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REGISTERED NUMBER: 11828818 (England and Wales)



















Group Strategic Report, Report of the Director and

Consolidated Financial Statements for the Year Ended 30 December 2022

for


United Independent Distributors Limited


United Independent Distributors Limited (Registered number: 11828818)







Contents of the Consolidated Financial Statements

for the Year Ended 30 December 2022





Page




Company Information  

1




Group Strategic Report  

2




Report of the Director  

4




Report of the Independent Auditors  

5




Consolidated Income Statement  

9




Consolidated Other Comprehensive Income  

11




Consolidated Balance Sheet  

12




Company Balance Sheet  

13




Consolidated Statement of Changes in Equity  

14




Company Statement of Changes in Equity  

15




Consolidated Cash Flow Statement  

16




Notes to the Consolidated Cash Flow Statement

17




Notes to the Consolidated Financial Statements

18




United Independent Distributors Limited


Company Information

for the Year Ended 30 December 2022









DIRECTOR:

E C Matthews III







SECRETARY:

VP Secretarial Limited







REGISTERED OFFICE:

4 Coleman Street


6th Floor


London


EC2R 5AR







REGISTERED NUMBER:

11828818 (England and Wales)







AUDITORS:

George Hay Partnership LLP


Chartered Accountants


and Statutory Auditor


Unit 1B


Focus 4


Fourth Avenue


Letchworth


Hertfordshire


SG6 2TU


United Independent Distributors Limited (Registered number: 11828818)


Group Strategic Report

for the Year Ended 30 December 2022


The director presents his strategic report of the company and the group for the year ended 30 December 2022.


REVIEW OF BUSINESS

The principal activity of the group continued to be that of marketing, selling, and distributing academic, reference and professional publications on behalf of a group of commercial publishers, associations, societies and other non-profit organisations.


The group recorded turnover of £19.3m compared to £22.5m prior year.


The Eurospan, Marston and Orca distribution businesses experienced severe disruption in the market resulting in lower than planned turnover and increases in operating costs. Along with the costs of the investment and restructuring programme the group recorded a post-tax loss of £408K (£6.8m loss prior year). This current year loss is reported after adjusting for the cessation of one of the group entities which resulted in a gain of £4.8m, if excluded the ordinary trading losses would have been £5.2m


The gross profit margin for the group has improved from 31% in 2021 to 33% in the current year.


PRINCIPAL RISKS AND UNCERTAINTIES

The principal risks and uncertainties facing the business arise from client retention. Price competition for new business and corporate consolidation in the publishing industry are currently strong trends. United Independent Distributors manages this risk through securing multi-year or rolling contracts with clients and by investing significant resources in client relations.


Exposure to foreign currency, credit and liquidity risks arise in the normal course of the group's business. These risks are limited by the group's financial management policies and practices described below:


Foreign currency risk

The group operates in a multi-currency environment for both purchases and sales. Movements in exchange rates can therefore pose a risk to the financial performance of the business. The group uses a combination of forward contracts, currency options and natural hedging to manage this risk.


Credit Risk

The group is as at risk from its customers defaulting in making payments for services that have been supplied to them. To minimise this risk the group had procedures in place to ensure that customers have demonstrated creditworthiness prior to any contract being entered into.


The nature of the group's business means that this risk is reduced for internal publishers as the group will deduct their own management fees from monies already held. The group's exposure to this risk is continually monitored so that any potential problems are detected at an early stage.


Liquidity risk

The group ensures that sufficient liquidity is available for its on-going operations and future developments by careful monitoring of its financial obligations


FUTURE DEVELOPMENTS

A multi-year programme of significant investment and rationalisation is being undertaken to realize the synergies available to the expanded group. Central to this programme is the establishment of a new 106,000 sq. ft. distribution centre in Biggleswade, Bedfordshire which became operational in 2022.  The first phase of the programme was completed in 2022, to be followed by ongoing improvement and consolidation of business systems across the group.


KEY PERFORMANCE INDICATORS

The business' key metrics are cashflow and profitability. Management of these objectives is supported by reporting systems for a range of indicators relating to performance against client service level agreements, compliance with supplier contracts, credit management and operational cost control.



United Independent Distributors Limited (Registered number: 11828818)


Group Strategic Report

for the Year Ended 30 December 2022


ENGAGEMENT WITH EMPLOYEES

The group offers equal opportunities and treatment to all regardless of religion, gender, ethnic origin, disability and age. All applicants and employees will be treated equally in respect of employment, career development, training, pay and other employment policies. In the event of a member of staff becoming disabled, every effort if made to ensure that their employment with the company continues and that appropriate training is arranged.


ON BEHALF OF THE BOARD:






E C Matthews III - Director



31 January 2024


United Independent Distributors Limited (Registered number: 11828818)


Report of the Director

for the Year Ended 30 December 2022


The director presents his report with the financial statements of the company and the group for the year ended 30 December 2022.


DIVIDENDS

No dividends will be distributed for the year ended 30 December 2022.


EVENTS SINCE THE END OF THE YEAR

Information relating to events since the end of the year is given in the notes to the financial statements.


DIRECTOR

E C Matthews III held office during the whole of the period from 31 December 2021 to the date of this report.


STATEMENT OF DIRECTOR'S RESPONSIBILITIES

The director is responsible for preparing the Group Strategic Report, the Report of the Director and the financial statements in accordance with applicable law and regulations.


Company law requires the director to prepare financial statements for each financial year.  Under that law the director has elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the director must not approve the financial statements unless he is 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 director is required to:


-

select suitable accounting policies and then apply them consistently;

-

make judgements and accounting estimates that are reasonable and prudent;

-

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


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


STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS

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


AUDITORS

The auditors,  George Hay Partnership LLP, will be proposed for re-appointment at the forthcoming Annual General Meeting.


ON BEHALF OF THE BOARD:






E C Matthews III - Director



31 January 2024


Report of the Independent Auditors to the Members of

United Independent Distributors Limited


Opinion

We have audited the financial statements of United Independent Distributors Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 30 December 2022 which comprise the Consolidated Income Statement, Consolidated Other Comprehensive Income, Consolidated Balance Sheet, Company Balance Sheet, Consolidated Statement of Changes in Equity, Company Statement of Changes in Equity, Consolidated Cash Flow Statement and Notes to the Consolidated Cash Flow Statement, Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:
-give a true and fair view of the state of the group's and of the parent company affairs as at 30 December 2022 and of the group's loss for the year then ended;
-have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
-have been prepared in accordance with the requirements of the Companies Act 2006.

Basis for opinion

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


Conclusions relating to going concern

We draw attention to the going concern note of the financial statements which indicates the company and group is dependent on the continued support of the parent company.


The dependence on parent company support indicates the existence of a material uncertainty that may cast doubt about the company's and group's ability to continue as a going concern.


Other information

The director is responsible for the other information. The other information comprises the information in the Group Strategic Report and the Report of the Director, but does not include the financial statements and our Report of the Auditors thereon.


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


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


Opinions on other matters prescribed by the Companies Act 2006

In our opinion, based on the work undertaken in the course of the audit:

-

the information given in the Group Strategic Report and the Report of the Director for the financial year for which the financial statements are prepared is consistent with the financial statements; and

-

the Group Strategic Report and the Report of the Director have been prepared in accordance with applicable legal requirements.


Report of the Independent Auditors to the Members of

United Independent Distributors Limited



Matters on which we are required to report by exception

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


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

-

adequate accounting records have not been kept by the parent company, or returns adequate for our audit have not been received from branches not visited by us; or

-

the parent company financial statements are not in agreement with the accounting records and returns; or

-

certain disclosures of director's remuneration specified by law are not made; or

-

we have not received all the information and explanations we require for our audit.


Responsibilities of director

As explained more fully in the Statement of Director's Responsibilities set out on page four, the director is 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 director determines 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 director is 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 director either intends to liquidate the group or the parent company or to cease operations, or has no realistic alternative but to do so.


Report of the Independent Auditors to the Members of

United Independent Distributors Limited



Auditors' responsibilities for the audit of the financial statements

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


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


We obtained an understanding of the legal and regulatory framework applicable to the Group, and the industry in which it operates by making enquiries of management. We also enquired as to whether there were any instances of non compliance with laws and regulations or whether there were any instances of fraud detected or suspected. The key laws and regulations considered include the UK Companies Act and UK Tax Legislation.


In addition, we considered provisions of other laws and regulations that do not have a direct effect on the financial statements but compliance with which may be fundamental to the company’s ability to operate or to avoid a material penalty. These included compliance with Health and Safety legislation.


We obtained an understanding of the Group's operations, including the nature of the company, its control environment, business performance and its key performance indicators.


In relation to fraud, the objectives of our audit are to identify and assess the risk of material misstatement of the financial statements due to fraud, to obtain sufficient appropriate audit evidence regarding the assessed risks of material misstatement due to fraud through designing and implementing appropriate responses and to respond appropriately to fraud and suspected fraud identified during the audit.However it is the primary responsibility of management and those charged with governance to ensure that the entity's operations are conducted in accordance with the provisions of laws and regulations and for the prevention and detection of fraud.


We considered the extent to which non-compliance would have a material impact on the financial statements, We also evaluated the managements incentives and opportunities for fraudulent manipulation of the financial statements, including management override of controls, and determined that the principal risks were related to:

- Management bias in accounting estimates;

- Revenue recognition; and

- Management override of controls


We assessed the susceptibility of the Group's financial statements to material misstatement. Audit procedures performed by the engagement team include:

- Enquiries of management about their own identification and assessment of risk of irregularities

- Evaluation of the processes and controls established to address the risk of irregularities and fraud

- Testing manual journals, specifically those relating to large or unusual entries or entries relating to management estimates

- Testing the assumptions and judgements made by management in its significant accounting estimates, including reviewing historical data to assess the appropriateness of previous assessments

- Testing of controls related to completeness of sales, substantive testing of management fees and analytical procedures.


Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation.  This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.



Report of the Independent Auditors to the Members of

United Independent Distributors 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 Report of the Auditors.


Use of our report

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





Martin Williams ACA (Senior Statutory Auditor)

for and on behalf of George Hay Partnership LLP

Chartered Accountants

and Statutory Auditor

Unit 1B

Focus 4

Fourth Avenue

Letchworth

Hertfordshire

SG6 2TU


31 January 2024


United Independent Distributors Limited (Registered number: 11828818)


Consolidated

Income Statement

for the Year Ended 30 December 2022



2022


2022


2022


Continuing


Discontinued


Total



Notes

£   

£   

£   



TURNOVER

3

16,280,159


2,978,932


19,259,091



Cost of sales

(11,413,264

)

(1,469,159

)

(12,882,423

)


GROSS PROFIT

4,866,895


1,509,773


6,376,668




Administrative expenses

(8,203,320

)

(2,789,264

)

(10,992,584

)


(3,336,425

)

(1,279,491

)

(4,615,916

)



Other operating income

129,282


97,963


227,245





OPERATING LOSS

5

(3,207,143

)

(1,181,528

)

(4,388,671

)



Relocation costs

6

(430,322

)

-


(430,322

)


Profit/loss on cessation of

operation

6

4,360,703


-


4,360,703



723,238


(1,181,528

)

(458,290

)



Income from interest in associated

undertakings

196,206


-


196,206



Interest receivable and similar income

9,702


-


9,702



Interest payable and similar expenses

7

(155,745

)

-


(155,745

)


PROFIT/(LOSS) BEFORE TAXATION

773,401


(1,181,528

)

(408,127

)


Tax on profit/(loss)

8

6,006


137,917


143,923



PROFIT/(LOSS) FOR THE FINANCIAL

YEAR

779,407


(1,043,611

)

(264,204

)


Profit/(loss) attributable to:

Owners of the parent

(264,204

)



United Independent Distributors Limited (Registered number: 11828818)


Consolidated

Income Statement

for the Year Ended 30 December 2022



2021


2021


2021


Continuing


Discontinued


Total



Notes

£   

£   

£   



TURNOVER

3

22,527,210


-


22,527,210



Cost of sales

(15,623,994

)

-


(15,623,994

)


GROSS PROFIT

6,903,216


-


6,903,216




Administrative expenses

(11,957,117

)

-


(11,957,117

)


(5,053,901

)

-


(5,053,901

)



Other operating income

225,060


-


225,060





OPERATING LOSS

5

(4,828,841

)

-


(4,828,841

)



Impairment of computer s/ware

6

(1,055,918

)

-


(1,055,918

)


Relocation costs

6

(780,045

)

-


(780,045

)


(6,664,804

)

-


(6,664,804

)



Income from interest in associated

undertakings

14,067


-


14,067



Interest receivable and similar income

8,773


-


8,773



Gain/loss on revaluation of assets

(145,272

)

-


(145,272

)


Interest payable and similar expenses

7

(61,990

)

-


(61,990

)


LOSS BEFORE TAXATION

(6,849,226

)

-


(6,849,226

)


Tax on loss

8

8,535


-


8,535



LOSS FOR THE FINANCIAL YEAR

(6,840,691

)

-


(6,840,691

)


Loss attributable to:

Owners of the parent

(6,840,691

)



United Independent Distributors Limited (Registered number: 11828818)


Consolidated

Other Comprehensive Income

for the Year Ended 30 December 2022



2022


2021


Notes

£   

£   



LOSS FOR THE YEAR

(264,204

)

(6,840,691

)




OTHER COMPREHENSIVE INCOME  


Capital Contribution

5,257,664


1,000,000



Income tax relating to other

comprehensive income

-


-



OTHER COMPREHENSIVE INCOME

FOR THE YEAR, NET OF INCOME TAX

5,257,664


1,000,000



TOTAL COMPREHENSIVE INCOME

FOR THE YEAR

4,993,460


(5,840,691

)



Total comprehensive income attributable to:

Owners of the parent

4,993,460


(5,840,691

)



United Independent Distributors Limited (Registered number: 11828818)


Consolidated Balance Sheet

30 December 2022



2022

2021



Notes

£   

£   

£   

£   


FIXED ASSETS

Intangible assets

10

(540,601

)

(1,157,442

)


Tangible assets

11

2,038,486


1,964,711



Investments

12



Interest in associate undertakings

781,676


585,470




Other investments

52,472


83,692



2,332,033


1,476,431




CURRENT ASSETS

Stocks

13

302,381


270,478



Debtors

14

11,816,658


12,193,366



Cash at bank

3,222,359


11,152,440



15,341,398


23,616,284



CREDITORS

Amounts falling due within one year

15

21,025,529


32,058,016



NET CURRENT LIABILITIES

(5,684,131

)

(8,441,732

)


TOTAL ASSETS LESS CURRENT

LIABILITIES

(3,352,098

)

(6,965,301

)



CREDITORS

Amounts falling due after more than one

year

16

(597,917

)

(1,429,668

)



PROVISIONS FOR LIABILITIES

19

(760,716

)

(1,309,222

)


NET LIABILITIES

(4,710,731

)

(9,704,191

)



CAPITAL AND RESERVES

Called up share capital

20

1,000


1,000



Other reserves

21

6,257,664


1,000,000



Retained earnings

21

(10,969,395

)

(10,705,191

)


SHAREHOLDERS' FUNDS

(4,710,731

)

(9,704,191

)



The financial statements were approved by the director and authorised for issue on 31 January 2024 and were signed by:






E C Matthews III - Director



United Independent Distributors Limited (Registered number: 11828818)


Company Balance Sheet

30 December 2022



2022

2021



Notes

£   

£   

£   

£   


FIXED ASSETS

Intangible assets

10

-


-



Tangible assets

11

1,914,040


1,807,526



Investments

12

1,411,232


1,548,876



3,325,272


3,356,402




CURRENT ASSETS

Debtors

14

645,852


2,286,966



Cash at bank

285,228


185,309



931,080


2,472,275



CREDITORS

Amounts falling due within one year

15

2,607,000


5,972,644



NET CURRENT LIABILITIES

(1,675,920

)

(3,500,369

)


TOTAL ASSETS LESS CURRENT

LIABILITIES

1,649,352


(143,967

)



CREDITORS

Amounts falling due after more than one

year

16

400,000


900,000



NET ASSETS/(LIABILITIES)

1,249,352


(1,043,967

)



CAPITAL AND RESERVES

Called up share capital

20

1,000


1,000



Other reserves

21

6,257,664


1,000,000



Retained earnings

21

(5,009,312

)

(2,044,967

)


SHAREHOLDERS' FUNDS

1,249,352


(1,043,967

)



Company's loss for the financial year

(2,964,345

)

(1,290,503

)



The financial statements were approved by the director and authorised for issue on 31 January 2024 and were signed by:






E C Matthews III - Director



United Independent Distributors Limited (Registered number: 11828818)


Consolidated Statement of Changes in Equity

for the Year Ended 30 December 2022



Called up



share


Retained


Other


Total


capital


earnings


reserves


equity

£   

£   

£   

£   


Balance at 31 December 2020

1,000


(3,864,500

)

-


(3,863,500

)



Changes in equity

Total comprehensive income

-


(6,840,691

)

1,000,000


(5,840,691

)


Balance at 30 December 2021

1,000


(10,705,191

)

1,000,000


(9,704,191

)



Changes in equity

Total comprehensive income

-


(264,204

)

5,257,664


4,993,460



Balance at 30 December 2022

1,000


(10,969,395

)

6,257,664


(4,710,731

)



United Independent Distributors Limited (Registered number: 11828818)


Company Statement of Changes in Equity

for the Year Ended 30 December 2022



Called up



share


Retained


Other


Total


capital


earnings


reserves


equity

£   

£   

£   

£   


Balance at 31 December 2020

1,000


(746,220

)

-


(745,220

)



Changes in equity

Total comprehensive income

-


(1,298,747

)

1,000,000


(298,747

)


Balance at 30 December 2021

1,000


(2,044,967

)

1,000,000


(1,043,967

)



Changes in equity

Total comprehensive income

-


(2,964,345

)

5,257,664


2,293,319



Balance at 30 December 2022

1,000


(5,009,312

)

6,257,664


1,249,352




United Independent Distributors Limited (Registered number: 11828818)


Consolidated Cash Flow Statement

for the Year Ended 30 December 2022



2022


2021


Notes

£   

£   


Cash flows from operating activities

Cash generated from operations

1

(12,824,961

)

(6,816,517

)


Interest paid

(155,745

)

(61,990

)


Tax paid

130,621


66,358



Net cash from operating activities

(12,850,085

)

(6,812,149

)



Cash flows from investing activities

Purchase of intangible fixed assets

-


(74,536

)


Purchase of tangible fixed assets

(427,386

)

(1,066,070

)


Sale of tangible fixed assets

-


(1,503

)


Sale of fixed asset investments

40,660


-



Interest received

9,702


8,773



Dividends received

196,206


14,067



Net cash from investing activities

(180,818

)

(1,119,269

)



Cash flows from financing activities

New loans in year

2,071,685


-



Loan repayments in year

(625,000

)

-



Capital repayments in year

(22,841

)

(76,676

)


Capital contribution

3,676,978


1,000,000



Net cash from financing activities

5,100,822


923,324




Decrease in cash and cash equivalents

(7,930,081

)

(7,008,094

)


Cash and cash equivalents at

beginning of year

2

11,152,440


18,160,534




Cash and cash equivalents at end of

year

2

3,222,359


11,152,440




United Independent Distributors Limited (Registered number: 11828818)


Notes to the Consolidated Cash Flow Statement

for the Year Ended 30 December 2022


1.

RECONCILIATION OF LOSS BEFORE TAXATION TO CASH GENERATED FROM OPERATIONS


2022


2021

£   

£   



Loss before taxation

(408,127

)

(6,849,226

)



Depreciation charges

143,466


210,807




(Profit)/loss on disposal of fixed assets

(404,411

)

1,156




Loss on revaluation of fixed assets

7,624


137,987




Provisions

(542,500

)

560,000




Impairment of Assets

-


1,055,918




Finance costs

155,745


61,990




Finance income

(205,908

)

(22,840

)


(1,254,111

)

(4,844,208

)



Increase in stocks

(31,903

)

(11,244

)



Decrease in trade and other debtors

376,708


3,127,692




Decrease in trade and other creditors

(11,915,655

)

(5,088,757

)



Cash generated from operations

(12,824,961

)

(6,816,517

)



2.

CASH AND CASH EQUIVALENTS



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



Year ended 30 December 2022


30.12.22


31.12.21

£   

£   



Cash and cash equivalents

3,222,359


11,152,440




Year ended 30 December 2021


30.12.21


31.12.20

£   

£   



Cash and cash equivalents

11,152,440


18,160,534





3.

ANALYSIS OF CHANGES IN NET FUNDS



At 31.12.21

Cash flow

At 30.12.22

£   

£   

£   



Net cash



Cash at bank

11,152,440


(7,930,081

)

3,222,359



11,152,440


(7,930,081

)

3,222,359




Debt


Finance leases

(39,472

)

22,841


(16,631

)



Debts falling due within 1 year

(125,000

)

(2,071,685

)

(2,196,685

)



Debts falling due after 1 year

(1,222,917

)

625,000


(597,917

)


(1,387,389

)

(1,423,844

)

(2,811,233

)



Total

9,765,051


(9,353,925

)

411,126




United Independent Distributors Limited (Registered number: 11828818)


Notes to the Consolidated Financial Statements

for the Year Ended 30 December 2022


1.

STATUTORY INFORMATION



United Independent Distributors Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the General Information page.


2.

ACCOUNTING POLICIES



Basis of preparing the financial statements


These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.  



Going Concern


The group has net current liabilities of £5,684,131 at the balance sheet date.



Since the acquisition of the group by Chicago Review Press Inc. in 2021 there has been significant investment into the group which totalled £5.2m as at the balance sheet date, during the year this balance was converted to a capital contribution. Significant operating efficiencies have also been implemented of which the benefits will start to be seen in 2023 and beyond.



An external funding source for £3.5m was also obtained during 2022 to assist the group in meeting its operational requirements.



The group has received confirmation from its ultimate parent undertaking, Chicago Review Press Inc., that it will continue to provide such financial support as required by the UID group to be able to continue to trade as a going concern and pay its debts as they fall due. This support has been provided for a period of 12 months from the date of the approval of these financial statements.



The director has considered the financial position of the group taking into account the issues group has faced This review has covered a period of at least twelve months from the date of approval of these financial statements.



Based on the above factors the director is satisfied that it is appropriate to prepare the accounts on a going concern basis. Should the parent company be unable to provide support to the group, the directors consider a material uncertainty will exist in the group's ability to operate as a going concern.



Significant judgements and estimates

The company makes an annual provision for deferred income based on subscription revenue received in advance of the products being despatched. This revenue is calculated based on the sales information within the accounting systems, there is then a provision made to take some of this revenue into the current years accounts based on a best estimate of the the initial work undertaken to set up the order and process the payment. This estimate has been calculated based on the a split of the average time spent on a subscription order from the initial processing stage to the regular despatch of the products.

There is a provision for dilapidation in respect of the group's trading premises. The amount provided has been assessed by management after taking into account an external surveyors report.


United Independent Distributors Limited (Registered number: 11828818)


Notes to the Consolidated Financial Statements - continued

for the Year Ended 30 December 2022


2.

ACCOUNTING POLICIES - continued



Turnover


Turnover comprises the fair value of the consideration received or receivable for the provision of services to external customers in the ordinary course of the company's activities. Turnover is shown net of value added tax, returns, rebates and discounts and after eliminating sales within the company.



Turnover is recgonised when the provision of services is substantially fulfilled. Where books have been delivered to a reseller and the books are held by that reseller on a consignment basis, the revenue for the services rendered by the company is recognised either when the books are sold on by the reseller, or when the provision of services is substantially fulfilled.



Turnover in respect of management fees and despatch cost recoveries charged to publishers for the distribution of their products, fees charged for journals that are distributed in the following year are deferred less an allowance for initial processing work.



Goodwill

Goodwill, being the amount paid in connection with the acquisition of a business in 2019 is being amortised evenly over its estimated useful life of 3 years.

Negative Goodwill, being the amount arising in connection with the acquisition of businesses in 2019 and 2020 is being recognised in the profit and loss over its estimated useful life of 5 years.


Intangible assets

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

Computer software is being amortised evenly over its estimated useful life of 2 to 10 years.


Tangible fixed assets

Tangible fixed assets are stated at cost (or deemed cost) or valuation less accumulated depreciation and accumulated impairment losses. Cost includes costs directly attributable to making the asset capable of operating as intended.

Depreciation is provided on all tangible fixed assets, at rates calculated to write off the cost, less estimated residual value, of each asset on a systematic basis over its expected useful life as follows:

Short leasehold - in accordance with the property
Leasehold improvements - the term of the lease
Plant and machinery - 3 or 5 years on a straight line basis
Fixtures and fittings - 3 to 10 years on a straight line basis
Computer equipment - 3 or 5 years on a straight line basis


Investments in associates


Investments in associate undertakings are recognised at cost less impairment.



Stocks


Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell.



At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.



United Independent Distributors Limited (Registered number: 11828818)


Notes to the Consolidated Financial Statements - continued

for the Year Ended 30 December 2022


2.

ACCOUNTING POLICIES - continued


Taxation

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

Deferred tax represents the future tax consequences of transactions and events recognised in the financial statements of current and previous periods. It is recognised in respect of all timing differences, with certain exceptions. Timing differences are differences between taxable profits and total comprehensive income as stated in the financial statements that arise from the inclusion of income and expense in tax assessments in periods different from those in which they are recognised in the financial statements. Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date that are expected to apply to the reversal of timing differences. Deferred tax on revalued non-depreciable tangible fixed assets and investment properties is measured using the rates and allowances that apply to the sale of the asset.


Foreign currencies

The financial statements are presented in Sterling (GBP), which is also the functional currency of the company.

Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the Balance sheet date Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result.


Hire purchase and leasing commitments

Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability.

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

Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.

Rent free periods or other incentives received for entering into a operating lease are accounted for as a reduction to the expense and are recognised on a straight line basis over the lease term.

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and regards of ownership to the lessee.

Assets held under finance leases are recognised at the lower of their fair value at inception of the lease and the present value of the minimum lease payments. These assets are depreciated on a straight-line basis over the shorted of the useful life of the asset and the lease term. The corresponding liability to the lessor is included in the balance sheet as a finance lease obligation.

Lease payments are apportioned between finance costs in the profit and loss account and reduction of the lease obligation so as to achieve a constant periodic rate of interest on the remaining balance of the liability.


United Independent Distributors Limited (Registered number: 11828818)


Notes to the Consolidated Financial Statements - continued

for the Year Ended 30 December 2022


2.

ACCOUNTING POLICIES - continued



Pension costs and other post-retirement benefits


The group operates a defined contribution pension scheme.  Contributions payable to the group's pension scheme are charged to profit or loss in the period to which they relate.



Forward contracts


Under FRS 102 these contracts are considered "other financial instruments" and are therefore included in the accounts at their fair value



Publisher balances


Amounts owed to publishers at the year end are disclosed in other creditors. Where the company is acting as agent any sales ledger balances due to the publisher from their own customers are taken off the balance in other creditors.


3.

TURNOVER



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



An analysis of turnover by class of business is given below:



2022


2021

£   

£   



Supply of services

8,964,750


11,073,146




Sale of goods

10,294,341


11,454,064



19,259,091


22,527,210




4.

EMPLOYEES AND DIRECTORS


2022


2021

£   

£   



Wages and salaries

6,755,686


7,153,061




Social security costs

588,434


666,672




Other pension costs

299,865


366,493



7,643,985


8,186,226





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


2022


2021



Finance, IT and administration

46


61




Marketing

22


24




Distribution and Customer Services

136


161



204


246





The average number of employees by undertakings that were proportionately consolidated during the year was 185 (2021 - 240 ) .



2022


2021

£   

£   



Directors' remuneration

-


169,761




Directors' pension contributions to money purchase schemes  

-


10,750




United Independent Distributors Limited (Registered number: 11828818)


Notes to the Consolidated Financial Statements - continued

for the Year Ended 30 December 2022


4.

EMPLOYEES AND DIRECTORS - continued



The number of directors to whom retirement benefits were accruing was as follows:



Money purchase schemes

-


2




5.

OPERATING LOSS



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



2022


2021

£   

£   



Hire of plant and machinery

31,480


25,043




Depreciation - owned assets

342,286


330,864




Depreciation - assets on hire purchase contracts

5,804


9,462




(Profit)/loss on disposal of fixed assets

(404,411

)

1,156




Goodwill amortisation

(223,249

)

(338,197

)



Development costs amortisation

7,118


3,559




Computer software amortisation

9,222


205,118




Auditors remuneration

68,180


80,715




Auditors' remuneration for non audit work

2,250


12,100




Foreign exchange differences

601,487


(68,203

)



Operating leases - buildings  

2,135,597


2,304,907




6.

EXCEPTIONAL ITEMS


2022


2021

£   

£   



Impairment of computer s/ware

-


(1,055,918

)



Relocation costs

(430,322

)

(780,045

)



Profit/loss on cessation of


operation

4,360,703


-



3,930,381


(1,835,963

)




The group incurred the following exceptional costs noted above:



Profit on cessation of operation relates to Turpin Distribution Services Ltd which went in to administration during the year.



Relocation costs of £430,022 (£780,045 - 2021) in relation to moving to a new warehouse facility.



Impairment of computer software of £1,055,918 in relation to the write down of the order processing system within Turpin Distribution Services Limited. to its net realisable value. This is as a result of the company preparing its accounts on a basis other than going concern.


7.

INTEREST PAYABLE AND SIMILAR EXPENSES



2022


2021

£   

£   



Bank loan interest

22,632


4,941




Interest paid

24,764


8,736




Interest on loans

108,349


48,313



155,745


61,990




United Independent Distributors Limited (Registered number: 11828818)


Notes to the Consolidated Financial Statements - continued

for the Year Ended 30 December 2022


8.

TAXATION



Analysis of the tax credit


The tax credit on the loss for the year was as follows:


2022


2021

£   

£   



Current tax:


UK corporation tax

(137,917

)

-





Deferred tax

(6,006

)

(8,535

)



Tax on loss

(143,923

)

(8,535

)




Reconciliation of total tax credit included in profit and loss


The tax assessed for the year is lower than the standard rate of corporation tax in the UK. The difference is explained below:



2022


2021

£   

£   



Loss before tax

(408,127

)

(6,849,226

)



Loss multiplied by the standard rate of corporation tax in the UK of

19 % (2021 - 19 %)  

(77,544

)

(1,301,353

)




Effects of:


Expenses not deductible for tax purposes

87


22,820




Income not taxable for tax purposes

-


(228,667

)



Capital allowances in excess of depreciation

(28,248

)

-




Depreciation in excess of capital allowances

-


163,847




Utilisation of tax losses

(109,974

)

(3,049

)





Deferred Tax  

(6,006

)

(8,535

)



Losses carried forward  

773,330


1,137,178




Impairment provision  

-


209,224




Cessation adjustment  

(695,568

)

-




Total tax credit

(143,923

)

(8,535

)




Tax effects relating to effects of other comprehensive income




2022



Gross


Tax


Net


£   

£   

£   



Capital Contribution

5,257,664


-


5,257,664





2021



Gross


Tax


Net


£   

£   

£   



Capital Contribution

1,000,000


-


1,000,000





During the year the main rate of corporation tax was unchanged at 19%. From 1 April 2023 the main rate of corporation tax will be 25%



The group has tax losses carried forward of £11.8m. A deferred tax asset has not been provided due to uncertainty over future profits.


United Independent Distributors Limited (Registered number: 11828818)


Notes to the Consolidated Financial Statements - continued

for the Year Ended 30 December 2022


9.

INDIVIDUAL INCOME STATEMENT



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



10.

INTANGIBLE FIXED ASSETS



Group


Development


Computer



Goodwill


costs


software


Totals

£   

£   

£   

£   



COST


At 31 December 2021

(2,074,963

)

21,356


2,251,155


197,548




Disposals

161,935


-


(1,961,554

)

(1,799,619

)



At 30 December 2022

(1,913,028

)

21,356


289,601


(1,602,071

)



AMORTISATION


At 31 December 2021

(885,790

)

3,559


2,237,221


1,354,990




Amortisation for year

(223,249

)

7,118


9,222


(206,909

)



Eliminated on disposal

(247,997

)

-


(1,961,554

)

(2,209,551

)



At 30 December 2022

(1,357,036

)

10,677


284,889


(1,061,470

)



NET BOOK VALUE


At 30 December 2022

(555,992

)

10,679


4,712


(540,601

)



At 30 December 2021

(1,189,173

)

17,797


13,934


(1,157,442

)



11.

TANGIBLE FIXED ASSETS



Group


Improvements



Short


to


Plant and


leasehold


property


machinery

£   

£   

£   



COST


At 31 December 2021

141,928


2,760,042


4,231,773




Additions

-


77,392


5,132




Disposals

(141,928

)

(708,640

)

-




At 30 December 2022

-


2,128,794


4,236,905




DEPRECIATION


At 31 December 2021

141,928


994,238


4,143,067




Charge for year

-


200,861


56,117




Eliminated on disposal

(141,928

)

(708,640

)

-




At 30 December 2022

-


486,459


4,199,184




NET BOOK VALUE


At 30 December 2022

-


1,642,335


37,721




At 30 December 2021

-


1,765,804


88,706




United Independent Distributors Limited (Registered number: 11828818)


Notes to the Consolidated Financial Statements - continued

for the Year Ended 30 December 2022


11.

TANGIBLE FIXED ASSETS - continued



Group



Fixtures



and


Motor


Computer



fittings


vehicles


equipment


Totals

£   

£   

£   

£   



COST


At 31 December 2021

1,139,476


13,000


851,808


9,138,027




Additions

343,065


-


1,797


427,386




Disposals

(998,613

)

-


(775,129

)

(2,624,310

)



At 30 December 2022

483,928


13,000


78,476


6,941,103




DEPRECIATION


At 31 December 2021

1,093,123


13,000


787,960


7,173,316




Charge for year

57,553


-


33,559


348,090




Eliminated on disposal

(998,613

)

-


(769,608

)

(2,618,789

)



At 30 December 2022

152,063


13,000


51,911


4,902,617




NET BOOK VALUE


At 30 December 2022

331,865


-


26,565


2,038,486




At 30 December 2021

46,353


-


63,848


1,964,711





Fixed assets, included in the above, which are held under hire purchase contracts are as follows:


Improvements


to


property

£   



COST


At 31 December 2021

809,459




Additions

77,392




Disposals

(708,640

)



At 30 December 2022

178,211




DEPRECIATION


At 31 December 2021

809,459




Charge for year

5,804




Eliminated on disposal

(708,640

)



At 30 December 2022

106,623




NET BOOK VALUE


At 30 December 2022

71,588




At 30 December 2021

-




United Independent Distributors Limited (Registered number: 11828818)


Notes to the Consolidated Financial Statements - continued

for the Year Ended 30 December 2022


11.

TANGIBLE FIXED ASSETS - continued



Company


Improvements


Fixtures



to


and


Computer



property


fittings


equipment


Totals

£   

£   

£   

£   



COST


At 31 December 2021

1,950,583


-


60,584


2,011,167




Additions

-


343,065


1,236


344,301




At 30 December 2022

1,950,583


343,065


61,820


2,355,468




DEPRECIATION


At 31 December 2021

184,779


-


18,862


203,641




Charge for year

195,057


22,439


20,291


237,787




At 30 December 2022

379,836


22,439


39,153


441,428




NET BOOK VALUE


At 30 December 2022

1,570,747


320,626


22,667


1,914,040




At 30 December 2021

1,765,804


-


41,722


1,807,526




12.

FIXED ASSET INVESTMENTS



Group


Interest


Interest



in


in other



associate


participating


Listed



undertakings


interests


investments


Totals

£   

£   

£   

£   



COST


At 31 December 2021

585,470


40,660


97,782


723,912




Disposals

-


(40,660

)

-


(40,660

)



Share of profit/(loss)

196,206


-


-


196,206




Dividends received

-


-


1,175


1,175




At 30 December 2022

781,676


-


98,957


880,633




PROVISIONS


At 31 December 2021

-


-


54,750


54,750




Provision for year

-


-


(8,265

)

(8,265

)



At 30 December 2022

-


-


46,485


46,485




NET BOOK VALUE


At 30 December 2022

781,676


-


52,472


834,148




At 30 December 2021

585,470


40,660


43,032


669,162




United Independent Distributors Limited (Registered number: 11828818)


Notes to the Consolidated Financial Statements - continued

for the Year Ended 30 December 2022


12.

FIXED ASSET INVESTMENTS - continued



Company


Shares in


group


undertakings

£   



COST


At 31 December 2021


and 30 December 2022

1,548,876




PROVISIONS



Impairments

137,644




At 30 December 2022

137,644




NET BOOK VALUE


At 30 December 2022

1,411,232




At 30 December 2021

1,548,876






100% owned subsidiary undertakings included in consolidation:



- Violia Media Services Limited


- Marston Book Services Limited


- Orca Book Services Limited


- Marston Lindsay Ross International Limited


- Eurospan Limited


- Asiaspan Limited


- Transatlantic Publishers Group Limited


- Turpin Holdings Limited


- Turpin Distribution Services Limited


- Turpin Distribution Services LLC



The registered office for all 100% owned subsidiaries is 4 Coleman Street, 6th Floor, London, EC2R 5AR. England



Turpin Distribution Services Limited and Turpin Distribution Services LLC went in to administration on 7 October 2022.



Associate undertakings



Flame Tree Publishing Limited



The company owns the B Ordinary shares which represents 39.09% of the shares and voting rights. The registered office is 160 Eastern Avenue, Milton Park, Abingdon, OX14 4S. England.


13.

STOCKS



Group


2022

2021


£   

£   



Stocks

302,381


270,478




United Independent Distributors Limited (Registered number: 11828818)


Notes to the Consolidated Financial Statements - continued

for the Year Ended 30 December 2022


14.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR




Group


Company


2022

2021

2022

2021


£   

£   

£   

£   



Trade debtors

1,248,333


2,290,975


-


-




Amounts owed by group undertakings

46,312


54,762


-


1,862,403




Other debtors

9,703,661


8,286,222


379,540


377,500




Sundry Debtors and Prepayments

773,937


1,397,270


266,312


5,080




VAT

44,415


164,137


-


41,983



11,816,658


12,193,366


645,852


2,286,966




15.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR




Group


Company


2022

2021

2022

2021


£   

£   

£   

£   



Bank loans and overdrafts (see note 17)

125,000


125,000


-


-




Other loans (see note 17)

2,071,685


-


-


-




Hire purchase contracts  (see note 18)

16,631


22,721


-


-




Trade creditors

4,257,297


4,843,331


496,569


-




Amounts owed to group undertakings

-


1,580,686


1,429,869


5,429,964




Tax

-


7,296


-


-




Outstanding pension

15,030


18,989


-


-




VAT

-


-


7,028


-




Other creditors

13,394,183


22,808,210


5,400


58,610




Sundry Creditors and Accruals

147,899


253,840


-


-




Taxation & Social Security

218,999


1,047,763


36,103


134,832




Accruals and deferred income

778,805


1,350,180


632,031


349,238



21,025,529


32,058,016


2,607,000


5,972,644





During the year the amounts owed to the parent company, previously shown as amounts owed to group undertakings in the group, were converted to a capital contribution as shown on Note 21.


16.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE

YEAR




Group


Company


2022

2021

2022

2021


£   

£   

£   

£   



Bank loans (see note 17)

197,917


322,917


-


-




Other loans (see note 17)

400,000


900,000


400,000


900,000




Hire purchase contracts  (see note 18)

-


16,751


-


-




Deposits Held

-


190,000


-


-



597,917


1,429,668


400,000


900,000




United Independent Distributors Limited (Registered number: 11828818)


Notes to the Consolidated Financial Statements - continued

for the Year Ended 30 December 2022


17.

LOANS



An analysis of the maturity of loans is given below:



Group


Company


2022

2021

2022

2021


£   

£   

£   

£   



Amounts falling due within one year or

on demand:



Bank loans

125,000


125,000


-


-




Other loans

2,071,685


-


-


-



2,196,685


125,000


-


-




Amounts falling due between one and

two years:



Bank loans - 1-2 years

125,000


125,000


-


-




Amounts falling due between two and

five years:



Bank loans - 2-5 years

72,917


197,917


-


-




Other loans - 2-5 years

400,000


900,000


400,000


900,000



472,917


1,097,917


400,000


900,000





Other loans included on the balance sheet are accruing interest at a rate of 4%.


18.

LEASING AGREEMENTS



Minimum lease payments fall due as follows:



Group


Hire purchase contracts


2022

2021


£   

£   



Net obligations repayable:


Within one year

16,631


22,721




Between one and five years

-


16,751



16,631


39,472





Group


Non-cancellable operating leases



2022

2021


£   

£   



Within one year

1,700,667


1,251,724




Between one and five years

5,502,667


4,694,996




In more than five years

8,212,389


6,651,384



15,415,723


12,598,104




United Independent Distributors Limited (Registered number: 11828818)


Notes to the Consolidated Financial Statements - continued

for the Year Ended 30 December 2022


18.

LEASING AGREEMENTS - continued



Company


Non-cancellable operating leases



2022

2021


£   

£   



Within one year

754,999


532,636




Between one and five years

3,019,996


3,019,996




In more than five years

5,729,718


6,484,717



9,504,713


10,037,349




19.

PROVISIONS FOR LIABILITIES



Group


2022

2021


£   

£   



Deferred tax

3,216


9,222




Other provisions


Provisions

757,500


1,300,000





Aggregate amounts

760,716


1,309,222





Group


Deferred




tax


Dilapidation


£   

£   



Balance at 31 December 2021

9,222


1,300,000




Credit to Income Statement during year

(6,006

)

(542,500

)



Balance at 30 December 2022

3,216


757,500





The dilapidation provision is in respect of the obligation under the lease for the trading premises that the group occupies to be returned to the condition they were inherited when the lease was entered into.


20.

CALLED UP SHARE CAPITAL



Allotted, issued and fully paid:


Number:

Class:

Nominal

2022

2021



value:

£   

£   



1,000

Ordinary

£1

1,000


1,000




Ordinary shares have full rights in the Company with respect of voting, dividends and shares.


United Independent Distributors Limited (Registered number: 11828818)


Notes to the Consolidated Financial Statements - continued

for the Year Ended 30 December 2022


21.

RESERVES



Group


Retained


Other



earnings


reserves


Totals

£   

£   

£   




At 31 December 2021

(10,705,191

)

1,000,000


(9,705,191

)



Deficit for the year

(264,204

)

(264,204

)



Capital contribution

-


5,257,664


5,257,664




At 30 December 2022

(10,969,395

)

6,257,664


(4,711,731

)




Company


Retained


Other



earnings


reserves


Totals

£   

£   

£   




At 31 December 2021

(2,044,967

)

1,000,000


(1,044,967

)



Deficit for the year

(2,964,345

)

(2,964,345

)



Capital contribution

-


5,257,664


5,257,664




At 30 December 2022

(5,009,312

)

6,257,664


1,248,352





Called-up share capital - represents the nominal value of shares that have been issued.



Profit and loss account - includes all current and prior period retained profits and losses.



The capital contribution of £6.26m is made up of £1m injected by the former owners of the group prior to the change to Chicago Review Press Inc, and £5.26m injected by the current owners.


22.

PENSION COMMITMENTS



The group operates defined contribution pension schemes. The assets of the schemes are held separately from those of the group in independently administered funds. The pension cost charge represents contributions payable by the group to the funds and amounted to £299,865 (2021 - £366,493).


23.

RELATED PARTY DISCLOSURES



Entities with control, joint control or significant influence over the entity

2022

2021


£   

£   



Amount due to related party  

-


1,580,686





During the year, a total of key management personnel compensation of £ 82,294 (2021 - £ 378,028 ) was paid.


24.

POST BALANCE SHEET EVENTS



The group disposed of its 39.09% investment in Flame Tree Publishing Limited during October 2023 for proceeds of £785,000.


25.

ULTIMATE CONTROLLING PARTY



The ultimate parent company at the balance sheet date is Chicago Review Press Inc, a company


incorporated in the United States of America.