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LCD Publishing Limited

Annual Report and Unaudited Financial Statements
Year Ended 30 November 2023

Registration number: 01816382

 

LCD Publishing Limited

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Financial Statements

4 to 9

 

LCD Publishing Limited

Company Information

Directors

Mr A Trump

Mrs J S Trump

Company secretary

Mrs J S Trump

Registered office

Vici House
2 Mallard Road
Sowton Industrial Estate
Exeter
EX2 7LD

Accountants

Francis Clark LLP
Centenary House
Peninsula Park
Rydon Lane
Exeter
EX2 7XE

 

LCD Publishing Limited

Balance Sheet

30 November 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

4

14,944

19,929

Investments

5

100

100

Other financial assets

131,579

131,579

 

146,623

151,608

Current assets

 

Stocks

6

336,240

365,713

Debtors

7

3,995,077

3,620,334

Cash at bank and in hand

 

199,503

589,060

 

4,530,820

4,575,107

Creditors: Amounts falling due within one year

8

(434,615)

(473,123)

Net current assets

 

4,096,205

4,101,984

Net assets

 

4,242,828

4,253,592

Capital and reserves

 

Called up share capital

9

1,100

1,100

Profit and loss account

4,241,728

4,252,492

Shareholders' funds

 

4,242,828

4,253,592

 

LCD Publishing Limited

Balance Sheet

30 November 2023

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.

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 and delivered in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006 and the option not to file the Profit and Loss Account has been taken.

Approved and authorised by the Board on 13 August 2024 and signed on its behalf by:
 

.........................................
Mr A Trump
Director

Company Registration Number: 01816382

 

LCD Publishing Limited

Notes to the Financial Statements

Year Ended 30 November 2023

1

General information

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

The address of its registered office is:
Vici House
2 Mallard Road
Sowton Industrial Estate
Exeter
EX2 7LD

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 - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', including Section 1A, "FRS 102" and the Companies Act 2006. There are no material departures from FRS102.

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.

Group accounts not prepared

The company is part 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.

Revenue recognition

The turnover shown in the Statement of Income and Retained Earnings represents amounts earned during the year, exclusive of Value Added Tax.

The company recognises revenue from magazine sales as follows:

For magazines where the sale period ceases before the year end, revenue is recognised in full based on the total remittance received for that magazine, including amounts received after the year end.

For magazines where the sale period straddles the year end, revenue is recognised based on an estimated percentage of total remittance received for each week the magazine is on sale prior to the year end. The percentage reflects the estimated sales pattern over the period the magazine is on sale.

 

LCD Publishing Limited

Notes to the Financial Statements

Year Ended 30 November 2023

Foreign currency transactions and balances

Transactions in foreign currencies are initially recorded at the rate prevailing at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are retranslated at the rates prevailing on the reporting period date. All exchange differences are included in the Statement of Income and Retained Earnings.

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 corporation 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.

Tangible assets and Investments

All fixed assets are initially recorded at cost, adjusted for impairment where appropriate. Cost represents the fair value of consideration paid.

Depreciation

Depreciation is provided on tangible fixed assets so as to write off the cost or valuation, less any estimated residual value, over their expected useful economic life as follows:

Asset class

Depreciation method and rate

Office equipment

25% reducing balance

Stocks

Stock and work in progress are valued at the lower of cost and net realisable value, after due regard for obsolete and slow moving stocks. Net realisable value is based on selling prices less anticipated costs to completion and selling costs. Cost includes all direct costs and an appropriate proportion of fixed and variable overheads.

Work in progress consists of the costs of printing magazines, which have not yet been distributed.

Leases

Rentals applicable to operating leases where substantially all of the benefits and risks of ownership remain with the lessor are charged against profits on a straight line basis over the period of the lease.

 

LCD Publishing Limited

Notes to the Financial Statements

Year Ended 30 November 2023

Financial instruments

Classification
The company holds the following financial instruments:

• Short term trade and other debtors and creditors;
• Cash and bank balances;
• Non-puttable ordinary shares;
• Foreign currency forward contracts; and
• Informal inter-company loans.

With the exception of foreign currency contracts, all financial instruments are classified as basic.

 Recognition and measurement
The company has chosen to apply the recognition and measurement principles in FRS102.

Financial instruments are recognised when the company becomes party to the contractual provisions of the instrument and derecognised when in the case of assets, the contractual rights to cash flows from the assets expire or substantially all the risks and rewards of ownership are transferred to another party, or in the case of liabilities, when the company’s obligations are discharged, expire or are cancelled.

Such basic instruments are initially measured at transaction price, including transaction costs, and are subsequently carried at the undiscounted amount of the cash or other consideration expected to be paid or received, after taking account of impairment adjustments.

Foreign currency contracts are carried at fair value through profit or loss. They are presented at the balance sheet date within current assets or liabilities, as appropriate, and any movement from one balance sheet date to the next is recorded in the statement of income and retained earnings within cost of sales.


 

Defined contribution pension obligation

The company operates two defined contribution pension schemes for the director and staff. The assets of the schemes are held separately from those of the company. The annual contributions payable are charged to the Statement of Income and Retained Earnings.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 10 (2022 - 12).

 

LCD Publishing Limited

Notes to the Financial Statements

Year Ended 30 November 2023

4

Tangible assets

Furniture, fittings and equipment
 £

Motor vehicles
 £

Total
£

Cost or valuation

At 1 December 2022

69,900

15,995

85,895

At 30 November 2023

69,900

15,995

85,895

Depreciation

At 1 December 2022

55,032

10,934

65,966

Charge for the year

3,720

1,265

4,985

At 30 November 2023

58,752

12,199

70,951

Carrying amount

At 30 November 2023

11,148

3,796

14,944

At 30 November 2022

14,868

5,061

19,929

5

Investments

2023
£

2022
£

Investments in subsidiaries

100

100

Listed investments

10,000

10,000

Other investments

121,579

121,579

131,679

131,679

Subsidiaries

£

Cost or valuation

At 1 December 2022 and 2021

100

Carrying amount

At 30 November 2023

100

At 30 November 2022

100

Details of undertakings

The company has one wholly owned subsidiary, Europa Magazines Limited (company number: 03479181). It's registered office is the same as the company's and it has been dormant throughout the current and prior year.

 

LCD Publishing Limited

Notes to the Financial Statements

Year Ended 30 November 2023

Other investments

£

Cost or valuation

At 1 December 2022 and 2021

121,579

Carrying amount

At 30 November 2023

121,579

At 30 November 2022

121,579

6

Stocks

2023
£

2022
£

Raw materials and consumables

259,213

269,224

Work in progress

23,399

59,021

Finished goods and goods for resale

53,628

37,468

336,240

365,713

7

Debtors

2023
 £

2022
 £

Trade debtors

452,951

545,303

Amounts due from group undertakings

15,065

15,065

Other debtors

3,518,074

3,051,079

Prepayments

8,987

8,887

3,995,077

3,620,334

 

LCD Publishing Limited

Notes to the Financial Statements

Year Ended 30 November 2023

8

Creditors

Creditors: amounts falling due within one year

Note

2023
 £

2022
 £

Due within one year

 

Trade creditors

 

225,755

173,530

Amounts due to group undertakings

 

1,000

1,000

Social security and other taxes

 

7,572

5,414

Other creditors

 

140,884

208,288

Accrued expenses

 

35,275

33,284

Corporation tax

24,129

51,607

 

434,615

473,123

9

Share capital

Allotted, called up and fully paid shares

 

2023

2022

 

No.

£

No.

£

Ordinary shares of £1 each

1,100

1,100

1,100

1,100

         

10

Related party transactions

Summary of transactions with non-group entities with common control

The company provides loans to non-group companies under common control. Interest is charged on these amounts at rates between 0% and 4% per annum, during the year interest totalling £10,483 (2022: £9,930) was received by LCD Publishing Limited. At the balance sheet date the amount due from these companies was £3,631,975 (2022: £3,155,762). A provision of £200,000 (2022: £200,000) has been made against these amounts.
 

11

Parent and ultimate parent undertaking

The company's immediate parent is LCD Publishing Holdings Limited, incorporated in England & Wales.

 The ultimate controlling party is Mr A Trump.