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REGISTERED NUMBER: 02527258 (England and Wales)













PEN & SWORD BOOKS LIMITED

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2023






PEN & SWORD BOOKS LIMITED (REGISTERED NUMBER: 02527258)






CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023




Page

Company Information 1

Abridged Balance Sheet 2

Notes to the Financial Statements 3


PEN & SWORD BOOKS LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 31 DECEMBER 2023







DIRECTORS: Sir N C J Hewitt
Mr M J Hewitt
Mr C E J Hewitt





REGISTERED OFFICE: 47 Church Street
Barnsley
South Yorkshire
S70 2AS





REGISTERED NUMBER: 02527258 (England and Wales)





AUDITORS: Harrison & Co Accountants Limited
Chartered Accountants
& Statutory Auditors
531 Denby Dale Road West
Calder Grove
Wakefield
West Yorkshire
WF4 3ND

PEN & SWORD BOOKS LIMITED (REGISTERED NUMBER: 02527258)

ABRIDGED BALANCE SHEET
31 DECEMBER 2023

2023 2022
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 4 218,122 265,853
Tangible assets 5 167,714 196,870
Investments 6 55,128 59,832
440,964 522,555

CURRENT ASSETS
Stocks 2,144,608 2,321,657
Debtors 7 1,995,199 2,211,712
Cash at bank 87,131 32,847
4,226,938 4,566,216
CREDITORS
Amounts falling due within one year 3,214,498 3,539,859
NET CURRENT ASSETS 1,012,440 1,026,357
TOTAL ASSETS LESS CURRENT
LIABILITIES

1,453,404

1,548,912

CAPITAL AND RESERVES
Called up share capital 100,000 100,000
Retained earnings 1,353,404 1,448,912
1,453,404 1,548,912

The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

All the members have consented to the preparation of an abridged Balance Sheet for the year ended 31 December 2023 in accordance with Section 444(2A) of the Companies Act 2006.

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 16 August 2024 and were signed on its behalf by:





Sir N C J Hewitt - Director


PEN & SWORD BOOKS LIMITED (REGISTERED NUMBER: 02527258)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

1. STATUTORY INFORMATION

Pen & Sword Books 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.

The presentation currency of the financial statements is the Pound Sterling (£).


2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

This company is a qualifying entity for the purposes of FRS 102, being a member of a group where the parent of that group prepares publicly available consolidated financial statements, including this company, which are intended to give a true and fair view of the assets, liabilities, financial position and profit or loss of the group. The company has therefore taken advantage of exemptions from the following disclosure requirements:

- Section 7 'Statement of Cash Flows': Presentation of a statement of cash flow and related notes and disclosures;
- Section 11 'Basic Financial Instruments' and Section 12 'Other Financial Instrument Issues': Interest income/expense and net gains/losses for each category of financial instrument; basis of determining fair values; details of collateral, loan defaults or breaches, details of hedges, hedging fair value changes recognised in profit or loss and in other comprehensive income;
- Section 26 'Share based Payment': Share-based payment expense charged to profit or loss, reconciliation of opening and closing number and weighted average exercise price of share options, how the fair value of options granted was measured, measurement and carrying amount of liabilities for cash-settled share-based payments, explanation of modifications to arrangements;
- Section 33 'Related Party Disclosures': Compensation for key management personnel.

The financial statements of the company are consolidated in the financial statements of Acredula Group Limited. These consolidated financial statements are available from its registered office, 47 Church Street, Barnsley, S70 2AS.

At the time of approving the financial statements, with the continued financial support of the parent undertaking, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements.

PEN & SWORD BOOKS LIMITED (REGISTERED NUMBER: 02527258)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2023

2. ACCOUNTING POLICIES - continued

Significant judgements and estimates
In the application of the company's accounting policies, the directors are required to make judgements estimates and assumptions about the carrying of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered relevant. Actual results may differ from these estimates.

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or the period of the revision and future periods where the revision affects both current and future periods.

Key sources of estimation uncertainty
The estimates and assumptions which have a significant risk of causing material adjustment to the carrying amount of assets and liabilities are as follows.

Stock write down policy
Stock is written down to 50% of the original cost 6 months after publication, a further 50% of the written down balance is written down 12 months after publication and a further 50% of the written down balance is written down 24 months after publication. Stock is fully written down 90 months after publication. The directors believe that the policy remains valid under current trading conditions.

Authors Advances
All book publishers pay advances to authors against future royalties on sales and sales of sub-rights which may become due to them. The amount of the advances carried forward in the balance sheet are stated at the lower of the amount paid to them and the expected earning potential of each title.

Author advances provision
Author advances are written down by 50% of the contracted advance 6 months after publication, a further 50% of the unearned balance is written down 12 months after publication and 100% of the unearned balance is written down 24 months after publication. Contracted advances exceeding £30,000 are individually reviewed and written down where appropriate. The directors believe that the policy remains valid under current trading conditions.

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Goodwill
Goodwill, being the amount paid in connection with the acquisition of a business in 2020, is being amortised evenly over its estimated useful life of five years.

Intangible assets other than goodwill
Intangible assets acquired separately from a business are recognised at cost and are subsequently measured at cost less accumulated amortisation and accumulated impairment losses.

Amortisation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Software and digital documents 3-10 years straight line

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Office equipment - 33% on cost and 10% on cost

Investments in subsidiaries
Investments in subsidiary undertakings are recognised at cost.

PEN & SWORD BOOKS LIMITED (REGISTERED NUMBER: 02527258)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2023

2. ACCOUNTING POLICIES - continued

Stocks
Stocks are stated at the lower of cost and estimate selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, outsourced labour costs incurred in order to produce and bring the stock to its current condition.

Stock cost per item is calculated as total costs to produce, allocated evenly across the number of items per product run.

At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in our profit or loss. Reversals of impairment losses are also recognised in profit or loss.

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.

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.

Authors' advances
All book publishers pay advances to authors against future royalties on sales and sales of sub-rights which may become due to them. The amount of the advances carried forward in the balance sheet are stated at the lower of the amount paid and the expected earning potential of each title.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 60 (2022 - 59 ) .

PEN & SWORD BOOKS LIMITED (REGISTERED NUMBER: 02527258)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2023

4. INTANGIBLE FIXED ASSETS
Totals
£   
COST
At 1 January 2023 363,468
Additions 8,054
At 31 December 2023 371,522
AMORTISATION
At 1 January 2023 97,615
Amortisation for year 55,785
At 31 December 2023 153,400
NET BOOK VALUE

At 31 December 2023 218,122
At 31 December 2022 265,853

5. TANGIBLE FIXED ASSETS
Motor Office
vehicles equipment Totals
£    £    £   
COST
At 1 January 2023 38,001 485,708 523,709
Additions - 9,659 9,659
Disposals (19,066 ) - (19,066 )
At 31 December 2023 18,935 495,367 514,302
DEPRECIATION
At 1 January 2023 38,001 288,838 326,839
Charge for year - 38,815 38,815
Eliminated on disposal (19,066 ) - (19,066 )
At 31 December 2023 18,935 327,653 346,588
NET BOOK VALUE
At 31 December 2023 - 167,714 167,714
At 31 December 2022 - 196,870 196,870

PEN & SWORD BOOKS LIMITED (REGISTERED NUMBER: 02527258)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2023

6. FIXED ASSET INVESTMENTS

Information on investments other than loans is as follows:
Totals
£   
COST
At 1 January 2023 59,832
Disposals (4,704 )
At 31 December 2023 55,128
NET BOOK VALUE
At 31 December 2023 55,128
At 31 December 2022 59,832

Shares in group undertakings and participating interest.

7. DEBTORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
2023 2022
£    £   
Other debtors 31,500 31,500

Relates to a deferred tax asset provision.

8. DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006

The Report of the Auditors was unqualified.

Suzanne Harrison ACA (Senior Statutory Auditor)
for and on behalf of Harrison & Co Accountants Limited