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Filleted

Registration number: 09892204

Trading Post Magazines Ltd

Annual Report and Unaudited Financial Statements

for the Year Ended 30 November 2023

 

Trading Post Magazines Ltd

Contents

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

3 to 6

 

Trading Post Magazines Ltd

Company Information

Director

Mr C W Davies

Registered office

Bluebell Offices
Church Lane
Newcastle Emlyn
SA38 9AB

 

Trading Post Magazines Ltd

(Registration number: 09892204)
Balance Sheet as at 30 November 2023

Note

2023
£

2022
£

Fixed assets

 

Other financial assets

4

19,999

19,999

Current assets

 

Debtors

5

29,765

31,664

Cash at bank and in hand

 

41,971

26,534

 

71,736

58,198

Creditors: Amounts falling due within one year

6

(54,571)

(47,199)

Net current assets

 

17,165

10,999

Net assets

 

37,164

30,998

Capital and reserves

 

Called up share capital

100

100

Profit and loss account

37,064

30,898

Total equity

 

37,164

30,998

For the financial year ending 30 November 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's 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 director acknowledges his 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 and the option not to file the Profit and Loss Account has been taken.

Approved and authorised by the director on 26 July 2024
 

.........................................
Mr C W Davies
Director

   
     
 

Trading Post Magazines Ltd

Notes to the Financial Statements for the Year Ended 30 November 2023

1

General information

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

The address of its registered office is:
Bluebell Offices
Church Lane
Newcastle Emlyn
SA38 9AB

These financial statements were authorised for issue by the director on 26 July 2024.

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.

Going concern

The financial statements have been prepared on a going concern basis.

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.

Tax

The tax expense for the period comprises current tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

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.

 

Trading Post Magazines Ltd

Notes to the Financial Statements for the Year Ended 30 November 2023

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.

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.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

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.

3

Staff numbers

The average number of persons employed by the company (including the director) during the year, was 2 (2022 - 2).

 

Trading Post Magazines Ltd

Notes to the Financial Statements for the Year Ended 30 November 2023

4

Other financial assets (current and non-current)

Financial assets at fair value through profit and loss
£

Total
£

Non-current financial assets

Cost or valuation

At 1 December 2022

19,999

19,999

At 30 November 2023

19,999

19,999

Impairment

Carrying amount

At 30 November 2023

19,999

19,999

5

Debtors

2023
£

2022
£

Trade debtors

13,331

14,799

Prepayments

4,594

4,560

Other debtors

11,840

12,305

29,765

31,664

6

Creditors

Creditors: amounts falling due within one year

Note

2023
£

2022
£

Due within one year

 

Bank loans and overdrafts

8

25,011

27,285

Trade creditors

 

8,185

6,958

Taxation and social security

 

9,332

7,376

Other related parties

 

8,834

53

Corporation tax liability

 

3,209

5,527

 

54,571

47,199

 

Trading Post Magazines Ltd

Notes to the Financial Statements for the Year Ended 30 November 2023

7

Share capital

Allotted, called up and fully paid shares

 

2023

2022

 

No.

£

No.

£

Ordinary of £1 each

100

100

100

100

         

8

Loans and borrowings

2023
£

2022
£

Current loans and borrowings

Bank borrowings

10,314

14,000

Bank overdrafts

14,697

13,285

25,011

27,285

9

Related party transactions

Transactions with directors

2023

At 1 December 2022
£

Other payments made to company by director
£

At 30 November 2023
£

Mr C W Davies

Interest free with no fixed repayment

(53)

(8,781)

(8,834)

       
     

 

2022

At 1 December 2021
£

Other payments made to company by director
£

At 30 November 2022
£

Mr C W Davies

Interest free with no fixed repayment

(10,782)

10,729

(53)

       
     

 

Summary of transactions with other related parties

Agri Trader Limited
 At the balance sheet date £8,460 (2022: £8,580) was owed from Agri Trader Limited.