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COMPANY REGISTRATION NUMBER: 04407327
EXPORTA PUBLISHING & EVENTS LIMITED
FILLETED UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED
31 March 2024
EXPORTA PUBLISHING & EVENTS LIMITED
STATEMENT OF FINANCIAL POSITION
31 March 2024
2024
2023
Note
£
£
£
FIXED ASSETS
Intangible assets
5
21,213
3,485
Tangible assets
6
78,030
25,725
Investments
7
12,502
12,502
----------
---------
111,745
41,712
CURRENT ASSETS
Debtors
8
3,071,417
3,049,168
Cash at bank and in hand
930,136
532,844
-------------
-------------
4,001,553
3,582,012
CREDITORS: amounts falling due within one year
9
( 2,939,716)
( 2,908,020)
-------------
-------------
NET CURRENT ASSETS
1,061,837
673,992
-------------
----------
TOTAL ASSETS LESS CURRENT LIABILITIES
1,173,582
715,704
CREDITORS: amounts falling due after more than one year
10
( 2,642)
PROVISIONS
Taxation including deferred tax
( 9,850)
-------------
----------
NET ASSETS
1,161,090
715,704
-------------
----------
CAPITAL AND RESERVES
Called up share capital
200
200
Share premium account
54,800
54,800
Profit and loss account
1,106,090
660,704
-------------
----------
SHAREHOLDERS FUNDS
1,161,090
715,704
-------------
----------
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.
EXPORTA PUBLISHING & EVENTS LIMITED
STATEMENT OF FINANCIAL POSITION (continued)
31 March 2024
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 .
These financial statements were approved by the board of directors and authorised for issue on 15 November 2024 , and are signed on behalf of the board by:
P C E Gubbins
Director
Company registration number: 04407327
EXPORTA PUBLISHING & EVENTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
YEAR ENDED 31 MARCH 2024
1. GENERAL INFORMATION
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is 4 Hillgate Place, Balham Hill, Clapham South, London, SW12 9ER.
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. The financial statements are prepared in sterling, which is the functional currency of the entity.
Consolidation
The company has taken advantage of the option not to prepare consolidated financial statements contained in Section 398 of the Companies Act 2006 on the basis that the company and its subsidiary undertakings comprise a small group.
Judgements and key sources of estimation uncertainty
The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. The actual outcome may diverge from these estimates if other assumptions are made, or other conditions arise. - Significant judgements The only judgement (apart from those involving estimations) that management has made in the process of applying the entity's accounting policies and that have the most significant effect on the amounts recognised in the financial statements is in relation to the recognition of subscription income. The company receives subscription income on an ongoing basis and due to the complexity involved in assigning the income to the precise period to which it relates the Directors have decided to recognise this income on a receipts basis. - Key sources of estimation uncertainty There are no key sources of estimation uncertainty.
Revenue recognition
The turnover shown in the profit and loss account represents work done during the year, exclusive of Value Added Tax. Conference income is recognised on completion of the event and advertising revenue is spread across the period to which it covers. Subscription income is recognised on receipt.
Income tax
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 material 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.
Intangible assets
Intangible assets are initially recorded at cost, and are subsequently stated at cost less any accumulated amortisation and impairment losses.
Amortisation
Amortisation is calculated so as to write off the cost of an asset over the useful economic life of that asset as follows:
Software Costs
-
33% straight line
If there is an indication that there has been a significant change in amortisation rate, useful life or residual value of an intangible asset, the amortisation is revised prospectively to reflect the new estimates.
Research and development
Research expenditure is written off in the year in which it is incurred. Development expenditure incurred on clearly defined projects whose outcome can be assessed with reasonable certainty is carried forward and amortisation is charged from that time over the lesser of the life of the project or three years.
Tangible assets
Tangible assets are stated at cost less accumulated depreciation and accumulated impairment losses. Cost includes the original purchase price, costs directly attributable to bringing the asset to its working condition for its intended use, dismantling and restoration costs and borrowing costs capitalised.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset over the useful economic life of that asset as follows:
Motor Vehicles
-
25% straight line
Office Equipment
-
25% reducing balance
Investments
Fixed asset investments are initially recorded at cost, and subsequently stated at cost less any accumulated impairment losses.
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.
Finance leases and hire purchase contracts
Assets held under finance leases and hire purchase contracts are recognised in the statement of financial position as assets and liabilities at the lower of the fair value of the assets and the present value of the minimum lease payments, which is determined at the inception of the lease term. Any initial direct costs of the lease are added to the amount recognised as an asset. Lease payments are apportioned between the finance charges and reduction of the outstanding lease liability using the effective interest method. Finance charges are allocated to each period so as to produce a constant rate of interest on the remaining balance of the liability.
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.
Financial instruments
The company only holds basic financial instruments as defined in FRS 102. The financial assets and financial liabilities of the company and their measurement basis are as follows: Financial assets - trade and other debtors are basic financial instruments and are debt instruments measured at amortised cost. Prepayments are not financial instruments. Cash at bank is classified as a basic financial instrument and is measured at amortised cost. Financial liabilities - trade creditors, accruals and other creditors are financial instruments, and are measured at amortised cost. Taxation and social security are not included in the financial instruments disclosure definition.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund.
4. EMPLOYEE NUMBERS
The average number of persons employed by the company during the year amounted to 30 (2023: 27 ).
5. INTANGIBLE ASSETS
Development costs
£
Cost
At 1 April 2023
228,091
Additions
22,063
Disposals
( 177,919)
----------
At 31 March 2024
72,235
----------
Amortisation
At 1 April 2023
224,606
Charge for the year
4,335
Disposals
( 177,919)
----------
At 31 March 2024
51,022
----------
Carrying amount
At 31 March 2024
21,213
----------
At 31 March 2023
3,485
----------
6. TANGIBLE ASSETS
Motor vehicles
Equipment
Total
£
£
£
Cost
At 1 April 2023
32,749
61,479
94,228
Additions
42,936
30,190
73,126
Disposals
( 32,749)
( 4,703)
( 37,452)
---------
---------
----------
At 31 March 2024
42,936
86,966
129,902
---------
---------
----------
Depreciation
At 1 April 2023
32,749
35,754
68,503
Charge for the year
8,212
9,728
17,940
Disposals
( 32,749)
( 1,822)
( 34,571)
---------
---------
----------
At 31 March 2024
8,212
43,660
51,872
---------
---------
----------
Carrying amount
At 31 March 2024
34,724
43,306
78,030
---------
---------
----------
At 31 March 2023
25,725
25,725
---------
---------
----------
Finance leases and hire purchase contracts
Included within the carrying value of tangible assets are the following amounts relating to assets held under finance leases or hire purchase agreements:
Motor vehicles
£
At 31 March 2024
34,724
---------
At 31 March 2023
---------
7. INVESTMENTS
Shares in group undertakings
£
Cost
At 1 April 2023 and 31 March 2024
12,502
---------
Impairment
At 1 April 2023 and 31 March 2024
---------
Carrying amount
At 31 March 2024
12,502
---------
At 31 March 2023
12,502
---------
8. DEBTORS
2024
2023
£
£
Trade debtors
1,180,510
1,258,488
Amounts owed by group undertakings and undertakings in which the company has a participating interest
240,343
278,171
Other debtors
1,650,564
1,512,509
-------------
-------------
3,071,417
3,049,168
-------------
-------------
The debtors above include the following amounts falling due after more than one year:
2024
2023
£
£
Other debtors
200,234
178,307
----------
----------
Amounts owed by group undertakings are unsecured, interest free and are repayable on demand.
9. CREDITORS: amounts falling due within one year
2024
2023
£
£
Bank loans and overdrafts
958
Trade creditors
120,073
106,521
Corporation tax
62,544
148,487
Social security and other taxes
270,821
316,909
Other creditors
2,485,320
2,336,103
-------------
-------------
2,939,716
2,908,020
-------------
-------------
Included within other creditors is deferred revenue of £2,015,154 (2023 - £2,000,944) and a hire purchase liability of £10,569 (2023 - £nil). THe hire purchase liability is secured on the asset concerned.
10. CREDITORS: amounts falling due after more than one year
2024
2023
£
£
Other creditors
2,642
-------
----
Included within other creditors is a hire purchase liability of £2,642 (2023 - £nil) which is secured on the asset concerned.
11. OPERATING LEASES
The total future minimum lease payments under non-cancellable operating leases are as follows:
2024
2023
£
£
Not later than 1 year
49,565
36,433
Later than 1 year and not later than 5 years
1,761
---------
---------
51,326
36,433
---------
---------
12. DIRECTORS' ADVANCES, CREDITS AND GUARANTEES
During the year the directors entered into the following advances and credits with the company:
2024
Balance brought forward
Advances/ (credits) to the directors
Amounts repaid
Balance outstanding
£
£
£
£
P C E Gubbins
613,606
115,362
( 7,591)
721,377
----------
----------
-------
----------
2023
Balance brought forward
Advances/ (credits) to the directors
Amounts repaid
Balance outstanding
£
£
£
£
P C E Gubbins
548,636
96,293
( 31,323)
613,606
----------
---------
---------
----------
The Director's loan is interest free and there is no repayment date.
13. RELATED PARTY TRANSACTIONS
No transactions with related parties were undertaken such as are required to be disclosed under FRS 102 Section 1A.