Company registration number 08342655 (England and Wales)
IN-PART PUBLISHING LIMITED
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
PAGES FOR FILING WITH REGISTRAR
IN-PART PUBLISHING LIMITED
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 9
IN-PART PUBLISHING LIMITED
BALANCE SHEET
AS AT
31 DECEMBER 2023
31 December 2023
- 1 -
2023
2022
Notes
£
£
£
£
Fixed assets
Tangible assets
5
53,428
51,027
Current assets
Debtors
6
498,447
329,596
Cash at bank and in hand
435,877
329,474
934,324
659,070
Creditors: amounts falling due within one year
7
(2,120,366)
(1,057,888)
Net current liabilities
(1,186,042)
(398,818)
Total assets less current liabilities
(1,132,614)
(347,791)
Creditors: amounts falling due after more than one year
8
(145,019)
(161,765)
Net liabilities
(1,277,633)
(509,556)
Capital and reserves
Called up share capital
9
350
350
Share premium account
1,383,355
1,383,355
Profit and loss reserves
(2,661,338)
(1,893,261)
Total equity
(1,277,633)
(509,556)
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The financial statements were approved by the board of directors and authorised for issue on 20 September 2024 and are signed on its behalf by:
J P Speedie
Director
Company registration number 08342655 (England and Wales)
IN-PART PUBLISHING LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
- 2 -
1
Accounting policies
Company information
In-Part Publishing Limited is a private company limited by shares incorporated in England and Wales. The registered office is Third Floor, Parkhead House, Carver Street, Sheffield, S1 4FS.
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 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. The principal accounting policies adopted are set out below.
1.2
Going concern
At December 2023 the company had £435,877 (2022: £329,474) cash at bank. Year on year turnover was up 25%. The company made pre-tax losses of £805,530 (2022: £653,458) reflecting the significant Research and Development investment in the company's software platforms and associated marketing. In December 2021 the company was acquired by Innovare Holding as part of their growth strategy. Since the acquisition, positive actions have been taken to further strengthen In-Part performance as it is integrated within the wider Innovare group. Part of these actions include the creation of a group treasury agreement which could support In-Part in the event that additional cash for growth is required. Performance is constantly monitored against plans and management action taken as appropriate. On this basis the directors consider it appropriate to produce the financial statements on a going concern basis.
1.3
Turnover
Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.
Revenue received in the form of subscriptions is recognised evenly over the life of the subscription.
1.4
Research and development expenditure
Research expenditure is written off against profits in the year in which it is incurred. Identifiable development expenditure is capitalised to the extent that the technical, commercial and financial feasibility can be demonstrated.
1.5
Intangible fixed 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.
Intangible assets acquired on business combinations are recognised separately from goodwill at the acquisition date where it is probable that the expected future economic benefits that are attributable to the asset will flow to the entity and the fair value of the asset can be measured reliably; the intangible asset arises from contractual or other legal rights; and the intangible asset is separable from the entity.
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:
Website
33% Straight Line
IN-PART PUBLISHING LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 3 -
1.6
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:
Furniture, fittings and equipment
15% Reducing Balance
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.
1.7
Impairment of fixed assets
At each reporting period end date, the company reviews the carrying amounts of its tangible and intangible 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.
Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.
If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.
Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased to apply. Where an impairment loss subsequently reverses, the carrying amount of the asset (or cash-generating unit) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset (or cash-generating unit) in prior years. A reversal of an impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase.
1.8
Cash and cash equivalents
Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
1.9
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 balance sheet 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.
IN-PART PUBLISHING LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 4 -
Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, 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.
Classification of financial liabilities
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.
Basic financial liabilities
Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, 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.
1.10
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.
1.11
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
IN-PART PUBLISHING LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 5 -
Deferred tax
Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.
The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.
1.12
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.
1.13
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
1.14
Share-based payments
For cash-settled share-based payments, a liability is recognised for the goods and services acquired, measured initially at the fair value of the liability. At the balance sheet date until the liability is settled, and at the date of settlement, the fair value of the liability is remeasured, with any changes in fair value recognised in profit or loss for the year.
1.15
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.
1.16
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.
IN-PART PUBLISHING LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 6 -
2
Judgements and key sources of estimation uncertainty
In the application of the company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount 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 to be 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 in the period of the revision and future periods where the revision affects both current and future periods.
Deferred Income
As stated within accounting policy 1.3, for revenue received in the form of subscriptions, this is recognised evenly over the life of the subscription. Any revenue received in advance therefore is required to be recognised as deferred income within the balance sheet as either a current or non-current liability. The total value of deferred income as at the year end is £1,246,692 (2022: £1,041,118). Deferred income is calculated to the best of managements knowledge with reference to subscription start and end dates and released to the profit and loss account as required on a monthly basis over the life of the subscription.
3
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2023
2022
Number
Number
Total
55
50
4
Intangible fixed assets
Website
£
Cost
At 1 January 2023 and 31 December 2023
12,460
Amortisation and impairment
At 1 January 2023 and 31 December 2023
12,460
Carrying amount
At 31 December 2023
At 31 December 2022
IN-PART PUBLISHING LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 7 -
5
Tangible fixed assets
Furniture, fittings and equipment
£
Cost
At 1 January 2023
91,060
Additions
11,399
Disposals
(455)
At 31 December 2023
102,004
Depreciation and impairment
At 1 January 2023
40,033
Depreciation charged in the year
8,543
At 31 December 2023
48,576
Carrying amount
At 31 December 2023
53,428
At 31 December 2022
51,027
6
Debtors
2023
2022
Amounts falling due within one year:
£
£
Trade debtors
253,829
185,387
Corporation tax recoverable
40,453
56,667
Amounts owed by group undertakings
98,701
38,580
Other debtors
105,464
48,962
498,447
329,596
7
Creditors: amounts falling due within one year
2023
2022
£
£
Bank loans
10,648
10,648
Trade creditors
28,672
29,848
Amounts owed to group undertakings
807,374
80,215
Taxation and social security
81,003
Cash settled share based payments
37,876
Other creditors
664
Accruals and deferred income
1,154,129
937,177
2,120,366
1,057,888
IN-PART PUBLISHING LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
7
Creditors: amounts falling due within one year
(Continued)
- 8 -
Cash settled share based payments
The company issues to certain employees 'free' shares in its parent company Innovare Holdings Ltd. If an employee leaves employment of the company it is required to settle them for cash using a predetermined fair market value formula. The key inputs in the formula are an EBITDA multiple and consolidated debt. The company has recorded liabilities of £37,876 (2022 : £nil) and total expenses of £37,876 (2022 : £nil) in these financial statements.
8
Creditors: amounts falling due after more than one year
2023
2022
£
£
Bank loans and overdrafts
13,519
23,519
Deferred income
131,500
138,246
145,019
161,765
9
Called up share capital
2023
2022
2023
2022
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary Shares of 1p each
2,274
2,274
23
23
Ordinary A Shares of 1p each
4,778
4,778
48
48
Ordinary B Shares of 1p each
5,327
5,327
53
53
Ordinary C Shares of 1p each
17,202
17,202
172
172
Ordinary D Shares of 1p each
1,420
1,420
14
14
Ordinary E Shares of 1p each
4,000
4,000
40
40
35,001
35,001
350
350
The Ordinary shares, Ordinary A shares, the Ordinary B shares, the Ordinary C shares, the Ordinary D shares and the Ordinary E shares shall rank equally in all respects save as regards to income where no dividends shall be declared and no distribution shall be made without the written consent of the A shareholder and or B shareholder.
10
Audit report information
As the income statement has been omitted from the filing copy of the financial statements, the following information in relation to the audit report on the statutory financial statements is provided in accordance with s444(5B) of the Companies Act 2006:
The auditor's report was unqualified.
Senior Statutory Auditor:
Daniel Varley
Statutory Auditor:
BHP LLP
Date of audit report:
20 September 2024
IN-PART PUBLISHING LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 9 -
11
Operating lease commitments
Lessee
At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, as follows:
2023
2022
£
£
Rental of commercial property
40,800
91,863
12
Related party transactions
As the company is a wholly owned subsidiary of Innovare Holdings Limited, the company has taken advantage of the exemption allowed within Section 33 of FRS 102 section 1a and has not disclosed transactions of balances with the holding company or fellow wholly owned subsidiary undertakings.
2023-12-312023-01-01false20 September 2024CCH SoftwareCCH Accounts Production 2024.210No description of principal activityThis audit opinion is unqualifiedJ P SpeedieR R KnightC E ToulemondeG ToulemondeS B ChambreJérémy Balletfalsefalse083426552023-01-012023-12-31083426552023-12-31083426552022-12-3108342655core:FurnitureFittings2023-12-3108342655core:FurnitureFittings2022-12-3108342655core:CurrentFinancialInstrumentscore:WithinOneYear2023-12-3108342655core:CurrentFinancialInstrumentscore:WithinOneYear2022-12-3108342655core:Non-currentFinancialInstrumentscore:AfterOneYear2023-12-3108342655core:Non-currentFinancialInstrumentscore:AfterOneYear2022-12-3108342655core:CurrentFinancialInstruments2023-12-3108342655core:CurrentFinancialInstruments2022-12-3108342655core:Non-currentFinancialInstruments2023-12-3108342655core:Non-currentFinancialInstruments2022-12-3108342655core:ShareCapital2023-12-3108342655core:ShareCapital2022-12-3108342655core:SharePremium2023-12-3108342655core:SharePremium2022-12-3108342655core:RetainedEarningsAccumulatedLosses2023-12-3108342655core:RetainedEarningsAccumulatedLosses2022-12-3108342655core:ShareCapitalOrdinaryShares2023-12-3108342655core:ShareCapitalOrdinaryShares2022-12-3108342655bus:Director12023-01-012023-12-3108342655core:IntangibleAssetsOtherThanGoodwill2023-01-012023-12-3108342655core:Non-standardIntangibleAssetClass1ComponentIntangibleAssetsOtherThanGoodwill2023-01-012023-12-3108342655core:FurnitureFittings2023-01-012023-12-31083426552022-01-012022-12-3108342655core:Non-standardIntangibleAssetClass1ComponentIntangibleAssetsOtherThanGoodwill2022-12-3108342655core:Non-standardIntangibleAssetClass1ComponentIntangibleAssetsOtherThanGoodwill2023-12-3108342655core:Non-standardIntangibleAssetClass1ComponentIntangibleAssetsOtherThanGoodwill2022-12-3108342655core:FurnitureFittings2022-12-3108342655core:WithinOneYear2023-12-3108342655core:WithinOneYear2022-12-3108342655core:CurrentFinancialInstrumentscore:WithinOneYear12023-12-3108342655core:CurrentFinancialInstrumentscore:WithinOneYear12022-12-3108342655bus:PrivateLimitedCompanyLtd2023-01-012023-12-3108342655bus:SmallCompaniesRegimeForAccounts2023-01-012023-12-3108342655bus:FRS1022023-01-012023-12-3108342655bus:Audited2023-01-012023-12-3108342655bus:Director22023-01-012023-12-3108342655bus:Director32023-01-012023-12-3108342655bus:Director42023-01-012023-12-3108342655bus:Director52023-01-012023-12-3108342655bus:Director62023-01-012023-12-3108342655bus:FullAccounts2023-01-012023-12-31xbrli:purexbrli:sharesiso4217:GBP