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Registration number: 2993127

Class Publishing Ltd

Annual Report and Unaudited Financial Statements

for the Year Ended 31 December 2023

[FRS 102 SECTION1A]
[FILLETED FOR FILING PURPOSES]

 

Class Publishing Ltd

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Unaudited Financial Statements

4 to 11

 

Class Publishing Ltd

Company Information

Directors

G Tanner-Tremaine

E C W Warner

S J Warner

R T W Warner

L Warner

L A Downing

F I W Warner

Registered office

The Exchange, Express Park
Bristol Road
Bridgwater
Somerset
TA6 4RR

Accountants

Tremaines Ltd
East Wing, South Hill
Paddockhurst Road
Turners Hill
West Sussex
RH10 4SF

 

Class Publishing Ltd

(Registration number: 2993127)
Balance Sheet as at 31 December 2023

Note

2023
£

2022
£

Fixed assets

 

Intangible assets

4

292,056

325,434

Tangible assets

5

90,669

115,254

Investments

6

1,491,443

1,491,443

 

1,874,168

1,932,131

Current assets

 

Stocks

7

138,390

129,176

Debtors

8

952,861

1,132,735

Cash at bank and in hand

 

2,655,374

1,484,329

 

3,746,625

2,746,240

Creditors: Amounts falling due within one year

9

(2,826,062)

(2,677,325)

Net current assets

 

920,563

68,915

Total assets less current liabilities

 

2,794,731

2,001,046

Provisions for liabilities

(66,990)

(15,088)

Net assets

 

2,727,741

1,985,958

Capital and reserves

 

Called up share capital

10

100

100

Share premium reserve

5,098

5,098

Retained earnings

2,722,543

1,980,760

Shareholders' funds

 

2,727,741

1,985,958

For the financial year ending 31 December 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 in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Profit and Loss Account.

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

 

Class Publishing Ltd

(Registration number: 2993127)
Balance Sheet as at 31 December 2023

.........................................
R T W Warner
Director

 

Class Publishing Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 December 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:
The Exchange, Express Park
Bristol Road
Bridgwater
Somerset
TA6 4RR

These financial statements were authorised for issue by the Board on 13 September 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 sales of good and provision of services, net of discounts and sales taxes, in the ordinary course of the Company’s activities. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract.

Foreign currency transactions and balances

Transactions denominated in foreign currencies are initially recorded at the rate of exchange as at the date of the transaction. Year end balances are retranslated at the rate of exchange as at the year end with exchange differences included in arriving at profit before tax.

Tax

The tax expense for the period comprises current 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.

 

Class Publishing Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023

Deferred tax is recognised in respect of all timing differences (including fair value adjustments) that have originated but not reversed by the balance sheet date except that a deferred tax asset is only recognised to the extent that it is regarded recoverable. Deferred tax is measured using the tax rate that is expected to apply in the periods in which the timing differences are expected to reverse.

Tangible assets

Tangible assets are stated in the balance sheet 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

Plant and machinery

33.3% and 20% straight line

Motor vehicles

33.3% straight line

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

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell.

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.

 

Class Publishing Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023

Provisions

Provisions are set up only where it is probable that a present obligation exists as a result of an event prior to the balance sheet date and that a payment will be required in settlement that can be estimated reliably. Where material, provisions are calculated on a discounted 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.

Financial instruments

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

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 48 (2022 - 46).

 

Class Publishing Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023

4

Intangible assets

Goodwill
 £

Total
£

Cost or valuation

At 1 January 2023

673,779

673,779

At 31 December 2023

673,779

673,779

Amortisation

At 1 January 2023

348,345

348,345

Amortisation charge

33,378

33,378

At 31 December 2023

381,723

381,723

Carrying amount

At 31 December 2023

292,056

292,056

At 31 December 2022

325,434

325,434

5

Tangible assets

Furniture, fittings and equipment
 £

Motor vehicles
 £

Other tangible assets
£

Total
£

Cost or valuation

At 1 January 2023

6,111

230,333

16,172

252,616

Additions

-

50,900

-

50,900

At 31 December 2023

6,111

281,233

16,172

303,516

Depreciation

At 1 January 2023

6,111

115,079

16,172

137,362

Charge for the year

-

75,485

-

75,485

At 31 December 2023

6,111

190,564

16,172

212,847

Carrying amount

At 31 December 2023

-

90,669

-

90,669

At 31 December 2022

-

115,254

-

115,254

6

Investments

2023
£

2022
£

Investments in subsidiaries

1,491,443

1,491,443

 

Class Publishing Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023

Subsidiaries

£

Cost or valuation

At 1 January 2023

1,491,443

Provision

Carrying amount

At 31 December 2023

1,491,443

At 31 December 2022

1,491,443

Details of undertakings

Details of the investments (including principal place of business of unincorporated entities) in which the company holds 20% or more of the nominal value of any class of share capital are as follows:

Undertaking

Registered office

Holding

Proportion of voting rights and shares held

2023

2022

Subsidiary undertakings

Class CTC Trading Limited

338 Euston Road
London
United Kingdom
NW1 3BG

UK

Ordinary

100%

100%

@eGlance Ltd

The Exchange, Express Park
Bristol Road
Bridgwater
Somerset
TA6 4RR

UK

Ordinary

40%

40%

Aimer Media Ltd

The Exchange, Express Park
Bristol Road
Bridgwater
Somerset
TA6 4RR

UK

Ordinary Shares

100%

100%

 

Class Publishing Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023

Subsidiary undertakings

Class CTC Trading Limited

The principal activity of Class CTC Trading Limited is trading through various non-publishing partnerships.

@eGlance Ltd

The principal activity of @eGlance Ltd is legal software publishing.

Aimer Media Ltd

The principal activity of Aimer Media Ltd is software development.

7

Stocks

2023
£

2022
£

Work in progress

31,262

14,617

Other inventories

107,128

114,559

138,390

129,176

8

Debtors

2023
£

2022
£

Trade debtors

727,264

906,177

Other debtors

225,597

226,558

952,861

1,132,735

Current

2023
£

2022
£

Trade debtors

727,264

906,177

Other debtors

225,597

226,558

 

952,861

1,132,735

 

Class Publishing Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023

9

Creditors

Creditors: amounts falling due within one year

Note

2023
£

2022
£

Due within one year

 

Trade creditors

 

90,649

138,383

Taxation and social security cost

 

484,612

320,034

Other creditors

 

2,250,801

2,218,908

 

2,826,062

2,677,325

10

Share capital

Allotted, called up and fully paid shares

2023

2022

No.

£

No.

£

A Shares of £1 each

49

49

49

49

B Shares of £1 each

6

6

6

6

C Shares of £1 each

15

15

15

15

D Shares of £1 each

15

15

15

15

E Shares of £1 each

15

15

15

15

100

100

100

100

11

Financial commitments, guarantees and contingencies

Amounts not provided for in the balance sheet

The total amount of financial commitments not included in the balance sheet is £212,725 (2022 - £219,777). This company has commitments relating to rental of office space of £199,278 and for vehicle rentals of £13,447.

12

Related party transactions

 

Class Publishing Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023

Summary of transactions with subsidiaries

@eGlance Ltd
40% subsidiary company


 Class Publishing Ltd acted as distributor for @eGlance Ltd and handled sales totalling £69,870 as agent. Class Publishing Ltd incurred expenditure of £11,677 directly on behalf of @eGlance Ltd and this was recharged at cost. Class Publishing Ltd charged @eGlance Ltd management fees of £12,206 in respect of its services including provision of customer support. At the year end there was an intercompany balance of £228 owed from @eGlance Ltd to Class Publishing Ltd.