Company Registration No. 07846871 (England and Wales)
Casemate Publishers Limited
Unaudited financial statements
for the year ended 31 December 2023
Pages for filing with the registrar
Casemate Publishers Limited
Contents
Page
Statement of financial position
1 - 2
Notes to the financial statements
3 - 9
Casemate Publishers Limited
Statement of financial position
As at 31 December 2023
1
2023
2022
Notes
£
£
£
£
Fixed assets
Tangible assets
5
-
0
1,917
Investments
6
727,528
727,528
727,528
729,445
Current assets
Debtors
7
145,676
247,180
Cash at bank and in hand
1,570
2,265
147,246
249,445
Creditors: amounts falling due within one year
8
(49,761)
(159,847)
Net current assets
97,485
89,598
Total assets less current liabilities
825,013
819,043
Creditors: amounts falling due after more than one year
9
(1,314,556)
(1,304,918)
Net liabilities
(489,543)
(485,875)
Capital and reserves
Called up share capital
11
12,840
12,840
Share premium account
73,272
73,272
Profit and loss reserves
(575,655)
(571,987)
Total equity
(489,543)
(485,875)

The directors of the company have elected not to include a copy of the income statement within the financial statements.true

For the financial year ended 31 December 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

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 members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.

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

Casemate Publishers Limited
Statement of financial position (continued)
As at 31 December 2023
2
The financial statements were approved by the board of directors and authorised for issue on 9 September 2024 and are signed on its behalf by:
Christopher  Butler
Director
Company Registration No. 07846871
Casemate Publishers Limited
Notes to the financial statements
For the year ended 31 December 2023
3
1
Accounting policies
Company information

Casemate Publishers Limited is a private company limited by shares incorporated in England and Wales. The registered office is The Wheelhouse Angel Court, 81, St. Clements, Oxford, OX4 1AW.

1.1
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. 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 financial statements present information about the company as an individual undertaking and not about its group. The company and its subsidiary undertakings comprise a small-sized group. The company has therefore taken advantage of the exemptions provided by section 399 of the Companies Act 2006 not to prepare group financial statements.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention, modified to include certain financial instruments at fair value. The principal accounting policies adopted are set out below.

1.2
Going concern

Atruet the time of approving the financial statements, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. In light of the challenging economic circumstances, the directors have reviewed forecasts and performance since the date of approval of the financial statements, and concluded that they will be able to meet liabilities as they fall due.

 

Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements.

1.3
Turnover

Turnover primarily represents service fees charged to group companies and third parties in respect of all services that have been provided to them during the year.

1.4
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation 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:

Computer equipment
straight line over 3 and 5 years
Furniture and fittings
straight line over 3 and 5 years

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

Casemate Publishers Limited
Notes to the financial statements (continued)
For the year ended 31 December 2023
1
Accounting policies (continued)
4
1.5
Fixed asset investments

Interests in subsidiaries are initially measured at cost and subsequently measured at cost less any accumulated impairment losses. The investments are assessed for impairment at each reporting date and any impairment losses or reversals of impairment losses are recognised immediately in profit or loss.

A subsidiary is an entity controlled by the company. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities.

Interests in associates are initially measured at transaction price excluding transaction costs, and are subsequently measured at fair value at each reporting date. Changes in fair value are recognised in profit or loss. Transaction costs are expensed to profit or loss as incurred.

 

An associate is an entity, being neither a subsidiary nor a joint venture, in which the company holds a long-term interest and where the company has significant influence. The company considers that it has significant influence where it has the power to participate in the financial and operating decisions of the associate.

1.6
Impairment of fixed assets

At each reporting period end date, the company reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.

1.7
Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

1.8
Financial instruments

The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

 

Financial instruments are recognised in the company's statement of financial position when the company becomes party to the contractual provisions of the instrument.

 

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets

Basic financial assets, which include debtors, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

Casemate Publishers Limited
Notes to the financial statements (continued)
For the year ended 31 December 2023
1
Accounting policies (continued)
5
Basic financial liabilities

Basic financial liabilities, including creditors, bank loans and loans from fellow group companies are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

 

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

 

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

1.9
Equity instruments

Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.

1.10
Employee benefits

The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.

 

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

 

Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

1.11
Retirement benefits

The company contributes to a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to the profit and loss account in the period to which they relate.

1.12
Leases

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessees. All other leases are classified as operating leases.

Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leases asset are consumed.

1.13
Foreign exchange

Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss.

Casemate Publishers Limited
Notes to the financial statements (continued)
For the year ended 31 December 2023
6
2
Employees

The average monthly number of persons (including directors) employed by the company during the year was:

2023
2022
Number
Number
Total
13
18
3
Subsidiaries

Details of the company's subsidiaries at 31 December 2023 are as follows:

Company
Registered office
Principal activity
Shares held
Class
%
Oxbow Books Limited
The Wheelhouse Angel Court,    81 St. Clements, Oxford, England, OX4 1AW
Specialist publisher
Ordinary
100.00
The aggregate capital and reserves and the result for the year of the subsidiaries noted above was as follows:
Subsidiary undertakings
Profit/ (Loss)
Capital and Reserves
£
£
Oxbow Books Limited
(44,246)
89,401
4
Associates

Details of the company's associates at 31 December 2023 are as follows:

Name of undertaking
Registered office
Class of
% Held
shares held
Direct
Indirect
Casemate UK Limited
47 Church Street, Barnsley, England,      S70 2AS
Convertible B shares
49.00
-

 

Casemate Publishers Limited
Notes to the financial statements (continued)
For the year ended 31 December 2023
7
5
Tangible fixed assets
Tangible fixed assets
£
Cost
At 1 January 2023 and 31 December 2023
93,040
Depreciation and impairment
At 1 January 2023
91,123
Depreciation charged in the year
1,917
At 31 December 2023
93,040
Carrying amount
At 31 December 2023
-
0
At 31 December 2022
1,917
6
Fixed asset investments
2023
2022
£
£
Investments
727,528
727,528
Movements in fixed asset investments
Shares in group undertakings and participating interests
£
Cost or valuation
At 1 January 2023 & 31 December 2023
727,528
Carrying amount
At 31 December 2023
727,528
At 31 December 2022
727,528
Casemate Publishers Limited
Notes to the financial statements (continued)
For the year ended 31 December 2023
8
7
Debtors
2023
2022
Amounts falling due within one year:
£
£
Trade debtors
19,609
30,055
Amounts due from subsidiary undertakings
62,000
204,453
Other debtors
28,957
12,672
110,566
247,180
Amounts falling due after more than one year:
Amounts due from group undertakings
35,110
-
0
Total debtors
145,676
247,180
8
Creditors: amounts falling due within one year
2023
2022
£
£
Bank loans and overdrafts
27,865
127,369
Trade creditors
3,768
9,214
Taxation and social security
5,987
7,707
Other creditors
12,141
15,557
49,761
159,847

The overdraft above is secured via a debenture against the Company's assets, along with guarantees offered by shareholders and group companies.

9
Creditors: amounts falling due after more than one year
2023
2022
Notes
£
£
Loan notes
10
150,000
150,000
Bank loans and overdrafts
10
32,963
38,150
Other creditors
10
1,131,593
1,116,768
1,314,556
1,304,918

The company has £150,000 (2022: £150,000) of interest bearing unsecured loan notes. The loan notes bear interest at a rate of 6.5% per annum and are redeemable from the 5th anniversary of the date of issue.

Casemate Publishers Limited
Notes to the financial statements (continued)
For the year ended 31 December 2023
9
10
Loans and overdrafts
2023
2022
£
£
Loan notes
150,000
150,000
Bank loans
38,035
43,222
Bank overdrafts
22,793
122,297
Other loans
1,131,593
1,116,768
1,342,421
1,432,287
Payable within one year
27,865
127,369
Payable after one year
1,314,556
1,304,918
11
Called up share capital
2023
2022
£
£
Ordinary share capital
Issued and fully paid
12,840 Ordinary shares of £1 each
12,840
12,840
12
Financial commitments, guarantees and contingent liabilities

Casemate Publishers Limited is party to a contract to guarantee the liabilities of Oxbow Books Limited to National Westminster Bank Plc, to a maximum of £40,000. Oxbow Books Limited is a fully owned subsidiary of Casemate Publishers Limited.

13
Control

The directors consider Christopher and Alison Butler, who collectively hold over 50% of the shares in the company and who have the ability to vote in concert, to be the controlling party.

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