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Registrar

Registration number: 02375310

Anness Publishing Limited

Unaudited Filleted Financial Statements

for the Year Ended 31 January 2024

 

Anness Publishing Limited

Contents

Company Information

1

Balance Sheet

2

Notes to the Unaudited Financial Statements

3 to 9

 

Anness Publishing Limited

Company Information

Directors

P L Anness

J Lorenz

B J Worley

H Sudell

Company secretary

J Lorenz

Registered office

3 Warners Mill
Silks Way
Braintree
Essex
CM7 3GB

Bankers

Barclays Bank PLC
1 Churchill Place
Leicester
LE87 2BB

Accountants

Lambert Chapman LLP
Chartered Accountants
3 Warners Mill
Silks Way
Braintree
Essex
CM7 3GB

 

Anness Publishing Limited

(Registration number: 02375310)
Balance Sheet as at 31 January 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

5

32,589

1,192,190

Current assets

 

Stocks

8

2,649,849

3,682,429

Debtors

9

1,302,354

1,221,472

Cash at bank and in hand

 

5,112,764

3,606,457

 

9,064,967

8,510,358

Creditors: Amounts falling due within one year

10

(403,403)

(241,929)

Net current assets

 

8,661,564

8,268,429

Total assets less current liabilities

 

8,694,153

9,460,619

Provisions for liabilities

(1,995)

(68,412)

Net assets

 

8,692,158

9,392,207

Capital and reserves

 

Called up share capital

11

1,000

1,000

Revaluation reserve

-

295,810

Other reserves

-

402,751

Retained earnings

8,691,158

8,692,646

Shareholders' funds

 

8,692,158

9,392,207

For the financial year ending 31 January 2024 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 12 August 2024 and signed on its behalf by:
 

P L Anness
Director

 

Anness Publishing Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 January 2024

1

General information

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

The address of its registered office is: 3 Warners Mill, Silks Way, Braintree, Essex, CM7 3GB, England.

The principal place of business is: Algores Way, Wisbech, Cambs, PE13 2TQ.

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 were prepared in accordance with Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.

Basis of preparation

These financial statements have been prepared using the historical cost convention.

These financial statements are presented in Sterling (£), which is the company's functional currency.

Group accounts not prepared

The company is the parent of a small group. The company has taken advantage of the exemption provided by Section 398 of the Companies Act 2006 and has not prepared group accounts.

Going concern

The financial statements have been prepared on a going concern basis, which the directors consider appropriate based on their review of the business for the foreseeable future, the company's strong balance sheet and its available cash reserves.

Revenue recognition

Revenue is recognised to the extent that the company obtains the right to consideration in exchange for its performance. Revenue is measured at the fair value of the consideration received, excluding discounts, rebates, VAT and other sales taxes or duty.

Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer, usually on dispatch of the goods.

Foreign currency transactions and balances

Monetary assets and liabilities denominated in foreign currencies are translated into sterling at the rates of exchange prevailing at the balance sheet date. Transactions in foreign currencies are recorded at the rate ruling at the date of the transaction. All differences are taken to the profit and loss.

 

Anness Publishing Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 January 2024

Tax

Current Tax is recognised in the profit and loss account, 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.

Deferred tax is recognised on temporary differences arising between the tax bases of assets and liabilities and their carrying amounts in the financial statements and on unused tax losses or tax credits in the company. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.

Tangible assets

Tangible assets are stated in the statement of financial position at cost, less any subsequent accumulated depreciation.

Depreciation

Depreciation is charged so as to write off the cost or valuation of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Fixtures, fittings and equipment

25-50% straight line

Computer and office equipment

25-50% straight line

Motor vehicles

20% straight line

Freehold land

No depreciation is charged on freehold land

Biological assets

The biological asset is measured at fair value less costs to sell at each reporting date. The biological asset relates to growing timber in a woodland owned by the company. The fair value has been computed using known revenues per acre of cropped land, less the expected costs of maintaining the trees, harvesting and selling costs.

Goodwill

Intangible assets consist of goodwill on acquisitions and represent the difference between the purchase price and fair value of the net assets at acquisition.

Positive goodwill is capitalised, classified as an asset on the balance sheet and is amortised over its useful economic life. Positive goodwill is reviewed for impairment when events or changes in circumstances indicate the carrying value may not be recoverable.

Amortisation

Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:

Asset class

Amortisation method and rate

Positive goodwill

Straight line over 3 years

Investments

Fixed asset investments are stated at historical cost less provision for any diminution in value. The carrying value of fixed asset investments are reviewed for impairment if events or changes in circumstances indicate the carrying value may be impaired.

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits.

 

Anness Publishing Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 January 2024

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 transaction price 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.

Stocks

Published books are stated at the lower of cost and net realisable value.

Historically work in progress included all external costs of bringing a new book to publication. In the year of acquisition 35% of the cost was taken to the profit and loss account. The remaining 65% of the cost was capitalised and amortised over 7 years, the period of expected revenue generation. The amortisation is charged 73% over 4 years, with 9% per year in the final 3 years.

The market has changed and consequently the directors now consider it appropriate to expense all costs associated with book production during the year they are incurred. As a result no work in progress is recognised as at 31 January 2024.

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 at the transaction price.

Share capital

Ordinary shares are classified as equity.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

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.

Copyrights

The company owns copyrights to its titles. To comply with applicable accounting standards, no valuation has been given to these rights.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 9 (2023 - 9).

 

Anness Publishing Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 January 2024

4

Intangible assets

Goodwill
 £

Total
£

Cost or valuation

At 1 February 2023

168,028

168,028

At 31 January 2024

168,028

168,028

Amortisation

At 1 February 2023

168,028

168,028

At 31 January 2024

168,028

168,028

Carrying amount

At 31 January 2024

-

-

5

Tangible assets

Land and buildings
£

Computer and office equipment
 £

Biological assets
 £

Fixtures, fittings and equipment
£

Total
£

Cost or valuation

At 1 February 2023

505,000

69,218

650,734

39,475

1,264,427

Additions

-

357

500

-

857

Disposals

(505,000)

-

(651,234)

-

(1,156,234)

At 31 January 2024

-

69,575

-

39,475

109,050

Depreciation

At 1 February 2023

-

63,230

-

9,007

72,237

Charge for the year

-

2,250

-

1,974

4,224

At 31 January 2024

-

65,480

-

10,981

76,461

Carrying amount

At 31 January 2024

-

4,095

-

28,494

32,589

At 31 January 2023

505,000

5,988

650,734

30,468

1,192,190

 

Anness Publishing Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 January 2024

6

Investments

Subsidiaries

£

Cost or valuation

At 1 February 2023

691,791

Disposals

(420,100)

At 31 January 2024

271,691

Provision

At 1 February 2023

691,791

Disposal

(420,100)

At 31 January 2024

271,691

Carrying amount

At 31 January 2024

-

Details of undertakings

Details of the investments in which the company holds 20% or more of the nominal value of any class of share capital are as follows:

Undertaking

Holding

Proportion of voting rights and shares held

     

2024

2023

Subsidiary undertakings

Book Trade Services Ltd

Ordinary £1 shares

100%

100%

Book Trade Services Limited is a dormant company.
 

7

Copyrights

The company has invested in new book titles over many years. If there were to be a sale of the copyright, or if FRS 102 Section 1A did not prohibit the recognition of internally generated copyright on the balance sheet, the directors consider that the total creative investment since 1997 would be in excess of £35m.

8

Stocks

2024
£

2023
£

Work in progress

-

179,852

Finished goods and goods for resale

2,649,849

3,502,577

2,649,849

3,682,429

 

Anness Publishing Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 January 2024

9

Debtors

Note

2024
£

2023
£

Trade debtors

 

826,656

805,078

Directors loan

12

106,690

52,407

Prepayments

 

-

1,502

Other debtors

 

369,008

362,485

 

1,302,354

1,221,472

In addition to the deferred tax asset above there is an unprovided deferred tax asset amounting to £751,839 (2024) and £666,071 (2023).

10

Creditors

Creditors: amounts falling due within one year

2024
£

2023
£

Due within one year

Trade creditors

146,496

132,361

Taxation and social security

56,221

31,492

Accruals and deferred income

200,686

66,745

Other creditors

-

11,331

403,403

241,929

11

Share capital

Allotted, called up and fully paid shares

2024

2023

No.

£

No.

£

Ordinary shares of £1 each

1,000

1,000

1,000

1,000

       
 

Anness Publishing Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 January 2024

12

Related party transactions

Transactions with directors

2024

At 1 February 2023
£

Advances to director
£

Repayments by director
£

At 31 January 2024
£

45,672

61,267

(249)

106,690

         
       

 

2023

At 1 February 2022
£

Advances to director
£

At 31 January 2023
£

43,873

1,799

45,672