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COMPANY REGISTRATION NUMBER: 02262728
Poetry Wales Press Limited
Company Limited by Guarantee
Filleted Unaudited Financial Statements
For the year ended
31 March 2024
Poetry Wales Press Limited
Company Limited by Guarantee
Financial Statements
Year ended 31 March 2024
Contents
Page
Officers and professional advisers
1
Report to the board of directors on the preparation of the unaudited statutory financial statements
2
Statement of financial position
3
Notes to the financial statements
5
Poetry Wales Press Limited
Company Limited by Guarantee
Officers and Professional Advisers
The board of directors
Dr D J Campbell
Ms C Cooper
Mr D Knight
Prof P R A McGuinness
Dr S E Morse
Mr C Archard
Registered office
Suite 6
4 Derwen Road
Bridgend
Wales
CF31 L1H
Accountants
Clay Shaw Thomas Ltd
2 Oldfield Road
Bocam Park
Bridgend
CF35 5LJ
Bankers
HSBC Bank Plc
13 Dunraven Place
Bridgend
Mid Glamorgan
CF31 1JQ
Poetry Wales Press Limited
Company Limited by Guarantee
Report to the Board of Directors on the Preparation of the Unaudited Statutory Financial Statements of Poetry Wales Press Limited
Year ended 31 March 2024
Accountants Report to the Board of Directors on the Preparation of the Unaudited Statutory Financial Statements of Poetry Wales Press Limited You consider that the company is exempt from an audit under the Companies Act 2006. In accordance with your instructions we have compiled these financial statements in order to assist you to fulfil your statutory responsibilities, from the accounting records and from information and explanations supplied to us.
Clay Shaw Thomas Ltd
2 Oldfield Road Bocam Park Bridgend CF35 5LJ
6 November 2024
Poetry Wales Press Limited
Company Limited by Guarantee
Statement of Financial Position
31 March 2024
2024
2023
Note
£
£
£
Fixed assets
Tangible assets
6
2,367
1,967
Current assets
Stocks
73,085
68,556
Debtors
7
17,035
46,193
Cash at bank and in hand
87,649
203,203
---------
---------
177,769
317,952
Creditors: amounts falling due within one year
8
53,250
71,720
---------
---------
Net current assets
124,519
246,232
---------
---------
Total assets less current liabilities
126,886
248,199
Creditors: amounts falling due after more than one year
9
24,404
36,632
Provisions
Taxation including deferred tax
374
---------
---------
Net assets
102,482
211,193
---------
---------
Capital and reserves
Profit and loss account
102,482
211,193
---------
---------
Members funds
102,482
211,193
---------
---------
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.
For the year ending 31 March 2024 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 financial statements for the year in question in accordance with section 476 ;
- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
Poetry Wales Press Limited
Company Limited by Guarantee
Statement of Financial Position (continued)
31 March 2024
These financial statements were approved by the board of directors and authorised for issue on 6 November 2024 , and are signed on behalf of the board by:
Dr D J Campbell
Director
Company registration number: 02262728
Poetry Wales Press Limited
Company Limited by Guarantee
Notes to the Financial Statements
Year ended 31 March 2024
1. General information
The company is a private company limited by guarantee, registered in England and Wales. The address of the registered office is Suite 6, 4 Derwen Road, Bridgend, CF31 L1H, Wales.
2. Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Going concern
The directors have assessed whether there are any material uncertainties that may cast significant doubt about the company’s ability to continue to adopt the going concern basis of accounting for a period of at least twelve months from the date when the financial statements are authorised for issue. In assessing whether the going concern assumption is appropriate, the directors have taken in to account all available information about the future. The company meets its day-to-day working capital requirements through cash generated from operations and grant funding received from the Welsh Books Council. Although the company has cash reserves to settle its liabilities as they fall due, there continues to be dependence on the continued support of the Welsh Books Council. The company has secured support from the Welsh Books Council for a 3-year period to March 2026, subject to funding from the Welsh Government, albeit at reduced levels. The board is continuing to review the ongoing expenditure and make savings wherever possible so that the company can continue as a going concern. In the directors assessment, there are no material uncertainties that may cast significant doubt about the company’s ability to continue to adopt the going concern basis.
Revenue recognition
The principal activity of the company during the year was the sale of books and publishments. Revenue is recognised to the extent that it is probable that the economic benefits will flow to the company and the revenue can be reliability measured. Revenue is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added taxes and any other sales taxes. Revenue is not recognised on despatch of stock to distributors and retail outlets bit on subsequent sale to the end customer. Turnover also includes funds received from grant providers. Grants which relate to revenue shall be recognised in income on a systematic basis over the periods in which the entity recognises the related costs for which the grant is intended to compensate. Revenue from the rendering of services is measured by reference to the stage of completion of the service transaction at the end of the reporting period provided that the outcome can be reliably estimated. When the outcome cannot be reliably estimated, revenue is recognised only to the extent that it is probable the expenses recognised will be recovered.
Taxation
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised to the extent that 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 the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.
Foreign currencies
Foreign currency transactions are initially recorded in the functional currency, by applying the spot exchange rate as at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are translated at the exchange rate ruling at the reporting date, with any gains or losses being taken to the profit and loss account.
Operating leases
Lease payments are recognised as an expense over the lease term on a straight-line basis. The aggregate benefit of lease incentives is recognised as a reduction to expense over the lease term, on a straight-line basis.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Plant and machinery
-
25% reducing balance
Fixtures and fittings
-
25% reducing balance
Equipment
-
20 % reducing balance
Impairment of fixed assets
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets.
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition.
Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset.
Government grants
Government grants are recognised at the fair value of the asset received or receivable. Grants are not recognised until there is reasonable assurance that the company will comply with the conditions attaching to them and the grants will be received.
Government grants are recognised using the accrual model. Under the accrual model, government grants relating to revenue are recognised on a systematic basis over the periods in which the company recognises the related costs for which the grant is intended to compensate. Grants that are receivable as compensation for expenses or losses already incurred or for the purpose of giving immediate financial support to the entity with no future related costs are recognised in income in the period in which it it becomes receivable.
Employee benefits
The costs of short-term employee benefits are recognised as a liability and an expense, unless thosecosts and are required to be recognised as part of the cost of stock or fixed assets.
The cost of any unused holiday entitlement is recognised in the period in which the employee'sservices are received.
Termination benefits are recognised immediately as an expenses when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
Royalties payable
Royalties payable are accounted for on an accruals basis and matched to the period in which the correlating sale is recognised. Advances on royalty payments are recognised when paid as they are non-refundable advances.
4. Company limited by guarantee
The company is limited by guarantee, not having share capital and consequently the liability of members is limited, subject to an undertaking by each member to contribute to the net assets or liabilities of the company on winding up such amounts as may be required not exceeding £1.
5. Employee numbers
The average number of persons employed by the company during the year amounted to 5 (2023: 6 ).
6. Tangible assets
Plant and machinery
Fixtures and fittings
Equipment
Total
£
£
£
£
Cost
At 1 April 2023
6,220
8,616
14,836
Additions
148
645
70
863
-------
----
-------
--------
At 31 March 2024
6,368
645
8,686
15,699
-------
----
-------
--------
Depreciation
At 1 April 2023
5,852
7,017
12,869
Charge for the year
123
20
320
463
-------
----
-------
--------
At 31 March 2024
5,975
20
7,337
13,332
-------
----
-------
--------
Carrying amount
At 31 March 2024
393
625
1,349
2,367
-------
----
-------
--------
At 31 March 2023
368
1,599
1,967
-------
----
-------
--------
7. Debtors
2024
2023
£
£
Trade debtors
4,788
34,323
Other debtors
12,247
11,870
--------
--------
17,035
46,193
--------
--------
8. Creditors: amounts falling due within one year
2024
2023
£
£
Bank loans and overdrafts
10,035
9,788
Trade creditors
9,270
27,365
Social security and other taxes
3,760
3,074
WCVA loan
3,035
3,452
Other creditors
27,150
28,041
--------
--------
53,250
71,720
--------
--------
9. Creditors: amounts falling due after more than one year
2024
2023
£
£
Bank loans and overdrafts
19,429
29,098
WCVA loan
4,975
7,534
--------
--------
24,404
36,632
--------
--------
10. Operating leases
The total future minimum lease payments under non-cancellable operating leases are as follows:
2024
2023
£
£
Not later than 1 year
18,000
4,417
Later than 1 year and not later than 5 years
24,000
--------
-------
42,000
4,417
--------
-------
During the year rental lease payments of £16,472 (2022: £13,250) were recognised as an expense in the profit and loss.
11. Controlling party
There is no ultimate controlling party.