Registration number:
Exley Publications Limited
for the Year Ended 31 May 2023
Exley Publications Limited
Contents
Company Information |
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Balance Sheet |
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Notes to the Financial Statements |
Exley Publications Limited
Company Information
Directors |
Mr Richard A Exley Mr Dalton H Exley Mrs Helen M Exley Mr Lincoln John Exley |
Company secretary |
Mr Richard A Exley |
Registered office |
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Accountants |
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Exley Publications Limited
(Registration number: 03374050)
Balance Sheet as at 31 May 2023
Note |
2023 |
2022 |
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£ |
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Fixed assets |
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Tangible assets |
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Current assets |
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Stocks |
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Debtors |
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Cash at bank and in hand |
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Creditors: Amounts falling due within one year |
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Net current assets |
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Total assets less current liabilities |
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Creditors: Amounts falling due after more than one year |
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Net assets |
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Capital and reserves |
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Called up share capital |
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Share premium reserve |
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Capital redemption reserve |
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Profit and loss account |
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Total equity |
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For the financial year ending 31 May 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' responsibilities:
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The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts. |
These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.
These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Profit and Loss Account.
Approved and authorised by the
Exley Publications Limited
(Registration number: 03374050)
Balance Sheet as at 31 May 2023
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Exley Publications Limited
Notes to the Financial Statements for the Year Ended 31 May 2023
General information |
The company is a private company limited by share capital, incorporated in England and Wales.
The address of its registered office is:
Accounting policies |
Summary of significant accounting policies and key accounting estimates
The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.
Statement of compliance
These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).
Basis of preparation
These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.
The presentational currency of these accounts is £ Sterling and the level of rounding is to the nearest £1.
Going concern
With due consideration to company forecasts and continued financial support available from the company directors, the directors are satisfied that the company has adequate resources to continue in operational existence for the foreseeable future, meeting liabilities as they fall due for at least 12 months from the date of signing of the financial statements. Thus the financial statements continue to adopt the going concern basis of accounting.
Revenue recognition
Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.
The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.
Government grants
Government grants are recognised where there is a reasonable assurance that the grant will be received and the entity will comply with conditions attached to them.
Exley Publications Limited
Notes to the Financial Statements for the Year Ended 31 May 2023
Foreign currency transactions and balances
Non-monetary items measured in terms of historical cost in a foreign currency are not retranslated.
Tangible assets
Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.
The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.
Depreciation
Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:
Asset class |
Depreciation method and rate |
Leasehold improvements |
10% per annum |
Office equipment |
25% per annum |
Investments
Investments in equity shares which are publicly traded or where the fair value can be measured reliably are initially measured at fair value, with changes in fair value recognised in profit or loss. Investments in equity shares which are not publicly traded and where fair value cannot be measured reliably are measured at cost less impairment.
Interest income on debt securities, where applicable, is recognised in income using the effective interest method. Dividends on equity securities are recognised in income when receivable.
Cash and cash equivalents
Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.
Trade debtors
Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.
Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.
Exley Publications Limited
Notes to the Financial Statements for the Year Ended 31 May 2023
Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the weighted average method.
The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. 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.
Trade creditors
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.
Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.
Share capital
Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.
Defined contribution pension obligation
A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.
Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.
Exley Publications Limited
Notes to the Financial Statements for the Year Ended 31 May 2023
Financial instruments
Classification
Recognition and measurement
Impairment
For financial assets measured at amortised cost, the impairment loss is measured as the difference between an asset’s carrying amount and the present value of estimated cash flows discounted at the asset’s original effective interest rate. If a financial asset has a variable interest rate, the discount rate for measuring any impairment loss is the current effective interest rate determined under the contract.
Staff numbers |
The average number of persons employed by the company (including directors) during the year, was
Exley Publications Limited
Notes to the Financial Statements for the Year Ended 31 May 2023
Tangible assets |
Long leasehold land and buildings |
Office equipment |
Total |
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Cost or valuation |
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At 1 June 2022 |
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Additions |
- |
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At 31 May 2023 |
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Depreciation |
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At 1 June 2022 |
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Charge for the year |
- |
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At 31 May 2023 |
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Carrying amount |
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At 31 May 2023 |
- |
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At 31 May 2022 |
- |
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Stocks |
2023 |
2022 |
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Finished goods and goods for resale |
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Debtors |
2023 |
2022 |
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Trade debtors |
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Amounts owed by group undertakings and undertakings in which the company has a participating interest |
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Prepayments |
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Other debtors |
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Less non-current portion |
( |
( |
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Exley Publications Limited
Notes to the Financial Statements for the Year Ended 31 May 2023
Creditors |
Note |
2023 |
2022 |
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Due within one year |
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Other loans |
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Trade creditors |
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Taxation and social security |
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Other creditors |
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Note |
2023 |
2022 |
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Due after one year |
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Loans and borrowings |
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Loans and borrowings |
2023 |
2022 |
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Non-current loans and borrowings |
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Bank borrowings |
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Other borrowings |
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2023 |
2022 |
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Current loans and borrowings |
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Other borrowings |
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Financial commitments, guarantees and contingencies |
Amounts not provided for in the balance sheet
The total amount of financial commitments not included in the balance sheet is £
Amounts disclosed in the balance sheet
Included in the balance sheet are pensions of £869 (2022 - £711).
Exley Publications Limited
Notes to the Financial Statements for the Year Ended 31 May 2023
Related party transactions |
Summary of transactions with entities with joint control or significant interest
Loans to related parties
2023 |
Entities with joint control or significant influence |
Total |
At start of period |
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Repaid |
( |
( |
At end of period |
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2022 |
Entities with joint control or significant influence |
Total |
At start of period |
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Repaid |
( |
( |
At end of period |
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Terms of loans to related parties
Loans from related parties
2023 |
Entities with joint control or significant influence |
Total |
At start of period |
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At end of period |
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2022 |
Entities with joint control or significant influence |
Total |
At start of period |
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At end of period |
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Exley Publications Limited
Notes to the Financial Statements for the Year Ended 31 May 2023
Terms of loans from related parties