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Registered number: 03240151









YANKEE BOOK PEDDLER LIMITED









ANNUAL REPORT AND FINANCIAL STATEMENTS

FOR THE PERIOD ENDED 30 JUNE 2022

 
YANKEE BOOK PEDDLER LIMITED
 
 
COMPANY INFORMATION


Directors
A Kochar (appointed 26 May 2022)
B Lucas (appointed 13 February 2023)
G Powell (resigned 26 May 2022)
C Warren (appointed 26 May 2022, resigned 13 February 2023)




Company secretary
B Anderson (resigned 26 May 2022)



Registered number
03240151



Registered office
Buckles Solicitors LLP Grant House
101 Bourges Boulevard

Peterborough

PE1 1NG




Independent auditors
Mazars LLP
Chartered Accountants & Statutory Auditor

2 Chamberlain Square

Birmingham

B3 3AX





 
YANKEE BOOK PEDDLER LIMITED
 

CONTENTS



Page
Group Strategic Report
1 - 2
Directors' Report
3 - 5
Independent Auditors' Report
6 - 9
Consolidated Statement of Comprehensive Income
10
Consolidated Balance Sheet
11
Company Balance Sheet
12
Consolidated Statement of Changes in Equity
13
Company Statement of Changes in Equity
14
Consolidated Statement of Cash Flows
15 - 16
Consolidated Analysis of Net Debt
17
Notes to the Financial Statements
18 - 42


 
YANKEE BOOK PEDDLER LIMITED
 
 
GROUP STRATEGIC REPORT
FOR THE PERIOD ENDED 30 JUNE 2022

Introduction
 
This strategic report has been prepared for the Group as a whole and therefore gives greater emphasis to those matters which are significant to Yankee Book Peddler Limited and its subsidiary undertakings when viewed as a whole.

Principal activities

The Company's principal activity is that of a holding company. The activities of its trading subsidiaries are that of development and purchase of books and related products for sale to specialty retailers and membership warehouse clubs, and development and distribution of software for the management of library collections.

Business review
 
The director is satisfied with both revenue and profit results in the financial period versus the prior year per the KPI table below.
In a period of both political and economic turmoil, the directors are satisfied with both revenue and profit results in the financial period versus the prior year per the KPI table below.
Given the impact of government imposed restrictions on the UK retail sector, a marginal decline in revenue during the period is understandable and, once clear of Covid-19, recoverable. Software sales remained robust in North America. The group continues to focus on gross margins and this, together with a strong focus on costs, resulted in strong growth in operating profit despite competitive market conditions. 
Active cash management procedures in both of the main trading entities has resulted in an increase in cash reserves compared to prior year, and this continues to allow the group to operate without 3rd party funding in line with prior year. The group remains in a net current liability position which is a result of historic funding received from the wider group to allow for historic acquisitions, which is repayable on demand. The group continues to have the support of the ultimate parent company, and the BTAC United Acquisition Holding Company has confirmed that they intend to support the company for at least one year after these financial statements are signed. 
During the period ended June 30, 2022 Advanced Marketing (Europe) Limited, a subsidiary of Yankee Book Peddler Limited sold its shares in Baker & Taylor UK Ltd.  As a result of the transaction Yankee Book Peddler Limited used proceeds to repay outstanding balances owed to group companies.  
As a result of the transaction, the Group net assets have decreased, finishing the period to 30 June 2022 in excess of £5.7m. 
The director believes that the group's prospects are good. The director continues to regularly review and forecast the trading impact of COVID-19 within the main trading entities, and take mitigating action where necessary.

Page 1

 
YANKEE BOOK PEDDLER LIMITED
 

GROUP STRATEGIC REPORT (CONTINUED)
FOR THE PERIOD ENDED 30 JUNE 2022

Principal risks and uncertainties
 
The principal risks and uncertainties facing the Group surround economic factors and social trends that may affect the wholesale distribution of books, and ultimately the level of net income generated. A further risk facing the Group is the impact on revenue streams by significant change in funding policies for public library organisations in the UK, USA and Australia.
Competitive pressure is a continuing risk to maintain customers and grow the Group's customer base. The Group manages this risk by providing innovative and added value services to its customers, having fast response times not only in supplying products but in handling all customer queries, and by maintaining strong relationships with customers and suppliers.
The costs and finances of the Group are actively managed accordingly. The Directors regularly review these risks and take mitigating actions when appropriate.
The Directors continue to monitor the implications of Brexit. The Group sources limited products from within the EU and has a small number of EU customers, and therefore, Brexit is unlikely to have a major impact on the future operations of the Group.
Cyber threats and information security are a constant threat and the Group actively pursues strategies to mitigate these risks.
COVID-19 has introduced a risk of reduced revenue through specific customer channels as the UK government introduces lockdown measures to curb the spread of the virus. The Directors regularly review the potential impact of COVID-19 and take mitigating actions where appropriate.

Financial key performance indicators
 
Turnover, gross profit, operating profit and the value of net assets are used as financial key performance indicators (KPIs) by the director to monitor the performance of the Group.
 
KPI
2022
2021
Turnover
£38,409k
£29,039k
Gross Profit %
31%
32.4%
Operating Profit %
8.0%
8.2%
(Loss)/Profit for the period
(£1,164k)
£1,139K
Cash
£363k
£5,575k
Net assets
£5,767k
£6,931k


Future developments
 
The director expects the general level of activity to remain consistent in the forthcoming year.


This report was approved by the board and signed on its behalf.



B Lucas
Director

Date: 23 February 2024

Page 2

 
YANKEE BOOK PEDDLER LIMITED
 
 
 
DIRECTORS' REPORT
FOR THE PERIOD ENDED 30 JUNE 2022

The directors present their report and the financial statements for the period ended 30 June 2022.

Under s414c(11) of the Companies Act 2006, the director has included Future Developments within the strategic report on page 1, which would otherwise be required to be disclosed within the Directors' report under s416(4) of the Act.
 
Directors' responsibilities statement

The directors are responsible for preparing the Group Strategic Report, the Directors' Report and the consolidated 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 applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), 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 for the Group's financial statements and then apply them consistently;

make judgements and accounting estimates that are reasonable and prudent;

state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements; and

prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Group will continue in business.

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the Company's transactions and disclose with reasonable accuracy at any time the financial position of the Company and the Group and to enable them to ensure that the financial statements comply with the Companies Act 2006They 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.

Research and development

The Group continues to develop internal software. These development costs are recognised as intangible fixed assets in accordance with FRS 102. The related amortisation is provided when the software is brought into use.

Results and dividends

The loss for the period, after taxation, amounted to £1,164k (2021 - profit £1,139k.)

Directors

The directors who served during the period were:

A Kochar (appointed 26 May 2022)
G Powell (resigned 26 May 2022)
C Warren (appointed 26 May 2022, resigned 13 February 2023)

Page 3

 
YANKEE BOOK PEDDLER LIMITED
 
 
 
DIRECTORS' REPORT (CONTINUED)
FOR THE PERIOD ENDED 30 JUNE 2022

Financial risk management objectives and policies

The Group's activities expose it to a number of financial risks including credit risk, cash flow risk and liquidity risk.
The directors are responsible for the Group's financial risk management. The directors manage these risks on a group basis as detailed below.
Cash flow risk
The Group's activities expose it to the financial risks of changes in foreign currency exchange rates. The Group considers the use of foreign exchange forward contracts to hedge these exposures. At the period ended 30 June 2022 the Group held forward exchange contracts to the value of £nil (2021: £314k). 
In order to mitigate cashflow risks, the Company ensures it has sufficient cash on hand within the Group which allows it to meet liabilities as they arise. The Company also has access to further funds from the ultimate parent company if this is required.
Credit risk
The Group's principal financial assets are bank balances and cash, trade and other receivables.
The Group's credit risk is primarily attributable to its trade receivables. The amounts presented in the Balance Sheet are net of allowances for doubtful receivables. An allowance for impairment is made where there is an identified loss event which, based on previous experience, is evidence of a reduction in the recoverability of the cash flows.
The credit risk on liquid funds is limited because the counterparties are banks with high credit-ratings assigned by international credit-rating agencies.
Liquidity risk
In order to maintain sufficient liquidity and ensure that funds are available for ongoing operations and future developments, the Directors monitor cash flow forecasts and ensure the Group entities maintain sufficient cash holdings within the Group in order to address short term funding needs. The Group does not use any long or short term debt finance.
 
Disclosure of information to auditors

Each of the persons who are directors at the time when this Directors' Report is approved has confirmed that:
 
so far as the director is aware, there is no relevant audit information of which the Company and the Group's auditors are unaware, and

the director has taken all the steps that ought to have been taken as a director in order to be aware of any relevant audit information and to establish that the Company and the Group's auditors are aware of that information.

Page 4

 
YANKEE BOOK PEDDLER LIMITED
 
 
 
DIRECTORS' REPORT (CONTINUED)
FOR THE PERIOD ENDED 30 JUNE 2022


Post balance sheet events

There have been no significant events affecting the Group since the year end.

Auditors

The auditorsMazars LLPwill be proposed for reappointment in accordance with section 485 of the Companies Act 2006.

This report was approved by the board and signed on its behalf.
 





B Lucas
Director

Date: 23 February 2024

Page 5

 
YANKEE BOOK PEDDLER LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF YANKEE BOOK PEDDLER LIMITED
 

Opinion

We have audited the financial statements of Yankee Book Peddler Limited (the "parent company") for the period ended 30 June 2022 which comprise tthe Consolidated Statement of Comprehensive Income, the Consolidated Balance Sheet, the Company Balance Sheet, the Consolidated Statement of Changes in Equity, the Company Statement of Changes in Equity, the Consolidated Statement of Cash Flows, the Consolidated Analysis of Net Debt  and 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 FRS 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's affairs as at 30 June 2022 and of the group's loss for the period 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 Auditor’s responsibilities for the audit of the financial statements section of our report. We are independent of the group and the parent company 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.



 
Page 6

 
YANKEE BOOK PEDDLER LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF YANKEE BOOK PEDDLER LIMITED
 


Other information

The other information comprises the information included in the annual report, other than the financial statements and our auditor’s report thereon. The directors are responsible for the other information contained within the annual report. 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.
 
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 course of 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 Strategic Report and the Directors' Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
the Strategic Report and the Directors' Report have been prepared in accordance with applicable legal requirements.

Matters on which we are required to report by exception

In light of the knowledge and understanding of the group and the parent company and their environment obtained in the course of the audit, we have not identified material misstatements in the Strategic Report or the Directors' Report.

We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:

adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or
the 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 Directors' Responsibilities Statement set out on page 3, 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 is 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 intend to liquidate the group and the parent company or to cease operations, or have no realistic alternative but to do so.

Page 7

 
YANKEE BOOK PEDDLER LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF YANKEE BOOK PEDDLER LIMITED
 

Auditor's 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 an auditor’s report 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. 
Based on our understanding of the group and the parent company and their industry, we considered that non-compliance with the following laws and regulations might have a material effect on the financial statements: employment regulation, health and safety regulation and anti-money laundering regulation.
To help us identify instances of non-compliance with these laws and regulations, and in identifying and assessing the risks of material misstatement in respect to non-compliance, our procedures included, but were not limited to:
• Inquiring of management and, where appropriate, those charged with governance, as to whether the    group and the parent company is in compliance with laws and regulations, and discussing their policies    and procedures regarding compliance with laws and regulations;
• Inspecting correspondence, if any, with relevant licensing or regulatory authorities;
• Communicating identified laws and regulations to the engagement team and remaining alert to any    indications of non-compliance throughout our audit; and
• Considering the risk of acts by the group and the parent company which were contrary to applicable laws   and regulations, including fraud. 
We also considered those laws and regulations that have a direct effect on the preparation of the financial statements, such as tax legislation, pension legislation, the Companies Act 2006. 
In addition, we evaluated the directors’ and management’s incentives and opportunities for fraudulent manipulation of the financial statements, including the risk of management override of controls, and determined that the principal risks related to posting manual journal entries to manipulate financial performance, management bias through judgements and assumptions in significant accounting estimates, in particular in relation to revenue recognition (which we pinpointed to the cut-off assertion), and significant one-off or unusual transactions. 
Our audit procedures in relation to fraud included but were not limited to:
• Making enquiries of the directors and management on whether they had knowledge of any actual,     suspected or alleged fraud;
• Gaining an understanding of the internal controls established to mitigate risks related to fraud;
• Discussing amongst the engagement team the risks of fraud; and
• Addressing the risks of fraud through management override of controls by performing journal entry testing.
There are inherent limitations in the audit procedures described above and the primary responsibility for the prevention and detection of irregularities including fraud rests with management. As with any audit, there remained a risk of non-detection of irregularities, as these may involve collusion, forgery, intentional omissions, misrepresentations or the override of internal controls.
 
Page 8

 
YANKEE BOOK PEDDLER LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF YANKEE BOOK PEDDLER LIMITED
 

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 auditor’s report.

Use of the audit 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 an auditor's report 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.




Paul Kurowski (Senior statutory auditor)

  
for and on behalf of

Mazars LLP
Chartered Accountants and Statutory Auditor 
2 Chamberlain Square
Birmingham
B3 3AX

13 March 2024
Page 9

 
YANKEE BOOK PEDDLER LIMITED
 
 
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
FOR THE PERIOD ENDED 30 JUNE 2022

Continuing operations
Discontin'd operations
Total
Continuing operations
Discontin'd operations
Total
15 months ending
30 June
15 months ending
30 June
15 months ending
30 June
12 months ending
30 June
12 months ending
31 March
12 months ending
31 March
2022
2022
2022
2021
2021
2021
Note
£000
£000
£000
£000
£000
£000

  

Turnover
 4 
6,672
31,737
38,409
6,038
23,001
29,039

Cost of sales
  
(2,529)
(23,995)
(26,524)
(1,722)
(17,960)
(19,682)

Gross profit
  
4,143
7,742
11,885
4,316
5,041
9,357

Distribution costs
  
-
(2,321)
(2,321)
-
(1,812)
(1,812)

Administrative expenses
  
(2,989)
(3,561)
(6,550)
(2,432)
(3,288)
(5,720)

Other operating income
 5 
31
23
54
46
503
549

Operating profit
 6 
1,185
1,883
3,068
1,930
444
2,374

Loss on disposal of subsidiary
 26 
-
(2,376)
(2,376)
-
-
-

Interest receivable and similar income
 10 
3
5
8
-
-
-

Interest payable and similar expenses
 11 
(976)
-
(976)
(769)
-
(769)

(Loss)/profit before taxation
  
212
(488)
(276)
1,161
444
1,605

Tax on (loss)/profit
 12 
(529)
(359)
(888)
(468)
2
(466)

(Loss)/profit for the financial period
  
(317)
(847)
(1,164)
693
446
1,139

There were no recognised gains and losses for 2022 or 2021 other than those included in the consolidated statement of comprehensive income.

There was no other comprehensive income for 2022 (2021:£NIL).

The notes on pages 18 to 42 form part of these financial statements.

Page 10

 
YANKEE BOOK PEDDLER LIMITED
REGISTERED NUMBER: 03240151

CONSOLIDATED BALANCE SHEET
AS AT 30 JUNE 2022

30 June
31 March
2022
2021
Note
£000
£000

Fixed assets
  

Intangible assets
 14 
9,498
9,785

Tangible assets
 15 
499
746

  
9,997
10,531

Current assets
  

Stocks
 17 
-
5,841

Debtors: amounts falling due within one year
 18 
8,040
9,653

Cash at bank and in hand
 19 
363
5,575

  
8,403
21,069

Creditors: amounts falling due within one year
 20 
(11,613)
(24,050)

Net current liabilities
  
 
 
(3,210)
 
 
(2,981)

Total assets less current liabilities
  
6,787
7,550

Creditors: amounts falling due after more than one year
 21 
(140)
-

Provisions for liabilities
  

Deferred taxation
 23 
(880)
(619)

  
 
 
(880)
 
 
(619)

Net assets
  
5,767
6,931


Capital and reserves
  

Called up share capital 
 24 
503
503

Profit and loss account
 25 
5,264
6,428

  
5,767
6,931


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




B Lucas
Director

Date: 23 February 2024

Page 11

 
YANKEE BOOK PEDDLER LIMITED
REGISTERED NUMBER: 03240151

COMPANY BALANCE SHEET
AS AT 30 JUNE 2022

30 June
31 March
2022
2021
Note
£000
£000

Fixed assets
  

Investments
 16 
3,879
3,879

  
3,879
3,879

  

Creditors: amounts falling due within one year
 20 
(8,491)
(8,096)

Net current liabilities
  
 
 
(8,491)
 
 
(8,096)

Total assets less current liabilities
  
(4,612)
(4,217)

  

  

Net liabilities
  
(4,612)
(4,217)


Capital and reserves
  

Called up share capital 
 24 
503
503

Profit and loss account carried forward
  
(5,115)
(4,720)

  
(4,612)
(4,217)


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





B Lucas
Director

Date: 23 February 2024

Page 12

 
YANKEE BOOK PEDDLER LIMITED
 

CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
FOR THE PERIOD ENDED 30 JUNE 2022


Called up share capital
Profit and loss account
Total equity

£000
£000
£000


At 1 April 2020 (as previously stated)
503
5,208
5,711

Prior year adjustment - correction of error
-
81
81


At 1 April 2020 (as restated)
503
5,289
5,792


Comprehensive income for the year

Profit for the year
-
1,139
1,139



At 1 April 2021
503
6,428
6,931


Comprehensive income for the period

Loss for the period
-
(1,164)
(1,164)


At 30 June 2022
503
5,264
5,767


The notes on pages 18 to 42 form part of these financial statements.

Page 13

 
YANKEE BOOK PEDDLER LIMITED
 

COMPANY STATEMENT OF CHANGES IN EQUITY
FOR THE PERIOD ENDED 30 JUNE 2022


Called up share capital
Profit and loss account
Total equity

£000
£000
£000


At 1 April 2020
503
(4,409)
(3,906)


Comprehensive income for the year

Loss for the year
-
(311)
(311)



At 1 April 2021
503
(4,720)
(4,217)


Comprehensive income for the year

Loss for the period
-
(395)
(395)


At 30 June 2022
503
(5,115)
(4,612)


The notes on pages 18 to 42 form part of these financial statements.

Page 14

 
YANKEE BOOK PEDDLER LIMITED
 

CONSOLIDATED STATEMENT OF CASH FLOWS
FOR THE PERIOD ENDED 30 JUNE 2022

15 months ending 30 June
12 months ending 31 March
2022
2021
£000
£000

Cash flows from operating activities

(Loss)/profit for the financial period
(1,164)
1,139

Adjustments for:

Amortisation of intangible assets
1,298
931

Depreciation of tangible assets
320
265

Loss on disposal of tangible assets
81
-

Prior year adjustment
-
23

Interest paid
976
769

Interest received
(8)
-

Taxation charge
888
466

(Increase)/decrease in stocks
(1,082)
1,261

Decrease/(increase) in debtors
1,613
(750)

(Decrease)/increase in creditors
(8,487)
29

Corporation tax (paid)
(691)
(339)

Disposal of subsidiaries
2,376
-

Net cash generated from operating activities

(3,880)
3,794


Cash flows from investing activities

Purchase of intangible fixed assets
(1,011)
(785)

Purchase of tangible fixed assets
(278)
(196)

Sale of tangible fixed assets
(51)
-

Interest received
8
-

Net cash from investing activities

(1,332)
(981)
Page 15

 
YANKEE BOOK PEDDLER LIMITED
 

CONSOLIDATED STATEMENT OF CASH FLOWS (CONTINUED)
FOR THE PERIOD ENDED 30 JUNE 2022

30 June
31 March

2022
2021

£000
£000




Net (decrease)/increase in cash and cash equivalents
(5,212)
2,813

Cash and cash equivalents at beginning of period
5,575
2,762

Cash and cash equivalents at the end of period
363
5,575


Cash and cash equivalents at the end of period comprise:

Cash at bank and in hand
363
5,575

363
5,575


The notes on pages 18 to 42 form part of these financial statements.

Page 16

 
YANKEE BOOK PEDDLER LIMITED
 

CONSOLIDATED ANALYSIS OF NET DEBT
FOR THE PERIOD ENDED 30 JUNE 2022






At 1 April 2021
Cash flows
Acquisition and disposal of subsidiaries
Other non-cash changes
At 30 June 2022
£000

£000

£000

£000

£000

Cash at bank and in hand

5,575

(178)

(5,034)

-

363

Debt due within 1 year

(15,339)

336

5,950

1,500

(7,553)


(9,764)
158
916
1,500
(7,190)

The notes on pages 18 to 42 form part of these financial statements.

Page 17

 
YANKEE BOOK PEDDLER LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 30 JUNE 2022

1.


General information

Yankee Book Peddler Limited, is a private company, limited by shares and incorporated in England & Wales under the Companies Act 2006. The address of the registered office is found on the Company information page.
The presentational currency of the financial statements is pound sterling which is the functional currency of the Company and the financial statements are rounded to the nearest thousand £.
The principal activities of the Company and its subsidiaries (the Group) and the nature of the Group's operations are set out in the strategic report on page 1.

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 Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires Group management to exercise judgement in applying the Group's accounting policies (see note 3).
The functional currency of the Group is considered to be pounds sterling because that is the currency of the primary economic environment in which the Company operates. The consolidated financial statements are also presented in pounds sterling. Foreign operations are included in accordance with the policies set out below.

The Company has taken advantage of the exemption allowed under section 408 of the Companies Act 2006 and has not presented its own Statement of Comprehensive Income in these financial statements.
During the period the company changed its financial year end to bring the financial period end in line with the rest of the group.

The following principal accounting policies have been applied:

 
2.2

Basis of consolidation

The consolidated financial statements present the results of the Company and its own subsidiaries ("the Group") as if they form a single entity. Intercompany transactions and balances between group companies are therefore eliminated in full.
The consolidated financial statements incorporate the results of business combinations using the purchase method. In the Balance Sheet, the acquiree's identifiable assets, liabilities and contingent liabilities are initially recognised at their fair values at the acquisition date. The results of acquired operations are included in the Consolidated Statement of Comprehensive Income from the date on which control is obtained. They are deconsolidated from the date control ceases.
 
Page 18

 
YANKEE BOOK PEDDLER LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 30 JUNE 2022

2.Accounting policies (continued)

 
2.3

Going concern

The Group's business activities, together with the factors likely to affect its future development, performance and position are set out in the strategic report. At 30 June 2022, the Group held cash of £363k (2021: £5,575k), net current liabilities of £3,210k (2021: £2,981k), net assets of £5,767k (2021: £6,931k) and all trading entities with the Group continued to trade profitably. The directors' report further describes the financial position of the Group; its cash flows, liquidity position; and its exposure to credit risk. Notwithstanding the net current liabilities position of the Group, the director has considered the following factors and prepared the financial statements on a going concern basis.
The Group meets its day to day working capital requirements through its current cash balances. The current economic conditions create uncertainty particularly over (a) the level of demand for the Group's products; (b) the associated cost of the Group's finished goods; and (c) the availability of bank finance in the foreseeable future. The Group's forecasts and projections, taking account of reasonably possible changes in trading performance, show that the Group should be able to operate within the level to meet its short term obligations in the next 12 months.
In addition to the above, the ultimate parent BTAC United Acquisition Holding Company, has confirmed that they intend to support the Company for at least one year after these financial statements are signed.
The directors have a reasonable expectation that the Group and Company have adequate resources to continue in operational existence for the next 12 months. Thus they continue to adopt the going concern basis of accounting in preparing the annual financial statements.

  
2.4

Foreign currency

Transactions in foreign currencies are recorded at the rate of exchange at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies at the balance sheet date are reported at the rates of exchange prevailing at that date.
Exchange differences are recognised in the Statement of Comprehensive Income in the period in which they arise except for:
• Exchange differences on transactions entered into to hedge certain foreign currency risks; and
• Exchange differences arising on gains or losses on non-monetary items which are recognised in    other comprehensive income.

  
2.5

Turnover

Turnover is stated net of VAT, returns and trade discounts and is recognised when the significant risks and rewards are considered to have been transferred to the buyer. Turnover from the sale of goods is recognised when the goods are delivered to the customer. Turnover from the supply of services represents the value of services provided under contracts to the extent that there is a right to consideration and is recorded at the fair value of the consideration received or receivable. Where a contract has only been partially completed at the balance sheet date turnover represents the fair value of the service provided to date based on the stage of completion of the contract activity at the balance sheet date. Where payments are received from customers in advance of services provided, the amounts are recorded as deferred income and included as part of creditors due within one year.

Page 19

 
YANKEE BOOK PEDDLER LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 30 JUNE 2022

2.Accounting policies (continued)

  
2.6

Leases

The Group as lessee
Assets held under finance leases, hire purchase contracts and other similar arrangements, which confer rights and obligations similar to those attached to owned assets, are capitalised as tangible fixed assets at the fair value of the leased asset (or, if lower, the present value of the minimum lease payments as determined at the inception of the lease) and are depreciated over the shorter of the lease terms and their useful lives. The capital elements of future lease obligations are recorded as liabilities, while the interest elements are charged to the Statement of Comprehensive Income over the period of the leases to produce a constant periodic rate of interest on the remaining balance of the liability.
Rentals under operating leases are charged on a straight-line basis over the lease term, even if the payments are not made on such a basis. Benefits received and receivable as an incentive to sign an operating lease are similarly spread on a straight-line basis over the lease term.

 
2.7

Research and development

In the research phase of an internal project it is not possible to demonstrate that the project will generate future economic benefits and hence all expenditure on research shall be recognised as an expense when it is incurred. Intangible assets are recognised from the development phase of a project if and only if certain specific criteria are met in order to demonstrate the asset will generate probable future economic benefits and that its cost can be reliably measured. The capitalised development costs are subsequently amortised on a straight-line basis over their useful economic lives, which is 10 years.
If it is not possible to distinguish between the research phase and the development phase of an internal project, the expenditure is treated as if it were all incurred in the research phase only.

  
2.8

Government grants

Where grants are received from government agencies and which meet the definition of government grants, they are recognised when there is reasonable assurance that the conditions attached to them will be complied with and that the grant will be received.
Government grants are recognised using the accrual model and are grants relating to revenue. Grants relating to revenue are recognised in income on a systematic basis over the period in which related costs for which the grant is intended to compensate are recognised. Where a grant is receivable as compensation for expenses or losses already incurred or for the purpose of giving immediate financial support with no future related costs, it is recognised as revenue in the period in which it becomes receivable. Government grants received during the period relate solely to the Coronavirus Job Retention Scheme.

 
2.9

Interest income

Interest income is recognised when it is probable that the economic benefits will flow to the Group and the amount of revenue can be measured reliably. Interest income is accrued on a time basis, by reference to the principal outstanding and at the effective interest rate applicable, which is the rate that exactly discounts estimated future cash receipts through the expected life of the financial asset to that asset's net carrying amount on initial recognition.

Page 20

 
YANKEE BOOK PEDDLER LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 30 JUNE 2022

2.Accounting policies (continued)

 
2.10

Finance costs

Finance costs are charged to the Statement of Comprehensive Income over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

 
2.11

Pensions

Defined contribution pension plan

The Group operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Group pays fixed contributions into a separate entity. Once the contributions have been paid the Group has no further payment obligations.

The contributions are recognised as an expense in the Statement of Comprehensive Income when they fall due. Amounts not paid are shown in accruals as a liability in the Balance Sheet. The assets of the plan are held separately from the Group in independently administered funds.

  
2.12

Taxation

Current tax, including UK corporation tax and foreign tax, is provided at amounts expected to be paid (or recovered) using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date where transactions or events that result in an obligation to pay more tax in the future or a right to pay less tax in the future have occurred at the balance sheet date. Timing differences are differences between the Company's taxable profits and its results as stated in the financial statements that arise from the inclusion of gains and losses in tax assessments in periods different from those in which they are recognised in the financial statements.
Unrelieved tax losses and other deferred tax assets are recognised only to the extent that, on the basis of all available evidence, it can be regarded as more likely than not that there will be suitable taxable profits from which the future reversal of the underlying timing differences can be deducted.
When the amount that can be deducted for tax for an asset that is recognised in a business combination is less (more) than the value at which it is recognised, a deferred tax liability (asset) is recognised for the additional tax that will be paid (avoided) in respect of that difference. Similarly, a deferred tax asset (liability) is recognised for the additional tax that will be avoided (paid) because of a difference between the value at which a liability is recognised and the amount that will be assessed for tax.
Deferred tax liabilities are recognised for timing differences arising from investments in subsidiaries and associates, except where the Company is able to control the reversal of the timing difference and it is probable that it will not reverse in the foreseeable future.
Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date that are expected  to apply to the reversal of the timing difference. Deferred tax relating to property, plant and equipment measured using the revaluation model and investment property is measured using the tax rates and allowances that apply to sale of the asset.
 
Page 21

 
YANKEE BOOK PEDDLER LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 30 JUNE 2022

2.Accounting policies (continued)

Where items recognised in other comprehensive income or equity are chargeable to or deductible for tax purposes, the resulting current or deferred tax expense or income is presented in the same component of comprehensive income or equity as the transaction or other event that resulted in the tax expense or income.
Current tax assets and liabilities are offset only when there is a legally enforceable right to set off the amounts and the Company intends either to settle on a net basis or to realise the asset and settle the liability simultaneously.
Deferred tax assets and liabilities are offset only if: a) the Company has a legally enforceable right to set off current tax assets against current tax liabilities; and b) the deferred tax assets and deferred tax liabilities relate to income taxes levied by the same taxation authority on either the same taxable entity or different taxable entities which intend either to settle current tax liabilities and assets on a net basis, or to realise the assets and settle the liabilities simultaneously, in each future period in which significant amounts of deferred tax liabilities or assets are expected to be settled or recovered.

 
2.13

Intangible assets

Goodwill

Goodwill arising on the acquisition of Bridgeall Libraries Limited, representing any excess of the fair value of the consideration given over the fair value of the identifiable assets and liabilities acquired, is capitalised and written off on a straight line basis over its useful economic life, which is 20 years. Provision is made for any impairment.

Other intangible assets - Software development costs

Intangible assets relating to internally developed software are recognised and carried at cost less accumulated amortisation and accumulated impairment loss. Amortisation is recognised on a straight line basis over their estimated useful lives of 10 years being the commercial life of the developed software. The estimated useful life and amortisation method are reviewed at the end of each reporting period, with the effect of any changes in estimate being accounted for on a prospective basis.


Page 22

 
YANKEE BOOK PEDDLER LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 30 JUNE 2022

2.Accounting policies (continued)

 
2.14

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.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.

Depreciation is provided on the following basis:

Plant and machinery
-
4 - 15 years
Fixtures and fittings
-
4 - 5 years
Computer equipment
-
4 years

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 the Statement of Comprehensive Income.

  
2.15

Investments

Investments in subsidiaries and associates are measured at cost less impairment. For investments in subsidiaries acquired for consideration including the issue of shares qualifying for merger relief, cost is measured by reference to the nominal value of the shares issued plus fair value of other consideration. Any premium is ignored.

  
2.16

Impairment of assets

Assets, other than those measured at fair value, are assessed for indicators of impairment at each balance sheet date. If there is objective evidence of impairment, an impairment loss is recognised in the Statement of Comprehensive Income as described below.
(i) Non-financial assets
An asset is impaired where there is objective evidence that, as a result of one or more events that occurred after initial recognition, the estimated recoverable value of the asset has been reduced. The recoverable amount of an asset is the higher of its fair value less costs to sell and its value in use.
Where indicators exist for a decrease in impairment loss, the prior impairment loss is tested to determine reversal. An impairment loss is reversed on an individual impaired asset to the extent that the revised recoverable value does not lead to a revised carrying amount higher than the carrying value had no impairment been recognised.
(ii) Financial assets
For financial assets carried at amortised cost, the amount of impairment is the difference between the asset's carrying amount and the present value of estimated future cash flows, discounted at the financial asset's original effective interest rate.
 
Page 23

 
YANKEE BOOK PEDDLER LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 30 JUNE 2022

2.Accounting policies (continued)

For financial assets carried at cost less impairment, the impairment loss is the difference between the asset's carrying amount and the best estimate of the amount that would be received for the asset if it were to be sold at the reporting date.
Where indicators exist for a decrease in impairment loss, and the decrease can be related objectively to an event occurring after the impairment was recognised, the prior impairment loss is tested to determine reversal. An impairment loss is reversed on an individual impaired financial asset to the extent that the revised recoverable value does not lead to a revised carrying amount higher than the carrying value had no impairment been recognised.

  
2.17

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to sell, which is equivalent to the net realisable value. Cost includes materials, direct labour and an attributable proportion of manufacturing overheads based on normal levels of activity. Cost is calculated using the FIFO (first in, first out) method. Provision is made for obsolete, slow-moving or defective items where appropriate.

 
2.18

Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

 
2.19

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.

In the Consolidated Statement of Cash Flows, cash and cash equivalents are shown net of bank overdrafts that are repayable on demand and form an integral part of the Group's cash management.

 
2.20

Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

Page 24

 
YANKEE BOOK PEDDLER LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 30 JUNE 2022

2.Accounting policies (continued)

  
2.21

Provisions

Provisions are recognised when the Group has a present obligation (legal or constructive) 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 balance sheet date, taking into account the risks and uncertainties surrounding the obligation. Where a provision is measured using the cash flows estimated to settle the present obligation, its carrying amount is the present value of those cash flows (when the effect of the time value of money is material).
When some or all of the economic benefits required to settle a provision are expected to be recovered from a third party, a receivable is recognised as an asset if it is virtually certain that reimbursement will be received and the amount of the receivable can be measured reliably.

  
2.22

Financial instruments

Financial assets and financial liabilities are recognised when the Group becomes a party to the contractual provisions of the instrument.
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the Group after deducting all of its liabilities.
(i) Financial assets and liabilities
All financial assets and liabilities are initially measured at transaction price (including transaction costs), except for those financial assets classified as at fair value through the Statement of Comprehensive Income, which are initially measured at fair value (which is normally the transaction price excluding transaction costs), unless the arrangement constitutes a financing transaction. If an arrangement constitutes a financing transaction, the financial asset or financial liability is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.
Financial assets and liabilities are only offset in the Balance Sheet when, and only when there exists a legally enforceable right to set off the recognised amounts and the Group intends either to settle on a net basis, or to realise the asset and settle the liability simultaneously.
(ii) Equity instruments
Equity instruments issued by the Company are recorded at the fair value of cash or other resources received or receivable, net of transaction costs.
(iii) Fair value measurement
The best evidence of fair value is a quoted price for an identical asset in an active market. When quoted prices are unavailable, the price of a recent transaction for an identical asset provides evidence of fair value as long as there has not been a significant change in economic circumstances or a significant lapse of time since the transaction took place. If the market is not active and recent transactions of an identical asset on their own are not a good estimate of fair value, the fair value is estimated by using a valuation technique. 
Page 25

 
YANKEE BOOK PEDDLER LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 30 JUNE 2022

3.


Judgements in applying accounting policies and key sources of estimation uncertainty

In the application of the Group's accounting policies, which are described in note 2, the director is required to make judgements (other than those involving estimations) that have a significant impact on the amounts recognised and to make estimates and assumptions about the carrying amounts of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised if the revision affects only that period, or in the period of the revision and future periods if the revision affects both current and future periods.
Critical judgements in applying the Group's accounting policies
There are no critical judgements that the director has made in the process of applying the Group's accounting policies to the amounts recognised in the financial statements. No significant judgements have been made by management in preparing these financial statements other than depreciation and residual values of all fixed intangible and tangible asset classes, and in particular, the useful economic life and residual values of goodwill, software development costs, plant & machinery, fixtures & fittings, and computer equipment and have concluded that asset lives and residual values are appropriate.
Trade debtors consist of amounts due from customers. An allowance for doubtful debts is maintained for estimated losses resulting from the viability of the Group's customers to make required payment. The allowance is based on the Group's regular assessment of the credit worthiness and financial conditions for customers.
Key sources of estimation uncertainty
i) Inventory provisions
Stock provisions are made on a consistent basis at the period-end based on an ageing profile of the stock holding along with a specific reserve for clearance titles.
ii) Returns provisions
Sales returns provision involve an estimate of the level of returns expected to be received post year-end in relation to the financial year. Management consistently determine this based on historical experience in relation to the percentage of expected returns of pre year-end sales. Inventory is adjusted in line with the corresponding sales returns provision.
iii) Impairment of intangible assets
Determining whether intangible assets are impaired requires an estimation of their value in use to the Group. The value in use calculation requires the entity to estimate the future cash flows expected to arise from the intangible asset and a suitable discount rate in order to calculate carrying value.

Page 26

 
YANKEE BOOK PEDDLER LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 30 JUNE 2022

4.


Turnover

Turnover, which is stated net of value added tax, represents amounts invoiced to third parties and is principally attributable to the sale of books to specialty retailers and membership warehouse clubs, and the development and distribution of software for the management of library collections, which are conducted by two separate subsidiaries of the Group.
An analysis of the Group's turnover by class and category of business is set out below.


15 month period ending
30 June
12 months ending 
31 March
2022
2021
£000
£000



Book sales
31,633
22,915

Software
6,672
6,038

Other (non-core)
104
86

38,409
29,039

An analysis of the Group's turnover by geographical market is set out below.


15 month period ending
30 June
12 months ending 
31 March
2022
2021
£000
£000



UK
31,468
22,913

Rest of European Union
635
481

North America
4,937
4,504

Rest of the world
1,369
1,141

38,409
29,039

Page 27

 
YANKEE BOOK PEDDLER LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 30 JUNE 2022

5.


Other operating income

15 months ending
30 June
12 months ending
31 March
2022
2021
£000
£000

Other operating income
54
-

Government grants - CJRS
-
549

54
549


The Group received grants in relation to the Coronavirus Job Retention Scheme which is accounted for as a revenue grant, used in full to pay employees on furlough. £Nil (2021: £549k) has been credited to the Statement of Comprehensive Income in relation to this grant.


6.


Operating profit

The operating profit is stated after charging:

15 months ending
30 June
12 months ending
31 March
2022
2021
£000
£000

Research & development charged as an expense
910
816

Depreciation of tangible fixed assets
320
265

Amortisation of goodwill
663
531

Amortisation of other intangible assets
635
400

Impairment of stock recognised as an expense
310
117

Exchange differences
(94)
27

Other operating lease rentals
686
641

Page 28

 
YANKEE BOOK PEDDLER LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 30 JUNE 2022

7.


Auditors' remuneration

During the period, the Group obtained the following services from the Company's auditors:


15 months ending
30 June
12 months ending
31 March
2022
2021
£000
£000

Fees payable to the Company's auditors for the audit of the consolidated and parent Company's financial statements

64
49


Mazars LLP are also engaged to perform corporation tax compliance services and financial statements preparation services.
Corporation tax fees for the group are £12k in 2022 (2021: £13k).
Financial statements preparation fees for the group are £10k in 2022 (2021: £nil).




Page 29

 
YANKEE BOOK PEDDLER LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 30 JUNE 2022

8.


Employees

Staff costs, including directors' remuneration, were as follows:


Group
15 month period ending
30 June
Group
12 months ended
31 March
Company
15 month period ending
30 June
Company
12 months ended
31 March
2022
2021
2022
2021
£000
£000
£000
£000


Wages and salaries
4,819
4,031
-
-

Social security costs
421
373
-
-

Cost of defined contribution scheme
280
171
-
-

5,520
4,575
-
-


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


  15 months ending
        30 June
  12 months ending
        31 March
        2022
        2021
            No.
            No.







Sales
101
114



Administration
15
17

116
131

The Company has no employees other than the director, who did not receive any remuneration (2021 - £NIL)
Page 30

 
YANKEE BOOK PEDDLER LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 30 JUNE 2022

9.


Director's remuneration and transactions

15 month period ending
30 June
12 months ended
31 March
2022
2021
£000
£000

Directors remuneration


Emoluments
204
154

Group contributions to money purchase pension schemes
16
19

220
173

The highest paid director received remuneration of £204k for the period ended 30 June 2022 (year ended 31 March 2021 - £154k).
The value of the Group's contributions paid to a defined contribution pension scheme in respect of the
highest paid director for the period ending 30 June 2022 amounted to £16k (year ended 31 March 2021 - £19k).
The total accrued pension provision of the highest paid director at 30 June 2022 amounted to £Nil
(31 March 2021 - £NIL).

 
15 month period ending
30 June
12 months ended
31 March
2022
2021
No.
No.

The number of directors who:


Are members of a money purchase pension scheme
1
1

1
1


10.


Interest receivable

15 months ending
30 June
12 months ending
31 March
2022
2021
£000
£000


Other interest receivable
8
-

8
-

Page 31

 
YANKEE BOOK PEDDLER LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 30 JUNE 2022

11.


Interest payable and similar expenses

15 months ending
30 June
12 months ending
31 March
2022
2021
£000
£000


Loans from group undertakings
976
769

976
769


12.


Taxation


15 months ending
30 June
12 months ending
31 March
2022
2021
£000
£000

Corporation tax


Current tax on profits for the period
685
463


Total current tax
685
463

Deferred tax


Origination and reversal of timing differences
(87)
42

Adjustment in respect of prior periods
57
(39)

Effect of increased/decreased tax rate on opening balance
233
-

Total deferred tax
203
3


Taxation on profit on ordinary activities
888
466
Page 32

 
YANKEE BOOK PEDDLER LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 30 JUNE 2022
 
12.Taxation (continued)


Factors affecting tax charge for the period/year

The tax assessed for the period/year is higher than (2021 - higher than) the standard rate of corporation tax in the UK of 19% (2021 - 19%). The differences are explained below:

15 months ending
30 June
12 months ending
31 March
2022
2021
£000
£000


(Loss)/profit on ordinary activities before tax
(276)
1,605


(Loss)/profit on ordinary activities multiplied by standard rate of corporation tax in the UK of 19% (2021 - 19%)
(52)
305

Effects of:


Non-tax deductible amortisation of goodwill and impairment
126
-

Fixed asset differences
(11)
21

Expenses not deductible for tax purposes
607
179

Adjustments to tax charge in respect of prior periods - deferred tax
57
(39)

Remeasurement of deferred tax for changes in tax rates
161
-

Total tax charge for the period/year
888
466


Factors that may affect future tax charges

The Finance Act 2021 was substantially enacted in May 2021 and has increased the corporation tax rate from 19% to 25% with effect from 1 April 2023. The deferred taxation balances have been measured using the rates expected to apply in the reporting periods when the timing differences reverse.


13.


Parent company profit for the year

The Company has taken advantage of the exemption allowed under section 408 of the Companies Act 2006 and has not presented its own Statement of Comprehensive Income in these financial statements. The loss after tax of the parent Company for the period/year was £395k (2021 - loss £311K).

Page 33

 
YANKEE BOOK PEDDLER LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 30 JUNE 2022

14.


Intangible assets

Group and Company







Software development costs
Goodwill
Total

£000
£000
£000



Cost


At 1 April 2021
6,538
10,612
17,150


Additions
1,011
-
1,011


Disposals
(1,023)
-
(1,023)



At 30 June 2022

6,526
10,612
17,138



Amortisation


At 1 April 2021
2,412
4,953
7,365


Charge for the period on owned assets
635
663
1,298


On disposals
(1,023)
-
(1,023)



At 30 June 2022

2,024
5,616
7,640



Net book value



At 30 June 2022
4,502
4,996
9,498



At 31 March 2021
4,126
5,659
9,785

The Company did not maintain any intangible fixed assets as at 30 June 2022 (2021: £Nil).



Page 34

 
YANKEE BOOK PEDDLER LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 30 JUNE 2022

15.


Tangible fixed assets

Group








Plant and machinery
Fixtures and fittings
Computer equipment
Total

£000
£000
£000
£000



Cost 


At 1 April 2021
2,259
2,071
773
5,103


Additions
-
-
278
278


Disposals
-
(75)
(219)
(294)


Disposal of subsidiary
(2,259)
(1,996)
-
(4,255)



At 30 June 2022

-
-
832
832



Depreciation


At 1 April 2021
2,064
1,873
420
4,357


Charge for the period on owned assets
92
96
132
320


Disposals
-
(45)
(219)
(264)


Disposal of subsidiary
(2,156)
(1,924)
-
(4,080)



At 30 June 2022

-
-
333
333



Net book value



At 30 June 2022
-
-
499
499



At 31 March 2021
195
198
353
746

The Company did not maintain any tangible fixed assets as at 30 June 2022 (2021: £Nil).

Page 35

 
YANKEE BOOK PEDDLER LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 30 JUNE 2022

16.


Fixed asset investments

Company








Investments in subsidiary companies

£000



Cost or valuation


At 1 April 2021
3,879



At 30 June 2022
3,879





Subsidiary undertakings


The following were subsidiary undertakings of the Company:

Name

Registered office

Class of shares

Holding

Baker & Taylor UK Investments Limited
1 Whittle Drive, Eastbourne, East Sussex, BN23 6QH
Ordinary
100%
Advanced Marketing (Europe) Limited
Buckles Solicitors LLP, Grant House, 101 Bourges Boulevard, Peterborough, PE1 1NG
Ordinary
100%
Bridgeall Libraries Limited
220 St. Vincent Street, Glasgow, G2 5SG
Ordinary
100%

The aggregate of the share capital and reserves as at 30 June 2022 and the profit or loss for the period ended on that date for the subsidiary undertakings were as follows:

Name
Aggregate of share capital and reserves
Profit/(Loss)
£000
£000

Baker & Taylor UK Investments Limited
3,879
-

Advanced Marketing (Europe) Limited
6,973
3,478

Bridgeall Libraries Limited
12,900
1,323

Page 36

 
YANKEE BOOK PEDDLER LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 30 JUNE 2022

17.


Stocks

Group
30 June
Group
31 March
Company
30 June
Company
31 March
2022
2021
2022
2021
£000
£000
£000
£000

Finished goods and goods for resale
-
5,841
-
-

-
5,841
-
-


The difference between purchase price or production cost of stocks and their replacement cost is not material.


18.


Debtors

Group
30 June
Group
31 March
Company
30 June
Company
31 March
2022
2021
2022
2021
£000
£000
£000
£000


Trade debtors
1,289
2,489
-
-

Amounts owed by group undertakings
6,457
6,533
-
-

Other debtors
-
104
-
-

Prepayments and accrued income
294
527
-
-

8,040
9,653
-
-


Amounts owed by group undertakings are interest free, unsecured and repayable on demand.


19.


Cash and cash equivalents

Group
30 June
Group
31 March
Company
30 June
Company
31 March
2022
2021
2022
2021
£000
£000
£000
£000

Cash at bank and in hand
363
5,575
-
-

363
5,575
-
-


Page 37

 
YANKEE BOOK PEDDLER LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 30 JUNE 2022

20.


Creditors: Amounts falling due within one year

Group
30 June
Group
31 March
Company
30 June
Company
31 March
2022
2021
2022
2021
£000
£000
£000
£000

Trade creditors
43
3,767
-
-

Amounts owed to group undertakings
7,553
15,339
8,491
8,096

Corporation tax
155
161
-
-

Other taxation and social security
-
68
-
-

Other creditors
59
-
-
-

Accruals and deferred income
3,803
4,715
-
-

11,613
24,050
8,491
8,096


Amounts owed to group undertakings are unsecured, have no fixed repayment date and are repayable on demand.
Included within amounts owed to group undertakings is a loan of £3,775k (2021: £3,775k) which attracts interest at a fixed annual rate of 8.27%, and a further loan of £2,171 (2021: £5,740k) which attracts interest at 8% per annum.
All other amounts owed to group undertakings do not bear any interest.


21.


Creditors: Amounts falling due after more than one year

Group
30 June
Group
31 March
Company
30 June
Company
31 March
2022
2021
2022
2021
£000
£000
£000
£000

Accruals and deferred income
140
-
-
-

140
-
-
-




Page 38

 
YANKEE BOOK PEDDLER LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 30 JUNE 2022

22.


Financial instruments

The carrying values of the Group and Company's financial assets and liabilities are summarised by category below:

Group
30 June
Group
31 March
Company
30 June
Company
31 March
2022
2021
2022
2021
£000
£000
£000
£000

Financial assets

Measured at undiscounted amount receivable - Trade receivables
1,289
2,489
-
-

Measured at undiscounted amount receivable - Amounts due from group undertakings
6,457
6,533
-
-

7,746
9,022
-
-


Financial liabilities

Measured at undiscounted amount payable - Trade payables
43
3,767
-
-

Measured at undiscounted amount receivable - Amounts due to group undertakings
7,553
15,339
8,491
8,096

7,596
19,106
8,491
8,096


The Group's income, expense, gains and losses in respect of financial instruments are summarised below:


15 months ending 30 June
12 months ending 31 March
2022
2021
£000
£000

Interest income and expense


Total interest expense for financial liabilities
976
769

976
769

Page 39

 
YANKEE BOOK PEDDLER LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 30 JUNE 2022

23.


Deferred taxation


Group



2022


£000






At beginning of period
(619)


Charged to profit or loss
(202)


Disposal of subsidiaries
(59)



At end of period
(880)

Group
30 June
Group
31 March
Company
30 June
Company
31 March
2022
2021
2022
2021
£000
£000
£000
£000

Accelerated capital allowances
880
703
-
-

Other timing differences
-
(84)
-
-

880
619
-
-

Deferred tax assets and liabilities are offset only where the Group has a legally enforceable right to do so and where the assets and liabilities relate to income taxes levied by the same taxation authority on the same taxable entity or another entity within the Group.
There is no expiry date on timing differences, unused tax losses or tax credits.
Company
The Company did not maintain any provisions as at 30 June 2022 (2021: £Nil).


24.


Share capital

30 June
31 March
2022
2021
£000
£000
Allotted, called up and fully paid



503,434 (2021 - 503,434) Ordinary shares of £1.00 each
503
503

The Company has one class of ordinary shares which carry no right to fixed income.
The profit and loss reserve represents cumulative profits or losses.


Page 40

 
YANKEE BOOK PEDDLER LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 30 JUNE 2022

25.


Reserves

Profit and loss account

The profit and loss reserve includes the retained earnings of current and prior periods.


26.


Discontinued operations

On 26th May 2022 Advanced Marketing (Europe) Limited, a subsidiary of Yankee Book Peddler Limited, sold its shares in Baker & Taylor UK Ltd. During the 14 months of ownership Baker & Taylor UK Ltd contributed post-tax profit of £1,529k (2021: full year profit of £446k).

£000


Cash proceeds
5,950

(5,950)

Net assets disposed of:


Tangible fixed assets
271

Stocks
6,923

Debtors
1,785

Cash
5,034

Creditors
(5,687)

 
 
(8,326)

Loss on disposal before tax
2,376

The net inflow of cash in respect of the sale of Baker & Taylor (UK) Limited is as follows:

£000


Cash consideration
5,950

Net inflow of cash
5,950


27.


Pension commitments

The Group operates defined contribution retirement benefit schemes for all qualifying employees. The total expense charged to the Statement of Comprehensive Income in the period ended 30 June 2022 was £259k (2021: £171k). The pension creditor as at 30 June 2022 was £9k (31 March 2021: £32k).

Page 41

 
YANKEE BOOK PEDDLER LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 30 JUNE 2022

28.


Commitments under operating leases

At 30 June 2022 the Group and the Company had future minimum lease payments due under non-cancellable operating leases for each of the following periods:


Group
30 June
Group
31 March
2022
2021
£000
£000

Land and buildings

Not later than 1 year
62
531

Later than 1 year and not later than 5 years
-
971

62
1,502


Group
30 June
Group
31 March
2022
2021
£000
£000

Other

Not later than 1 year
1
74

Later than 1 year and not later than 5 years
-
105

1
179

Company
The Company did not maintain any operating leases in the period to 30 June 2022 (2021: £Nil).


29.


Related party transactions

The Company has taken advantage of the exemption under FRS 102 "Related Party Disclosures" not  to
disclose related party transactions between companies which are 100% or more owned by the ultimate
parent company.


30.


Controlling party

The immediate parent company is Baker and Taylor LLC, a company incorporated in the United States of America, registered office - 2250 West Tyvola Road, Suite 300, Charlotte, NC 28217, USA, who own 100% of Yankee Book Peddler Limited.
The ultimate parent company and controlling party is BTAC United Acquisition Holding Company being incorporated in the United States of America, registered office - 2810 Coliseum Centre Drive, Suite 300, Charlotte, North Carolina, NC 28217, USA. The largest group in which the results of the Company are consolidated is that headed by the ultimate parent company.

Page 42