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Registration number: 01459913

Gresham Books Limited

Unaudited Filleted Financial Statements

for the Year Ended 31 March 2024

 

Gresham Books Limited

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Unaudited Financial Statements

4 to 11

 

Gresham Books Limited

Company Information

Directors

Mr NRR Oulton

Mrs C Oulton

Ms D Price

Company secretary

Mr NRR Oulton

Registered office

The Carriage House
Ningwood Manor
Ningwood
PO30 4NJ

Registered number

01459913

Accountants

Ripe LLP
Chartered Accountants
9A Burroughs Gardens
London
NW4 4AU

 

Gresham Books Limited

(Registration number: 01459913)
Balance Sheet as at 31 March 2024

Note

2024
£

2023
£

Fixed assets

 

Intangible assets

4

46,726

42,624

Tangible assets

6

8,765

3,805

Investment

7

5,350

5,350

 

60,841

51,779

Current assets

 

Stocks

8

23,525

32,952

Debtors

9

134,868

43,474

Cash at bank and in hand

 

172,324

177,423

 

330,717

253,849

Creditors: Amounts falling due within one year

10

(168,514)

(119,164)

Net current assets

 

162,203

134,685

Total assets less current liabilities

 

223,044

186,464

Provisions for liabilities

(10,543)

(951)

Net assets

 

212,501

185,513

Capital and reserves

 

Called up share capital

11

75,136

75,136

Share premium reserve

109,964

109,964

Retained earnings

27,401

413

Shareholders' funds

 

212,501

185,513

 

Gresham Books Limited

(Registration number: 01459913)
Balance Sheet as at 31 March 2024

For the financial year ending 31 March 2024 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 17 September 2024 and signed on its behalf by:
 

.........................................
Mr NRR Oulton
Company secretary and director

 

Gresham Books Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024

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 Carriage House
Ningwood Manor
Ningwood
PO30 4NJ
Iow

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.

The financial statements are presented in Sterling (£) and figures are shown to the nearest whole pound.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

 

Gresham Books Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024

Foreign currency transactions and balances

Transactions in foreign currencies are initially recorded at the functional currency rate prevailing at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are retranslated into the respective functional currency of the entity at the rates prevailing on the reporting period date. Non-monetary items carried at fair value that are denominated in foreign currencies are retranslated at the rate on the date when the fair value is re-measured.

Non-monetary items measured in terms of historical cost in a foreign currency are not retranslated.

Tax

The tax expense for the period comprises current and deferred 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.

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference.

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

Fixture and furniture

20% on cost

Computer equipment

33.33% on cost

 

Gresham Books Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024

Intangible assets

Intangible assets are stated in the balance sheet at cost, less any subsequent accumulated amortisation and subsequent accumulated impairment losses.

Costs associated with Websitte are recognised as intangible assets at acquisition cost less accumulated amortisation.

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

Website

3 years

Hymn database

10 years

Investments

Investments are stated at their fair value. Where a fair value cannot be obtained, or the expected costs of the
exercise outweigh the benefits of obtaining such a valuation, the directors estimate the fair value.

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

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. Cost is determined using the first-in, first-out (FIFO) method.

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.

 

Gresham Books Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Leases

Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

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.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 3 (2023 - 4).

4

Taxation

Tax charged/(credited) in the profit and loss account

 

Gresham Books Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024

2024
£

2023
£

Current taxation

UK corporation tax

5,322

-

Deferred taxation

Arising from changes in tax rates and laws

9,591

(88)

Tax expense/(receipt) in the income statement

14,913

(88)

5

Intangible assets

Hymn database
£

Website
£

Total
£

Cost or valuation

At 1 April 2023

82,944

15,976

98,920

Additions acquired separately

8,550

5,051

13,601

Disposals

-

(15,976)

(15,976)

At 31 March 2024

91,494

5,051

96,545

Amortisation

At 1 April 2023

40,320

15,975

56,295

Amortisation charge

8,437

1,062

9,499

Amortisation eliminated on disposals

-

(15,975)

(15,975)

At 31 March 2024

48,757

1,062

49,819

Carrying amount

At 31 March 2024

42,737

3,989

46,726

At 31 March 2023

42,624

-

42,624

 

Gresham Books Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024

6

Tangible assets

Fixtures and fittings
£

Office equipment
£

Total
£

Cost or valuation

At 1 April 2023

7,865

43,139

51,004

Additions

-

8,556

8,556

At 31 March 2024

7,865

51,695

59,560

Depreciation

At 1 April 2023

7,865

39,334

47,199

Charge for the year

-

3,596

3,596

At 31 March 2024

7,865

42,930

50,795

Carrying amount

At 31 March 2024

-

8,765

8,765

At 31 March 2023

-

3,805

3,805

7

Investment

2024
£

At 1 April

5,350

At 31 March

5,350

8

Stocks

2024
£

2023
£

Work in progress

15,257

11,915

Finished goods and goods for resale

8,268

21,037

23,525

32,952

9

Debtors

 

Gresham Books Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024

Current

2024
£

2023
£

Trade debtors

6,055

32,624

Prepayments

124,150

9,143

Other debtors

4,663

1,707

 

134,868

43,474

10

Creditors

Creditors: amounts falling due within one year

2024
£

2023
£

Trade creditors

14,603

23,940

Taxation and social security

5,322

-

Accruals and deferred income

141,711

94,871

Other creditors

6,878

353

168,514

119,164

 

Gresham Books Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024

11

Share capital

Allotted, called up and fully paid shares

2024

2023

No.

£

No.

£

Ordinary share of £0.10 each

1,365

137

1,365

137

Preference share of £1 each

75,000

75,000

75,000

75,000

76,365

75,137

76,365

75,137

12

Dividends

Final dividends paid

2024
£

2023
£

Final dividend of £0.05 (2023 - £Nil) per each Preference share

3,750

-