REGISTERED NUMBER: |
Unaudited Financial Statements |
for the Year Ended 31 October 2023 |
for |
CRECY PUBLISHING LIMITED |
REGISTERED NUMBER: |
Unaudited Financial Statements |
for the Year Ended 31 October 2023 |
for |
CRECY PUBLISHING LIMITED |
CRECY PUBLISHING LIMITED (REGISTERED NUMBER: 00630753) |
Contents of the Financial Statements |
for the Year Ended 31 October 2023 |
Page |
Company Information | 1 |
Statement of Financial Position | 2 |
Notes to the Financial Statements | 3 |
CRECY PUBLISHING LIMITED |
Company Information |
for the Year Ended 31 October 2023 |
Director: |
Registered office: |
Registered number: |
Accountants: |
Northern Assurance Buildings |
9-21 Princess Street |
Manchester |
M2 4DN |
CRECY PUBLISHING LIMITED (REGISTERED NUMBER: 00630753) |
Statement of Financial Position |
31 October 2023 |
2023 | 2022 |
Notes | £ | £ | £ | £ |
Fixed assets |
Intangible assets | 5 |
Tangible assets | 6 |
Investments | 7 |
Current assets |
Stocks |
Debtors | 8 |
Cash at bank and in hand |
Creditors |
Amounts falling due within one year | 9 |
Net current assets |
Total assets less current liabilities |
Capital and reserves |
Called up share capital | 11 |
Retained earnings |
Shareholders' funds |
The director acknowledges his responsibilities for: |
(a) | ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and |
(b) | preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company. |
In accordance with Section 444 of the Companies Act 2006, the Profit and Loss Account has not been delivered. |
The financial statements were approved by the director and authorised for issue on |
CRECY PUBLISHING LIMITED (REGISTERED NUMBER: 00630753) |
Notes to the Financial Statements |
for the Year Ended 31 October 2023 |
1. | Statutory information |
Crecy Publishing 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 Company Information page. |
2. | Statement of compliance |
These financial statements have been prepared in accordance with the provisions of Section 1A "Small Entities" of Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK GAAP. |
3. | Accounting policies |
Basis of preparing the financial statements |
Preparation of consolidated financial statements |
The financial statements contain information about Crecy Publishing Limited as an individual company and do not contain consolidated financial information as the parent of a group. The company is exempt under Section 399(2A) of the Companies Act 2006 from the requirements to prepare consolidated financial statements. |
Significant judgements and estimates |
Estimates and judgements are continually evaluated and are based on historical experience and other factors, including expectations of future events that are believed to be reasonable in the circumstances. |
The company makes estimates and assumptions concerning the future. The resulting estimates will, by definition, seldom equal the related actual results. The estimates that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year are addressed below. |
a) useful economic life of assets |
The annual depreciation and amortisation charge is sensitive to changes in the estimated useful economic lives and residual values of the assets. These are re-assessed on an annual basis. |
b) stock provision |
The company is a publisher, and sales are subject to changing consumer demands. When calculating the need for a stock provision, management consider the nature and condition of the stock holding, as well as applying assumptions around anticipated saleability. |
c) impairment of debtors |
The company makes an estimate of the recoverable value of trade and other debtors. When assessing impairment management considers factors including the current credit rating of the debtor, the aging profile and current and historical experience. |
Turnover |
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. |
Tangible fixed assets |
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life. |
Artwork | - 20% on cost |
Fixtures and fittings | - 10% on reducing balance |
Motor vehicles | - 25% on reducing balance |
Computer equipment | - 33% on cost |
CRECY PUBLISHING LIMITED (REGISTERED NUMBER: 00630753) |
Notes to the Financial Statements - continued |
for the Year Ended 31 October 2023 |
3. | Accounting policies - continued |
Stocks |
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items. |
Financial instruments |
a) Financial assets |
Basic financial assets, including trade and other receivables, cash and bank balances are initially recognised at transaction price. Such assets are subsequently carried at amortised cost using the effective interest method. |
b) Financial liabilities |
Basic financial liabilities, including trade and other payables, and bank loans, are initially measured at transaction price. They are subsequently measured at amortised cost using the effective interest method. |
Taxation |
Taxation for the year comprises current and deferred tax. Tax is recognised in the Profit and Loss Account, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. |
Current or deferred taxation assets and liabilities are not discounted. |
Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the statement of financial position date. |
Deferred tax |
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position date. |
Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference. |
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. |
Foreign currencies |
Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the statement of financial position 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. |
Pension costs and other post-retirement benefits |
The company operate a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to the profit and loss account in the period to which they relate. |
Investments |
Investment in subsidiary company is held at cost less accumulated impairment losses. |
4. | Employees and directors |
The average number of employees during the year was |
CRECY PUBLISHING LIMITED (REGISTERED NUMBER: 00630753) |
Notes to the Financial Statements - continued |
for the Year Ended 31 October 2023 |
5. | Intangible fixed assets |
Goodwill |
£ |
Cost |
At 1 November 2022 |
and 31 October 2023 |
Amortisation |
At 1 November 2022 |
and 31 October 2023 |
Net book value |
At 31 October 2023 |
At 31 October 2022 |
6. | Tangible fixed assets |
Fixtures |
and | Motor | Computer |
Artwork | fittings | vehicles | equipment | Totals |
£ | £ | £ | £ | £ |
Cost |
At 1 November 2022 |
Additions |
At 31 October 2023 |
Depreciation |
At 1 November 2022 |
Charge for year |
At 31 October 2023 |
Net book value |
At 31 October 2023 |
At 31 October 2022 |
7. | Fixed asset investments |
Other |
investments |
£ |
Cost |
At 1 November 2022 |
and 31 October 2023 |
Net book value |
At 31 October 2023 |
At 31 October 2022 |
CRECY PUBLISHING LIMITED (REGISTERED NUMBER: 00630753) |
Notes to the Financial Statements - continued |
for the Year Ended 31 October 2023 |
8. | Debtors: amounts falling due within one year |
2023 | 2022 |
£ | £ |
Trade debtors |
Amounts owed by group undertakings |
Other debtors |
9. | Creditors: amounts falling due within one year |
2023 | 2022 |
£ | £ |
Bank loans and overdrafts |
Trade creditors |
Amounts owed to group undertakings |
Other creditors |
10. | Secured debts |
The following secured debts are included within creditors: |
2023 | 2022 |
£ | £ |
Bank overdraft |
A mortgage debenture is held by National Westminster Bank Plc over all liabilities of the company, present and future. |
11. | Called up share capital |
Allotted, issued and fully paid: |
Number: | Class: | Nominal | 2023 | 2022 |
value: | £ | £ |
Ordinary | £1 | 1,197 | 1,197 |
12. | Related party disclosures |
The company has taken advantage of not disclosing transactions with entities that are considered to be under normal market conditions. |