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REGISTERED NUMBER: R0000576 (Northern Ireland)















NORTH WEST OF IRELAND PRINTING AND
PUBLISHING COMPANY LIMITED

Financial Statements for the Year Ended 31 December 2023






NORTH WEST OF IRELAND PRINTING AND
PUBLISHING COMPANY LIMITED (REGISTERED NUMBER: R0000576)






Contents of the Financial Statements
FOR THE YEAR ENDED 31 DECEMBER 2023




Page

Company Information 1

Statement of Financial Position 2

Notes to the Financial Statements 3


NORTH WEST OF IRELAND PRINTING AND
PUBLISHING COMPANY LIMITED

Company Information
FOR THE YEAR ENDED 31 DECEMBER 2023







DIRECTORS: Gerard Lynch
Austin Lynch
Dominic Joseph McClements
Michael Austin Currie
Anita Currie



REGISTERED OFFICE: 10-14 John Street
Omagh
Co. Tyrone
BT78 1DW



REGISTERED NUMBER: R0000576 (Northern Ireland)



INDEPENDENT AUDITORS: CavanaghKelly
Chartered Accountants and Statutory Auditors
36-38 Northland Row
Dungannon
Co. Tyrone
BT71 6AP



SOLICITORS: Arthur Cox
Victoria House
Gloucester Street
Belfast
BT1 4LS

NORTH WEST OF IRELAND PRINTING AND
PUBLISHING COMPANY LIMITED (REGISTERED NUMBER: R0000576)

Statement of Financial Position
31 DECEMBER 2023

2023 2022
Notes £ £
NON-CURRENT ASSETS
Tangible assets 5 1,424,680 1,414,279
Investments 6 2,337,173 1,946,063
Investment property 7 172,899 172,899
3,934,752 3,533,241

CURRENT ASSETS
Receivables: amounts falling due within
one year

8

335,982

351,133
Cash at bank 370,822 849,349
706,804 1,200,482
PAYABLES
Amounts falling due within one year 9 (956,937 ) (785,271 )
NET CURRENT (LIABILITIES)/ASSETS (250,133 ) 415,211
TOTAL ASSETS LESS CURRENT
LIABILITIES

3,684,619

3,948,452

PAYABLES
Amounts falling due after more than
one year

10

(243,118

)

(302,025

)

PROVISIONS FOR LIABILITIES 12 (54,771 ) (79,398 )

GOVERNMENT GRANTS 13 (143,412 ) (153,771 )
NET ASSETS 3,243,318 3,413,258

CAPITAL AND RESERVES
Called up share capital 5,726 5,726
Share premium 66 66
Capital redemption reserve 2,679 2,679
Retained earnings 3,234,847 3,404,787
3,243,318 3,413,258

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

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 20 September 2024 and were signed on its behalf by:





Dominic Joseph McClements - Director


NORTH WEST OF IRELAND PRINTING AND
PUBLISHING COMPANY LIMITED (REGISTERED NUMBER: R0000576)

Notes to the Financial Statements
FOR THE YEAR ENDED 31 DECEMBER 2023

1. STATUTORY INFORMATION

North West of Ireland Printing and Publishing Company Limited is a private company, limited by shares , registered in Northern Ireland. The company's registered number and registered office address can be found on the Company Information page.

2. STATEMENT OF COMPLIANCE

These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements of the company for the year ended 31 December 2022 have been prepared in accordance with the provisions of FRS 102 Section 1A (Small Entities) and the Companies Act 2006.

3. ACCOUNTING POLICIES

Basis of preparing the financial statements
The financial statements have been prepared on the going concern basis and in accordance with the historical cost convention except for certain properties and financial instruments that are measured at revalued amounts or fair values, as explained in the accounting policies below. Historical cost is generally based on the fair value of the consideration given in exchange for assets. The following accounting policies have been applied consistently in dealing with items which are considered material in relation to the company's financial statements.

Revenue
Revenue represents the total invoice value, excluding value added tax, of sales made during the year and is net of sales returns, discounts and rebates. Revenue is recognised when, and to the extent that, the company obtains the right to consideration in exchange for its delivery of goods and services.

Property, plant and equipment and depreciation
Depreciation is provided at the following annual rates in order to write off the cost less estimated residual value of each asset over its estimated useful life.

Property, plant and equipment are stated at cost or at valuation, less accumulated depreciation. The charge to depreciation is calculated to write off the original cost or valuation of property, plant and equipment, less their estimated residual value, over their expected useful lives as follows:

Freehold Property4% Straight line
Plant and machinery 15 - 25% Straight line
Fixtures, fittings and equipment 10- 25% Straight line
Computer equipment 15 - 33% Straight line

The carrying values of property, plant and equipment are reviewed annually for impairment in periods if events or changes in circumstances indicate the carrying value may not be recoverable.

Investments in subsidiaries
Investments in subsidiary undertakings are recognised at cost.

Investment property
Investment property is carried at fair value, derived from the current market prices for comparable real estate determined annually. The valuations use observable market prices, adjusted if necessary for any difference in the nature, location or condition of the specific asset. Changes in fair value are recognised in the Income Statement.

NORTH WEST OF IRELAND PRINTING AND
PUBLISHING COMPANY LIMITED (REGISTERED NUMBER: R0000576)

Notes to the Financial Statements - continued
FOR THE YEAR ENDED 31 DECEMBER 2023

3. ACCOUNTING POLICIES - continued

Financial instruments
The company has chosen to adopt Sections 11 and 12 of FRS 102 in respect of financial instruments.

(i) Financial assets

Basic financial assets, including trade and other receivables, cash and bank balances and amounts owed by related companies are initially recognised at transaction price, 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. Such assets are subsequently carried at amortised cost using the effective interest method.

At the end of each reporting period financial assets measured at amortised cost are assessed for objective evidence of impairment. If an asset is impaired, the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset's original effective interest rate. The impairment loss is recognised in profit or loss.

If there is a decrease in the impairment loss arising from an event occurring after the impairment was recognised, the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been had the impairment not previously been recognised. The impairment reversal is recognised in the Income Statement.

(ii) Financial liabilities

Basic financial liabilities, including trade and other payables, bank loans and overdrafts and hire purchase contracts 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 receipts discounted at a market rate of interest. Debt instruments are subsequently carried at amortised cost, using the effective interest rate method. Fees paid on the establishment of loan facilities are recognised as transaction costs of the loan to the extent that it is probable that some or all of the facility will be drawn down. In this case, the fee is deferred until the draw-down occurs. To the extent there is no evidence that it is probable that some or all of the facility will be drawn down, the fee is capitalised as a pre-payment for liquidity services and amortised over the period of the facility to which it relates.

Trade payables 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 payment is due within one year or less. If not, they are presented as non-current liabilities. Trade payables are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

Financial liabilities are derecognised when the liability is extinguished, that is when the contractual obligation is discharged, cancelled or expires.

(iii) Offsetting

Financial assets and liabilities are offset and 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.


NORTH WEST OF IRELAND PRINTING AND
PUBLISHING COMPANY LIMITED (REGISTERED NUMBER: R0000576)

Notes to the Financial Statements - continued
FOR THE YEAR ENDED 31 DECEMBER 2023

3. ACCOUNTING POLICIES - continued
Taxation and deferred taxation
Current tax represents the amount expected to be paid or recovered in respect of taxable profits for the year and is calculated using the tax rates and laws that have been enacted or substantially enacted at the Statement of Financial Position date.

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the Statement of Financial Position date where transactions or events have occurred at that date that will result in an obligation to pay more tax in the future, or a right to pay less tax in the future. Timing differences are temporary differences between the company's taxable profits and its results as stated in the financial statements.

Deferred tax is measured on an undiscounted basis at the tax rates that are anticipated to apply in the periods in which the timing differences are expected to reverse, based on tax rates and laws that have been enacted or substantively enacted by the Statement of Financial Position date.

Foreign currencies
Monetary assets and liabilities denominated in foreign currencies are translated at the rates of exchange ruling at the Statement of Financial Position date. Non-monetary items that are measured in terms of historical cost in a foreign currency are translated at the rates of exchange ruling at the date of the transaction. Non-monetary items that are measured at fair value in a foreign currency are translated using the exchange rates at the date when the fair value was determined. The resulting exchange differences are dealt with in the Income Statement.

Cash flow statement
The company has availed of the exemption in FRS 102 Section 1A from the requirement to prepare a Statement of Cash Flows because it is classified as a small company.

Financial assets
Unlisted Non-Current Asset investments are stated at the lower of cost and net realisable value.

Employee benefits
The company operates a defined contribution pension scheme. The assets of the scheme are held separately from those of the company in an independently administered fund.

Share Capital
Ordinary shares are classified as equity. Incremental costs directly attributable to the issue of new
ordinary shares or options are shown in equity as a deduction, net of tax, from the proceeds.

Finance Costs
Finance costs are charged to the Income Statement over the term of the debt.

Finance Income
Finance income comprises of interest receivable on funds invested in loans and cash and cash equivalents. Interest is recognised in the income statement as it accrues.

Investment Income
Investment income comprises of income recieved in respect to rental of the companies investment property. Investment income is recognised in the income statement as it is received.

4. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 75 (2022 - 77 ) .

NORTH WEST OF IRELAND PRINTING AND
PUBLISHING COMPANY LIMITED (REGISTERED NUMBER: R0000576)

Notes to the Financial Statements - continued
FOR THE YEAR ENDED 31 DECEMBER 2023

5. PROPERTY, PLANT AND EQUIPMENT
Fixtures
Freehold and Computer
property fittings equipment Totals
£ £ £ £
COST
At 1 January 2023 2,114,175 360,889 549,732 3,024,796
Additions - 7,580 59,185 66,765
At 31 December 2023 2,114,175 368,469 608,917 3,091,561
DEPRECIATION
At 1 January 2023 1,168,795 258,820 182,902 1,610,517
Charge for year - 17,765 38,599 56,364
At 31 December 2023 1,168,795 276,585 221,501 1,666,881
NET BOOK VALUE
At 31 December 2023 945,380 91,884 387,416 1,424,680
At 31 December 2022 945,380 102,069 366,830 1,414,279

6. FIXED ASSET INVESTMENTS
Shares in
group
undertakings
£
COST
At 1 January 2023 1,946,063
Additions 391,110
At 31 December 2023 2,337,173
NET BOOK VALUE
At 31 December 2023 2,337,173
At 31 December 2022 1,946,063

The Company's investments at the Statement of Financial Position date in the share capital of companies include the following:

Subsidiaries

Kaizen Print Ltd
Registered Office: 10-14 John Street, Omagh, Co. Tyrone, Northern Ireland, BT78 1DW
Nature of Business: Publishing Activities

%
Class of Shares: Holdings
Ordinary 100.00

4SM (N.I.) Limited
Registered Office: 10-14 John Street, Omagh, Co. Tyrone, Northern Ireland, BT78 1DW
Nature of Business: Publishing Activities

%
Class of Shares: Holdings
Ordinary 100.00

NORTH WEST OF IRELAND PRINTING AND
PUBLISHING COMPANY LIMITED (REGISTERED NUMBER: R0000576)

Notes to the Financial Statements - continued
FOR THE YEAR ENDED 31 DECEMBER 2023

7. INVESTMENT PROPERTY
Total
£
FAIR VALUE
At 1 January 2023
and 31 December 2023 172,899
NET BOOK VALUE
At 31 December 2023 172,899
At 31 December 2022 172,899

No formal valuation of the company's investment properties was performed at 31 December 2023 as the directors believes there has been no change to the carrying value of such properties.

8. RECEIVABLES: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£ £
Trade receivables 242,718 222,992
Other receivables 1,015 21,314
Prepayments and accrued income 92,249 106,827
335,982 351,133

9. PAYABLES: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£ £
Bank and other loans (see note 11) 359,685 114,687
Trade payables 108,490 117,880
Amounts owed to group undertakings 130,883 154,400
Social security and other taxes 40,545 40,340
VAT 45,973 40,323
Other payables 189,019 203,247
Accruals and deferred income 82,342 114,394
956,937 785,271

10. PAYABLES: AMOUNTS FALLING DUE AFTER ONE YEAR
2023 2022
£ £
Bank loans (see note 11) 241,578 300,485
Other creditors 1,540 1,540
243,118 302,025

11. LOANS

An analysis of the maturity of loans is given below:

2023 2022
£ £
Amounts falling due within one year or on demand:
Bank loans 154,685 114,687
Other loans 205,000 -
359,685 114,687

NORTH WEST OF IRELAND PRINTING AND
PUBLISHING COMPANY LIMITED (REGISTERED NUMBER: R0000576)

Notes to the Financial Statements - continued
FOR THE YEAR ENDED 31 DECEMBER 2023

11. LOANS - continued
2023 2022
£ £
Amounts falling due between one and two years:
Bank loans - 1-2 years 154,685 114,687

Amounts falling due between two and five years:
Bank loans - 2-5 years 86,893 185,798

Other loans of £205,000 (2022: £nil) are in respect of loans received from shareholders during the year.

12. PROVISIONS FOR LIABILITIES
2023 2022
£ £
Deferred tax 54,771 79,398

Deferred tax
£
Balance at 1 January 2023 79,398
Provided during year (24,627 )
Balance at 31 December 2023 54,771

13. GOVERNMENT GRANTS
2023 2022
£ £
Deferred government grants 143,412 153,771

14. DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006

The Auditors' Report was unqualified.

Mr Ryan Falls (F.C.A) (Senior Statutory Auditor)
for and on behalf of CavanaghKelly

15. CONTINGENT LIABILITIES

The company has received grants in recent years. Within the terms and conditions of some of these grants are claw-back clauses which may result in repayment of elements of grant in certain conditions. These conditions are unlikely to result in any repayment.

16. RELATED PARTY DISCLOSURES

The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group.