13 30/06/2023 2023-06-30 false false false false false false false true false false true false false false false false true false No description of principal activities is disclosed 2022-07-01 Sage Accounts Production 23.0 - FRS102_2021 xbrli:pure xbrli:shares iso4217:GBP 05126038 2022-07-01 2023-06-30 05126038 2023-06-30 05126038 2022-06-30 05126038 2021-07-01 2022-06-30 05126038 2022-06-30 05126038 2021-06-30 05126038 core:NetGoodwill 2022-07-01 2023-06-30 05126038 core:LandBuildings core:ShortLeaseholdAssets 2022-07-01 2023-06-30 05126038 core:MotorVehicles 2022-07-01 2023-06-30 05126038 bus:RegisteredOffice 2022-07-01 2023-06-30 05126038 bus:LeadAgentIfApplicable 2022-07-01 2023-06-30 05126038 bus:Director1 2022-07-01 2023-06-30 05126038 bus:Director2 2022-07-01 2023-06-30 05126038 bus:Director3 2022-07-01 2023-06-30 05126038 bus:CompanySecretary1 2022-07-01 2023-06-30 05126038 core:IntangibleAssetsOtherThanGoodwill 2022-06-30 05126038 core:IntangibleAssetsOtherThanGoodwill 2023-06-30 05126038 core:FurnitureFittingsToolsEquipment 2022-06-30 05126038 core:MotorVehicles 2022-06-30 05126038 core:FurnitureFittingsToolsEquipment 2023-06-30 05126038 core:MotorVehicles 2023-06-30 05126038 core:WithinOneYear 2023-06-30 05126038 core:WithinOneYear 2022-06-30 05126038 core:RetainedEarningsAccumulatedLosses 2021-07-01 2022-06-30 05126038 core:ShareCapital 2022-07-01 2023-06-30 05126038 core:SharePremium 2022-07-01 2023-06-30 05126038 core:CapitalRedemptionReserve 2022-07-01 2023-06-30 05126038 core:RetainedEarningsAccumulatedLosses 2022-07-01 2023-06-30 05126038 core:FurnitureFittingsToolsEquipment 2022-07-01 2023-06-30 05126038 core:ShareCapital 2023-06-30 05126038 core:ShareCapital 2022-06-30 05126038 core:SharePremium 2023-06-30 05126038 core:SharePremium 2022-06-30 05126038 core:CapitalRedemptionReserve 2023-06-30 05126038 core:RetainedEarningsAccumulatedLosses 2023-06-30 05126038 core:RetainedEarningsAccumulatedLosses 2022-06-30 05126038 core:ShareCapital 2021-06-30 05126038 core:SharePremium 2021-06-30 05126038 core:RetainedEarningsAccumulatedLosses 2021-06-30 05126038 core:IntangibleAssetsOtherThanGoodwill 2022-07-01 2023-06-30 05126038 core:IntangibleAssetsOtherThanGoodwill 2022-06-30 05126038 core:CostValuation core:Non-currentFinancialInstruments 2023-06-30 05126038 core:Non-currentFinancialInstruments 2023-06-30 05126038 core:Non-currentFinancialInstruments 2022-06-30 05126038 core:FurnitureFittingsToolsEquipment 2022-06-30 05126038 core:MotorVehicles 2022-06-30 05126038 bus:SmallEntities 2022-07-01 2023-06-30 05126038 bus:AuditExempt-NoAccountantsReport 2022-07-01 2023-06-30 05126038 bus:FullAccounts 2022-07-01 2023-06-30 05126038 bus:SmallCompaniesRegimeForAccounts 2022-07-01 2023-06-30 05126038 bus:PrivateLimitedCompanyLtd 2022-07-01 2023-06-30 05126038 1 2022-07-01 2023-06-30
Company registration number: 05126038
Country Publications Limited
Unaudited filleted financial statements
30 June 2023
Country Publications Limited
Contents
Directors and other information
Statement of financial position
Statement of changes in equity
Notes to the financial statements
Country Publications Limited
Directors and other information
Directors C G Benn
D Proud
A L Swallow
Secretary D Proud
Company number 05126038
Registered office The Gatehouse
Skipton Castle
Skipton
North Yorkshire
BD23 1AL
Accountants Windle and Bowker Limited
Croft House
Station Road
Barnoldswick
Lancashire
BB18 5NA
Bankers Virgin Money
The Lexicon
Mount Street
Leeds
LS2 8NZ
Country Publications Limited
Statement of financial position
30 June 2023
2023 2022
Note £ £ £ £
Fixed assets
Intangible assets 5 1,565,757 1,746,619
Tangible assets 6 29,714 41,706
Investments 7 62,000 62,000
_______ _______
1,657,471 1,850,325
Current assets
Stocks 28,698 27,748
Debtors 8 78,397 76,814
Cash at bank and in hand 793,345 906,159
_______ _______
900,440 1,010,721
Creditors: amounts falling due
within one year 9 ( 683,290) ( 805,452)
_______ _______
Net current assets 217,150 205,269
_______ _______
Total assets less current liabilities 1,874,621 2,055,594
Provisions for liabilities ( 1,425) ( 3,434)
_______ _______
Net assets 1,873,196 2,052,160
_______ _______
Capital and reserves
Called up share capital 955 1,000
Share premium account 1,174,000 1,219,000
Capital redemption reserve 45 -
Profit and loss account 698,196 832,160
_______ _______
Shareholders funds 1,873,196 2,052,160
_______ _______
For the year ending 30 June 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors responsibilities:
- 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;
- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of comprehensive income has not been delivered.
These financial statements were approved by the board of directors and authorised for issue on 24 November 2023 , and are signed on behalf of the board by:
C G Benn D Proud
Director Director
Company registration number: 05126038
Country Publications Limited
Statement of changes in equity
Year ended 30 June 2023
Called up share capital Share premium account Capital redemption reserve Profit and loss account Total
£ £ £ £ £
At 1 July 2021 1,000 1,219,000 - 713,420 1,933,420
(Loss)/profit for the year 118,740 118,740
_______ _______ _______ _______ _______
Total comprehensive income for the year - - - 118,740 118,740
_______ _______ _______ _______ _______
At 30 June 2022 and 1 July 2022 1,000 1,219,000 - 832,160 2,052,160
(Loss)/profit for the year ( 133,964) ( 133,964)
_______ _______ _______ _______ _______
Total comprehensive income for the year - - - ( 133,964) ( 133,964)
Redemption of shares ( 45) ( 45,000) 45 - ( 45,000)
_______ _______ _______ _______ _______
Total investments by and distributions to owners ( 45) ( 45,000) 45 - ( 45,000)
_______ _______ _______ _______ _______
At 30 June 2023 955 1,174,000 45 698,196 1,873,196
_______ _______ _______ _______ _______
Country Publications Limited
Notes to the financial statements
Year ended 30 June 2023
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is The Gatehouse, Skipton Castle, Skipton, North Yorkshire, BD23 1AL.
2. Statement of compliance
These financial statements have been prepared in compliance with the provisions of FRS 102, Section 1A, 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Exemption from preparing consolidated financial statements
The Company and the Group headed by it, qualify as small as set out in section 383 of the Companies Act 2006 and the parent and Group are considered eligible for the exemption to prepare consolidated accounts.
Turnover
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax.Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.Revenue from the sales of subscriptions are recognised by reference to the period of the subscription purchased. Subscriptions which span the financial year end are spread as to allocate the revenue for future publications to subsequent accounting periods.Sales of advertising space are recognised in the period where the advertising is provided.
Taxation
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in the statement of comprehensive income, except to the extent that it relates to items recognised in other comprehensive income or directly in capital and reserves. In this case, tax is recognised in other comprehensive income or directly in capital and reserves, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.
Intangible assets
Intangible assets are initially recorded at cost, and are subsequently stated at cost less any accumulated amortisation and impairment losses. Any intangible assets carried at a revalued amount, are recorded at the fair value at the date of revaluation, as determined by reference to an active market, less any subsequent accumulated amortisation and subsequent accumulated impairment losses. Intangible assets acquired as part of a business combination are only recognised separately from goodwill when they arise from contractual or other legal rights, are separable, the expected future economic benefits are probable and the cost or value can be measured reliably.
Amortisation
Amortisation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful life of that asset as follows:
Goodwill - 0 % straight line
If there is an indication that there has been a significant change in amortisation rate, useful life or residual value of an intangible asset, the amortisation is revised prospectively to reflect the new estimates.
Tangible assets
tangible assets are initially recorded at cost, and are subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in capital and reserves, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in capital and reserves in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in capital and reserves in respect of that asset, the excess shall be recognised in profit or loss.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Short leasehold property - 0 % straight line
Fittings fixtures and equipment - 20 to 33% Straight line
Motor vehicles - 20 % straight line
If there is an indication that there has been a significant change in depreciation rate, useful life or residual value of tangible assets, the depreciation is revised prospectively to reflect the new estimates.
Fixed asset investments
Fixed asset investments are initially recorded at cost, and subsequently stated at cost less any accumulated impairment losses. Listed investments are measured at fair value with changes in fair value being recognised in profit or loss.
Impairment
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. When it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that are largely independent of the cash inflows from other assets or groups of assets.
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stocks to their present location and condition.
Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event; it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised in finance costs in profit or loss in the period it arises.
Financial instruments
A financial asset or a financial liability is recognised only when the company becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Debt instruments are subsequently measured at amortised cost. Where investments in non-convertible preference shares and non-puttable ordinary shares or preference shares are publicly traded or their fair value can otherwise be measured reliably, the investment is subsequently measured at fair value with changes in fair value recognised in profit or loss. All other such investments are subsequently measured at cost less impairment. Other financial instruments, including derivatives, are initially recognised at fair value, unless payment for an asset is deferred beyond normal business terms or financed at a rate of interest that is not a market rate, in which case the asset is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Other financial instruments are subsequently measured at fair value, with any changes recognised in profit or loss, with the exception of hedging instruments in a designated hedging relationship.
Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately. For all equity instruments regardless of significance, and other financial assets that are individually significant, these are assessed individually for impairment. Other financial assets or either assessed individually or grouped on the basis of similar credit risk characteristics. Any reversals of impairment are recognised in profit or loss immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 13 (2022: 13 ).
5. Intangible assets
Other intangible assets Total
£ £
Cost
At 1 July 2022 and 30 June 2023 3,215,705 3,215,705
_______ _______
Amortisation
At 1 July 2022 1,469,086 1,469,086
Charge for the year 180,862 180,862
_______ _______
At 30 June 2023 1,649,948 1,649,948
_______ _______
Carrying amount
At 30 June 2023 1,565,757 1,565,757
_______ _______
At 30 June 2022 1,746,619 1,746,619
_______ _______
During the current and previous financial years the directors reviewed the current and expected future discounted cash flows from individual cash generating units within intangible assets and compared these results against the values held in the balance sheet. At 30 June 2023 the net book value of £1,565,757 was considered to represent a fair carrying value of the Company and its assets as a going concern for technical valuation purposes given that the Company is not for sale. The directors are aware of falling values in the sector and the impact of accounting standard FRS102 and have made significant amortisation and impairment charges over the last five years to arrive at a fair carrying value for intangible assets.
6. Tangible assets
Fixtures, fittings and equipment Motor vehicles Total
£ £ £
Cost
At 1 July 2022 99,747 28,725 128,472
Additions 7,439 - 7,439
Disposals ( 4,889) - ( 4,889)
_______ _______ _______
At 30 June 2023 102,297 28,725 131,022
_______ _______ _______
Depreciation
At 1 July 2022 78,475 8,291 86,766
Charge for the year 13,143 6,288 19,431
Disposals ( 4,889) - ( 4,889)
_______ _______ _______
At 30 June 2023 86,729 14,579 101,308
_______ _______ _______
Carrying amount
At 30 June 2023 15,568 14,146 29,714
_______ _______ _______
At 30 June 2022 21,272 20,434 41,706
_______ _______ _______
7. Investments
Shares in group undertakings and participating interests Total
£ £
Cost
At 1 July 2022 and 30 June 2023 62,000 62,000
_______ _______
Impairment
At 1 July 2022 and 30 June 2023 - -
_______ _______
Carrying amount
At 30 June 2023 62,000 62,000
_______ _______
At 30 June 2022 62,000 62,000
_______ _______
Investments held at valuation
In respect of investments held at valuation, the comparable carrying amount that would have been recognised if the assets had been carried under the historical cost model are as follows:
Shares in group undertakings and participating interests Total
£ £
At 30 June 2023
Aggregate cost 62,000 62,000
Aggregate depreciation - -
_______ _______
Carrying amount 62,000 62,000
_______ _______
At 30 June 2022
Aggregate cost 62,000 62,000
Aggregate depreciation - -
_______ _______
Carrying amount 62,000 62,000
_______ _______
8. Debtors
2023 2022
£ £
Trade debtors 45,414 39,153
Other debtors 32,983 37,661
_______ _______
78,397 76,814
_______ _______
9. Creditors: amounts falling due within one year
2023 2022
£ £
Trade creditors 111,889 97,437
Amounts owed to group undertakings and undertakings in which the company has a participating interest 62,000 62,000
Corporation tax 13,063 29,302
Social security and other taxes 18,349 18,306
Other creditors 477,989 598,407
_______ _______
683,290 805,452
_______ _______
Included within creditors is an intercompany guarantee from Dalesman Publishing Co. Limited dated 30 May 2012
10. Exceptional administrative costs
The directors have reviewed the current and expected future cash flows from individual income generating units within intangible assets and compared these results against the values held in the balance sheet. Based upon this review, an impairment charge of £nil (2022: £nil) together with amortisation charges of £180,862 (2022: £nil) have been made against the carrying value of titles and copyrights.