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Registered number: 00560519









MFPA PUBLISHING LIMITED









FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE YEAR ENDED 30 JUNE 2023

 
MFPA PUBLISHING LIMITED
REGISTERED NUMBER: 00560519

BALANCE SHEET
AS AT 30 JUNE 2023

2023
2022
Note
£
£

Fixed assets
  

Tangible assets
 4 
611,964
613,474

Investments
 5 
13,017
13,017

  
624,981
626,491

Current assets
  

Debtors: amounts falling due within one year
 6 
81,420
79,126

Cash at bank and in hand
  
211,560
595,060

  
292,980
674,186

Creditors: amounts falling due within one year
 7 
(872,066)
(1,256,186)

Net current liabilities
  
 
 
(579,086)
 
 
(582,000)

Total assets less current liabilities
  
45,895
44,491

  

Net assets
  
45,895
44,491


Capital and reserves
  

Called up share capital 
  
3,000
3,000

Profit and loss account
  
42,895
41,491

  
45,895
44,491


The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

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

The Company has opted not to file the statement of income and retained earnings in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf by: 






H.F. Abletshauser
Director

Date: 29 February 2024
Page 1

 
MFPA PUBLISHING LIMITED
REGISTERED NUMBER: 00560519
    
BALANCE SHEET (CONTINUED)
AS AT 30 JUNE 2023


The notes on pages 3 to 8 form part of these financial statements.

Page 2

 
MFPA PUBLISHING LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2023

1.


General information

MFPA Publishing Limited ("the Company") is a private company limited by shares and is incorporated in England and Wales.
The principal activity of the company continued to be that of agents for the partnership "Mouth and Foot Painting Artists".
The registered office is 35 Ballards Lane, London, N3 1XW, United Kingdom.

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Section 1A of Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

The following principal accounting policies have been applied:

 
2.2

Revenue

Turnover is recognised to the extent that it is probable that the economic benefits will flow to the Company and the turnover can be reliably measured. Turnover is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before turnover is recognised:

Rendering of services

Turnover from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:
the amount of turnover can be measured reliably;
it is probable that the Company will receive the consideration due under the contract;
the stage of completion of the contract at the end of the reporting period can be measured reliably; and
the costs incurred and the costs to complete the contract can be measured reliably.

Page 3

 
MFPA PUBLISHING LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2023

2.Accounting policies (continued)

 
2.3

Taxation

Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the Company operates and generates income.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the balance sheet date, except that:
The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and
Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

 
2.4

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Land is not depreciated. Depreciation on other assets is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.

The estimated useful lives range as follows:

Long-term leasehold property
-
over lease term

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

 
2.5

Valuation of investments

Investments in subsidiaries are measured at cost less accumulated impairment.

Page 4

 
MFPA PUBLISHING LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2023

2.Accounting policies (continued)

 
2.6

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

 
2.7

Financial instruments

The Company only enters into basic financial instruments and transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties and loans to and from related parties.
(i) Financial assets
Basic financial assets, including trade and other debtors, and amounts due from related companies, are initially recognised at transaction price, unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest.
Such assets are subsequently carried at amortised cost using the effective interest method. At the end of each reporting period financial assets measured at amortised cost are assessed for objective evidence of impairment. If an asset is impaired the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss is recognised in the Statement of Comprehensive Income.
Financial assets are derecognised when (a) the contractual rights to the cash flows from the asset expire or are settled, or (b) substantially all the risks and rewards of the ownership of the asset are transferred to another party or (c) control of the asset has been transferred to another party who has the practical ability to unilaterally sell the asset to an unrelated third party without imposing additional restrictions.
(ii) Financial liabilities
Basic financial liabilities, including trade and other creditors and accruals, are initially recognised at transaction price, unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future receipts discounted at a market rate of interest.
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Trade creditors are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.
Financial liabilities are derecognised when the liability is extinguished, that is when the contractual obligation is discharged, cancelled or expires.
(iii) Offsetting
Financial assets and liabilities are offset and the net amounts presented in the financial statements when there is a legally enforceable right to set off the recognised amounts and there is an intention to
Page 5

 
MFPA PUBLISHING LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2023

2.Accounting policies (continued)


2.7
Financial instruments (continued)

settle on a net basis or to realise the asset and settle the liability simultaneously.


3.


Employees

The average monthly number of employees, including the directors, during the year was as follows:


        2023
        2022
            No.
            No.







Directors
2
2


4.


Tangible fixed assets





Freehold property
Long-term leasehold property
Total

£
£
£



Cost


At 1 July 2022
544,026
113,238
657,264



At 30 June 2023

544,026
113,238
657,264



Depreciation


At 1 July 2022
-
43,790
43,790


Charge for the year on owned assets
-
1,510
1,510



At 30 June 2023

-
45,300
45,300



Net book value



At 30 June 2023
544,026
67,938
611,964



At 30 June 2022
544,026
69,448
613,474

The land and buildings were valued on 15th November 2016 at £2,320,000 on an open market basis by Mathieson Keenam, a firm of Chartered Surveyors. The valuation conforms to the International Valuation standards and was based on recent market transactions on arm's length tems for similar properties.    The value has not been amended in the financial statements.

Page 6

 
MFPA PUBLISHING LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2023

5.


Fixed asset investments





Investments in subsidiary companies

£



Cost 


At 1 July 2022
13,017



At 30 June 2023
13,017





6.


Debtors

2023
2022
£
£


Other debtors
81,420
79,126



7.


Creditors: Amounts falling due within one year

2023
2022
£
£

Amounts owed to group undertakings
649,823
649,823

Corporation tax
683
1,303

Other creditors
211,560
595,060

Accruals and deferred income
10,000
10,000

872,066
1,256,186



8.


Related party transactions

The following transaction and amounts were outstanding at the reporting end date were as follows:-

Fees receivable of £14,000 (2022 - £14,000) fom the partnership, Mouth & Foot Painting Artists and at the year end date, amount owed by Mouth & Foot Painting Artists amounted to £81,420 (2022 - £79,127).

Amounts due to the parent company, Vereinigung der Mund- und Fussmalenden Künstler in aller Welt, e. V. amounted to £649,823 (2022 - £649,823)

Page 7

 
MFPA PUBLISHING LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2023

9.


Controlling party

The parent company is a registered organisation in Liechtenstein, Vereinigung der Mund- und Fussmalenden Künstler in aller Welt, e. V. (VDMFK.).

10.


Auditors' information

The auditors' report on the financial statements for the year ended 30 June 2023 was unqualified.

The audit report was signed on 4 March 2024 by Nick Bishop FCA (Senior statutory auditor) on behalf of BKL Audit LLP.

 
Page 8