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Registered number: 03487304
Absolutely Publishing & Media Limited
Financial Statements
For The Year Ended 30 May 2023
SkyBridge Accounting Limited
Financial Statements
Contents
Page
Balance Sheet 1—2
Notes to the Financial Statements 3—5
Page 1
Balance Sheet
Registered number: 03487304
2023 2022
Notes £ £ £ £
FIXED ASSETS
Tangible Assets 4 3,065,280 3,068,816
Investments 5 176,528 176,528
3,241,808 3,245,344
CURRENT ASSETS
Stocks 6 38,389 21,796
Debtors 7 16,530 4,614
Cash at bank and in hand 111,694 138,832
166,613 165,242
Creditors: Amounts Falling Due Within One Year 8 (467,987 ) (491,947 )
NET CURRENT ASSETS (LIABILITIES) (301,374 ) (326,705 )
TOTAL ASSETS LESS CURRENT LIABILITIES 2,940,434 2,918,639
Creditors: Amounts Falling Due After More Than One Year 9 (480,000 ) (480,000 )
PROVISIONS FOR LIABILITIES
Deferred Taxation (380,597 ) (380,597 )
NET ASSETS 2,079,837 2,058,042
CAPITAL AND RESERVES
Called up share capital 10 120 120
Revaluation reserve 11 1,622,547 1,622,547
Profit and Loss Account 457,170 435,375
SHAREHOLDERS' FUNDS 2,079,837 2,058,042
Page 1
Page 2
For the year ending 30 May 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime.
The company has taken advantage of section 444(1) of the Companies Act 2006 and opted not to deliver to the registrar a copy of the company's Profit and Loss Account.
On behalf of the board
Dawn Melvin Bath
Director
26 March 2024
The notes on pages 3 to 5 form part of these financial statements.
Page 2
Page 3
Notes to the Financial Statements
1. General Information
Absolutely Publishing & Media Limited is a private company, limited by shares, incorporated in England & Wales, registered number 03487304 . The registered office is 3 Fairview Court, Fairview Road, Cheltenham, Gloucestershire, GL52 2EX.
2. Accounting Policies
2.1. Basis of Preparation of Financial Statements
The financial statements have been prepared under the historical cost convention and in accordance with Financial Reporting Standard 102 section 1A Small Entities "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006.
2.2. Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover is reduced for estimated customer returns, rebates and other similar allowances.
Sale of goods
Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods has transferred to the buyer. This is usually at the point that the customer has signed for the delivery of the goods.
Rendering of services
Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs. Turnover is only recognised to the extent of recoverable expenses when the outcome of a contract cannot be estimated reliably.
2.3. Tangible Fixed Assets and Depreciation
Tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. Depreciation is provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives on the following bases:
Freehold No Depreciation
Plant & Machinery 20% reducing balance
2.4. Stocks and Work in Progress
Stocks and work in progress are valued at the lower of cost and net realisable value after making due allowance for obsolete and slow-moving stocks. Cost includes all direct costs and an appropriate proportion of fixed and variable overheads. Work-in-progress is reflected in the accounts on a contract by contract basis by recording turnover and related costs as contract activity progresses.
3. Average Number of Employees
Average number of employees, including directors, during the year was: 2 (2022: 2)
2 2
4. Tangible Assets
Land & Property
Freehold Plant & Machinery Total
£ £ £
Cost
As at 1 June 2022 3,152,126 181,369 3,333,495
As at 30 May 2023 3,152,126 181,369 3,333,495
Depreciation
As at 1 June 2022 102,126 162,553 264,679
Provided during the period - 3,536 3,536
As at 30 May 2023 102,126 166,089 268,215
...CONTINUED
Page 3
Page 4
Net Book Value
As at 30 May 2023 3,050,000 15,280 3,065,280
As at 1 June 2022 3,050,000 18,816 3,068,816
Cost or valuation as at 30 May 2023 represented by:
Land & Property
Freehold Plant & Machinery Total
£ £ £
At cost 3,152,126 181,369 3,333,495
3,152,126 181,369 3,333,495
The freehold land and property has been valued by the Directors and is considered to be the going market value.
5. Investments
Other
£
Cost
As at 1 June 2022 176,528
As at 30 May 2023 176,528
Provision
As at 1 June 2022 -
As at 30 May 2023 -
Net Book Value
As at 30 May 2023 176,528
As at 1 June 2022 176,528
6. Stocks
2023 2022
£ £
Materials 38,389 21,796
7. Debtors
2023 2022
£ £
Due within one year
Trade debtors 11,895 -
Other debtors 4,635 4,614
16,530 4,614
Page 4
Page 5
8. Creditors: Amounts Falling Due Within One Year
2023 2022
£ £
Trade creditors 4,001 2,720
Other taxes and social security - 231
VAT 5,328 5,994
Other creditors 11 10
Accruals and deferred income 24,005 24,670
Directors' loan accounts 434,642 458,322
467,987 491,947
9. Creditors: Amounts Falling Due After More Than One Year
2023 2022
£ £
Bank loans 480,000 480,000
480,000 480,000
10. Share Capital
2023 2022
Allotted, called up and fully paid £ £
100 Ordinary A shares of £ 1 each 100 100
20 Ordinary B shares of £ 1 each 20 20
120 120
11. Reserves
Revaluation Reserve
£
As at 1 June 2022 1,622,547
As at 30 May 2023 1,622,547
Page 5