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REGISTERED NUMBER: 11342518 (England and Wales)












FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2023

FOR

WESTCHESTER PUBLISHING SERVICES UK LTD

WESTCHESTER PUBLISHING SERVICES UK LTD (REGISTERED NUMBER: 11342518)






CONTENTS OF THE FINANCIAL STATEMENTS
for the year ended 31 December 2023




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 3


WESTCHESTER PUBLISHING SERVICES UK LTD

COMPANY INFORMATION
for the year ended 31 December 2023







DIRECTORS: T M Carey
D J Pistone
Ms D L Taylor


REGISTERED OFFICE: Airedale Office
Tower Court Business Centre
Oakdale Road
York
North Yorkshire
YO30 4XL


REGISTERED NUMBER: 11342518 (England and Wales)


SENIOR STATUTORY AUDITOR: Mark Ashfield BA FCA


AUDITORS: Harrison Beale & Owen Limited
Chartered Accountants and Statutory Auditor
Highdown House
11 Highdown Road
Leamington Spa
Warwickshire
CV31 1XT


BANKERS: Lloyds Bank plc
22 Bridge Street
Stratford-Upon-Avon
Warwickshire
CV37 6AG

WESTCHESTER PUBLISHING SERVICES UK LTD (REGISTERED NUMBER: 11342518)

BALANCE SHEET
31 December 2023

2023 2022
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 4 - 236,761
Tangible assets 5 3,044 5,493
Investments 6 76,000 58,000
79,044 300,254

CURRENT ASSETS
Stocks 43,426 215,781
Debtors 7 72,931 123,539
Cash at bank 84,187 83,146
200,544 422,466
CREDITORS
Amounts falling due within one year 8 1,496,518 1,452,904
NET CURRENT LIABILITIES (1,295,974 ) (1,030,438 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

(1,216,930

)

(730,184

)

CAPITAL AND RESERVES
Called up share capital 1,000 1,000
Retained earnings (1,217,930 ) (731,184 )
(1,216,930 ) (730,184 )

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.

The financial statements were approved by the Board of Directors and authorised for issue on 9 October 2024 and were signed on its behalf by:





Ms D L Taylor - Director


WESTCHESTER PUBLISHING SERVICES UK LTD (REGISTERED NUMBER: 11342518)

NOTES TO THE FINANCIAL STATEMENTS
for the year ended 31 December 2023

1. STATUTORY INFORMATION

Westchester Publishing Services UK Ltd is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

2. ACCOUNTING POLICIES

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

The accounts have been prepared in accordance with applicable accounting standards. The principal accounting policies adopted in the preparation of the financial statements are set out below and have remained unchanged from the previous year.

At the balance sheet date the company had net current liabilities of £1,295,974 (2022 - £1,030,438), and total net liabilities of £1,216,930 (2022 - £730,184). Westchester Publishing Services LLC, the parent company, has expressed its willingness to support the company as necessary and along with the forecasted future profitable trade the business is considered a going concern. The accounts and financial statements have therefore been prepared on a going concern basis.

Westchester Publishing Services UK Ltd (WPS UK Ltd) is a wholly owned subsidiary of Westchester Publishing Services LLC (WPS LLC), a Connecticut USA Limited Liability Company, founded in 1969. WPS LLC recognizes that the intercompany loan balance ('Amounts owed to group undertakings') represents the significant start-up costs of WPS UK Ltd and has no intention of requiring any repayment of that balance until WPS UK Ltd has attained and accumulated sufficient cash resources to make such repayments.

The company adopted Financial Reporting Standard 102 Section 1A "Small Entities" in the current year and both the reported financial performance and the reported financial position of the company have remained unchanged as a result of this transition.

The date of transition was 1 January 2022.

Turnover
Turnover comprises the value of sales (net of value added tax) of goods and services provided in the normal course of business. Revenue is recognised in respect of service contracts when the company obtains the right to consideration.

Intangible assets
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Development costs are being amortised evenly over their estimated useful life of nil years.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Computer equipment - Straight line over 3 years

Stocks
Work in progress is valued at the lower of cost and net realisable value.

Cost is calculated using the first-in, first-out method and includes all purchase, transport, and handling costs in bringing stocks to their present location and condition.

WESTCHESTER PUBLISHING SERVICES UK LTD (REGISTERED NUMBER: 11342518)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the year ended 31 December 2023

2. ACCOUNTING POLICIES - continued

Financial instruments
Loans and borrowings are initially recognised at the transaction price including transaction costs. Subsequently, they are measured at amortised cost using the effective interest rate method, less impairment.

Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at transaction price. Any losses arising from impairment are recognised in the income statement.

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.

Foreign currencies
Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result.

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.

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.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 8 (2022 - 5 ) .

WESTCHESTER PUBLISHING SERVICES UK LTD (REGISTERED NUMBER: 11342518)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the year ended 31 December 2023

4. INTANGIBLE FIXED ASSETS
Other
intangible
assets
£   
COST
At 1 January 2023 236,761
Reclassification/transfer (236,761 )
At 31 December 2023 -
NET BOOK VALUE
At 31 December 2023 -
At 31 December 2022 236,761

5. TANGIBLE FIXED ASSETS
Computer
equipment
£   
COST
At 1 January 2023 11,547
Additions 608
At 31 December 2023 12,155
DEPRECIATION
At 1 January 2023 6,054
Charge for year 3,057
At 31 December 2023 9,111
NET BOOK VALUE
At 31 December 2023 3,044
At 31 December 2022 5,493

6. FIXED ASSET INVESTMENTS
Other
investments
£   
COST
At 1 January 2023 58,000
Additions 18,000
At 31 December 2023 76,000
NET BOOK VALUE
At 31 December 2023 76,000
At 31 December 2022 58,000

WESTCHESTER PUBLISHING SERVICES UK LTD (REGISTERED NUMBER: 11342518)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the year ended 31 December 2023

7. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade debtors 44,678 105,888
Other debtors 28,253 17,651
72,931 123,539

8. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade creditors 8,462 22,458
Amounts owed to group undertakings 1,392,498 1,243,979
Taxation and social security 32,675 24,994
Other creditors 62,883 161,473
1,496,518 1,452,904

9. DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006

The Report of the Auditors was unqualified.

Mark Ashfield BA FCA (Senior Statutory Auditor)
for and on behalf of Harrison Beale & Owen Limited

10. PENSION COMMITMENTS

During the year the company made pension contributions to a defined contribution scheme amounting to £23,358 (2022 - £9,959). Included within creditors are outstanding contributions to the fund totalling £1,894 (2022 - £697).

11. RELATED PARTY DISCLOSURES

The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group.

12. ULTIMATE CONTROLLING PARTY

Westchester Publishing Services UK Ltd (WPS UK Ltd) is a wholly owned subsidiary of Westchester Publishing Services LLC (WPS LLC), a Connecticut USA Limited Liability Company.