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REGISTERED NUMBER: 02119671 (England and Wales)













Unaudited Financial Statements

for the Year Ended 31 March 2023

for

Theory Culture & Process Limited

Theory Culture & Process Limited (Registered number: 02119671)






Contents of the Financial Statements
for the Year Ended 31 March 2023




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


Theory Culture & Process Limited

Company Information
for the Year Ended 31 March 2023







DIRECTOR: Dr J M Featherstone





SECRETARY: Dr T Tamari





REGISTERED OFFICE: 24 Waller Road
New Cross
London
SE14 5LA





REGISTERED NUMBER: 02119671 (England and Wales)





ACCOUNTANTS: Anderson Barrowcliff LLP
Chartered Accountants
3 Kingfisher Court
Bowesfield Park
Stockton on Tees
TS18 3EX

Theory Culture & Process Limited (Registered number: 02119671)

Balance Sheet
31 March 2023

2023 2022
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 4 - -
Tangible assets 5 2,984 5,502
2,984 5,502

CURRENT ASSETS
Debtors 6 429,188 544,314
Cash at bank 692,019 452,733
1,121,207 997,047
CREDITORS
Amounts falling due within one year 7 893,449 258,358
NET CURRENT ASSETS 227,758 738,689
TOTAL ASSETS LESS CURRENT
LIABILITIES

230,742

744,191

PROVISIONS FOR LIABILITIES 750 1,200
NET ASSETS 229,992 742,991

CAPITAL AND RESERVES
Called up share capital 8 84 84
Capital redemption reserve 16 16
Retained earnings 229,892 742,891
SHAREHOLDERS' FUNDS 229,992 742,991

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2023 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges his 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.

Theory Culture & Process Limited (Registered number: 02119671)

Balance Sheet - continued
31 March 2023


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

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the director and authorised for issue on 8 November 2023 and were signed by:





Dr J M Featherstone - Director


Theory Culture & Process Limited (Registered number: 02119671)

Notes to the Financial Statements
for the Year Ended 31 March 2023

1. STATUTORY INFORMATION

Theory Culture & Process Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

The presentation currency of the financial statements is the Pound Sterling (£).


2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with the provisions of Section 1A "Small Entities" of Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention and on a going concern basis.

The significant accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all years presented unless otherwise stated.

Turnover
Turnover represents royalties due, and is measured at the fair value of consideration received or receivable net of VAT.

Goodwill
Goodwill, being the amount paid in connection with the acquisition of a literary journal in 2009, was amortised evenly over its estimated useful life of ten years. The original acquisition of the literary journal was made by the subsidiary company, J M Featherstone Limited, a company which ceased to trade on 30 June 2010. On this date the acquired goodwill was transferred to the company at book value.

Intangible assets
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Fixtures and fittings - 25% on cost

IMPAIRMENT
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.


Theory Culture & Process Limited (Registered number: 02119671)

Notes to the Financial Statements - continued
for the Year Ended 31 March 2023

2. ACCOUNTING POLICIES - continued
Taxation
Current tax represents the amount of tax payable or receivable in respect of the taxable profit (or loss) for the current or past reporting periods. It is measured at the amount expected to be paid or recovered using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax represents the future tax consequences of transactions and events recognised in the financial statements of current and previous periods. It is recognised in respect of all timing differences, with certain exceptions. Timing differences are differences between taxable profits and total comprehensive income as stated in the financial statements that arise from the inclusion of income and expense in tax assessments in periods different from those in which they are recognised in the financial statements. 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.

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

Pension costs and other post-retirement benefits
The company operates both a defined contribution pension scheme and a final salary pension scheme for the benefit of its employees. Contributions payable are charged to the profit and loss account in the period to which they relate.

Debtors and creditors receivable/payable within one year
Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at transaction price. Any losses arising from impairment are recognised in the profit and loss account in other administrative expenses.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 3 (2022 - 3 ) .

4. INTANGIBLE FIXED ASSETS
Goodwill
£   
COST
At 1 April 2022
and 31 March 2023 58,125
AMORTISATION
At 1 April 2022
and 31 March 2023 58,125
NET BOOK VALUE
At 31 March 2023 -
At 31 March 2022 -

Theory Culture & Process Limited (Registered number: 02119671)

Notes to the Financial Statements - continued
for the Year Ended 31 March 2023

5. TANGIBLE FIXED ASSETS
Fixtures
and
fittings
£   
COST
At 1 April 2022
and 31 March 2023 12,984
DEPRECIATION
At 1 April 2022 7,482
Charge for year 2,518
At 31 March 2023 10,000
NET BOOK VALUE
At 31 March 2023 2,984
At 31 March 2022 5,502

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade debtors 429,188 544,314

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Taxation and social security 120,909 174,010
Other creditors 772,540 84,348
893,449 258,358

8. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2023 2022
value: £    £   
168 Ordinary 50p 84 84