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REGISTERED NUMBER: 04958686 (England and Wales)













GROUP STRATEGIC REPORT,

REPORT OF THE DIRECTORS AND

CONSOLIDATED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2023

FOR

TINDLE PRESS HOLDINGS LIMITED

TINDLE PRESS HOLDINGS LIMITED (REGISTERED NUMBER: 04958686)






CONTENTS OF THE CONSOLIDATED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023




Page

Company Information 1

Group Strategic Report 2

Report of the Directors 5

Report of the Independent Auditors 7

Consolidated Income Statement 10

Consolidated Other Comprehensive Income 11

Consolidated Balance Sheet 12

Company Balance Sheet 13

Consolidated Statement of Changes in Equity 14

Company Statement of Changes in Equity 15

Consolidated Cash Flow Statement 16

Notes to the Consolidated Cash Flow Statement 17

Notes to the Consolidated Financial Statements 18


TINDLE PRESS HOLDINGS LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 31 MARCH 2023







DIRECTORS: O C Tindle
Lady B J Tindle MBE, MA, Dip.Ed.





SECRETARY: D Cammiade





REGISTERED OFFICE: Old Court House
Union Road
Farnham
Surrey
GU9 7PT





REGISTERED NUMBER: 04958686 (England and Wales)





AUDITORS: Watson Associates (Audit Services) Ltd
Statutory Auditor
30 - 34 North Street
Hailsham
East Sussex
BN27 1DW

TINDLE PRESS HOLDINGS LIMITED (REGISTERED NUMBER: 04958686)

GROUP STRATEGIC REPORT
FOR THE YEAR ENDED 31 MARCH 2023

The directors present their strategic report of the company and the group for the year ended 31 March 2023.

FAIR REVIEW OF THE BUSINESS
The group's aim is to maintain its position as a market-leading independent local newspaper and digital publisher and local commercial radio broadcaster. Fundamental to this is our plan to sustain true local journalism within the communities that we serve.

Recognising the principal challenges facing the group and in particular the now well-established lifestyle changes impacting newspaper copy sales, an evolving strategy is in place to grow complementary revenue streams from existing and new products and services.

The strategy is founded in our belief that there is a desire for locally provided unique, high quality and trusted local content published across multiple platforms. Our assets remain quality local newspapers and websites in Surrey, Southwest, West Country, Wales and the Isle of Man, commercial radio stations in Jersey, Guernsey and the Republic of Ireland and the radio DAB+ Multiplex for the Channel Islands. There is a mirroring property portfolio in each of these regions and Essex.

The group took the opportunity during the period to diversify its business with the acquisition of the Radio DAB+ Multiplex for the Channel Islands and to strengthen its position in a few local publishing markets by adding to its existing portfolio the trade and assets of the Woking News & Mail (Surrey), Voice Series (Southwest) and Gef the Mongoose website (Isle of Man).

The group monitors performance using the following KPI's:

Group Consolidated results 2023 2022
Return on Capital Employed 4% 4%
Operating profit margin 11% 10.5%

The events of 2022/23 presented a volatile trading environment for businesses in the UK, and indeed globally, due to a combination of global factors, including the war in Ukraine, the after-effects of the Covid-19 pandemic, energy price inflation, the cost-of-living crisis, and the interest rates rises to try and curb inflation. All these factors impacted on our financial performance, in particular a slowdown in advertising demand and significant cost rises in the supply chain which we were in part able to mitigate by putting measures in place to sustain the future of the business.

Despite these substantial challenges, the Directors made progress against our strategy which has resulted in an overall 52 week like-for-like group revenue growth of 9% to £15.6 million to generate a group profit before tax of £1,736,555.

The Directors continue to closely monitor the commercial impact of the wider local news publishing sector and remain confident in the company's ability to adapt to these challenges.

The Tindle family remain committed to the values and culture of the Company and its objective of remaining a truly local independent publisher across multiple platforms.

Financial instruments
The group's principal financial instruments are amounts receivable from customers, cash and bank balances and amounts payable to suppliers.


TINDLE PRESS HOLDINGS LIMITED (REGISTERED NUMBER: 04958686)

GROUP STRATEGIC REPORT
FOR THE YEAR ENDED 31 MARCH 2023

PRINCIPAL RISKS AND UNCERTAINTIES
Credit and cash flow risk
The group places its emphasis on good credit management in its mitigation of these risks. The group's credit risk is primarily attributable to its trade debtors. There is no significant concentration of credit risk with any one customer. The amounts presented in the balance sheet for trade debtors are net of appropriate allowances for doubtful debts.

Interest rate risk
The group does not have significant borrowings. The risk of interest rate rises is not considered likely to have a material effect on the Group's financial position.

Liquidity risk
Due to the availability of cash on the balance sheet and strong operating cash flows, the group does not consider there is significant exposure to liquidity risk.

Foreign currency risk
The group has one overseas subsidiary in the Republic of Ireland. In structuring the ownership and funding of this subsidiary, the group has minimised its foreign currency fluctuation exposure. The exposure that remains is not significant to warrant the use of other measures to control this risk.

SECTION 172(1) STATEMENT- CORPORATE GOVERNANCE
The Board of Directors believe that they have acted in the way they consider to be both in good faith and would be most likely to promote the success of the group for the benefit of its members as a whole (having regard to the stakeholders and matters set out in s172(1)(a-f) of the Act) in the decisions taken during the year ended 31 March 2023; and in so having regard, amongst other matters to;

(a) the likely consequences of any decision in the long term,
(b) the interests of the group's employees
(c) the need to foster the group's business relationships with suppliers, customers, regulatory
authorities and others,
(d) the impact of the group's operations on the community and the environment,
(e) the desirability of the group maintaining a reputation for high standards of business conduct, and
(f) the need to act fairly as between members of the group.

The Board operates a plan based around achieving our long-term goal of being regarded as a leading local newspaper & website publisher and local radio broadcaster.

The Directors recognise their overall responsibility for the above matters and empower the senior management team to take decisions that are consistent with the long-term objectives of the group.

The senior management team understands the importance of engaging with all its stakeholders and regularly discusses issues concerning employees, customers, suppliers, community, environment, regulators and shareholders which inform its decision making processes.

Inherently, there is an inter-dependency on the success of the company and the success of its stakeholders.


TINDLE PRESS HOLDINGS LIMITED (REGISTERED NUMBER: 04958686)

GROUP STRATEGIC REPORT
FOR THE YEAR ENDED 31 MARCH 2023

Employees
Our employees remain fundamental to the achievement of our business plan; we aim to be a responsible employer in our approach to pay and benefits.

Customers
We continue to engage closely with our customers. Our aim is ensure that our customers' needs are met and in particular our offerings meet their standards and specifications.

Suppliers
We value the supplier base as partners; our aim is to develop and enter into strong, stable working relationships with them. We seek to be fair and transparent in our dealings with suppliers and we ensure that we honour our arrangements with them.

Environment and community
The Board takes sustainability and environmental responsibility very seriously. The group encourages diversity and inclusion of employees of all backgrounds.

Governance and regulation
The Board's intention is to behave responsibly and to ensure that the management team operates the business in a responsible manner, acting with the high standards of business conduct and good governance expected of a business of our nature and size and in full alignment with the rules and regulations. In doing so, we believe we will achieve our long-term business strategy together with further developing our reputation in our sector.

Members
The Board has a close working relationship with the shareholders and seeks to treat them fairly and equally, in order that they too benefit from the company achieving its long term business strategy.

The Board seeks to provide information relevant to the shareholders, including regular operational and financial information to illustrate the performance and position of the company and the group.

ON BEHALF OF THE BOARD:





D Cammiade - Secretary


22 November 2023

TINDLE PRESS HOLDINGS LIMITED (REGISTERED NUMBER: 04958686)

REPORT OF THE DIRECTORS
FOR THE YEAR ENDED 31 MARCH 2023

The directors present their report with the financial statements of the company and the group for the year ended 31 March 2023.

PRINCIPAL ACTIVITY
The principal activity of the group in the year under review was that of publishers of weekly newspapers & websites, radio broadcasters and radio DAB+ multiplex operator.

DIVIDENDS
No dividends will be distributed for the year ended 31 March 2023 (2022: £nil).

DIRECTORS
The directors shown below have held office during the whole of the period from 1 April 2022 to the date of this report.

O C Tindle
Lady B J Tindle MBE, MA, Dip.Ed.

Other changes in directors holding office are as follows:

Sir R S Tindle CBE, DL, FCIS - deceased 16 April 2022

STATEMENT OF DIRECTORS' RESPONSIBILITIES
The directors are responsible for preparing the Group Strategic Report, the Report of the Directors and the financial statements in accordance with applicable law and regulations.

Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law), including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'. Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and the group and of the profit or loss of the group for that period. In preparing these financial statements, the directors are required to:

- select suitable accounting policies and then apply them consistently;
- make judgements and accounting estimates that are reasonable and prudent;
- prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's and the group's transactions and disclose with reasonable accuracy at any time the financial position of the company and the group and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and the group and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS
So far as the directors are aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the group's auditors are unaware, and each director has taken all the steps that he or she ought to have taken as a director in order to make himself or herself aware of any relevant audit information and to establish that the group's auditors are aware of that information.

TINDLE PRESS HOLDINGS LIMITED (REGISTERED NUMBER: 04958686)

REPORT OF THE DIRECTORS
FOR THE YEAR ENDED 31 MARCH 2023


AUDITORS
The auditors, Watson Associates (Audit Services) Ltd, will be proposed for re-appointment at the forthcoming Annual General Meeting.

ON BEHALF OF THE BOARD:



D Cammiade - Secretary


22 November 2023

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
TINDLE PRESS HOLDINGS LIMITED

Opinion
We have audited the financial statements of Tindle Press Holdings Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 31 March 2023 which comprise the Consolidated Income Statement, Consolidated Other Comprehensive Income, Consolidated Balance Sheet, Company Balance Sheet, Consolidated Statement of Changes in Equity, Company Statement of Changes in Equity, Consolidated Cash Flow Statement and Notes to the Consolidated Cash Flow Statement, Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:
-give a true and fair view of the state of the group's and of the parent company affairs as at 31 March 2023 and of the group's profit for the year then ended;
-have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
-have been prepared in accordance with the requirements of the Companies Act 2006.

Basis for opinion
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the group in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern
In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the group's and the parent company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.

Other information
The directors are responsible for the other information. The other information comprises the information in the Group Strategic Report and the Report of the Directors, but does not include the financial statements and our Report of the Auditors thereon.

Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard.

Opinions on other matters prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of the audit:
- the information given in the Group Strategic Report and the Report of the Directors for the financial year for which the financial statements are prepared is consistent with the financial statements; and
- the Group Strategic Report and the Report of the Directors have been prepared in accordance with applicable legal requirements.

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
TINDLE PRESS HOLDINGS LIMITED


Matters on which we are required to report by exception
In the light of the knowledge and understanding of the group and the parent company and its environment obtained in the course of the audit, we have not identified material misstatements in the Group Strategic Report or the Report of the Directors.

We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion:
- adequate accounting records have not been kept by the parent company, or returns adequate for our audit have not been received from branches not visited by us; or
- the parent company financial statements are not in agreement with the accounting records and returns; or
- certain disclosures of directors' remuneration specified by law are not made; or
- we have not received all the information and explanations we require for our audit.

Responsibilities of directors
As explained more fully in the Statement of Directors' Responsibilities set out on page five, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the directors are responsible for assessing the group's and the parent company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the group or the parent company or to cease operations, or have no realistic alternative but to do so.

Auditors' responsibilities for the audit of the financial statements
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue a Report of the Auditors that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

Based on our understanding of the Group and industry, we identified that the principal risks of non-compliance with laws and regulations related to employment laws and we considered the extent to which non-compliance might have a material effect on the financial statements.

We also considered those laws and regulations that have a direct impact on the preparation of the financial statements such as the Companies Act 2006. We evaluated management's incentives and opportunities for fraudulent manipulation of the financial statements (including the risk of override of controls), and determined that the principal risks were related to posting inappropriate journal entries to achieve desired financial results and the manipulation of exceptional items and management bias in accounting estimates.

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
TINDLE PRESS HOLDINGS LIMITED


Audit procedures performed by the engagement team included:
- enquiries with management, including consideration of known or suspected instances of fraud and non-compliance with laws and regulations and examining supporting calculations where a provision has been made in respect of these;
- reading key correspondence with regulatory authorities in relation to compliance with certain employment laws;
- understanding and evaluating the design and implementation of management's controls designed to prevent and detect irregularities;
- challenging assumptions and judgements made by management in their significant accounting estimates, in particular in relation to valuation of investment property, impairment of investments in subsidiaries and the measurement and classification of exceptional items;
- identifying and testing journal entries, in particular any journal entries posted with unusual account combinations and postings by unusual users.

There are inherent limitations in the audit procedures described above and the further removed non-compliance with laws and regulations is from the events and transactions reflected in the financial statements, the less likely we would become aware of it. Also, the risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate concealment by, for example forgery or intentional misrepresentations, or through collusion.

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Report of the Auditors.

Use of our report
This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in a Report of the Auditors and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members as a body, for our audit work, for this report, or for the opinions we have formed.




Stephen James Moore (Senior Statutory Auditor)
for and on behalf of Watson Associates (Audit Services) Ltd
Statutory Auditor
30 - 34 North Street
Hailsham
East Sussex
BN27 1DW

22 November 2023

TINDLE PRESS HOLDINGS LIMITED (REGISTERED NUMBER: 04958686)

CONSOLIDATED INCOME STATEMENT
FOR THE YEAR ENDED 31 MARCH 2023

2023 2022
Notes £    £   

TURNOVER 4 15,622,820 14,583,357

Cost of sales (7,126,821 ) (6,316,333 )
GROSS PROFIT 8,495,999 8,267,024

Distribution costs (1,005,404 ) (1,144,605 )
Administrative expenses (6,203,711 ) (6,273,723 )
1,286,884 848,696

Other operating income 398,348 673,709
OPERATING PROFIT 6 1,685,232 1,522,405

Interest receivable and similar income 65,923 6,368
Other finance income 22 - 11,000
1,751,155 1,539,773

Interest payable and similar expenses 7 (14,600 ) (29,630 )
PROFIT BEFORE TAXATION 1,736,555 1,510,143

Tax on profit 8 (100,135 ) (89,168 )
PROFIT FOR THE FINANCIAL YEAR 1,636,420 1,420,975
Profit attributable to:
Owners of the parent 1,636,420 1,420,975

TINDLE PRESS HOLDINGS LIMITED (REGISTERED NUMBER: 04958686)

CONSOLIDATED OTHER COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 MARCH 2023

2023 2022
Notes £    £   

PROFIT FOR THE YEAR 1,636,420 1,420,975


OTHER COMPREHENSIVE INCOME
Actuarial (loss)/gain on defined benefit
scheme - 1,586,000
Reversal of defined benefit scheme
gain per actuarial report (35,000 ) (1,586,000 )
Reversal of defined benefit scheme
asset held by the group - (1,367,544 )
Reversal of prior year income tax asset
on defined benefit scheme - (49,990 )
Revaluation of property - 4,317,729
Foreign exchange variance 216,679 (46,179 )
Income tax relating to components of
other comprehensive income

(42,493

)

(131,602

)
OTHER COMPREHENSIVE INCOME
FOR THE YEAR, NET OF INCOME TAX

139,186

2,722,414
TOTAL COMPREHENSIVE INCOME
FOR THE YEAR

1,775,606

4,143,389

Total comprehensive income attributable to:
Owners of the parent 1,775,606 4,143,389

TINDLE PRESS HOLDINGS LIMITED (REGISTERED NUMBER: 04958686)

CONSOLIDATED BALANCE SHEET
31 MARCH 2023

2023 2022
Notes £    £   
FIXED ASSETS
Intangible assets 10 6,131,906 4,271,414
Tangible assets 11 12,359,344 10,819,458
Investments 12
Interest in associate - 1
Other investments - 3
18,491,250 15,090,876

CURRENT ASSETS
Debtors 13 4,216,439 4,044,216
Investments 14 199,990 1,952
Cash at bank and in hand 19,108,303 21,443,252
23,524,732 25,489,420
CREDITORS
Amounts falling due within one year 15 (2,930,116 ) (3,336,708 )
NET CURRENT ASSETS 20,594,616 22,152,712
TOTAL ASSETS LESS CURRENT
LIABILITIES

39,085,866

37,243,588

CREDITORS
Amounts falling due after more than one
year

16

(200,000

)

(200,000

)

PROVISIONS FOR LIABILITIES 19 (237,768 ) (171,096 )
NET ASSETS 38,648,098 36,872,492

CAPITAL AND RESERVES
Called up share capital 20 18,003 18,003
Revaluation reserve 21 4,143,634 4,186,127
Foreign exchange reserve 21 170,500 (46,179 )
Retained earnings 21 34,315,961 32,714,541
SHAREHOLDERS' FUNDS 38,648,098 36,872,492

The financial statements were approved by the Board of Directors and authorised for issue on 22 November 2023 and were signed on its behalf by:





O C Tindle - Director


TINDLE PRESS HOLDINGS LIMITED (REGISTERED NUMBER: 04958686)

COMPANY BALANCE SHEET
31 MARCH 2023

2023 2022
Notes £    £   
FIXED ASSETS
Intangible assets 10 - -
Tangible assets 11 3,572,929 2,085,000
Investments 12 28,910 28,910
3,601,839 2,113,910

CURRENT ASSETS
Debtors 13 4,150,849 4,159,333
Investments 14 - 1
Cash at bank 2,190,427 205,200
6,341,276 4,364,534
CREDITORS
Amounts falling due within one year 15 (8,078,245 ) (6,698,896 )
NET CURRENT LIABILITIES (1,736,969 ) (2,334,362 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

1,864,870

(220,452

)

CREDITORS
Amounts falling due after more than one
year

16

(200,000

)

(200,000

)

PROVISIONS FOR LIABILITIES 19 (49,872 ) (37,193 )
NET ASSETS/(LIABILITIES) 1,614,998 (457,645 )

CAPITAL AND RESERVES
Called up share capital 20 18,003 18,003
Revaluation reserve 21 189,708 202,387
Retained earnings 21 1,407,287 (678,035 )
SHAREHOLDERS' FUNDS 1,614,998 (457,645 )

Company's profit/(loss) for the financial
year

2,085,322

(4,096,130

)

The financial statements were approved by the Board of Directors and authorised for issue on 22 November 2023 and were signed on its behalf by:





O C Tindle - Director


TINDLE PRESS HOLDINGS LIMITED (REGISTERED NUMBER: 04958686)

CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 MARCH 2023

Called up Foreign
share Retained Revaluation exchange Total
capital earnings reserve reserve equity
£    £    £    £    £   

Balance at 1 April 2021 18,003 32,711,100 - - 32,729,103

Changes in equity
Total comprehensive income - 3,441 4,186,127 (46,179 ) 4,143,389
Balance at 31 March 2022 18,003 32,714,541 4,186,127 (46,179 ) 36,872,492

Changes in equity
Total comprehensive income - 1,601,420 (42,493 ) 216,679 1,775,606
Balance at 31 March 2023 18,003 34,315,961 4,143,634 170,500 38,648,098

TINDLE PRESS HOLDINGS LIMITED (REGISTERED NUMBER: 04958686)

COMPANY STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 MARCH 2023

Called up
share Retained Revaluation Total
capital earnings reserve equity
£    £    £    £   

Balance at 1 April 2021 18,003 3,418,095 - 3,436,098

Changes in equity
Total comprehensive loss - (4,096,130 ) 202,387 (3,893,743 )
Balance at 31 March 2022 18,003 (678,035 ) 202,387 (457,645 )

Changes in equity
Total comprehensive income - 2,085,322 (12,679 ) 2,072,643
Balance at 31 March 2023 18,003 1,407,287 189,708 1,614,998

TINDLE PRESS HOLDINGS LIMITED (REGISTERED NUMBER: 04958686)

CONSOLIDATED CASH FLOW STATEMENT
FOR THE YEAR ENDED 31 MARCH 2023

2023 2022
Notes £    £   
Cash flows from operating activities
Cash generated from operations 1 1,918,930 922,338
Interest paid (14,600 ) (29,630 )
Tax paid (30,009 ) (70,723 )
Taxation refund - 95,653
Net cash from operating activities 1,874,321 917,638

Cash flows from investing activities
Purchase of intangible fixed assets (203,001 ) (62,000 )
Purchase of tangible fixed assets (1,694,492 ) (1,088,824 )
Sale of tangible fixed assets 625 684,143
Sale of fixed asset investments - 54,099
Acquisition of subsidiary undertakings (1,989,688 ) -
Purchase of investments (199,990 ) -
Cash acquired on acquisition 128,699 -
Interest received 65,923 17,368
Net cash from investing activities (3,891,924 ) (395,214 )

Cash flows from financing activities
Amount introduced by directors 72,000 485,000
Amount withdrawn by directors (381,290 ) (69,390 )
Government grants - 255,307
Net cash from financing activities (309,290 ) 670,917

(Decrease)/increase in cash and cash equivalents (2,326,893 ) 1,193,341
Cash and cash equivalents at
beginning of year

2

21,435,196

20,241,855

Cash and cash equivalents at end of
year

2

19,108,303

21,435,196

TINDLE PRESS HOLDINGS LIMITED (REGISTERED NUMBER: 04958686)

NOTES TO THE CONSOLIDATED CASH FLOW STATEMENT
FOR THE YEAR ENDED 31 MARCH 2023

1. RECONCILIATION OF PROFIT BEFORE TAXATION TO CASH GENERATED FROM
OPERATIONS
2023 2022
£    £   
Profit before taxation 1,736,555 1,510,143
Profit on disposal of fixed assets (2,096 ) (521,964 )
Loss on revaluation of fixed assets - 449,430
Amortisation and depreciation charges 591,234 819,616
Pension scheme movement (35,000 ) (1,620,000 )
Exchange reserve movement 69,196 -
Government grants - (255,307 )
Finance costs 14,600 29,630
Finance income (65,923 ) (17,368 )
2,308,566 394,180
Increase in trade and other debtors (137,051 ) (212,584 )
(Decrease)/increase in trade and other creditors (252,585 ) 740,742
Cash generated from operations 1,918,930 922,338

2. CASH AND CASH EQUIVALENTS

The amounts disclosed on the Cash Flow Statement in respect of cash and cash equivalents are in respect of these Balance Sheet amounts:

31.3.23 1.4.22
£ £
Cash and cash equivalents 19,108,303 21,443,252
Bank overdrafts - (8,056 )
19,108,303 21,435,196


3. ANALYSIS OF CHANGES IN NET FUNDS

Other
Cash at non-cash
At 1.4.22 Cash flow acquisition changes At 31.3.23
£    £    £    £    £   
Net cash
Cash at bank
and in hand 21,443,252 (2,463,648 ) 128,699 19,108,303
Bank overdrafts (8,056 ) 8,056 - -
21,435,196 (2,455,592 ) 128,699 19,108,303

Liquid resources
Current asset
investments 1,952 199,990 - (1,952 ) 199,990
1,952 199,990 - (1,952 ) 199,990
Total 21,437,148 (2,255,602 ) 128,699 (1,952 ) 19,308,293

TINDLE PRESS HOLDINGS LIMITED (REGISTERED NUMBER: 04958686)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

1. STATUTORY INFORMATION

Tindle Press Holdings 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 General Information page.

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with 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 as modified by the revaluation of certain assets.

Basis of consolidation
The group consolidated financial statements include the financial statements of the company and all of its subsidiary undertakings together with the group’s share of the results of associates made up to 31 March 2021 under the requirements of FRS 102 Business Combinations.

Where a subsidiary has different accounting policies to the group, adjustments are made to those subsidiary financial statements to apply the group’s accounting policies when preparing the consolidated financial statements.

All intra-group transactions, balances, income and expenses are eliminated on consolidation. Adjustments are made to eliminate the profit or loss arising on transactions with associates to the extent of the group’s interest in the entity .

Business combinations
The acquisition of subsidiaries is accounted for using the acquisition method. The cost of the acquisition is measured as the aggregate of the fair values at the date of exchange of assets given, liabilities incurred or assumed, and equity instruments issued by the Group in exchange for control of the acquiree. Acquisition related costs are recognised in the Income Statement as incurred. The acquiree's identifiable assets, liabilities and contingent liabilities that meet the conditions for recognition under IFRS 3, including publishing titles and broadcasting rights, are recognised at their fair value at the acquisition date.

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Turnover includes revenue earned from newspaper publishing and radio broadcast sources and is comprised mainly of advertising and, in the case of publishing, circulation revenue. The turnover from the sale of advertising and circulation are recognised when the significant risks and rewards of ownership have transferred to the buyer, that is when the output from the group is available to the public.

Goodwill
Goodwill recognised represents the excess of the fair value and directly attributable costs of the purchase consideration over the fair values of the identifiable net assets, liabilities and contingent liabilities acquired. Goodwill is amortised through the income statement in equal instalments over the estimated useful life of the asset.

Goodwill in relation to publishing companies is amortised over its estimated useful life of 10 years.
Goodwill in relation to broadcasting companies is amortised over its estimated useful life of 20 years.
Goodwill in relation to radio DAB+ multiplex is amortised in line with its associated Ofcom Licence.

Goodwill is assessed for impairment when there are indicators of impairment and any impairment is charged to the income statement. Reversals of impairment are recognised when the reasons for the impairment no longer apply.

TINDLE PRESS HOLDINGS LIMITED (REGISTERED NUMBER: 04958686)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2023

2. ACCOUNTING POLICIES - continued

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.

Publishing rights are being amortised evenly over their estimated useful life of 10 years.
Broadcasting rights are being amortised evenly over their estimated useful life of 20 years.
Software and development costs are being amortised evenly over their estimated useful life of 5 years.

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 provided on all tangible fixed assets, other than freehold land and investment properties, at rates calculated to write off the cost or valuation of each asset to its estimated residual value on a straight line basis over its expected useful life, as follows:-

Land and buildings1%; 1.25%-8.33% & 10% on cost
Long leaseholdOver term of lease
Plant and machinery12.5% & 20% on cost
Fixtures and fittings20% & 25% on cost
Motor vehicles20% & 25% on cost
Computer equipment33.33% on cost

Residual value is calculated on prices prevailing at the reporting date, after estimated costs of disposal, for the asset as if it were at the age and in the condition expected at the end of its useful life.

Land and buildings were valued using the revaluation model.

Investments in associates
Investments in associate undertakings are recognised at cost.

Financial instruments
The company and the group only enters into basic financial instruments transactions that result in the recognition of financial assets and liabilities like trade and other accounts receivable and payable, loans from banks and other third parties, and loans to related parties.

Debt instruments that are payable or receivable within one year, are measured, initially and subsequently, at the undiscounted amount of the cash or other consideration expected to be paid or received; other debt instruments are initially measured at present value of the future payments and subsequently at amortised cost using the effective interest method.

Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in profit or loss.

Financial assets and liabilities are offset and the net amount reported in the balance sheet only when there is an 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.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Consolidated Income Statement, 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.


TINDLE PRESS HOLDINGS LIMITED (REGISTERED NUMBER: 04958686)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 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 year 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.

The trading results of group undertakings are translated into sterling at the average exchange rates for the year. The assets and liabilities of overseas undertakings, including intangible assets and fair value adjustments arising on acquisition, are translated at the exchange rates ruling at the year end. Exchange adjustments arising from the retranslation of opening net investments and from the translation of the profits or losses at average rates are recognised in the consolidated statement of comprehensive income.

Hire purchase and leasing commitments
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

Pension costs and other post-retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

The group operated two separate defined benefit pension schemes until November 2019 when these were merged , both of which required contributions to be made to separately administered funds. Both schemes were closed to new members in March 2002 from which time membership of defined contribution plans are available.

The cost of providing benefits under defined benefit plans is determined separately for each plan using the projected unit credit method, and is based on actuarial advice.

The change in the net defined benefit liability arising from employee service during the year is recognised as an employee cost. The cost of plan introductions, benefit changes, settlements and curtailments are recognised as an expense in measuring profit or loss in the period in which they arise.

The net interest element is determined by multiplying the net defined benefit liability by the discount rate, taking into account any changes in the net defined benefit liability during the period as a result of contribution and benefit payments. The net interest is recognised in profit or loss as other finance revenue or cost.

Remeasurement changes comprise actuarial gains and losses, the effect of the asset ceiling and the return on the net defined benefit liability excluding amounts included in net interest. These are recognised immediately in other comprehensive income in the period in which they occur and are not reclassified to profit and loss in subsequent periods.

TINDLE PRESS HOLDINGS LIMITED (REGISTERED NUMBER: 04958686)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2023

2. ACCOUNTING POLICIES - continued

The net defined benefit pension asset or liability in the balance sheet comprises the total for each plan of the present value of the defined benefit obligation (using a discount rate based on high quality corporate bonds), less the fair value of plan assets out of which the obligations are to be settled directly. Fair value is based on market price information, and in the case of quoted securities is the published bid price. The value of a net pension benefit asset is limited to the amount that may be recovered either through reduced contributions or agreed refunds from the scheme.

Provisions
Provisions are recognised when the group has a legal or constructive present obligation as a result of a past event, it is probable that the group 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 reporting end date, taking into account the risks and uncertainties surrounding the obligation. Where the effect of the time value of money is material, the amount expected to be required to settle the obligation is recognised at present value. When a provision i s measured at present value , the unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.

TINDLE PRESS HOLDINGS LIMITED (REGISTERED NUMBER: 04958686)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2023

3. CRITICAL ACCOUNTING JUDGEMENTS AND KEY SOURCES OF ESTIMATION UNCERTAINTY

The group tests the carrying value of publishing rights for impairment at each reporting date or more frequently if there are indications of impairment. At the balance sheet date, a review was undertaken on a value in use basis, assessing whether the carrying value of intangible assets were supported by the net present value of future cash flows derived from those assets, using cash flow projections to extrapolate future sustainable profits or title values based on revenue in cases where profits are uncertain. The group considers each subsidiary to be a separate income generating unit for the purpose of this review.

The key assumptions used in the value in use calculations are those regarding the discount rate and growth rates. The discount rate used at the period end reporting date was 6%, based on the group's assessment of its weighted average cost of capital. The cash flow forecasts reflect both past experience of the performance of each asset and projections of future performance over the next four years.

The post-employment benefit schemes expose the group to a number of risks where assumptions have been made:

Investment risk: the schemes hold investments in asset classes, such as equities, which are more volatile than fixed interest or bond markets and, although these assets are expected to provide higher real returns over the long-term, the short-term volatility can cause additional funding to be required if deficits emerge;

Interest rate risk: the schemes' liabilities are assessed using market yields on high quality bonds to discount the liabilities: as the schemes hold some equities the value of the assets and liabilities may not move in the same way;

Inflation risk: a significant proportion of the liabilities are linked to inflation and, although some of the assets are expected to be a good hedge against inflation over the long-term, movements in inflation in the short term could lead to deficits emerging; and

Mortality risk: scheme members may live longer than assumed, which will increase the liabilities.

No other significant judgements have had to be made by management in preparing these financial statements.

There were no key assumptions made concerning the future, and other key sources of estimation uncertainty at the reporting date, that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year.

4. TURNOVER

The turnover and profit before taxation are attributable to the one principal activity of the group.

An analysis of turnover by geographical market is given below:

2023 2022
£    £   
United Kingdom 13,354,230 12,806,817
Europe 2,268,590 1,776,540
15,622,820 14,583,357

TINDLE PRESS HOLDINGS LIMITED (REGISTERED NUMBER: 04958686)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2023

5. EMPLOYEES AND DIRECTORS
2023 2022
£    £   
Wages and salaries 5,710,795 5,230,778
Social security costs 507,473 436,083
Other pension costs 150,140 166,932
6,368,408 5,833,793

The average number of employees during the year was as follows:
2023 2022

Administration 47 40
Editorial, production and sales 180 160
Distribution 6 4
233 204

2023 2022
£    £   
Directors' remuneration 80,666 68,238

6. OPERATING PROFIT

The operating profit is stated after charging/(crediting):

2023 2022
£    £   
Plant and vehicle leasing 10,360 24,517
Other operating leases 98,962 249,798
Depreciation - owned assets 321,001 252,361
Profit on disposal of fixed assets (2,096 ) (521,964 )
Goodwill amortisation 226,154 499,863
Publishing and broadcasting rights amortisation 18,657 46,517
Computer software amortisation 25,422 20,874
Audit fees 104,746 99,195
Foreign exchange differences 50,601 91,751

7. INTEREST PAYABLE AND SIMILAR EXPENSES
2023 2022
£    £   
Interest payable - 15,230
Other interest 200 -
Preference share dividends 14,400 14,400
14,600 29,630

TINDLE PRESS HOLDINGS LIMITED (REGISTERED NUMBER: 04958686)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2023

8. TAXATION

Analysis of the tax charge
The tax charge on the profit for the year was as follows:
2023 2022
£    £   
Current tax:
Foreign tax charge 79,871 49,705
Prior period adjustment UK tax - 18
Total current tax 79,871 49,723

Deferred tax 20,264 39,445
Tax on profit 100,135 89,168

Reconciliation of total tax charge included in profit and loss
The tax assessed for the year is lower than the standard rate of corporation tax in the UK. The difference is explained below:

2023 2022
£    £   
Profit before tax 1,736,555 1,510,143
Profit multiplied by the standard rate of corporation tax in the UK of
19 % (2022 - 19 %)

329,945

286,927

Effects of:
Expenses not deductible for tax purposes 13,822 331
Income not taxable for tax purposes (378,567 ) (927,582 )
Depreciation in excess of capital allowances 55,001 86,720
Utilisation of tax losses (59,550 ) (46,402 )
Adjustments to tax charge in respect of previous periods - 18
Profit/loss on disposal (237 ) (96,741 )
Losses c/fwd 39,586 696,698
Foreign Tax charge 79,871 49,705
Deferred Tax credit on foreign investment property - (9,858 )
Deferred Tax charge on investment property 12,042 38,134
Current year deferred tax charge for capital allowances 8,222 11,218
Total tax charge 100,135 89,168

TINDLE PRESS HOLDINGS LIMITED (REGISTERED NUMBER: 04958686)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2023

8. TAXATION - continued

Tax effects relating to effects of other comprehensive income

2023
Gross Tax Net
£    £    £   
Actuarial (loss)/gain on defined benefit
scheme
Reversal of defined benefit scheme
gain per actuarial report (35,000 ) - (35,000 )
Reversal of defined benefit scheme
asset held by the group
Reversal of prior year income tax asset
on defined benefit scheme
Revaluation of property - (42,493 ) (42,493 )
Foreign exchange variance 216,679 - 216,679
181,679 (42,493 ) 139,186

2022
Gross Tax Net
£    £    £   
Actuarial (loss)/gain on defined benefit
scheme 1,586,000 (788,376 ) 797,624
Reversal of defined benefit scheme
gain per actuarial report (1,586,000 ) 788,376 (797,624 )
Reversal of defined benefit scheme
asset held by the company (1,367,544 ) - (1,367,544 )
Reversal of prior year income tax asset
on defined benefit scheme (49,990 ) - (49,990 )
Revaluation of property 4,317,729 (131,602 ) 4,186,127
Foreign exchange variance (46,179 ) - (46,179 )
2,854,016 (131,602 ) 2,722,414

9. INDIVIDUAL INCOME STATEMENT

As permitted by Section 408 of the Companies Act 2006, the Statement of Comprehensive Income of the parent company is not presented as part of these financial statements.


TINDLE PRESS HOLDINGS LIMITED (REGISTERED NUMBER: 04958686)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2023

10. INTANGIBLE FIXED ASSETS

Group
Publishing
and
broadcasting Computer
Goodwill rights software Totals
£    £    £    £   
COST
At 1 April 2022 10,376,176 22,811,354 152,986 33,340,516
Additions 1,926,960 203,001 - 2,129,961
Disposals (2,495,309 ) (21,145,431 ) - (23,640,740 )
Exchange differences - 4,262 - 4,262
At 31 March 2023 9,807,827 1,873,186 152,986 11,833,999
AMORTISATION
At 1 April 2022 6,222,478 22,784,499 62,125 29,069,102
Amortisation for year 226,154 18,657 25,422 270,233
Eliminated on disposal (2,495,899 ) (21,145,431 ) - (23,641,330 )
Exchange differences - 4,088 - 4,088
At 31 March 2023 3,952,733 1,661,813 87,547 5,702,093
NET BOOK VALUE
At 31 March 2023 5,855,094 211,373 65,439 6,131,906
At 31 March 2022 4,153,698 26,855 90,861 4,271,414

11. TANGIBLE FIXED ASSETS

Group
Freehold Short Long
property leasehold leasehold Buildings
£    £    £    £   
COST OR VALUATION
At 1 April 2022 10,276,049 33,921 223,514 268,161
Additions 1,555,591 - - -
Disposals - - - -
Acquired on acquisition - - - -
Exchange differences 18,393 - - 9,933
Reclassification - - - (2,985 )
At 31 March 2023 11,850,033 33,921 223,514 275,109
DEPRECIATION
At 1 April 2022 - 33,921 18,513 214,079
Charge for year 143,358 - 2,563 27,056
Eliminated on disposal - - - -
Exchange differences - - - 8,204
Reclassification - - - (13,156 )
At 31 March 2023 143,358 33,921 21,076 236,183
NET BOOK VALUE
At 31 March 2023 11,706,675 - 202,438 38,926
At 31 March 2022 10,276,049 - 205,001 54,082

TINDLE PRESS HOLDINGS LIMITED (REGISTERED NUMBER: 04958686)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2023

11. TANGIBLE FIXED ASSETS - continued

Group

Fixtures
Plant and and Motor Computer
machinery fittings vehicles equipment Totals
£    £    £    £    £   
COST OR VALUATION
At 1 April 2022 496,197 1,135,278 115,862 73,063 12,622,045
Additions 120,117 18,784 - - 1,694,492
Disposals (104,484 ) - - - (104,484 )
Acquired on acquisition 16,616 - - - 16,616
Exchange differences 14,197 18,346 2,122 - 62,991
Reclassification 778,852 (808,667 ) 120,520 52,866 140,586
At 31 March 2023 1,321,495 363,741 238,504 125,929 14,432,246
DEPRECIATION
At 1 April 2022 433,455 970,694 59,294 72,631 1,802,587
Charge for year 85,964 28,740 32,601 719 321,001
Eliminated on disposal (107,317 ) - - - (107,317 )
Exchange differences 13,291 17,473 790 - 39,758
Reclassification 643,051 (787,078 ) 122,374 51,682 16,873
At 31 March 2023 1,068,444 229,829 215,059 125,032 2,072,902
NET BOOK VALUE
At 31 March 2023 253,051 133,912 23,445 897 12,359,344
At 31 March 2022 62,742 164,584 56,568 432 10,819,458

Cost or valuation at 31 March 2023 is represented by:

Freehold Short Long
property leasehold leasehold Buildings
£    £    £    £   
Valuation in 2022 2,396,221 - (216,891 ) -
Cost 9,453,812 33,921 440,405 275,109
11,850,033 33,921 223,514 275,109

Fixtures
Plant and and Motor Computer
machinery fittings vehicles equipment Totals
£    £    £    £    £   
Valuation in 2022 - - - - 2,179,330
Cost 1,321,495 363,741 238,504 125,929 12,252,916
1,321,495 363,741 238,504 125,929 14,432,246

TINDLE PRESS HOLDINGS LIMITED (REGISTERED NUMBER: 04958686)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2023

11. TANGIBLE FIXED ASSETS - continued

Group

If land, buildings and leasehold had not been revalued they would have been included at the following historical cost:

2023 2022
£    £   
Cost 9,978,387 8,401,563
Aggregate depreciation (2,055,593 ) (1,892,409 )

Land, buildings and leasehold were valued on an open market basis on 16 April 2022 by predominantly Wilks Head & Eve LLP .

Company
Fixtures
Freehold and
property fittings Totals
£    £    £   
COST OR VALUATION
At 1 April 2022 2,085,000 - 2,085,000
Additions 1,525,075 4,025 1,529,100
At 31 March 2023 3,610,075 4,025 3,614,100
DEPRECIATION
Charge for year 40,882 289 41,171
At 31 March 2023 40,882 289 41,171
NET BOOK VALUE
At 31 March 2023 3,569,193 3,736 3,572,929
At 31 March 2022 2,085,000 - 2,085,000

Cost or valuation at 31 March 2023 is represented by:

Fixtures
Freehold and
property fittings Totals
£    £    £   
Valuation in 2022 195,751 - 195,751
Cost 3,414,324 4,025 3,418,349
3,610,075 4,025 3,614,100

TINDLE PRESS HOLDINGS LIMITED (REGISTERED NUMBER: 04958686)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2023

11. TANGIBLE FIXED ASSETS - continued

Company

If land and buildings had not been revalued they would have been included at the following historical cost:

2023 2022
£    £   
Cost 3,414,325 1,889,249
Aggregate depreciation 59,150 18,268

Value of land in freehold land and buildings 3,355,175 1,870,981

Freehold properties were valued on an open market basis on 16 April 2022 by Wilks Head & Eve LLP .

12. FIXED ASSET INVESTMENTS

Group
Interest
in Unlisted
associate investments Totals
£    £    £   
COST
At 1 April 2022 1 3 4
Disposals (1 ) (3 ) (4 )
At 31 March 2023 - - -
NET BOOK VALUE
At 31 March 2023 - - -
At 31 March 2022 1 3 4
Company
Shares in
group
undertakings
£   
COST
At 1 April 2022
and 31 March 2023 28,910
NET BOOK VALUE
At 31 March 2023 28,910
At 31 March 2022 28,910


TINDLE PRESS HOLDINGS LIMITED (REGISTERED NUMBER: 04958686)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2023

12. FIXED ASSET INVESTMENTS - continued


Details of the company's subsidiaries at 31 March 2023 are as follows:



Holding
Shares
held

Status / Activity
Incorporated in England and Wales
Counties and Capital Newspapers Limited Ordinary 100% Sub-holding company
Tindle CI Broadcasting Limited Ordinary 100% Sub-holding company
Tindle Newspapers Limited Ordinary 100% Sub-holding company
Tindle Newspapers Cornwall Limited Ordinary 100% Newspaper publishers
Tindle Newspapers Devon Limited Ordinary 100% Newspaper publishers
Tindle Newspapers Essex & Kent Limited Ordinary 100% Newspaper publishers
Tindle Newspapers Surrey & Hampshire Limited Ordinary 100% Newspaper publishers
Tindle Newspapers Wales and The Borders Limited Ordinary 100% Newspaper publishers
Tindle Newspapers West Country Limited Ordinary 100% Newspaper publishers

Bailiwick Broadcasting Limited

Ordinary

100%
DAB Multiplex
Operator
Abergavenny Chronicle Limited Ordinary 100% Dormant
Brecon and Radnor Express and Powys County
Times Limited

Ordinary

100%

Dormant
*Cambrian News Limited Ordinary 100% Dormant
Cornish & Devon Post Limited Ordinary 100% Dormant
*Crediton Country Courier Limited Ordinary 100% Dormant
*Dawlish Newspapers Limited Ordinary 100% Dormant
*Forester Newspapers Limited Ordinary 100% Dormant
*Leigh Times Series Limited Ordinary 100% Dormant
*Meon Valley News Limited Ordinary 100% Dormant
*Monmouthshire Beacon Co, Limited Ordinary 100% Dormant
*Petersfield Post Limited Ordinary 100% Dormant
*Review and Forester Newspaper Limited Ordinary 100% Dormant
*Ross Gazzette Limited Ordinary 100% Dormant
*South Hams Newspaper Limited Ordinary 100% Dormant
*Tavistock Newspapers Limited Ordinary 100% Dormant
Tenby Observer Limited Ordinary 100% Dormant
*Valley Community News Limited Ordinary 100% Dormant
Wellington Weekly News Limited Ordinary 100% Dormant
West Somerset Free Press Limited Ordinary 100% Dormant

Incorporated in Isle of Man
Isle of Man Newspapers Limited Ordinary 100% Newspaper publishers

Incorporated in Channel Islands
Channel Radio Limited Ordinary 100% Radio broadcasting
Island FM Limited Ordinary 100% Radio broadcasting


Incorporated in Ireland
Midland Community Radio Services Limited Ordinary 100% Radio broadcasting

All investments in subsidiaries are held directly or indirectly through one of three sub-holding companies.

*-Dissolved post year end, and the remaining dormant companies are in the process of being dissolved.

TINDLE PRESS HOLDINGS LIMITED (REGISTERED NUMBER: 04958686)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2023

13. DEBTORS

Group Company
2023 2022 2023 2022
£    £    £    £   
Amounts falling due within one year:
Trade debtors 2,011,117 1,760,296 19,161 20,415
Amounts owed by group undertakings - - 4,125,680 4,134,548
Other debtors 1,512,064 1,521,683 38 38
Tax 27 27 - -
VAT - - - 2,746
Accrued income 5,970 - 5,970 -
Prepayments 664,420 716,634 - 1,586
4,193,598 3,998,640 4,150,849 4,159,333

Amounts falling due after more than one year:
Other debtors 22,841 45,576 - -

Aggregate amounts 4,216,439 4,044,216 4,150,849 4,159,333

14. CURRENT ASSET INVESTMENTS

Group Company
2023 2022 2023 2022
£    £    £    £   
Listed investments - 1,952 - 1
Unlisted investments 199,990 - - -
199,990 1,952 - 1

15. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

Group Company
2023 2022 2023 2022
£    £    £    £   
Bank loans and overdrafts (see note 17) - 8,056 - -
Trade creditors 412,530 585,005 30,273 26,867
Amounts owed to group undertakings - - 8,027,354 6,114,846
Corporation tax 37,677 - - -
Social security and other taxes 184,742 142,003 - -
VAT 322,709 228,249 700 -
Other creditors 281,457 452,989 8,000 65,600
Deposits 38,751 - - -
Directors' current accounts 319,897 629,187 - 455,000
Deferred income 43,162 - - -
Accrued expenses 1,289,191 1,291,219 11,918 36,583
2,930,116 3,336,708 8,078,245 6,698,896

TINDLE PRESS HOLDINGS LIMITED (REGISTERED NUMBER: 04958686)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2023

16. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR

Group Company
2023 2022 2023 2022
£    £    £    £   
Preference shares 200,000 200,000 200,000 200,000

17. LOANS

An analysis of the maturity of loans is given below:

Group
2023 2022
£    £   
Amounts falling due within one year or on demand:
Bank overdrafts - 8,056

18. LEASING AGREEMENTS

Minimum lease payments fall due as follows:

Group
Non-cancellable operating leases
2023 2022
£    £   
Within one year 14,376 47,283
Between one and five years 1,734 31,615
16,110 78,898

19. PROVISIONS FOR LIABILITIES

Group Company
2023 2022 2023 2022
£    £    £    £   
Deferred tax 237,768 171,096 49,872 37,193

Group
Deferred
tax
£   
Balance at 1 April 2022 171,096
Revalued properties 42,493
Revalued investment properties 12,042
Accelerated capital allowances 8,222
Deferred tax on acquisition 4,282
Exchange variance (367 )
Balance at 31 March 2023 237,768

TINDLE PRESS HOLDINGS LIMITED (REGISTERED NUMBER: 04958686)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2023

19. PROVISIONS FOR LIABILITIES - continued

Company
Deferred
tax
£   
Balance at 1 April 2022 37,193
Revalued properties 12,679
Balance at 31 March 2023 49,872

20. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2023 2022
value: £    £   
18,003 Ordinary £1 18,003 18,003

21. RESERVES

Group
Foreign
Retained Revaluation exchange
earnings reserve reserve Totals
£    £    £    £   

At 1 April 2022 32,714,541 4,186,127 (46,179 ) 36,854,489
Profit for the year 1,636,420 1,636,420
Revaluation of tangible fixed
assets

-

(42,493

)

-

(42,493

)

Reversal of defined benefit
scheme gain per actuarial report

(35,000

)

-

-

(35,000

)

Exchange movement - - 216,679 216,679
At 31 March 2023 34,315,961 4,143,634 170,500 38,630,095

Company
Retained Revaluation
earnings reserve Totals
£    £    £   

At 1 April 2022 (678,035 ) 202,387 (475,648 )
Profit for the year 2,085,322 2,085,322
Revaluation of tangible fixed
assets

-

(12,679

)

(12,679

)

At 31 March 2023 1,407,287 189,708 1,596,995


TINDLE PRESS HOLDINGS LIMITED (REGISTERED NUMBER: 04958686)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2023

22. EMPLOYEE BENEFIT OBLIGATIONS

Defined contribution scheme
The company operates a defined contribution pension scheme for all qualifying employees. The assets of the scheme are held separately from those of the company in an independently administered fund.


Defined benefit scheme
The company operates a funded pension plan, the Tindle Newspaper Limited Defined Benefit Pension Scheme, providing benefits based on members completed pensionable service and their final pensionable pay. The assets of the Scheme are held in a separate trustee administered fund. The Scheme is closed to new entrants and to future accrual and our current employees earn pension benefits via a Defined Contribution pension scheme.

In March 2020, the Trustee and the Company agreed to change the sponsoring employers of the Scheme and implement a series of Scheme Apportionment Arrangements and Flexible Apportionment Arrangements. As a result, Tindle Newspapers Limited is now the sole participating employer to the scheme.

The funding plan is for the Scheme to hold assets equal to the value of the benefits earned by employees, based on projected salaries and a set of assumptions used for funding the Scheme. The funding assumptions differ from the assumptions used to calculate the figures for these accounts, and therefore produce different results. If there is a shortfall against this funding plan, the company and the Trustee agree contributions to meet this deficit over a period. Following Agreement in early 2021 of the actuarial valuation on 31 March 2019, the Company and Trustee agreed a new Schedule of Contributions in August 2021. The Company paid a one-off contribution of £1.5 million to the Scheme in August 2021 to make further progress towards the joint secondary objective of insuring the Scheme's benefits in the short term.

In addition, the Company agreed to pay monthly deficit contributions of £1,600 for the period from 5 April 2019 until 5 April 2028 in respect of the shortfall in funding of the Brecon and Radnor Express Pension Scheme (which was merged into the Scheme in November 2019) and monthly deficit contributions of £6,083 for the period 1 February 2021 to 1 January 2028 in respect of any shortfall in the funding of the Scheme. Payments totalling £160,000 already made by the Company to April 2021 were offset against the monthly instalments for February 2021 to April 2023. A part payment of £4,250 for April 2023 to make up the differential in the offset of monthly instalments was paid on 31 March 2023 on account of the contractual payment date of 1 April 2023 falling on a Saturday.

The Company also agreed to pay a monthly contribution of £10,940 to the Scheme from 1 May 2021 to meet the ongoing expenses of administering the scheme.

Post the Balance Sheet date, the Scheme secured the buy-in of benefits with Just Retirement in May 2023 and has commenced the process to secure all liabilities and start the wind up of the Scheme.

The results presented in the accounts were determined by an independent qualified actuary in accordance with FRS102, allowing for contributions, benefit payments made, and changes in market conditions.

TINDLE PRESS HOLDINGS LIMITED (REGISTERED NUMBER: 04958686)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2023

22. EMPLOYEE BENEFIT OBLIGATIONS - continued

The amounts recognised in profit or loss are as follows:

Defined benefit
pension plans
2023 2022
£    £   
Current service cost - -
Net interest from net defined benefit
asset/liability

-

(11,000

)
Past service cost - -
Running costs 120,000 30,000
120,000 19,000

Actual return on plan assets (4,109,000 ) 627,000

Changes in the present value of the defined benefit obligation are as follows:

Defined benefit
pension plans
2023 2022
£    £   
Opening defined benefit obligation 12,235,000 14,001,000
Interest cost 335,000 258,000
Benefits paid (532,000 ) (796,000 )
Remeasurements:
Actuarial (gains)/losses from changes in
demographic assumptions

-

(17,000

)
Actuarial (gains)/losses from changes in
financial assumptions

(3,160,000

)

(1,284,000

)
Experience (gains)/losses 508,000 73,000
9,386,000 12,235,000

Changes in the fair value of scheme assets are as follows:

Defined benefit
pension plans
2023 2022
£    £   
Opening fair value of scheme assets 15,188,544 13,738,000
Running costs (120,000 ) (30,000 )
Contributions by employer 154,732 1,649,544
Interest income 418,000 269,000
Benefits paid (532,000 ) (796,000 )
Return on plan assets (excluding interest
income)

(4,527,000

)

358,000
10,582,276 15,188,544

TINDLE PRESS HOLDINGS LIMITED (REGISTERED NUMBER: 04958686)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2023

22. EMPLOYEE BENEFIT OBLIGATIONS - continued

The amounts recognised in other comprehensive income are as follows:

Defined benefit
pension plans
2023 2022
£    £   
Actuarial (gains)/losses from changes in
demographic assumptions

-

17,000
Actuarial (gains)/losses from changes in
financial assumptions

3,160,000

1,284,000
Experience (gains)/losses (508,000 ) (73,000 )
Return on plan assets (excluding interest
income)

(4,527,000

)

358,000
Change in asset limit other than interest 1,840,000 -
(35,000 ) 1,586,000

The major categories of scheme assets as amounts of total scheme assets are as follows:

Defined benefit
pension plans
2023 2022
£    £   
Equities - 5,248,000
With-profits fund - 1,999,000
Bonds 613,000 3,638,000
Liability driven investments 4,595,000 3,126,000
Bank deposits and cash 5,375,000 1,178,000
Rounding difference (724 ) (456 )
10,582,276 15,188,544

Principal actuarial assumptions at the balance sheet date (expressed as weighted averages):

2023 2022
Discount rate 4.80% 2.80%
Retail price index (RPI) assumption 3.40% 3.70%
Expected rate of increase of pensions 2.00% 2.20%
Rate of increase in pensions 2.00% 2.20%
Consumer price index (CPI) assumption 2.80% 3.10%

Mortality Assumptions

Assumed life expectations on retirement at age 65:


2023 2022
Retiring today
-Males 87 87
-Females 89 89

Retiring in 20 years
-Males 89 89
-Females 91 91

TINDLE PRESS HOLDINGS LIMITED (REGISTERED NUMBER: 04958686)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2023

22. - continued

The Company's defined benefit scheme recorded a surplus based on the actuarial report prepared in accordance with FRS 102. The Company is not entitled to this asset as the value of the pension asset is limited to the amount that may be recovered either through reduced employer contributions or agreed refunds from the scheme, neither of which are applicable. Therefore, the asset cannot be recognised on the balance sheet and is represented as a £nil value in line with FRS. The reversal of the asset that would have been shown on the Company balance sheet on 31 March 2022 (£2,953,544) was shown as a reduction to other comprehensive income in the prior year.

2023 2022
£ £

At 01 April 2022 2,953,544 (263,000 )
Employer contributions 154,732 1,649,544
Interest on assets 418,000 269,000
Running costs (120,000 ) (30,000 )
Actual return on plan assets less interest (4,527,000 ) 358,000
Interest on obligation (335,000 ) (258,000 )
Experience loss (508,000 ) (73,000 )
Changes in financial assumptions 3,160,000 1,284,000
Changes in demographic assumptions - 17,000
At 31 March 2023 1,196,276 2,953,544

Reversal of pension asset as Actuarial Asset not recognised
At 01 April 2022 (2,953,544 ) -
Charge to other comprehensive income - (2,953,544 )
Interest on asset limit (83,000 ) -
Change in asset limit other than interest 1,840,000 -
Rounding difference movement in scheme assets 268 -
At 31 March 2023 (1,196,276 ) (2,953,544 )
Defined benefit Pension Asset/(Liability) at 31 March 2023 - -

TINDLE PRESS HOLDINGS LIMITED (REGISTERED NUMBER: 04958686)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2023

23. DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to a director subsisted during the years ended 31 March 2023 and 31 March 2022:

2023 2022
£ £
Sir R S Tindle CBE, DL, FCIS (deceased)
Balance oustanding at start of year 629,187 213,577
Amounts advanced - 485,000
Amounts repaid (2,959 ) (69,390 )
Balance outstanding at 16 April 2022 allocated to Lady B J Tindle
MBE

(313,114

)


-
Balance outstanding at 16 April 2022 allocated to Owen C Tindle (313,114 ) -
Balance outstanding at end of year - 629,187

2023 2022
£ £
Lady B J Tindle MBE
Balance outstanding at 16 April 2022 313,114 -
Preference dividend arrears at 16 April 2022 58,231 -
Preference dividend post 16 April 2022 13,769 -
Amounts repaid (332,888 ) -
Balance outstanding at end of year 52,226 -

2023 2022
£ £
Owen C Tindle
Balance outstanding at 16 April 2022 313,114 -
Amounts repaid (45,443 ) -
Balance outstanding at end of year 267,671 -

24. RELATED PARTY DISCLOSURES

The company has taken advantage of 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.

Transactions between group entities which have been eliminated on consolidation are not disclosed within the financial statements.

TINDLE PRESS HOLDINGS LIMITED (REGISTERED NUMBER: 04958686)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2023

24. RELATED PARTY DISCLOSURES - continued

The group paid rent of £30,000 for the registered office, The Old Court House, Union Road, Farnham, Surrey, GU9 7PT for the period to 24 November 2021 to Sir Ray Tindle which was credited to his directors current account. The Old Court House was acquired by the Company from Sir Ray Tindle on the 24 November 2021 for £455,000 and the proceeds credited to Sir Ray Tindle's directors' current account. The outstanding balance on the directors current account on the date of Sir Ray Tindle's death was equally divided between Lady B J Tindle MBE and Owen C Tindle.

The company paid no dividends to Sir Ray Tindle during the year (2022: £nil) on Ordinary Shares and £631 dividends on the Preference Shares (2022: £14,400). The company paid Lady B J Tindle £13,769 dividends on the Preference Shares (2022: £nil).

In the past, the group loaned £1,469,764 to Tindle Conferences and Education Limited, a company controlled by Mr O.C Tindle, a director of the company. At the year end the group was owed £1,519,917 (2022: £1,519,917).

At the end of the year the group owes £nil (2022: £12,765) to Tindle Radio Holdings Limited, in respect of pooled interest income earned on bank deposit balances. Tindle Radio Holdings Limited was wholly owned by Sir Ray Tindle up until the date of his death on 16 April 2022.

25. ULTIMATE CONTROLLING PARTY

The ultimate controlling party are the executors to the estate of Sir Ray Tindle, being Simon K Pusey and Owen C Tindle.

The executors, are considered the ultimate beneficial owners of the 100% interest, direct and indirect in the ordinary shares of that company until the shares are distributed to the beneficiaries of the estate.

26. GOVERNMENT GRANTS

Other income includes amounts received from the UK, Channel Islands, Isle of Man and Ireland Governments in respect of the various Coronavirus Salary Support Schemes available. The income is received in the form of grants.

TINDLE PRESS HOLDINGS LIMITED (REGISTERED NUMBER: 04958686)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2023

27. BUSINESS COMBINATION

During the financial year, the Group acquired 100% of the issued share capital of Bailiwick Broadcasting Limited, a company incorporated in England and Wales, which operates in the Channel Islands.




Company
Fair Value of
Net Assets at
Acquisition
Date


Acquisition
Date



Nature of Business



Acquiring Entity

Bailiwick
Broadcasting Ltd

£0.1m

28-Feb-23

DAB Radio Multiplex
Tindle CI
Broadcasting Ltd

The acquisition meets the definition of a business combination and has been accounted for using the acquisition method in accordance with the Group's accounting policies.

The provisional fair value of the assets and liabilities recognised as a result of the acquisition is as follows:



Notes
Tindle CI
Broadcasting Ltd
£   
Tangible Assets 11 16,616
Trade & Other Receivables 35,172
Cash 128,699
Trade & Other Payables (105,712 )
Corporation Tax Liability (7,765 )
Deferred Tax Liability 19 (4,282 )
Fair Value of assets and liabilities acquired 62,728
Goodwill 10 1,926,960
Total Purchase Consideration 1,989,688

Initial Cash Consideration for Equity 1,937,300
Working Capital in excess of normalised working capital on
Completion


42,446
Stamp duty 9,942
Total Purchase Consideration 1,989,688
Cash acquired (128,699 )
Net Cash outflow on acquisition 1,860,989

For the period of ownership during the year ended 31 March 2023, Bailiwick Broadcasting Limited contributed Revenues of £30,567 and EBITDA of £20,914.