Caseware UK (AP4) 2023.0.135 2023.0.135 2023-12-312023-12-31The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.2023-01-01falseThe business is that of publishers1718truetruefalse 00070903 c:AuditExempt-NoAccountantsReport 2023-01-01 2023-12-31 00070903 d:CapitalRedemptionReserve 2023-01-01 2023-12-31 00070903 d:CapitalRedemptionReserve 2023-12-31 00070903 d:CapitalRedemptionReserve 2022-12-31 00070903 d:CurrentFinancialInstruments 2023-12-31 00070903 d:CurrentFinancialInstruments 2 2023-12-31 00070903 d:CurrentFinancialInstruments 2022-12-31 00070903 d:CurrentFinancialInstruments 2 2022-12-31 00070903 d:AcceleratedTaxDepreciationDeferredTax 2023-12-31 00070903 d:AcceleratedTaxDepreciationDeferredTax 2022-12-31 00070903 c:Director6 2023-01-01 2023-12-31 00070903 d:FinancialAssetsDesignatedFairValueThroughProfitOrLoss 2023-12-31 00070903 d:FinancialAssetsDesignatedFairValueThroughProfitOrLoss 2022-12-31 00070903 c:FRS102 2023-01-01 2023-12-31 00070903 c:FullAccounts 2023-01-01 2023-12-31 00070903 d:FurnitureFittings d:OwnedOrFreeholdAssets 2023-01-01 2023-12-31 00070903 d:FurnitureFittings 2023-01-01 2023-12-31 00070903 d:FurnitureFittings 2023-12-31 00070903 d:FurnitureFittings 2022-12-31 00070903 d:BetweenOneFiveYears 2023-12-31 00070903 d:BetweenOneFiveYears 2022-12-31 00070903 d:WithinOneYear 2023-12-31 00070903 d:WithinOneYear 2022-12-31 00070903 c:OrdinaryShareClass1 2023-01-01 2023-12-31 00070903 c:OrdinaryShareClass1 2023-12-31 00070903 c:OrdinaryShareClass1 2022-12-31 00070903 d:OwnedOrFreeholdAssets 2023-01-01 2023-12-31 00070903 d:PlantMachinery d:OwnedOrFreeholdAssets 2023-01-01 2023-12-31 00070903 d:PlantMachinery 2023-01-01 2023-12-31 00070903 d:PlantMachinery 2023-12-31 00070903 d:PlantMachinery 2022-12-31 00070903 c:PreferenceShareClass1 2023-01-01 2023-12-31 00070903 c:PreferenceShareClass1 2023-12-31 00070903 c:PreferenceShareClass1 2022-12-31 00070903 c:PrivateLimitedCompanyLtd 2023-01-01 2023-12-31 00070903 d:RetainedEarningsAccumulatedLosses 2023-01-01 2023-12-31 00070903 d:RetainedEarningsAccumulatedLosses 2023-12-31 00070903 d:RetainedEarningsAccumulatedLosses 2022-12-31 00070903 d:ShareCapital 2023-12-31 00070903 d:ShareCapital 2022-12-31 00070903 2023-01-01 2023-12-31 00070903 2 2023-01-01 2023-12-31 00070903 2023-12-31 00070903 d:CurrentFinancialInstruments d:WithinOneYear 2023-12-31 00070903 d:CurrentFinancialInstruments d:WithinOneYear 2022-12-31 00070903 2022-01-01 2022-12-31 00070903 2022-12-31 00070903 f:PoundSterling 2023-01-01 2023-12-31 xbrli:shares iso4217:GBP xbrli:pure

Company Registration Number 00070903























SCHOFIELD & SIMS LIMITED





FINANCIAL STATEMENTS





 31 DECEMBER 2023

























img5333.png

 
SCHOFIELD & SIMS LIMITED
REGISTERED NUMBER: 00070903

BALANCE SHEET
AS AT 31 DECEMBER 2023

2023
2022
Note
£
£

Fixed assets
  

Tangible assets
 4 
10,020
15,391

  
10,020
15,391

Current assets
  

Stocks
 5 
1,229,576
1,228,519

Debtors: amounts falling due within one year
 6 
265,548
282,622

Cash at bank and in hand
  
102,032
29,244

  
1,597,156
1,540,385

Creditors: amounts falling due within one year
 8 
(292,377)
(323,469)

Net current assets
  
 
 
1,304,779
 
 
1,216,916

Total assets less current liabilities
  
1,314,799
1,232,307

  

Net assets
  
1,314,799
1,232,307


Capital and reserves
  

Called up share capital 
 11 
72,099
72,099

Capital redemption reserve
  
77,876
77,876

Profit and loss account
  
1,164,824
1,082,332

  
1,314,799
1,232,307


The directors consider that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

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

The Company has opted not to file the statement of comprehensive income in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf by: 




Charles Nicholas Platts
Page 1

 
SCHOFIELD & SIMS LIMITED
REGISTERED NUMBER: 00070903

BALANCE SHEET (CONTINUED)
AS AT 31 DECEMBER 2023

Director

Date: 5 June 2024

The notes on pages 3 to 10 form part of these financial statements.

Page 2

 
SCHOFIELD & SIMS LIMITED
 

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

1.


General information

The company is a private company limited by shares, incorporated and domiciled in England and Wales. The company trades from its registered office address at 7 Mariner Court, Durkar, Wakefield, West Yorkshire WF4 3FL.
The principal activity of the company during the year was the publishing of educational books. 

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland' and the requirements of the Companies Act 2006. The disclosure requirements of Section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The following principal accounting policies have been applied:

 
2.2

Going concern

The directors believe that the business has adequate resources to continue in operational exsistence for the foreseeable future.

 
2.3

Foreign currency translation

Functional and presentation currency

The Company's functional and presentational currency is GBP.

Transactions and balances

Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions.

At each period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined.

Foreign exchange gains and losses resulting from the settlement of transactions and from the translation at period-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in profit or loss except when deferred in other comprehensive income as qualifying cash flow hedges.

Foreign exchange gains and losses that relate to borrowings and cash and cash equivalents are presented in the Statement of comprehensive income within 'finance income or costs'. All other foreign exchange gains and losses are presented in profit or loss within 'other operating income'.

Page 3

 
SCHOFIELD & SIMS LIMITED
 

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

2.Accounting policies (continued)

 
2.4

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Sale of goods

Revenue from the sale of goods is recognised when all of the following conditions are satisfied:
the Company has transferred the significant risks and rewards of ownership to the buyer;
the Company retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold;
the amount of revenue can be measured reliably;
it is probable that the Company will receive the consideration due under the transaction; and
the costs incurred or to be incurred in respect of the transaction can be measured reliably.

 
2.5

Operating leases: the Company as lessee

Rentals paid under operating leases are charged to profit or loss on a straight-line basis over the lease term.

 
2.6

Interest income

Interest income is recognised in profit or loss using the effective interest method.

 
2.7

Finance costs

Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

 
2.8

Pensions

Defined contribution pension plan

The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations.

The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Balance sheet. The assets of the plan are held separately from the Company in independently administered funds.

Page 4

 
SCHOFIELD & SIMS LIMITED
 

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

2.Accounting policies (continued)

 
2.9

Current and deferred taxation

The tax expense for the year comprises current and deferred tax. Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

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

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the balance sheet date, except that:
The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and
Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

 
2.10

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.

Depreciation is provided on the following basis:

Plant and machinery
-
20%
of cost
Fixtures and fittings
-
20%
of cost

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

 
2.11

Stocks

Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a first in, first out basis. Work in progress and finished goods include labour and attributable overheads.

At each balance sheet date, stocks are assessed for impairment. If stock is 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.

Page 5

 
SCHOFIELD & SIMS LIMITED
 

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

2.Accounting policies (continued)

 
2.12

Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

 
2.13

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

 
2.14

Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

 
2.15

Financial instruments

The Company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in ordinary shares.

 
2.16

Dividends

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.


3.


Employees

The average monthly number of employees, including directors, during the year was 17 (2022 - 18).

Page 6

 
SCHOFIELD & SIMS LIMITED
 

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

4.


Tangible fixed assets





Plant and machinery
Fixtures and fittings
Total

£
£
£



Cost or valuation


At 1 January 2023
38,146
38,815
76,961


Additions
3,396
-
3,396


Disposals
(10,846)
(9,089)
(19,935)



At 31 December 2023

30,696
29,726
60,422



Depreciation


At 1 January 2023
24,251
37,319
61,570


Charge for the year on owned assets
6,449
1,383
7,832


Disposals
(9,911)
(9,089)
(19,000)



At 31 December 2023

20,789
29,613
50,402



Net book value



At 31 December 2023
9,907
113
10,020



At 31 December 2022
13,895
1,496
15,391


5.


Stocks

2023
2022
£
£

Work in progress (goods to be sold)
12,678
177,423

Finished goods and goods for resale
1,216,898
1,051,096

1,229,576
1,228,519



6.


Debtors

2023
2022
£
£


Trade debtors
130,462
97,073

Other debtors
31,828
31,141

Prepayments and accrued income
92,795
126,843

Deferred taxation
10,463
27,565

265,548
282,622

Page 7

 
SCHOFIELD & SIMS LIMITED
 

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

7.


Cash and cash equivalents

2023
2022
£
£

Cash at bank and in hand
102,032
29,244

102,032
29,244



8.


Creditors: Amounts falling due within one year

2023
2022
£
£

Trade creditors
217,595
269,297

Corporation tax
7,356
-

Other taxation and social security
13,718
15,410

Other creditors
22,770
24,379

Accruals and deferred income
28,095
11,540

Share capital treated as debt
2,843
2,843

292,377
323,469



9.


Financial instruments

2023
2022
£
£

Financial assets


Financial assets measured at fair value through profit or loss
102,032
29,244



Page 8

 
SCHOFIELD & SIMS LIMITED
 

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

10.


Deferred taxation




2023


£






At beginning of year
27,565


Charged to profit or loss
(17,102)



At end of year
10,463

The deferred tax asset is made up as follows:

2023
2022
£
£


Accelerated capital allowances
10,463
27,565

10,463
27,565


11.


Share capital

2023
2022
£
£
Shares classified as equity

Allotted, called up and fully paid



72,099 (2022 - 72,099) ORDINARY shares of £1.00 each
72,099
72,099

2023
2022
£
£
Shares classified as debt

Allotted, called up and fully paid



2,843 (2022 - 2,843) CUMULATIVE PREFERENCE shares of £1.00 each
2,843
2,843



12.


Reserves

Capital redemption reserve

The reserve arose when the company undertook a repurchase of its own shares.

Profit and loss account

The profit and loss account represents all current and prior period retained profiots and losses.

Page 9

 
SCHOFIELD & SIMS LIMITED
 

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

13.


Pension commitments

The company operates a defined pension scheme. The assests of the scheme are held seperately from the company in an independently administered fund. The pension cost charge represents contributions payable by the company to the fund amounted to £16,301 (2022: £20,776). 


14.


Commitments under operating leases

At 31 December 2023 the Company had future minimum lease payments due under non-cancellable operating leases for each of the following periods:

2023
2022
£
£


Not later than 1 year
29,705
29,705

Later than 1 year and not later than 5 years
-
29,705

29,705
59,410


15.


Related party transactions

During the year the company paid £69,697 (2022: £83,230) to Teesdale Consultants Limited in respect of Chairman's office costs, consultancy services. Mr C N Platts exerts control over this company.


Page 10