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Registered number: 04038606











________________________________________________________________________________________


ATLANTIC BOOKS LIMITED

________________________________________________________________________________________




ANNUAL REPORT

INFORMATION FOR FILING WITH THE REGISTRAR
FOR THE YEAR ENDED 
31 DECEMBER 2023

 
ATLANTIC BOOKS LIMITED
 

CONTENTS



Page
Balance Sheet
 
1
Notes to the Financial Statements
 
2 - 10


 
ATLANTIC BOOKS LIMITED
REGISTERED NUMBER:04038606

BALANCE SHEET
AS AT 31 DECEMBER 2023

2023
2022
Note
£
£

Fixed assets
  

Tangible assets
 4 
19,342
26,831

  
19,342
26,831

Current assets
  

Stocks
 5 
383,943
410,699

Debtors: amounts falling due within one year
 6 
3,826,126
3,384,474

Cash at bank and in hand
  
95,308
89,111

  
4,305,377
3,884,284

Creditors: amounts falling due within one year
 7 
(4,355,761)
(4,023,678)

Net current liabilities
  
 
 
(50,384)
 
 
(139,394)

Total assets less current liabilities
  
(31,042)
(112,563)

Creditors: amounts falling due after more than one year
 8 
(2,649,022)
(1,574,022)

  

Net liabilities
  
(2,680,064)
(1,686,585)


Capital and reserves
  

Called up share capital 
 9 
3,372,308
3,372,308

Share premium account
 10 
486,126
486,126

Other reserve
 10 
5,770,432
5,770,432

Profit and loss account
 10 
(12,308,930)
(11,315,451)

  
(2,680,064)
(1,686,585)


The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

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

The Company has opted not to file the profit and loss account in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements on pages 1 to 10 were approved and authorised for issue by the board and were signed on its behalf on 24 September 2024.




J Sprinks
Director

Page 1

 
ATLANTIC BOOKS LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

1.Accounting policies

 
1.1

Statement of compliance

The principal activity of Atlantic Books Limited is that of book publishing. 
The Company is a private company limited by shares and is incorporated and domiciled in England and Wales. The address of its registered office and principal place of business is Ormond House,   26 - 27 Boswell Street, London, WC1N 3JZ.

  
1.2

Basis of preparation of financial statements

The financial statements have been prepared in accordance with United Kingdom Accounting Standards, including Section 1A 'Small Entities' of Financial Reporting Standard 102, ‘the Financial Reporting Standard applicable in the United Kingdom and the Republic of Ireland’ (“FRS 102”) and the Companies Act 2006.  The financial statements have been prepared under the historical cost convention.
The preparation of financial statements requires the use of certain critical accounting estimates.  It also requires management to exercise its judgement in the process of applying the Company's accounting policies.  The areas involving a higher degree of judgement or complexity, or areas where assumptions and estimates are significant to the financial statements, are disclosed in note 2.

  
1.3

Going concern

The directors have produced cash flow forecasts for the period to 31 December 2025 which include assumptions as to the levels of revenues from published titles and titles the Company plans to publish as well as assumptions regarding the level of advances to be made to authors for future publication.  These forecasts indicate that the Company will require additional funding from its parent company, Allen & Unwin Pty Limited (“Allen & Unwin”), in order to meet its cash requirements over the period. This indicates a material uncertainty that may cast significant doubt over the Company’s ability to continue as a going concern. If Allen & Unwin did not provide the financial support, the cash balances forecast may be insufficient to fund the Company’s activities at their current level. 
Allen & Unwin has provided financial support to the Company over the past 9 years and its directors continue to be actively involved in the management of the Company. They have approved the Company’s future publishing programme and have indicated their desire to provide funds to the Company both to support the Company’s cashflow requirements and to enable the growth envisaged in the programme. Allen & Unwin has sufficient cash and reserves to be able to provide the level of funding indicated in the Company’s cash flow forecasts and the Company’s directors have a reasonable expectation that such support will be provided should it be required. As such, the directors consider that the Company will continue in operational existence for at least twelve months from the signing of these financial statements. They have therefore prepared the financial statements on a going concern basis. 
The financial statements do not reflect any adjustments that would be required to be made if they were prepared on a basis other than the going concern basis.

Page 2

 
ATLANTIC BOOKS LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

1.Accounting policies (continued)

  
1.4

Revenue

Revenue is recognised to the extent that the Company obtains the right to consideration in exchange for its performance.  Revenue is measured at the fair value of the consideration received or receivable, net of discounts, rebates, value added tax, and a provision for goods expected to be returned.  The following criteria must also be met before revenue is recognised:
Sale of goods
Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer, usually on delivery of the goods, the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably. A provision is made for anticipated returns based primarily on historical return rates.
Sale of services
Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:

the amount of revenue can be measured reliably;
it is probable that the Company will receive the consideration due under the contract;
the stage of completion of the contract at the end of the reporting period can be measured reliably; and
the costs incurred and the costs to complete the contract can be measured reliably.


  
1.5

Finance costs

Finance costs are charged to the Profit and Loss Account over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount.  

Page 3

 
ATLANTIC BOOKS LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

1.Accounting policies (continued)

  
1.6

Tangible fixed assets

Tangible fixed assets are stated at cost less accumulated depreciation and accumulated impairment losses.  Cost includes the original purchase price, costs directly attributable to bringing the asset to its working condition for its intended use and dismantling and restoration costs.
 
Depreciation is calculated, using the straight line method, to allocate the cost of assets less their residual value over their estimated useful lives, as follows:
   Plant & machinery  -  25% straight line
   Fixtures & fittings  -  25% straight line
The assets’ residual values and useful lives are reviewed, and adjusted, if appropriate, at the end of each reporting period.  The effect of any change is accounted for prospectively.
Subsequent costs are included in the assets’ carrying amount or recognised as a separate asset, as appropriate, only when it is probable that economic benefits associated with the item will flow to the Company and the cost can be measured reliably.  Repairs and maintenance costs are expensed as incurred.
Tangible fixed assets are derecognised on disposal or when no future economic benefits are expected.  On disposal, the difference between the net disposal proceeds and the carrying amount is recognised in the Profit and Loss Account and included in ‘administrative expenses’.

  
1.7

Stocks and work in progress

Stock is stated at the lower of cost and estimated selling price less costs to sell. Stock is recognised as an expense in the period in which the related revenue is recognised. 
Cost is determined on the weighted average cost method. Cost includes all costs incurred in bringing the stock to its present location and condition. 
At the end of each reporting period stock is assessed for impairment. If an item of stock is impaired, the identified stock is reduced to its selling price less costs to complete and sell and an impairment charge is recognised in the Profit and Loss Account. Where a reversal of the impairment is required the impairment charge is reversed, up to the original impairment loss, and is recognised as a credit in the Profit and Loss Account.

  
1.8

Operating leases: lessee

At inception the Company assesses agreements that transfer the right to use assets.  The assessment considers whether the arrangement is, or contains, a lease based on the substance of the arrangement.
Leases that do not transfer all the risks and rewards of ownership are classified as operating leases.  Rentals payable under operating leases are charged to the Profit and Loss Account on a straight line basis over the period of the lease.  Lease incentives are recognised over the lease term on a straight line basis.

Page 4

 
ATLANTIC BOOKS LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

1.Accounting policies (continued)

  
1.9

Author advances

Advances paid to authors are carried as current assets in the Balance Sheet to the extent that they are expected to be recoverable from the royalties earned on future sales of books and rights.

  
1.10

Financial instruments

The Company has chosen to adopt Sections 11 and 12 of FRS 102 in respect of financial instruments.
Short term debtors and creditors
Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at transaction price.  Any losses arising from impairment are recognised in the Profit and Loss Account in ‘administrative expenses’.
Cash and cash equivalents
Cash and cash equivalents comprise cash at bank and in hand.
Loan notes
Loan notes which are basic financial instruments are initially recorded at the present value of future payments discounted at a market rate of interest for a similar loan.  Subsequently, they are measured at amortised cost using the effective interest method.  Loan notes that are payable within one year are not discounted.
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.
 
  
1.11

Foreign currency translation

Functional and presentation currency
The Company's functional and presentation currency is the pound sterling.
 
Transactions and balances
Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions.  At each period end foreign currency monetary items are translated using the closing rate. Non monetary items measured at historical cost are translated using the exchange rate at the date of the transaction.  Foreign exchange gains and losses resulting from the settlement of transactions and from the translation at period end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in the Profit and Loss Account.
All foreign exchange gains and losses are presented in the Profit and Loss Account under 'administrative expenses'.

Page 5

 
ATLANTIC BOOKS LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

1.Accounting policies (continued)

  
1.12

Taxation

Taxation expense for the period comprises current and deferred tax recognised in the reporting period. Tax is recognised in the Profit and Loss Account. Current or deferred taxation assets and liabilities are not discounted.
Current tax
Current tax is the amount of corporation tax payable in respect of the taxable profit for the year or prior years. Tax is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the period end.
Management periodically evaluates positions taken in tax returns with respect to situations in which applicable tax regulation is subject to interpretation. It establishes provisions where appropriate on the basis of amounts expected to be paid to the tax authorities.
 
Deferred tax
Deferred tax arises from timing differences that are differences between taxable profits and profit on ordinary activities before taxation as stated in the financial statements. These timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in the financial statements.
Deferred tax is recognised on all timing differences at the reporting date except for certain exceptions. Unrelieved tax losses and other deferred tax assets are only 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 tax rates and laws that have been enacted or substantively enacted by the period end and that are expected to apply to the reversal of the timing difference.

  
1.13

Pensions

The Company contributes to a defined contribution plan for its employees.  A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity.  Once the contributions have been paid the Company has no further payment obligations.  The contributions are recognised as an expense when they are due.  Amounts not paid are shown in accruals in the balance sheet.  The assets of the plan are held separately from the Company in independently administered funds.

  
1.14

Share capital

Ordinary shares are classified as equity.

Page 6

 
ATLANTIC BOOKS LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.


Judgements in applying accounting policies and key sources of estimation uncertainty

In preparing the financial statements management are required to make judgements, estimates and assumptions that affect the amounts reported for assets and liabilities as at the balance sheet date and the amounts reported for revenues and expenses during the year. Estimates and judgements are continually evaluated and are based on historical experience and other factors, including reasonable expectations of future events. The resultant estimates will, by definition, not necessarily equal the related actual results and may require adjustment in subsequent accounting periods. The estimates and assumptions that may cause a material adjustment to the carrying amount of assets and liabilities in the next financial year are:
 
Book returns
As books are returnable by customers, the Company makes a provision against books sold in the accounting period which is then carried forward in accruals and deferred income in anticipation of book returns received subsequent to the reporting period end. The provision is calculated by reference to historical returns rates and expected future returns.
Author advances
A provision is made by the Company against advances on published titles which may not be covered by royalties on anticipated future title sales or subsidiary rights receivable. At the end of each financial year a review is carried out on all published title advances. If it is unlikely that royalties from future title sales or subsidiary rights will fully earn down the advance, a provision is made in the Profit and Loss Account for the difference between the carrying value and the anticipated recoverable amount from future earnings.
Stock
At the end of each reporting period a review is carried out on all published titles where stock is held. A provision is made by the Company against unsold stock on a title by title basis, with regard to historical net sales and expected future net sales, to value the stocks at the lower of cost and net realisable value.


3.


Employees

The average monthly number of employees, including directors, during the year was 33 (2022 - 33).

Page 7

 
ATLANTIC BOOKS LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

4.


Tangible fixed assets





Plant and machinery
Fixtures and fittings
Total

£
£
£



Cost 


At 1 January 2023
177,293
55,334
232,627


Additions
5,427
-
5,427


Disposals
(818)
-
(818)



At 31 December 2023

181,902
55,334
237,236



Depreciation


At 1 January 2023
150,508
55,288
205,796


Charge for the year on owned assets
12,427
46
12,473


Disposals
(375)
-
(375)



At 31 December 2023

162,560
55,334
217,894



Net book value



At 31 December 2023
19,342
-
19,342



At 31 December 2022
26,785
46
26,831


5.


Stocks

2023
2022
£
£

Work in progress
65,145
84,632

Finished goods and goods for resale
318,798
326,067

383,943
410,699




Page 8

 
ATLANTIC BOOKS LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

6.


Debtors

2023
2022
£
£


Trade debtors
2,045,970
1,772,903

Other debtors
1,780,156
1,611,571

3,826,126
3,384,474



7.


Creditors: Amounts falling due within one year

2023
2022
£
£

Trade creditors
1,137,201
815,445

Amounts owed to group undertakings
1,579,441
1,500,670

Other taxation and social security
54,146
54,883

Other creditors
1,584,973
1,652,680

4,355,761
4,023,678



8.


Creditors: Amounts falling due after more than one year

2023
2022
£
£

Amounts owed to group undertakings
2,649,022
1,574,022



9.


Share capital

2023
2022
£
£
Allotted, called up and fully paid



337,230,819 (2022 - 337,230,819) ordinary shares of £0.01 each
3,372,308
3,372,308


Page 9

 
ATLANTIC BOOKS LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

10.


Reserves

Share premium account

The share premium account records the amount above the nominal value received for shares issued.

Other reserve

This arose on the reduction of the nominal value of the Company's shares from £1 each to £0.01 each. This is a distributable reserve.

Profit and loss account

This is a distributable reserve.


11.


Commitments under operating leases

At 31 December 2023 the Company had future minimum lease payments due under non-cancellable operating leases for each of the following periods:

2023
2022
£
£


Not later than 1 year
101,977
101,977

Later than 1 year and not later than 5 years
1,799
92,083

103,776
194,060


12.


Controlling party

Allen & Unwin Pty Limited is the parent of the smallest group for which consolidated financial statements are drawn up. The registered address of Allen & Unwin Pty Limited is Crows Nest, NSW 2065, Australia.


13.


Auditors' information

As the Profit and Loss Account 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 auditors report on the financial statements and reports for the year ended 31 December 2023 which was unqualified included the following paragraph in respect of going concern:
 
"We draw attention to Note 1.3 “Going concern” in the financial statements, which indicates that the Company will need additional funding from its parent company, Allen & Unwin Pty Limited, in order to meet its cash requirements over the period to December 2025. As stated in Note 1.3 this condition indicates the existence of a material uncertainty which may cast significant doubt about the Company's ability to continue as a going concern.  Our opinion is not modified in respect of this matter."

The audit report was signed on 24 September 2024 by Daniel D.E. Crawford (Senior Statutory Auditor) on behalf of F. W. Smith, Riches & Co.

 
Page 10