REGISTERED NUMBER: |
Unaudited Financial Statements for the Year Ended 31 December 2023 |
for |
Christian Focus Publications Limited |
REGISTERED NUMBER: |
Unaudited Financial Statements for the Year Ended 31 December 2023 |
for |
Christian Focus Publications Limited |
Christian Focus Publications Limited (Registered number: SC059686) |
Contents of the Financial Statements |
for the Year Ended 31 December 2023 |
Page |
Company Information | 1 |
Balance Sheet | 2 |
Notes to the Financial Statements | 4 |
Chartered Certified Accountants' Report | 9 |
Christian Focus Publications Limited |
Company Information |
for the Year Ended 31 December 2023 |
DIRECTORS: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
ACCOUNTANTS: |
Chartered Certified Accountants |
9 Ardross Street |
Inverness |
IV3 5NN |
SOLICITORS: |
Johnstone House |
52-54 Rose Street |
Aberdeen |
AB10 1HA |
Christian Focus Publications Limited (Registered number: SC059686) |
Balance Sheet |
31 December 2023 |
2023 | 2022 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Intangible assets | 4 |
Tangible assets | 5 |
CURRENT ASSETS |
Stocks |
Debtors | 6 |
Prepayments and accrued income |
Cash at bank |
CREDITORS |
Amounts falling due within one year | 7 |
NET CURRENT ASSETS |
TOTAL ASSETS LESS CURRENT LIABILITIES |
PROVISIONS FOR LIABILITIES |
NET ASSETS |
CAPITAL AND RESERVES |
Called up share capital | 8 |
Share premium | 9 |
Capital redemption reserve | 9 |
Retained earnings | 9 |
SHAREHOLDERS' FUNDS |
The directors acknowledge their 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. |
Christian Focus Publications Limited (Registered number: SC059686) |
Balance Sheet - continued |
31 December 2023 |
In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered. |
The financial statements were approved by the Board of Directors and authorised for issue on |
Christian Focus Publications Limited (Registered number: SC059686) |
Notes to the Financial Statements |
for the Year Ended 31 December 2023 |
1. | STATUTORY INFORMATION |
Christian Focus Publications Limited is a |
The presentation currency of the financial statements is the Pound Sterling (£). |
Monetary amount in these financial statements are rounded to the nearest pound sterling. |
The company is 87.67% owned by Balintore Target Limited, located at Geanies House, Tain. |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
Turnover |
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. |
The turnover shown in the profit and loss account represents amounts invoiced during the year, in relation to the printing and publication of Christian books and booklets, exclusive of Value Added Tax. |
Intangible fixed assets |
Intangible Assets represent the Origination cost of the artwork, typesetting, colour separation, duplicate film and design of the titles produced by the company. It also includes the cost of preparing books for electronic publication. The list of titles included in the value of Origination is reviewed annually and where a title is not expected to be re-printed the remaining value is written down to a nominal value of £200. |
Amortisation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful economic life of that asset as follows: |
19% Reducing balance to residual balance of £200 |
Tangible fixed assets |
Freehold Buildings are depreciated at 1% Straight Line |
Property Improvements are depreciated at 4% and 10% Straight Line |
Plant and Machinery is depreciated at 10% Straight Line to £50 |
Office Equipment is depreciated at 25 % Straight Line to £100 |
Motor Vehicles is depreciated at 40% Reducing Balance |
Stocks |
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 items. |
Cost is calculated using the first-in, first-out method and includes all purchase, transport, and handling costs in bringing stocks to their present location and condition. |
Christian Focus Publications Limited (Registered number: SC059686) |
Notes to the Financial Statements - continued |
for the Year Ended 31 December 2023 |
2. | ACCOUNTING POLICIES - continued |
Taxation |
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, 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 balance sheet date. |
Deferred tax |
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet 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 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. |
Pension costs and other post-retirement benefits |
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate. |
Sales |
Some sales are made on a "Sale or Return" basis. At the end of the period such sales are reviewed and where appropriate a provision made for potential returns. |
3. | EMPLOYEES AND DIRECTORS |
The average number of employees during the year was |
Christian Focus Publications Limited (Registered number: SC059686) |
Notes to the Financial Statements - continued |
for the Year Ended 31 December 2023 |
4. | INTANGIBLE FIXED ASSETS |
Patents |
and |
licences |
£ |
COST |
At 1 January 2023 |
Additions |
Disposals | ( |
) |
At 31 December 2023 |
AMORTISATION |
At 1 January 2023 |
Amortisation for year |
At 31 December 2023 |
NET BOOK VALUE |
At 31 December 2023 |
At 31 December 2022 |
5. | TANGIBLE FIXED ASSETS |
Improvements |
Freehold | to | Plant and | Motor |
property | property | machinery | vehicles | Totals |
£ | £ | £ | £ | £ |
COST |
At 1 January 2023 |
Additions |
At 31 December 2023 |
DEPRECIATION |
At 1 January 2023 |
Charge for year |
At 31 December 2023 |
NET BOOK VALUE |
At 31 December 2023 |
At 31 December 2022 |
The net book value of tangible fixed assets includes £NIL (2022 - £ 2,039 ) in respect of assets held under hire purchase contracts. |
6. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2023 | 2022 |
£ | £ |
Trade debtors |
Other debtors |
Christian Focus Publications Limited (Registered number: SC059686) |
Notes to the Financial Statements - continued |
for the Year Ended 31 December 2023 |
7. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2023 | 2022 |
£ | £ |
Hire purchase contracts |
Trade creditors |
Amounts owed to group undertakings |
Taxation and social security |
Other creditors |
8. | CALLED UP SHARE CAPITAL |
Allotted, issued and fully paid: |
Number: | Class: | Nominal | 2023 | 2022 |
value: | £ | £ |
A Ordinary | £1 | 1,270,865 | 1,270,865 |
WA Ordinary | £1 | 29,779 | 29,779 |
WB Ordinary | £1 | 29,778 | 29,778 |
HA Ordinary | £1 | 29,779 | 29,779 |
29,778 | HB Ordinary | £1 | 29,778 | 29,778 |
29,778 | FA Ordinary | £1 | 29,778 | 29,778 |
29,778 | FB Ordinary | £1 | 29,778 | 29,778 |
1,449,535 | 1,449,535 |
9. | RESERVES |
Capital |
Retained | Share | redemption |
earnings | premium | reserve | Totals |
£ | £ | £ | £ |
At 1 January 2023 | 958,004 |
Profit for the year |
Dividends | ( |
) | ( |
) |
At 31 December 2023 | 910,551 |
10. | PENSION COMMITMENTS |
The company operates a defined pension contribution scheme on behalf of its employees. The assets of the scheme are held separately from those of the company in an independently administered fund. The commitment under this scheme based on a percentage of salary of certain employees is for contributions of £13,920 (2022: £10,976). Included in Creditors are contributions amounting to £2,759 (2022: £2,159) which are due to be paid to the pension company. |
Christian Focus Publications Limited (Registered number: SC059686) |
Notes to the Financial Statements - continued |
for the Year Ended 31 December 2023 |
11. | RELATED PARTY DISCLOSURES |
The company is 87.67% controlled by Balintore Target Limited, a company in which K M MacKenzie and W MacKenzie are directors. It is considered that the directors have control of the company. |
At the end of the period the company owed £153,545 (2022: £31) to Balintore Target Limited. Trade with Balintore Target Limited includes management charges payable of £120,000 (2022: £125,000) |
The directors, H M MacKenzie and W H MacKenzie are partners of Balintore Farms. Trade with Balintore Farms includes management charges payable of £46,000 (2022: £46,000), rent payable of £20,000 (2022: £20,000), insurance and sundry recharges payable of £5,305 (2022: £4,316), and sundry recharges receivable of £1,020 (2022: £nil). |
The net amounts due to Related Parties were as follows; |
End of period - £110,382 |
Start of period - £109,573 |
12. | ULTIMATE CONTROLLING PARTY |
The controlling party is Balintore Target Limited. |
Chartered Certified Accountants' Report to the Board of Directors |
on the Unaudited Financial Statements of |
Christian Focus Publications Limited |
The following reproduces the text of the report prepared for the directors in respect of the company's annual unaudited financial statements. In accordance with the Companies Act 2006, the company is only required to file a Balance Sheet. Readers are cautioned that the Income Statement and certain other primary statements and the Report of the Directors are not required to be filed with the Registrar of Companies. |
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Christian Focus Publications Limited for the year ended 31 December 2023 which comprise the Income Statement, Balance Sheet, Statement of Changes in Equity and the related notes from the company's accounting records and from information and explanations you have given us. |
As a practising member firm of the Association of Chartered Certified Accountants, we are subject to its ethical and other professional requirements which are detailed at http://www.accaglobal.com/rulebook. |
This report is made solely to the Board of Directors of Christian Focus Publications Limited, as a body, in accordance with our terms of engagement. Our work has been undertaken solely to prepare for your approval the financial statements of Christian Focus Publications Limited and state those matters that we have agreed to state to the Board of Directors of Christian Focus Publications Limited, as a body, in this report in accordance with the requirements of the Association of Chartered Certified Accountants as detailed at http://www.accaglobal.com/factsheet163. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and its Board of Directors, as a body, for our work or for this report. |
It is your duty to ensure that Christian Focus Publications Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of Christian Focus Publications Limited. You consider that Christian Focus Publications Limited is exempt from the statutory audit requirement for the year. |
We have not been instructed to carry out an audit or a review of the financial statements of Christian Focus Publications Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements. |
Chartered Certified Accountants |
9 Ardross Street |
Inverness |
IV3 5NN |