
The company has taken advantage of the exemption under section 399 of the Companies Act 2006 not to prepare consolidated accounts, on the basis that the group of which this is the parent qualifies as a small group. The financial statements present information about the company as an individual entity and not about its group.
1.2
Turnover
Turnover is recognised at the fair value of the consideration received or receivable for goods provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.
When cash inflows are deferred and represent a financing arrangement, the fair value of the consideration is the present value of the future receipts. The difference between the fair value of the consideration and the nominal amount received is recognised as interest income.
Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer (usually on dispatch of the goods), the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably.
1.3
Intangible fixed assets other than goodwill
Intangible assets acquired separately from a business are recognised at cost and are subsequently measured at cost less accumulated amortisation and accumulated impairment losses.
Intangible assets acquired on business combinations are recognised separately from goodwill at the acquisition date where it is probable that the expected future economic benefits that are attributable to the asset will flow to the entity and the fair value of the asset can be measured reliably; the intangible asset arises from contractual or other legal rights; and the intangible asset is separable from the entity.
Amortisation 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:
Trademarks
10% Straight line
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.
ARCHIVIST LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2023
1
Accounting policies
(Continued)
- 5 -
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:
Leasehold land and buildings
Plant and equipment
25% Reducing balance
Fixtures and fittings
10% Reducing balance
Motor vehicles
25% Reducing balance
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.
1.5
Fixed asset investments
On 20 January 2020, Archivist Press Limited was incorporated, which is a 100% trading subsidiary of Archivist Limited.
1.6
Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.
Stocks held for distribution at no or nominal consideration are measured at the lower of cost and replacement cost, adjusted where applicable for any loss of service potential.
1.7
Cash at bank and in hand
Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
1.8
Financial instruments
The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
Classification of financial liabilities
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.
1.9
Equity instruments
Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.
Changes in the fair value of derivatives that are designated and qualify as fair value hedges are recognised in profit or loss immediately, together with any changes in the fair value of the hedged asset or liability that are attributable to the hedged risk.
ARCHIVIST LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2023
1
Accounting policies
(Continued)
- 6 -
1.10
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
Deferred tax
Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.
The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.
1.11
Employee benefits
The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.
1.12
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
1.13
Leases
Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leases asset are consumed.
1.14
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.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2023
2022
Number
Number
Total
2
4
ARCHIVIST LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2023
- 7 -
3
Intangible fixed assets
Other
£
Cost
At 1 May 2022 and 30 April 2023
6,567
Amortisation and impairment
At 1 May 2022
2,488
Amortisation charged for the year
657
At 30 April 2023
3,145
Carrying amount
At 30 April 2023
3,422
At 30 April 2022
4,079
4
Tangible fixed assets
Leasehold land and buildings
Plant and equipment
Fixtures and fittings
Motor vehicles
Total
£
£
£
£
£
Cost
At 1 May 2022
78,533
49,529
53,809
33,259
215,130
Additions
6,704
6,704
At 30 April 2023
78,533
56,233
53,809
33,259
221,834
Depreciation and impairment
At 1 May 2022
3,601
27,236
14,323
9,874
55,034
Depreciation charged in the year
25,915
6,586
3,948
5,846
42,295
At 30 April 2023
29,516
33,822
18,271
15,720
97,329
Carrying amount
At 30 April 2023
49,017
22,411
35,538
17,539
124,505
At 30 April 2022
74,932
22,293
39,486
23,385
160,096
5
Fixed asset investments
2023
2022
£
£
Shares in group undertakings and participating interests
50
50
The company has not designated any financial assets that are not classified as financial assets at fair value through profit or loss.
ARCHIVIST LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2023
- 8 -
6
Debtors
2023
2022
Amounts falling due within one year:
£
£
Trade debtors
420,428
322,541
Amounts owed by group undertakings
110,203
104,549
Other debtors
29,476
2,004
560,107
429,094
7
Creditors: amounts falling due within one year
2023
2022
£
£
Trade creditors
52,635
96,595
Corporation tax
154,888
114,792
Other taxation and social security
30,201
5,812
Other creditors
209,795
55,456
447,519
272,655
8
Operating lease commitments
Lessee
At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, as follows:
2023
2022
£
£
167,929
210,894
9
Directors' transactions
Dividends totalling £744,000 (2022 - £178,896) were paid in the year in respect of shares held by the company's directors.