IRIS Accounts Production v24.2.0.383 SC049850 Board of Directors 1.2.23 31.1.24 31.1.24 false true false false false true false Ordinary 0.01000 Foundation 1.00000 iso4217:GBPiso4217:USDiso4217:EURxbrli:sharesxbrli:pureutr:tonnesutr:kWhSC0498502023-01-31SC0498502024-01-31SC0498502023-02-012024-01-31SC0498502022-01-31SC0498502022-02-012023-01-31SC0498502023-01-31SC049850ns15:Scotland2023-02-012024-01-31SC049850ns14:PoundSterling2023-02-012024-01-31SC049850ns10:Director12023-02-012024-01-31SC049850ns10:PrivateLimitedCompanyLtd2023-02-012024-01-31SC049850ns10:SmallEntities2023-02-012024-01-31SC049850ns10:AuditExemptWithAccountantsReport2023-02-012024-01-31SC049850ns10:SmallCompaniesRegimeForDirectorsReport2023-02-012024-01-31SC049850ns10:SmallCompaniesRegimeForAccounts2023-02-012024-01-31SC049850ns10:FullAccounts2023-02-012024-01-31SC04985012023-02-012024-01-31SC049850ns10:OrdinaryShareClass12023-02-012024-01-31SC049850ns10:OrdinaryShareClass22023-02-012024-01-31SC049850ns10:Director22023-02-012024-01-31SC049850ns10:Director32023-02-012024-01-31SC049850ns10:RegisteredOffice2023-02-012024-01-31SC049850ns5:CurrentFinancialInstruments2024-01-31SC049850ns5:CurrentFinancialInstruments2023-01-31SC049850ns5:Non-currentFinancialInstruments2024-01-31SC049850ns5:Non-currentFinancialInstruments2023-01-31SC049850ns5:ShareCapital2024-01-31SC049850ns5:ShareCapital2023-01-31SC049850ns5:FurtherSpecificReserve1ComponentTotalEquity2024-01-31SC049850ns5:FurtherSpecificReserve1ComponentTotalEquity2023-01-31SC049850ns5:RetainedEarningsAccumulatedLosses2024-01-31SC049850ns5:RetainedEarningsAccumulatedLosses2023-01-31SC049850ns5:DevelopmentCostsCapitalisedDevelopmentExpenditure2023-02-012024-01-31SC049850ns5:LandBuildings2023-02-012024-01-31SC049850ns5:PlantMachinery2023-02-012024-01-31SC049850ns5:IntangibleAssetsOtherThanGoodwill2023-01-31SC049850ns5:IntangibleAssetsOtherThanGoodwill2023-02-012024-01-31SC049850ns5:IntangibleAssetsOtherThanGoodwill2024-01-31SC049850ns5:IntangibleAssetsOtherThanGoodwill2023-01-31SC049850ns5:LandBuildings2023-01-31SC049850ns5:PlantMachinery2023-01-31SC049850ns5:LandBuildings2024-01-31SC049850ns5:PlantMachinery2024-01-31SC049850ns5:LandBuildings2023-01-31SC049850ns5:PlantMachinery2023-01-31SC049850ns5:WithinOneYearns5:CurrentFinancialInstruments2024-01-31SC049850ns5:WithinOneYearns5:CurrentFinancialInstruments2023-01-31SC049850ns10:OrdinaryShareClass12024-01-31SC049850ns10:OrdinaryShareClass22024-01-31SC049850ns5:RetainedEarningsAccumulatedLosses2023-01-31SC049850ns5:FurtherSpecificReserve1ComponentTotalEquity2023-01-31SC049850ns5:RetainedEarningsAccumulatedLosses2023-02-012024-01-31SC049850ns5:FurtherSpecificReserve1ComponentTotalEquity2023-02-012024-01-31
REGISTERED NUMBER: SC049850 (Scotland)















Unaudited Financial Statements for the Year Ended 31 January 2024

for

West Highland Publishing Company Limited

West Highland Publishing Company Limited (Registered number: SC049850)






Contents of the Financial Statements
for the Year Ended 31 January 2024




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4

Chartered Accountants' Report 7

West Highland Publishing Company Limited

Company Information
for the Year Ended 31 January 2024







DIRECTORS: P Wood
L Young
K Mackenzie





REGISTERED OFFICE: Unit 1B Pairc Nan Craobh
Broadford
Isle of Skye
IV49 9AP





REGISTERED NUMBER: SC049850 (Scotland)





ACCOUNTANTS: Campbell Stewart MacLennan & Co
Chartered Accountants
Unit 3, Broom Place
Portree
Highland
IV51 9HL

West Highland Publishing Company Limited (Registered number: SC049850)

Balance Sheet
31 January 2024

31/1/24 31/1/23
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 5 821 1,233
Tangible assets 6 52,659 47,292
53,480 48,525

CURRENT ASSETS
Debtors 7 47,362 49,408
Prepayments and accrued income 2,607 3,353
Cash at bank and in hand 60,706 110,679
110,675 163,440
CREDITORS
Amounts falling due within one year 8 44,866 55,491
NET CURRENT ASSETS 65,809 107,949
TOTAL ASSETS LESS CURRENT
LIABILITIES

119,289

156,474

CREDITORS
Amounts falling due after more than one
year

9

(15,000

)

(25,000

)

PROVISIONS FOR LIABILITIES (91 ) (3,301 )

ACCRUALS AND DEFERRED INCOME (5,018 ) (6,748 )
NET ASSETS 99,180 121,425

CAPITAL AND RESERVES
Called up share capital 10 4,001 4,001
Reserve for own shares 11 (390,000 ) (385,000 )
Retained earnings 11 485,179 502,424
SHAREHOLDERS' FUNDS 99,180 121,425

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 January 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 January 2024 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

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

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

West Highland Publishing Company Limited (Registered number: SC049850)

Balance Sheet - continued
31 January 2024



The financial statements were approved by the Board of Directors and authorised for issue on 30 October 2024 and were signed on its behalf by:





P Wood - Director


West Highland Publishing Company Limited (Registered number: SC049850)

Notes to the Financial Statements
for the Year Ended 31 January 2024

1. STATUTORY INFORMATION

West Highland Publishing Company Limited is a private company, limited by shares , registered in Scotland. The company's registered number and registered office address can be found on the Company Information page.

The presentation currency of the financial statements is the Pound Sterling (£).


2. STATEMENT OF COMPLIANCE

These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006.

3. ACCOUNTING POLICIES

Basis of preparing the financial statements
The financial statements have been prepared under the historical cost convention.

Significant judgements and estimates
There were no significant estimates and assumptions made in preparing these financial statements.

Turnover
All turnover is stated net of VAT and trade discounts.

Turnover from newspaper sales and quarterly, bi-annual and annual subscriptions is recognised at the point of sale. Turnover from advertising is recognised on publication.

Intangible assets
Website development costs are considered to have finite useful life, as they have no contractual or legal right end period. These intangible assets have therefore been amortised over ten years, the maximum period allowed under FRS102.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Land and buildings - 4% on cost
Plant and machinery etc - 25% on reducing balance, 25% on straight line and 15% on reducing balance

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Hire purchase and leasing commitments
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

West Highland Publishing Company Limited (Registered number: SC049850)

Notes to the Financial Statements - continued
for the Year Ended 31 January 2024

3. ACCOUNTING POLICIES - continued

Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

Intermediate payment arrangements
The board of directors control the company on a day to day basis, but the Employee Benefit Trust (EBT), controlled by the trustees who are also employees of the West Highland Publishing Company Ltd holds 93% of the company's ordinary share capital. The company therefore has de facto control over the assets and liabilities of the Employee Benefit Trust and these are recognised within the financial statements of the company, with consideration deducted from equity.

Creditors
Short term creditors are measured at the transaction price. Other financial liabilities, including loans and the company's preference shares, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest rate.

4. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 8 (2023 - 10 ) .

5. INTANGIBLE FIXED ASSETS
Other
intangible
assets
£   
COST
At 1 February 2023
and 31 January 2024 4,115
AMORTISATION
At 1 February 2023 2,882
Charge for year 412
At 31 January 2024 3,294
NET BOOK VALUE
At 31 January 2024 821
At 31 January 2023 1,233

6. TANGIBLE FIXED ASSETS
Plant and
Land and machinery
buildings etc Totals
£    £    £   
COST
At 1 February 2023 74,141 93,366 167,507
Additions - 17,901 17,901
Disposals - (5,100 ) (5,100 )
At 31 January 2024 74,141 106,167 180,308
DEPRECIATION
At 1 February 2023 46,093 74,122 120,215
Charge for year 2,965 8,661 11,626
Eliminated on disposal - (4,192 ) (4,192 )
At 31 January 2024 49,058 78,591 127,649
NET BOOK VALUE
At 31 January 2024 25,083 27,576 52,659
At 31 January 2023 28,048 19,244 47,292

West Highland Publishing Company Limited (Registered number: SC049850)

Notes to the Financial Statements - continued
for the Year Ended 31 January 2024

7. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31/1/24 31/1/23
£    £   
Trade debtors 44,124 46,208
Other debtors 3,238 3,200
47,362 49,408

8. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31/1/24 31/1/23
£    £   
Bank loans and overdrafts 19,960 10,241
Trade creditors 19,037 28,747
Taxation and social security 5,869 16,503
44,866 55,491

9. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
31/1/24 31/1/23
£    £   
Bank loans 15,000 25,000

10. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 31/1/24 31/1/23
value: £    £   
400,000 Ordinary £0.01 4,000 4,000
1 Foundation £1.00 1 1
4,001 4,001

At the year end, the nominal value of shares held by the Employee Benefit Trust was £3,721.

11. RESERVES
Reserve
Retained for own
earnings shares Totals
£    £    £   

At 1 February 2023 502,424 (385,000 ) 117,424
Deficit for the year (17,245 ) (17,245 )
Share redemption - (5,000 ) (5,000 )
At 31 January 2024 485,179 (390,000 ) 95,179

Reserve for own shares comprise the purchase of the whole of the company's £1 and £0.10 share capital in October 2009 through the Employee Benefit Trust, less the proceeds from the sale of subdivided £0.01 shares.

12. INTERMEDIATE PAYMENT ARRANGEMENTS

The West Highland Publishing Company Employee Benefit Trust (EBT) constituted by a trust deed holds 93% of the company's ordinary share capital and is controlled by trustees who are also employees of the company. The rules regarding the distribution of equity instruments is stated within the articles of association of the company and these also prevent the EBT shareholding falling below 50% of the issued ordinary share capital, that carries the right to vote at general meetings of the company.

Equity has been deducted as reserve for own shares for the consideration of the whole of the company's £1 and £0.10 share capital in October 2009 through the Employee Benefit Trust, less the proceeds from the sale of subdivided £0.01 shares.

During the year, the company paid consideration of £5,000 to purchase 4,654 ordinary shares on behalf of the EBT and this amount has been deducted against the company's other reserves.

Chartered Accountants' Report to the Board of Directors
on the Unaudited Financial Statements of
West Highland Publishing Company Limited (Registered number: SC049850)

The following reproduces the text of the report prepared for the directors in respect of the company's annual unaudited financial statements. In accordance with the Companies Act 2006, the company is only required to file a Balance Sheet. Readers are cautioned that the Income Statement and certain other primary statements and the Report of the Directors are not required to be filed with the Registrar of Companies.

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of West Highland Publishing Company Limited for the year ended 31 January 2024 which comprise the Income Statement, Balance Sheet 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 ICAS, we are subject to its ethical and other professional requirements which are detailed at http://www.icas.com/accountspreparationguidance.

This report is made solely to the Board of Directors of West Highland Publishing Company Limited, as a body, in accordance with our terms of engagement. Our work has been undertaken solely to prepare for your approval the financial statements of West Highland Publishing Company Limited and state those matters that we have agreed to state to the Board of Directors of West Highland Publishing Company Limited, as a body, in this report in accordance with the requirements of ICAS as detailed at http://www.icas.com/accountspreparationguidance. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and its Board of Directors, as a body, for our work or for this report.

It is your duty to ensure that West Highland Publishing Company Limited 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 loss of West Highland Publishing Company Limited. You consider that West Highland Publishing Company Limited 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 financial statements of West Highland Publishing Company Limited. 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.






Campbell Stewart MacLennan & Co
Chartered Accountants
Unit 3, Broom Place
Portree
Highland
IV51 9HL


31 October 2024