Caseware UK (AP4) 2023.0.135 2023.0.135 2023-12-312023-12-312023-01-01falseNo description of principal activity2826falsetrueThe members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.false 05292845 2023-01-01 2023-12-31 05292845 2022-01-01 2022-12-31 05292845 2023-12-31 05292845 2022-12-31 05292845 c:Director1 2023-01-01 2023-12-31 05292845 d:FurnitureFittings 2023-01-01 2023-12-31 05292845 d:OtherPropertyPlantEquipment 2023-01-01 2023-12-31 05292845 d:OtherPropertyPlantEquipment 2023-12-31 05292845 d:OtherPropertyPlantEquipment 2022-12-31 05292845 d:OtherPropertyPlantEquipment d:OwnedOrFreeholdAssets 2023-01-01 2023-12-31 05292845 d:Goodwill 2023-01-01 2023-12-31 05292845 d:Goodwill 2023-12-31 05292845 d:Goodwill 2022-12-31 05292845 d:CurrentFinancialInstruments 2023-12-31 05292845 d:CurrentFinancialInstruments 2022-12-31 05292845 d:Non-currentFinancialInstruments 2023-12-31 05292845 d:Non-currentFinancialInstruments 2022-12-31 05292845 d:CurrentFinancialInstruments d:WithinOneYear 2023-12-31 05292845 d:CurrentFinancialInstruments d:WithinOneYear 2022-12-31 05292845 d:ShareCapital 2023-12-31 05292845 d:ShareCapital 2022-12-31 05292845 d:RetainedEarningsAccumulatedLosses 2023-12-31 05292845 d:RetainedEarningsAccumulatedLosses 2022-12-31 05292845 c:FRS102 2023-01-01 2023-12-31 05292845 c:AuditExemptWithAccountantsReport 2023-01-01 2023-12-31 05292845 c:FullAccounts 2023-01-01 2023-12-31 05292845 c:PrivateLimitedCompanyLtd 2023-01-01 2023-12-31 05292845 d:WithinOneYear 2023-12-31 05292845 d:WithinOneYear 2022-12-31 05292845 d:BetweenOneFiveYears 2023-12-31 05292845 d:BetweenOneFiveYears 2022-12-31 05292845 d:MoreThanFiveYears 2023-12-31 05292845 d:MoreThanFiveYears 2022-12-31 05292845 d:AcceleratedTaxDepreciationDeferredTax 2023-12-31 05292845 d:AcceleratedTaxDepreciationDeferredTax 2022-12-31 05292845 6 2023-01-01 2023-12-31 05292845 d:Goodwill d:OwnedIntangibleAssets 2023-01-01 2023-12-31 05292845 e:PoundSterling 2023-01-01 2023-12-31 iso4217:GBP xbrli:pure
Registered number: 
05292845













PARAGRAPH PUBLISHING LTD


UNAUDITED

FINANCIAL STATEMENTS 

FOR THE YEAR ENDED 31 DECEMBER 2023

 
PARAGRAPH PUBLISHING LTD
 

CONTENTS



Page
Accountants' report
 
1
Statement of financial position
 
2 - 3
Notes to the financial statements
 
4 - 13


 
PARAGRAPH PUBLISHING LTD
 
 
  
CHARTERED ACCOUNTANTS' REPORT TO THE BOARD OF DIRECTORS ON THE PREPARATION OF THE UNAUDITED STATUTORY FINANCIAL STATEMENTS OF PARAGRAPH PUBLISHING LTD
FOR THE YEAR ENDED 31 DECEMBER 2023

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Paragraph Publishing Ltd for the year ended 31 December 2023 which comprise  the Statement of financial position and the related notes from the Company's accounting records and from information and explanations you have given us.

As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW)we are subject to its ethical and other professional requirements which are detailed at https://www.icaew.com /regulation.

This report is made solely to the Board of directors of Paragraph Publishing Ltd, as a body, in accordance with the terms of our engagement letter dated 24 July 2023Our work has been undertaken solely to prepare for your approval the financial statements of Paragraph Publishing Ltd and state those matters that we have agreed to state to the Board of directors of Paragraph Publishing Ltd, as a body, in this report in accordance with ICAEW Technical Release TECH07/16AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Paragraph Publishing Ltd and its Board of directors, as a body, for our work or for this report. 

It is your duty to ensure that Paragraph Publishing Ltd has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of Paragraph Publishing Ltd. You consider that Paragraph Publishing Ltd is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or review of the financial statements of Paragraph Publishing Ltd. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.

  



Larking Gowen LLP
 
Chartered Accountants
  
1st Floor, Prospect House
Rouen Road
Norwich
NR1 1RE
26 September 2024
Page 1

 
PARAGRAPH PUBLISHING LTD
REGISTERED NUMBER:05292845

STATEMENT OF FINANCIAL POSITION
AS AT 31 DECEMBER 2023

2023
2022
Note
£
£

Fixed assets
  

Intangible assets
 4 
13,291
26,028

Tangible assets
 5 
32,495
20,159

Investments
 6 
1
1

  
45,787
46,188

Current assets
  

Stocks
  
43,671
35,226

Debtors: amounts falling due after more than one year
 7 
911,379
828,007

Debtors: amounts falling due within one year
 7 
495,684
489,959

Bank current accounts
  
136,251
488,709

  
1,586,985
1,841,901

Creditors: amounts falling due within one year
 8 
(1,070,645)
(1,151,420)

Net current assets
  
 
 
516,340
 
 
690,481

Total assets less current liabilities
  
562,127
736,669

Provisions for liabilities
  

Deferred tax
 9 
(6,174)
(3,830)

  
 
 
(6,174)
 
 
(3,830)

Net assets
  
555,953
732,839


Capital and reserves
  

Called up share capital 
  
10,000
10,000

Profit and loss account
  
545,953
722,839

  
555,953
732,839


Page 2

 
PARAGRAPH PUBLISHING LTD
REGISTERED NUMBER:05292845
    
STATEMENT OF FINANCIAL POSITION (CONTINUED)
AS AT 31 DECEMBER 2023

The directors consider that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

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 income statement in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf by: 




................................................
D D C Riley-Smith
Director

Date: 24 September 2024

The notes on pages 4 to 13 form part of these financial statements.

Page 3

 
PARAGRAPH PUBLISHING LTD
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

1.


General information

Paragraph Publishing Limited is a private company limited by shares and incorporated in England and Wales, registration number 05292845. The registered office is 1st Floor, Prospect House, Rouen Road, Norwich, NR1 1RE.
 

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland' and the requirements of the Companies Act 2006. 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 presented in sterling which is the functional currency of the company and rounded to the nearest £.
The significant accounting policies have been consistently applied to all years presented unless otherwise stated.

 
2.2

Going concern

The Directors has considered the Company's position at the time of the signing of the accounts, together with the financial strength of the Company, and measures that the Directors can take should it be required. Based on this the Directors have concluded that they have a reasonable expectation that the Company will have adequate resources to continue in operational existence for the forseeable future and at least twelve months from the date of signing these financial statements. As such they therefore continue to adopt the going concern basis of accounting in preparing these financial statements.

Page 4

 
PARAGRAPH PUBLISHING LTD
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

 
2.3

Turnover

Turnover is recognised to the extent that it is probable that the economic benefits will flow to the Company and the turnover can be reliably measured. Turnover is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before turnover is recognised:

Sale of goods

Turnover from the sale of goods is recognised when all of the following conditions are satisfied:
the Company has transferred the significant risks and rewards of ownership to the buyer;
the Company retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold;
the amount of turnover can be measured reliably;
it is probable that the Company will receive the consideration due under the transaction; and
the costs incurred or to be incurred in respect of the transaction can be measured reliably.

Rendering of services

Turnover 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 turnover 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.

 
2.4

Government grants

Grants are accounted under the accruals model as permitted by FRS 102. Grants relating to expenditure on tangible fixed assets are credited to profit or loss at the same rate as the depreciation on the assets to which the grant relates. The deferred element of grants is included in creditors as deferred income.
Grants of a revenue nature are recognised in the Income statement in the same period as the related expenditure.

Page 5

 
PARAGRAPH PUBLISHING LTD
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

 
2.5

Pensions

Defined contribution pension plan

The Company operates 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 in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Statement of financial position. The assets of the plan are held separately from the Company in independently administered funds.

 
2.6

Intangible assets


Goodwill represents the difference between amounts paid on the cost of a business combination and the acquirer’s interest in the fair value of  identifiable assets and liabilities of the acquiree at the date of acquisition. Subsequent to initial recognition, goodwill is measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is amortised on a straight-line basis to the  over its useful economic life.


Intangible assets are initially recognised at cost. After recognition, under the cost model, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

All intangible assets are considered to have a finite useful life. If a reliable estimate of the useful life cannot be made, the useful life shall not exceed ten years.

 
2.7

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.

Depreciation is provided on the following basis:

Fixtures, fittings & equipment
-
33%

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

Page 6

 
PARAGRAPH PUBLISHING LTD
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

 
2.8

Stocks

Stocks are stated at the lower of cost and net realisable value, being the cost of purchase.
At each reporting date, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to compete and sell. The impairment loss is recognised immediately in the income statement.

 
2.9

Foreign currency translation

The Company's functional and presentational currency is GBP.

 
2.10

Finance costs

Finance costs are charged to profit or loss 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. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

 
2.11

Operating leases: the Company as lessee

Rentals paid under operating leases are charged to profit or loss on a straight-line basis over the lease term.

Benefits received and receivable as an incentive to sign an operating lease are recognised on a straight-line basis over the lease term, unless another systematic basis is representative of the time pattern of the lessee's benefit from the use of the leased asset.

 
2.12

Provisions for liabilities

Provisions are recognised when an event has taken place that gives rise to a legal or constructive obligation, a transfer of economic benefits is probable and a reliable estimate can be made.
Provisions are measured as the best estimate of the amount required to settle the obligation, taking into account the related risks and uncertainties.
 
Increases in provisions are generally charged as an expense to profit or loss.

Page 7

 
PARAGRAPH PUBLISHING LTD
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

 
2.13

Current and deferred taxation

The tax expense for the year comprises current and deferred tax. Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

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 income.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the reporting date, except that:
The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and
Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.

 
2.14

Valuation of investments

Investments in subsidiaries are measured at cost less accumulated impairment.

Investments in unlisted Company shares, whose market value can be reliably determined, are remeasured to market value at each reporting date. Gains and losses on remeasurement are recognised in the Income statement for the period. Where market value cannot be reliably determined, such investments are stated at historic cost less impairment.

Investments in listed company shares are remeasured to market value at each reporting date. Gains and losses on remeasurement are recognised in profit or loss for the period.

 
2.15

Dividends

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.


3.


Employees

The average monthly number of employees, including directors, during the year was 28 (2022 - 26).

Page 8

 
PARAGRAPH PUBLISHING LTD
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

4.


Intangible assets




Intangibles

£



Cost


At 1 January 2023
284,434



At 31 December 2023

284,434



Amortisation


At 1 January 2023
258,406


Charge for the year on owned assets
12,737



At 31 December 2023

271,143



Net book value



At 31 December 2023
13,291



At 31 December 2022
26,028



Page 9

 
PARAGRAPH PUBLISHING LTD
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

5.


Tangible fixed assets





Office Equipment, Fixtures and Fittings

£



Cost or valuation


At 1 January 2023
121,280


Additions
37,135


Disposals
(28,499)



At 31 December 2023

129,916



Depreciation


At 1 January 2023
101,121


Charge for the year on owned assets
24,799


Disposals
(28,499)



At 31 December 2023

97,421



Net book value



At 31 December 2023
32,495



At 31 December 2022
20,159

Page 10

 
PARAGRAPH PUBLISHING LTD
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

6.


Fixed asset investments





Investments in subsidiary companies

£



Cost or valuation


At 1 January 2023
1



At 31 December 2023
1







 


7.


Debtors

2023
2022
£
£

Due after more than one year

Other debtors
911,379
828,007

911,379
828,007


2023
2022
£
£

Due within one year

Trade debtors
356,151
373,952

Other debtors
139,533
116,007

495,684
489,959


Page 11

 
PARAGRAPH PUBLISHING LTD
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

8.


Creditors: Amounts falling due within one year

2023
2022
£
£

Bank overdrafts
32,343
-

Bank loans
18,710
13,034

Trade creditors
113,131
116,714

Amounts owed to group undertakings
98,501
57,727

Corporation tax
99,578
94,271

Other taxation and social security
29,487
48,242

Accruals and deferred income
678,895
821,432

1,070,645
1,151,420


Bank borrowings are secured by way of floating and fixed charges that covers all the property and undertakings of the company.


9.


Deferred taxation




2023


£






At beginning of year
(3,830)


Charged to profit or loss
(2,344)



At end of year
(6,174)

The provision for deferred taxation is made up as follows:

2023
2022
£
£


Accelerated capital allowances
6,174
3,830

6,174
3,830

Page 12

 
PARAGRAPH PUBLISHING LTD
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

10.


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
30,000
30,000

Later than 1 year and not later than 5 years
120,000
120,000

Later than 5 years
80,000
110,000

230,000
260,000


11.


Related party transactions

During the period, the company has provided management services to Rothes Glen Ltd which is controlled by a director of the company. The management services to Rothes Glen Ltd valued at £54,600 during the year (2022: £57,532). Paragraph Publishing Ltd has also provided a loan to Rothes Glen Ltd, this is referenced in note 7. Interest is charged on the outstanding balance. Some tranches of the loan have a fixed rate applied of either 4% or 9% per annum, while other portions are variable with the charges 3.6% above the base rate of interest. 
During the year dividends of £500,000 were paid to a director of the comapny (£85,000).
                                                                                                            

Page 13