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COMPANY REGISTRATION NUMBER: 07300070
CHARLESWORTH PUBLISHING SERVICES LIMITED
FILLETED FINANCIAL STATEMENTS
31 December 2023
CHARLESWORTH PUBLISHING SERVICES LIMITED
FINANCIAL STATEMENTS
YEAR ENDED 31 DECEMBER 2023
Contents
Pages
Balance sheet 1
Notes to the financial statements 2 to 5
CHARLESWORTH PUBLISHING SERVICES LIMITED
BALANCE SHEET
31 December 2023
2023
2022
Note
£
£
Fixed assets
Tangible assets
5
15,508
22,871
Current assets
Stocks
6
55,821
53,829
Debtors
7
734,202
234,704
Cash at bank and in hand
424,109
496,463
------------
------------
1,214,132
784,996
Creditors: amounts falling due within one year
8
( 1,656,963)
( 1,261,022)
------------
------------
Net current liabilities
( 442,831)
( 476,026)
------------
------------
Total assets less current liabilities
( 427,323)
( 453,155)
------------
------------
Net liabilities
( 427,323)
( 453,155)
------------
------------
Capital and reserves
Called up share capital
9
100
100
Profit and loss account
( 427,423)
( 453,255)
------------
------------
Shareholders deficit
( 427,323)
( 453,155)
------------
------------
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 profit and loss account has not been delivered.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 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 2 December 2024 , and are signed on behalf of the board by:
S Mittal
Director
Company registration number: 07300070
CHARLESWORTH PUBLISHING SERVICES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
YEAR ENDED 31 DECEMBER 2023
1. General information
The company is a private company limited by shares, registered in England and Wales, registration number 07300070 . The address of the registered office is 35 Westgate, Huddersfield, HD1 1PA.
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, and are rounded to the nearest £.
Going concern
The company had net liabilities of £427,323 at 31 December 2023. It is reliant on on-going financial and management support from other group companies to be able to continue trading. The directors have received written assurances from Crimson Interactive Private Limited that adequate support will be provided for at least the next 12 months from the date of approval of these financial statements. Consequently, the accounts have been prepared on a going concern basis.
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.
Revenue recognition
Turnover comprises the value of sales excluding value added tax and trade discounts.
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. 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 that have originated but not reversed at the balance sheet date where transactions or events have occurred at the date that will result in an obligation to pay more, or a right to pay less or to receive more tax. Deferred tax is measured on an undiscounted basis at the tax rates that are expected to apply in the periods in which the timing differences reverse, based on tax rates and laws enacted or substantively enacted at the balance sheet date.
Foreign currencies
Transactions in foreign currencies are translated at the exchange rate ruling at the date of the transaction. Monetary assets and liabilities in foreign currencies are translated at the rates of exchange ruling at the balance sheet date. Where exchange differences result from the translation of foreign currency borrowings raised to acquire foreign assets they are taken to reserves and offset against the differences arising from the translation of those assets. All other exchange differences are dealt with through 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. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.
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 & Machinery
-
2 - 4 years straight line
Fixtures & Fittings
-
50% straight line
Motor Vehicles
-
25% reducing balance
Computer Equipment
-
25% and 50% straight line
Fixed assets are depreciated from the month of first use .
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. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the company are assigned to those units.
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.
Financial instruments
Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as either financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.
Defined contribution plans
The company operates a defined contribution pension scheme. The amount charged to the profit and loss account in respect of pension costs is the contributions payable in the year. The difference between contributions payable in the year and contributions actually paid are shown as either accruals or prepayments in the balance sheet.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 15 (2022: 22 ).
5. Tangible assets
Plant & Machinery
Fixtures & Fittings
Motor Vehicles
Computer Equipment
Total
£
£
£
£
£
Cost
At 1 January 2023
29,898
55,024
3,211
318,060
406,193
Additions
1,328
1,328
------------
------------
------------
------------
------------
At 31 December 2023
29,898
55,024
3,211
319,388
407,521
------------
------------
------------
------------
------------
Depreciation
At 1 January 2023
14,888
55,024
3,211
310,199
383,322
Charge for the year
3,670
5,021
8,691
------------
------------
------------
------------
------------
At 31 December 2023
18,558
55,024
3,211
315,220
392,013
------------
------------
------------
------------
------------
Carrying amount
At 31 December 2023
11,340
4,168
15,508
------------
------------
------------
------------
------------
At 31 December 2022
15,010
7,861
22,871
------------
------------
------------
------------
------------
6. Stocks
2023
2022
£
£
Work in progress
55,821
53,829
------------
------------
7. Debtors
2023
2022
£
£
Trade debtors
540,201
165,923
Amounts owed by group undertakings
182,732
25,676
Prepayments and accrued income
10,150
40,977
Other debtors
1,119
2,128
------------
------------
734,202
234,704
------------
------------
8. Creditors: amounts falling due within one year
2023
2022
£
£
Trade creditors
28,091
78,182
Amounts owed to group undertakings
469,051
307,316
Accruals and deferred income
659,611
387,024
Social security and other taxes
69,275
48,142
Other creditors
430,935
440,358
------------
------------
1,656,963
1,261,022
------------
------------
9. Called up share capital
Issued, called up and fully paid
2023
2022
No.
£
No.
£
Ordinary shares of £ 1 each
100
100
100
100
------------
------------
------------
------------
10. Operating leases
The total future minimum lease payments under non-cancellable operating leases are as follows:
2023
2022
£
£
Not later than 1 year
5,040
7,500
------------
------------
11. Summary audit opinion
The auditor's report dated 2 December 2024 was unqualified .
The senior statutory auditor was David Butterworth , for and on behalf of Wheawill & Sudworth Limited .
12. Related party transactions
Included in creditors (note 10) is £307,204 (2022: £307,204) owed to The Charlesworth Group Worldwide Limited, the parent company and £161,847 (2022: £nil) to Crimson Interative Private Limited (ultimate parent company). Included in debtors (note 9) are balances of £182,732 (2022: £25,676) owed by other group undertakings. During the period the ultimate parent company charged management fees of £151,865 (2022: £nil) to the company. Trading has taken place between group undertakings on normal commercial terms during the period .
13. Ultimate parent company
The company is a wholly owned subsidiary of The Charlesworth Group Worldwide Limited. This company is controlled by Crimson Interactive Private Limited, a company incorporated in India.