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Food Publishing Limited

Annual Report and Unaudited Financial Statements

for the Year Ended 31 March 2024

Registration number: 12541853

 

Food Publishing Limited

Contents

Directors' Report

1

Statement of comprehensive income and retained earnings

2

Statement of financial position

3 to 4

Notes to the Unaudited Financial Statements

5 to 10

 

Food Publishing Limited

Directors' Report for the Year Ended 31 March 2024

The directors present their report and the financial statements for the year ended 31 March 2024.

Directors of the company

The directors who held office during the year were as follows:

Mr Mark Bucknall

Nissa Bhavisha Naik (appointed 1 November 2023)

Helen Graves (appointed 1 November 2023)

Small companies provision statement

This report has 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.

Approved and authorised by the Board on 14 August 2024 and signed on its behalf by:
 

.........................................
Mr Mark Bucknall
Director

 

Food Publishing Limited

Statement of comprehensive income and retained earnings
for the Year Ended 31 March 2024

Note

2024
£

2023
£

Turnover

 

1,242,988

1,250,689

Cost of sales

 

(113,266)

(152,699)

Gross profit

 

1,129,722

1,097,990

Administrative expenses

 

(1,077,629)

(957,170)

Operating profit

 

52,093

140,820

Profit before tax

4

52,093

140,820

Taxation

 

(8,700)

-

Profit for the financial year

 

43,393

140,820

Retained earnings brought forward

 

(63,723)

(204,543)

Retained earnings carried forward

 

(20,330)

(63,723)

 

Food Publishing Limited

(Registration number: 12541853)
Statement of financial position as at 31 March 2024

Note

2024
£

2023
£

Fixed assets

 

Intangible assets

5

247,789

264,490

Tangible assets

6

8,779

8,765

Investments

7

8,500

8,500

 

265,068

281,755

Current assets

 

Stocks

8

13,272

9,843

Debtors

9

177,671

95,249

Cash at bank and in hand

 

46,471

97,357

 

237,414

202,449

Creditors: Amounts falling due within one year

10

(376,138)

(402,921)

Net current liabilities

 

(138,724)

(200,472)

Total assets less current liabilities

 

126,344

81,283

Provisions for liabilities

(1,668)

-

Net assets

 

124,676

81,283

Capital and reserves

 

Called up share capital

11

10,000

10,000

Share premium reserve

135,006

135,006

Retained earnings

(20,330)

(63,723)

Shareholders' funds

 

124,676

81,283

For the financial year ending 31 March 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

 

Food Publishing Limited

(Registration number: 12541853)
Statement of financial position as at 31 March 2024

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.

Approved and authorised by the Board on 14 August 2024 and signed on its behalf by:
 

.........................................
Mr Mark Bucknall
Director

 

Food Publishing Limited

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

1

General information

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

The address of its registered office is:
53 Elm Park Gardens
London
SW10 9PA

These financial statements were authorised for issue by the Board on 14 August 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.

 

Food Publishing Limited

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

Tax

The tax expense for the period comprises current and deferred 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.

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference.

Tangible assets

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

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

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

Asset class

Depreciation method and rate

Furniture, fittings and equipment

25% running balance

Business combinations

Business combinations are accounted for using the purchase method. The consideration for each acquisition is measured at the aggregate of the fair values at acquisition date of assets given, liabilities incurred or assumed, and equity instruments issued by the group in exchange for control of the acquired, plus any costs directly attributable to the business combination. When a business combination agreement provides for an adjustment to the cost of the combination contingent on future events, the group includes the estimated amount of that adjustment in the cost of the combination at the acquisition date if the adjustment is probable and can be measured reliably.

Goodwill

Goodwill arising on the acquisition of an entity represents the excess of the cost of acquisition over the company’s interest in the net fair value of the identifiable assets, liabilities and contingent liabilities of the entity recognised at the date of acquisition. Goodwill is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is held in the currency of the acquired entity and revalued to the closing rate at each reporting period date. Goodwill is amortised over its useful life, which shall not exceed ten years if a reliable estimate of the useful life cannot be made.

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

Goodwill

10% Straight line

Other Intangible Assets

10% Straight line

 

Food Publishing Limited

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

Investments

Investments in equity shares which are publicly traded or where the fair value can be measured reliably are initially measured at fair value, with changes in fair value recognised in profit or loss. Investments in equity shares which are not publicly traded and where fair value cannot be measured reliably are measured at cost less impairment.


Interest income on debt securities, where applicable, is recognised in income using the effective interest method. Dividends on equity securities are recognised in income when receivable.

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.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.

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 directors) during the year, was 12 (2023 - 9).

4

Profit before tax

Arrived at after charging/(crediting)

2024
£

2023
£

Depreciation expense

2,924

2,923

Amortisation expense

36,029

34,096

 

Food Publishing Limited

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

5

Intangible assets

Goodwill & intellectual
property
£

Other intangible assets
 £

Total
£

Cost or valuation

At 1 April 2023

119,738

221,219

340,957

Additions acquired separately

-

19,327

19,327

At 31 March 2024

119,738

240,546

360,284

Amortisation

At 1 April 2023

35,621

40,846

76,467

Amortisation charge

11,973

24,055

36,028

At 31 March 2024

47,594

64,901

112,495

Carrying amount

At 31 March 2024

72,144

175,645

247,789

At 31 March 2023

84,117

180,373

264,490

6

Tangible assets

Furniture, fittings and equipment
 £

Total
£

Cost or valuation

At 1 April 2023

13,124

13,124

Additions

2,938

2,938

At 31 March 2024

16,062

16,062

Depreciation

At 1 April 2023

4,359

4,359

Charge for the year

2,924

2,924

At 31 March 2024

7,283

7,283

Carrying amount

At 31 March 2024

8,779

8,779

At 31 March 2023

8,765

8,765

 

Food Publishing Limited

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

7

Investments

2024
£

2023
£

Investments in subsidiaries

8,500

8,500

Subsidiaries

£

Cost or valuation

At 1 April 2023

8,500

Provision

Carrying amount

At 31 March 2024

8,500

At 31 March 2023

8,500

8

Stocks

2024
£

2023
£

Other inventories

13,272

9,843

9

Debtors

Current

Note

2024
£

2023
£

Trade debtors

 

133,504

53,689

Amounts owed by related parties

29,800

-

Prepayments

 

4,273

3,576

Other debtors

 

10,094

37,984

   

177,671

95,249

 

Food Publishing Limited

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

10

Creditors

Creditors: amounts falling due within one year

Note

2024
£

2023
£

Due within one year

 

Trade creditors

 

44,292

46,992

Amounts owed to group undertakings and undertakings in which the company has a participating interest

-

8,830

Taxation and social security

 

58,294

23,276

Accruals and deferred income

 

3,121

14,452

Other creditors

 

270,431

309,371

 

376,138

402,921

11

Share capital

Allotted, called up and fully paid shares

2024

2023

No.

£

No.

£

Ordinary of £1 each

10,000

10,000

10,000

10,000