REGISTERED NUMBER: |
NORTH WEST OF IRELAND PRINTING AND |
PUBLISHING COMPANY LIMITED |
Financial Statements for the Year Ended 31 December 2023 |
REGISTERED NUMBER: |
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: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
INDEPENDENT AUDITORS: |
Chartered Accountants and Statutory Auditors |
36-38 Northland Row |
Dungannon |
Co. Tyrone |
BT71 6AP |
SOLICITORS: |
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 |
Investments | 6 |
Investment property | 7 |
CURRENT ASSETS |
Receivables: amounts falling due within one year |
8 |
Cash at bank |
PAYABLES |
Amounts falling due within one year | 9 | ( |
) | ( |
) |
NET CURRENT (LIABILITIES)/ASSETS | ( |
) |
TOTAL ASSETS LESS CURRENT LIABILITIES |
PAYABLES |
Amounts falling due after more than one year |
10 |
( |
) |
( |
) |
PROVISIONS FOR LIABILITIES | 12 | ( |
) | ( |
) |
GOVERNMENT GRANTS | 13 | ( |
) | ( |
) |
NET ASSETS |
CAPITAL AND RESERVES |
Called up share capital |
Share premium |
Capital redemption reserve |
Retained earnings |
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 |
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 |
2. | STATEMENT OF COMPLIANCE |
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 |
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 Property | 4% 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 |
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 |
Additions |
At 31 December 2023 |
DEPRECIATION |
At 1 January 2023 |
Charge for year |
At 31 December 2023 |
NET BOOK VALUE |
At 31 December 2023 |
At 31 December 2022 |
6. | FIXED ASSET INVESTMENTS |
Shares in |
group |
undertakings |
£ |
COST |
At 1 January 2023 |
Additions |
At 31 December 2023 |
NET BOOK VALUE |
At 31 December 2023 |
At 31 December 2022 |
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 |
NET BOOK VALUE |
At 31 December 2023 |
At 31 December 2022 |
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 |
Other receivables | 1,015 | 21,314 |
Prepayments and accrued income |
9. | PAYABLES: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2023 | 2022 |
£ | £ |
Bank and other loans (see note 11) |
Trade payables |
Amounts owed to group undertakings |
Social security and other taxes |
VAT | 45,973 | 40,323 |
Other payables |
Accruals and deferred income |
10. | PAYABLES: AMOUNTS FALLING DUE AFTER ONE YEAR |
2023 | 2022 |
£ | £ |
Bank loans (see note 11) |
Other creditors |
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 |
Other loans | 205,000 | - |
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 |
Amounts falling due between two and five years: |
Bank loans - 2-5 years |
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 |
Provided during year | ( |
) |
Balance at 31 December 2023 |
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. |
for and on behalf of |
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. |