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Registration number: 03374050

Exley Publications Limited

Unaudited Financial Statements

for the Year Ended 31 May 2023

 

Exley Publications Limited

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Financial Statements

4 to 11

 

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

16 Chalk Hill
Watford
Hertfordshire
WD19 4BG

Accountants

Landmark Accountants Limited
Chartered Accountants
Leavesden Park
5 Hercules Way
Watford
Hertfordshire
WD25 7GS

 

Exley Publications Limited

(Registration number: 03374050)
Balance Sheet as at 31 May 2023

Note

2023

2022

   

£

£

£

£

Fixed assets

   

 

Tangible assets

4

 

8,804

 

5,600

Current assets

   

 

Stocks

5

630,592

 

716,487

 

Debtors

6

1,162,971

 

1,237,382

 

Cash at bank and in hand

 

44,089

 

136,269

 

 

1,837,652

 

2,090,138

 

Creditors: Amounts falling due within one year

7

(454,157)

 

(609,286)

 

Net current assets

   

1,383,495

 

1,480,852

Total assets less current liabilities

   

1,392,299

 

1,486,452

Creditors: Amounts falling due after more than one year

7

 

(900,952)

 

(831,638)

Net assets

   

491,347

 

654,814

Capital and reserves

   

 

Called up share capital

3

 

3

 

Share premium reserve

199,999

 

199,999

 

Capital redemption reserve

287,764

 

366,798

 

Profit and loss account

3,581

 

88,014

 

Total equity

   

491,347

 

654,814

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:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

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 Board on 9 February 2024 and signed on its behalf by:
 

 

Exley Publications Limited

(Registration number: 03374050)
Balance Sheet as at 31 May 2023

.........................................
Mrs Helen M Exley
Director

 

Exley Publications Limited

Notes to the Financial Statements for the Year Ended 31 May 2023

1

General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
16 Chalk Hill
Watford
Hertfordshire
WD19 4BG

2

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

Transactions in foreign currencies are initially recorded at the functional currency rate prevailing at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are retranslated into the respective functional currency of the entity at the rates prevailing on the reporting period date. Non-monetary items carried at fair value that are denominated in foreign currencies are retranslated at the rate on the date when the fair value is re-measured.

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
The company only enters into basic financial instruments transactions that result in the recognition of financial assets and liabilities like trade and other accounts receivable and payable, loans from banks and other third parties, loans to related parties and investments in non-puttable ordinary shares.
 Recognition and measurement
Debt instruments like loans and other accounts receivable and payable are initially measured at present value of the future payments and subsequently at amortised cost using the effective interest method; Debt instruments that are payable or receivable within one year, typically trade payables or receivables, are measured, initially and subsequently, at the undiscounted amount of the cash or other consideration expected to be paid or received. However if the arrangements of a short-term instrument constitute a financing transaction, like the payment of a trade debt deferred beyond normal business terms or financed at a rate of interest that is not a market rate or in case of an outright short-term loan not at market rate, the financial asset or liability is measured, initially and subsequently, at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.
 Impairment
Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in profit or loss.

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.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 11 (2022 - 10).

 

Exley Publications Limited

Notes to the Financial Statements for the Year Ended 31 May 2023

4

Tangible assets

Long leasehold land and buildings
£

Office equipment
£

Total
£

Cost or valuation

At 1 June 2022

115,523

425,293

540,816

Additions

-

5,902

5,902

At 31 May 2023

115,523

431,195

546,718

Depreciation

At 1 June 2022

115,523

419,693

535,216

Charge for the year

-

2,698

2,698

At 31 May 2023

115,523

422,391

537,914

Carrying amount

At 31 May 2023

-

8,804

8,804

At 31 May 2022

-

5,600

5,600

5

Stocks

2023
£

2022
£

Finished goods and goods for resale

630,592

716,487

6

Debtors

2023
£

2022
£

Trade debtors

356,300

356,911

Amounts owed by group undertakings and undertakings in which the company has a participating interest

594,199

571,721

Prepayments

79,086

62,285

Other debtors

133,386

246,465

 

1,162,971

1,237,382

Less non-current portion

(511,839)

(478,109)

651,132

759,273

 

Exley Publications Limited

Notes to the Financial Statements for the Year Ended 31 May 2023

7

Creditors

Note

2023
£

2022
£

Due within one year

 

Other loans

8

190,000

190,000

Trade creditors

 

139,961

314,892

Taxation and social security

 

4,433

5,455

Other creditors

 

119,763

98,939

 

454,157

609,286

Note

2023
£

2022
£

Due after one year

 

Loans and borrowings

8

900,952

831,638

8

Loans and borrowings

2023
£

2022
£

Non-current loans and borrowings

Bank borrowings

31,573

41,293

Other borrowings

869,379

790,345

900,952

831,638

2023
£

2022
£

Current loans and borrowings

Other borrowings

190,000

190,000

9

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 £847 (2022 - £2,540).

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

10

Related party transactions

Summary of transactions with entities with joint control or significant interest

Entities with joint control
 

Loans to related parties

2023

Entities with joint control or significant influence
£

Total
£

At start of period

711,252

711,252

Repaid

(25,333)

(25,333)

At end of period

685,919

685,919

2022

Entities with joint control or significant influence
£

Total
£

At start of period

761,429

761,429

Repaid

(50,177)

(50,177)

At end of period

711,252

711,252

Terms of loans to related parties

The loans detailed above has a repayment term of 10 years and is interest free. This has been recognised at amortised cost in the accounts. The amount outstanding at 31 May 2023, reflected in debtors due in more than one year is £511,839. The remainder of the loan is repayable on demand. Interest income of £47,811 has been recognised in the profit and loss account.
 

Loans from related parties

2023

Entities with joint control or significant influence
£

Total
£

At start of period

1,347,144

1,347,144

At end of period

1,347,144

1,347,144

2022

Entities with joint control or significant influence
£

Total
£

At start of period

1,347,144

1,347,144

At end of period

1,347,144

1,347,144

 

Exley Publications Limited

Notes to the Financial Statements for the Year Ended 31 May 2023

Terms of loans from related parties

An amount of £1,157,144 of the loan detailed above has a repayment term of 10 years and is interest free. This has been recognised at amortised cost in the accounts. The amount outstanding at 31 May 2023, reflected in creditors due in more than one year is £869,379. The remaining £190,000 of the loan is repayable on demand. An interest charge of £79,034 has been recognised in the profit and loss account.