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Registrar

Registration number: 03220486

Miles Kelly Publishing Limited

Unaudited Filleted Financial Statements

for the Year Ended 31 December 2023

 

Miles Kelly Publishing Limited

Contents

Company Information

1

Balance Sheet

2

Notes to the Unaudited Financial Statements

3 to 9

 

Miles Kelly Publishing Limited

Company Information

Directors

G R Kelly

R Curry

P Wren

Registered office

Hardings Barn
Bardfield End Green
Thaxted
Essex
CM6 3PX

Solicitors

Birkett Long LLP
1 Amphora Place
Sheepen Road
Colchester
Essex
CO3 3WG

Bankers

Bank of Scotland plc
35 Princes Street
Ipswich
Suffolk
IP1 1BR

Accountants

Lambert Chapman LLP
Chartered Accountants
3 Warners Mill
Silks Way
Braintree
Essex
CM7 3GB

 

Miles Kelly Publishing Limited

(Registration number: 03220486)
Balance Sheet as at 31 December 2023

Note

2023
£

(As restated)

2022
£

Fixed assets

 

Tangible assets

4

26,593

34,373

Current assets

 

Stocks

5

2,028,054

2,021,766

Debtors

6

1,288,108

1,168,381

Cash at bank and in hand

 

36,116

106,949

 

3,352,278

3,297,096

Creditors: Amounts falling due within one year

7

(2,849,285)

(2,632,058)

Net current assets

 

502,993

665,038

Total assets less current liabilities

 

529,586

699,411

Creditors: Amounts falling due after more than one year

7

(33,688)

(47,670)

Net assets

 

495,898

651,741

Capital and reserves

 

Called up share capital

8

688,662

688,662

Capital redemption reserve

161,538

161,538

Retained earnings

(354,302)

(198,459)

Shareholders' funds

 

495,898

651,741

For the financial year ending 31 December 2023 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 8 October 2024 and signed on its behalf by:
 

G R Kelly
Director

R Curry
Director

P Wren
Director

     
 

Miles Kelly Publishing Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023

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: Hardings Barn, Bardfield End Green, Thaxted, Essex, CM6 3PX, United Kingdom.

These financial statements were authorised for issue by the Board on 8 October 2024.

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.

These financial statements are presented in Sterling (£), the company's functional currency.

Going concern

In line with many publishers, the company has suffered the lasting effects of Covid-19 with reduced turnover due to some large customers reducing orders as they were overstocked following the period of Covid-19. The directors are dealing with ongoing pressures on sales and costs and consequently have made significant changes to the business which has improved gross profit margins and reduced overheads. The effects of these changes will be seen in full during the year ended 31 December 2025.

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 on shipment of product or delivery of the related product. Income is deferred in respect of revenue received in advance.

Government grants

Government grants are assistance by government in the form of a transfer of resources to an entity in return for past or future compliance with specified conditions relating to the operating activities of the entity. Grants are recognised in the profit and loss account at the date they are received, under the performance model.

Tax

Current Tax is recognised in the profit and loss account, 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.

Deferred income tax is recognised on temporary differences arising between the tax bases of assets and liabilities and their carrying amounts in the financial statements and on unused tax losses or tax credits in the company. Deferred income tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.

 

Miles Kelly Publishing Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023

Tangible assets

Tangible assets are stated in the statement of financial position at cost, less any subsequent accumulated depreciation.

Depreciation

Depreciation is charged so as to write off the cost or valuation of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Other tangibles

25% Straight line method/10% Reducing balance method

Fixtures and fittings

15% Straight line method

Office equipment

25% Straight line method/25% Reducing balance method

Motor vehicles

25% Reducing balance method

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits.

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. 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

Finished goods consist of books that have been purchased for onward sale without incurring any costs in respect of the creation of the title. Finished goods are valued at the lower of cost and net realisable value, where cost is the invoiced cost to the company.

Creation costs consist of titles that have been completed and are ready for general sale. Once a title has been published, the creation costs are released from work in progress and expensed to the profit and loss account, to match against the income stream from the title, over a period not exceeding four years.

Wages in respect of creation costs are included within stock and then released over four years from the year the work was undertaken on the creation.

Work in progress is the cost that is incurred in the production of a title which is yet to be completed and is ready for sale, once the title is ready for sale the work in progress cost is moved to creation costs.

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.

 

Miles Kelly Publishing Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the Profit and Loss Account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

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.

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessee.

Assets held under finance leases are recognised at the lower of their fair value at inception of the lease and the present value of the minimum lease payments. These assets are depreciated on a straight-line basis over the shorter of the useful life of the asset and the lease term. The corresponding liability to the lessor is included in the balance sheet as a finance lease obligation.

Lease payments are apportioned between finance costs in the profit and loss account and reduction of the lease obligation so as to achieve a constant periodic rate of interest on the remaining balance of the liability.

Share capital

Ordinary shares are classified as equity.

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.

Prior year adjustment

As part of the development of books for sale the company incurs creation costs. Historically, the company has capitalised the external creation costs into stock and work in progress but not the company's own staff wages. The directors have identified £451,760 of wages that need to be included within stock and work in progress for the year ended 31 December 2022. As a result, the comparative period has increased stock and work in progress of £451,760 with the same increase to net assets and reduction to the loss for the period.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 29 (2022 - 30).

 

Miles Kelly Publishing Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023

4

Tangible assets

Fixtures & fittings
 £

Motor vehicles
 £

Office equipment
 £

Other tangible assets
£

Total
£

Cost or valuation

At 1 January 2023

10,857

29,019

237,060

77,278

354,214

Additions

-

-

3,679

-

3,679

At 31 December 2023

10,857

29,019

240,739

77,278

357,893

Depreciation

At 1 January 2023

10,591

725

231,774

76,751

319,841

Charge for the year

102

7,074

3,756

527

11,459

At 31 December 2023

10,693

7,799

235,530

77,278

331,300

Carrying amount

At 31 December 2023

164

21,220

5,209

-

26,593

At 31 December 2022

266

28,294

5,286

527

34,373

 

Miles Kelly Publishing Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023

5

Stocks

2023
£

(As restated)

2022
£

Creation costs

1,175,169

1,021,568

Work in progress

159,039

78,805

Books in stock and original art work

693,846

921,393

2,028,054

2,021,766

6

Debtors

2023
£

2022
£

Trade debtors

1,001,736

964,873

Prepayments

203,534

116,087

Other debtors

82,838

87,421

1,288,108

1,168,381

7

Creditors

Creditors: amounts falling due within one year

Note

2023
£

2022
£

Due within one year

 

Loans and borrowings

9

15,350

36,586

Trade creditors

 

2,618,776

2,239,351

Taxation and social security

 

136,409

57,929

Accruals and deferred income

 

40,834

168,066

Other creditors

 

37,916

130,126

 

2,849,285

2,632,058


Creditors include bank loans and overdrafts and net obligations under finance lease and hire purchase contracts which are secured of £15,350 (2022 - £36,586).

Creditors: amounts falling due after more than one year

Creditors include hire purchase contracts which are secured of £33,688 (2022 - £47,670).

 

Miles Kelly Publishing Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023

Non-current loans and borrowings

2023
£

2022
£

Bank borrowings

15,833

25,833

HP and finance lease liabilities

17,855

21,837

33,688

47,670

8

Share capital

Allotted, called up and fully paid shares

2023

2022

No.

£

No.

£

Ordinary Shares of £1 each

688,662

688,662

688,662

688,662

       

9

Loans and borrowings

Current loans and borrowings

2023
£

2022
£

Bank borrowings

10,000

31,236

Hire purchase contracts

5,350

5,350

15,350

36,586

Non-current loans and borrowings

2023
£

2022
£

Bank borrowings

15,833

25,833

Hire purchase contracts

17,855

21,837

33,688

47,670

10

Financial commitments, guarantees and contingencies

Amounts not provided for in the balance sheet

The total amount of financial commitments not included in the balance sheet is £26,780 (2022 - £17,125). The amount due within one year totals £21,424. Amounts due next year totals £5,356

 

Miles Kelly Publishing Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023

11

Related party transactions

Transactions with directors

2023

At 1 January 2023
£

Advances to director
£

Repayments by director
£

At 31 December 2023
£

-

4,511

(4,511)

-

 

2022

At 1 January 2022
£

Advances to director
£

Repayments by director
£

At 31 December 2022
£

12,415

3,901

(16,316)

-