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Registration number: 06825394

Thrust Publishing Ltd

Annual Report and Unaudited Abridged Financial Statements

for the Year Ended 29 February 2024

 

Thrust Publishing Ltd

Contents

Company Information

1

Director's Report

2

Accountants' Report

3

Abridged Balance Sheet

4 to 5

Statement of Changes in Equity

6

Notes to the Unaudited Abridged Financial Statements

7 to 12

 

Thrust Publishing Ltd

Company Information

Director

Mr James Edward ROBERTSON

Registered office

183 Kingston Road
London
SW19 1LH

Accountants

TAX LINK (CTA) LIMITED
Chartered Accountants & Tax Advisors
The Long Lodge 265-269 Kingston Road
Wimbledon
London
Wimbledon
SW19 3NW

 

Thrust Publishing Ltd

Director's Report for the Year Ended 29 February 2024

The director presents his report and the abridged financial statements for the year ended 29 February 2024.

Directors of the company

The directors who held office during the year were as follows:

Martin Carvell (ceased 1 August 2023)

Mr James Edward ROBERTSON

Principal activity

The principal activity of the company is Publishing of consumer and business journals and periodicals.

Small companies provision statement

This report has 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.

Approved and authorised by the director on 16 October 2024
 

.........................................
Mr James Edward ROBERTSON
Director

 

Chartered Accountants' Report to the Director on the Preparation of the Unaudited Statutory Accounts of
Thrust Publishing Ltd
for the Year Ended 29 February 2024

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Thrust Publishing Ltd for the year ended 29 February 2024 as set out on pages 4 to 12 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
http://www.icaew.com/regulation.

This report is made solely to the Board of Directors of Thrust Publishing Ltd, as a body, in accordance with the terms of our engagement letter. Our work has been undertaken solely to prepare for your approval the accounts of Thrust Publishing Ltd and state those matters that we have agreed to state to the Board of Directors of Thrust Publishing Ltd, as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Thrust Publishing Ltd and its Board of Directors as a body for our work or for this report.

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

We have not been instructed to carry out an audit or a review of the accounts of Thrust 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 accounts.

......................................

TAX LINK (CTA) LIMITED
Chartered Accountants & Tax Advisors
The Long Lodge 265-269 Kingston Road
Wimbledon
London
Wimbledon
SW19 3NW

16 October 2024

 

Thrust Publishing Ltd

(Registration number: 06825394)
Abridged Balance Sheet as at 29 February 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

5

116,577

72,030

Current assets

 

Stocks

6

10,416

10,454

Debtors

7

304,480

238,977

Cash at bank and in hand

 

377,850

581,550

 

692,746

830,981

Prepayments and accrued income

 

800

800

Creditors: Amounts falling due within one year

(126,803)

237,921

Net current assets

 

566,743

1,069,702

Total assets less current liabilities

 

683,320

1,141,732

Creditors: Amounts falling due after more than one year

(200,000)

(100,000)

Accruals and deferred income

 

(988)

(988)

Net assets

 

482,332

1,040,744

Capital and reserves

 

Called up share capital

8

1

11

Retained earnings

482,331

1,040,733

Shareholders' funds

 

482,332

1,040,744

For the financial year ending 29 February 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's 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 director acknowledges his 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.

All of the company’s members have consented to the preparation of an Abridged Profit and Loss Account and an Abridged Balance Sheet in accordance with Section 444(2A) of the Companies Act 2006.

 

Thrust Publishing Ltd

(Registration number: 06825394)
Abridged Balance Sheet as at 29 February 2024

Approved and authorised by the director on 16 October 2024
 

.........................................
Mr James Edward ROBERTSON
Director

 

Thrust Publishing Ltd

Statement of Changes in Equity for the Year Ended 29 February 2024

Share capital
£

Retained earnings
£

Total
£

At 1 March 2023

11

1,040,733

1,040,744

Prior period adjustment

-

(468,901)

(468,901)

At 1 March 2023 (As restated)

11

571,832

571,843

Loss for the year

-

(89,501)

(89,501)

Purchase of own share capital

(10)

-

(10)

At 29 February 2024

1

482,331

482,332

Share capital
£

Retained earnings
£

Total
£

At 1 March 2022

11

1,540,377

1,540,388

Profit for the year

-

170,356

170,356

Dividends

-

(670,000)

(670,000)

At 28 February 2023

11

1,040,733

1,040,744

 

Thrust Publishing Ltd

Notes to the Unaudited Abridged Financial Statements for the Year Ended 29 February 2024

1

General information

The company is a private company limited by share capital, incorporated in england.

The address of its registered office is:
183 Kingston Road
London
SW19 1LH

These financial statements were authorised for issue by the director on 16 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 abridged 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 abridged financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Going concern

The financial statements have been prepared on a going concern basis.

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 when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

 

Thrust Publishing Ltd

Notes to the Unaudited Abridged Financial Statements for the Year Ended 29 February 2024

Foreign currency transactions and balances

Transactions in foreign currencies are initially recorded at the functional currency rate prevailing at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are retranslated into the respective functional currency of the entity at the rates prevailing on the reporting period date. Non-monetary items carried at fair value that are denominated in foreign currencies are retranslated at the rate on the date when the fair value is re-measured.

Non-monetary items measured in terms of historical cost in a foreign currency are not retranslated.

Tax

The tax expense for the period comprises current tax. Tax is recognised in profit or loss, 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.

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 taxable income.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

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

Asset class

Depreciation method and rate

Motor Vehicles

20 % WDV

Office Equipment

25% WDV

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

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. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. 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.

 

Thrust Publishing Ltd

Notes to the Unaudited Abridged Financial Statements for the Year Ended 29 February 2024

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.

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.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

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.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

 

Thrust Publishing Ltd

Notes to the Unaudited Abridged Financial Statements for the Year Ended 29 February 2024

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.

3

Staff numbers

The average number of persons employed by the company (including the director) during the year, was 20 (2023 - 20).

4

Loss/profit before tax

Arrived at after charging/(crediting)

2024
£

2023
£

Depreciation expense

44,282

24,010

 

Thrust Publishing Ltd

Notes to the Unaudited Abridged Financial Statements for the Year Ended 29 February 2024

5

Tangible assets

Furniture, fittings and equipment
 £

Motor vehicles
 £

Total
£

Cost or valuation

At 1 March 2023

169,542

-

169,542

Additions

21,788

67,040

88,828

At 29 February 2024

191,330

67,040

258,370

Depreciation

At 1 March 2023

97,512

-

97,512

Charge for the year

30,873

13,408

44,281

At 29 February 2024

128,385

13,408

141,793

Carrying amount

At 29 February 2024

62,945

53,632

116,577

At 28 February 2023

72,030

-

72,030

6

Stocks

2024
£

2023
£

Other inventories

10,416

10,454

7

Debtors

Debtors includes £Nil (2023 - £Nil) due after more than one year.

8

Share capital

Allotted, called up and fully paid shares

 

Thrust Publishing Ltd

Notes to the Unaudited Abridged Financial Statements for the Year Ended 29 February 2024

2024

2023

No.

£

No.

£

Ordinary share of £1 each

1

1

1

1

Ordinary Class B of £0 (2023 - £10) each

-

-

1

10

1

1

2

11

9

Dividends

2024

2023

£

£