REGISTERED NUMBER: 02572212 (England and Wales) |
WARNERS GROUP PUBLICATIONS PLC |
GROUP STRATEGIC REPORT, |
REPORT OF THE DIRECTORS AND |
CONSOLIDATED FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 30 SEPTEMBER 2024 |
REGISTERED NUMBER: 02572212 (England and Wales) |
WARNERS GROUP PUBLICATIONS PLC |
GROUP STRATEGIC REPORT, |
REPORT OF THE DIRECTORS AND |
CONSOLIDATED FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 30 SEPTEMBER 2024 |
WARNERS GROUP PUBLICATIONS PLC (REGISTERED NUMBER: 02572212) |
CONTENTS OF THE CONSOLIDATED FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 30 SEPTEMBER 2024 |
Page |
Company Information | 1 |
Group Strategic Report | 2 | to | 3 |
Report of the Directors | 4 |
Report of the Independent Auditors | 5 | to | 8 |
Consolidated Statement of Comprehensive Income | 9 |
Consolidated Statement of Financial Position | 10 |
Company Statement of Financial Position | 11 |
Consolidated Statement of Changes in Equity | 12 |
Company Statement of Changes in Equity | 13 |
Consolidated Statement of Cash Flows | 14 |
Notes to the Consolidated Statement of Cash Flows | 15 |
Notes to the Consolidated Financial Statements | 16 | to | 28 |
WARNERS GROUP PUBLICATIONS PLC |
COMPANY INFORMATION |
FOR THE YEAR ENDED 30 SEPTEMBER 2024 |
DIRECTORS: |
SECRETARY: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
AUDITORS: |
Enterprise Way |
Pinchbeck |
Spalding |
Lincolnshire |
PE11 3YR |
WARNERS GROUP PUBLICATIONS PLC (REGISTERED NUMBER: 02572212) |
GROUP STRATEGIC REPORT |
FOR THE YEAR ENDED 30 SEPTEMBER 2024 |
The directors present their strategic report of the company and the group for the year ended 30 September 2024. |
REVIEW OF BUSINESS |
While the pressures of the Cost-of-Living Crisis have continued over the past 12 months we have seen a significant easing in inflationary pressures. This appears to have led to a more stable, although still declining, magazine market. Our business strategy, as the Audited Accounts show, has been extremely effective in growing profitability significantly over the past 12 months. |
As highlighted, in last year’s review, we have focussed on developing our digital, event and e-commerce activities. These areas have shown good growth in profit and revenue over the past 12 months. We have continued to invest in acquiring and launching new events that support our markets. Similarly, we continue to invest heavily in digital media and 2025 will see the exciting launch and upgrade of several websites. |
Our focus on investing in our people remains paramount. As well as the continued focus on the Investors in People initiative, we ‘opened’ our new suite of offices in April. This provides a cutting-edge environment for our people to learn, communicate and be empowered to develop the business in the coming years. |
The directors remain confident, with the controls and strategies that are in place, the business remains in a strong position to be able to take advantage of the current and future economic conditions. |
PRINCIPAL RISKS AND UNCERTAINTIES |
The board regularly reviews the risks and uncertainties facing the business and the various markets it operates within. |
While the immediate threats of inflation and recession are less acute, the change in Government is likely to bring significant employee cost increases in the second half. This is also likely to stifle consumer spending. |
We also see increasing threats from the use of AI to replace the revenue stream from curated content such as magazines. Again, increasing the need to move away from this delivery method. We believe, within the age demographic we operate, we will continue to see some protection. The need to continue to evolve and develop new products and services will only increase. |
SECTION 172(1) STATEMENT |
As both directors and shareholders, we remain extremely proud of our family business status. We believe that these factors and values ensure we remain highly focused in applying high ethical standards and prudence in all decision making to the benefit of all our stakeholders. |
The hurdles that continue to confront the world and economy highlight the businesses resilience to factors outside of our control. As a family business, with a long-term vision and excellent staff, we have been able to adjust and modify quickly to the opportunities and threats that have been presented. Our business plan constantly evolves to both short-and-long term challenges and opportunities that our markets present. |
Our business operates within highly competitive, creative and fast-moving environments. As such, the directors and senior management recognise the need to encourage and invest in all areas of the business from our teams to new products and services. As part of our ongoing commitment to invest in our employees we have invested further in our Investors in People program during 2024. This further seeks to safeguard the future of the business for all of our stakeholders by developing the future skills and environment the business needs to survive and prosper. |
The group continually assesses the impact of our activities on both the community and the environment to ensure we minimise any adverse effects from our operations. This is constantly reviewed to ensure we are adopting best known practice to ensure we continue to operate efficiently and responsibly. This approach, is also reflected in our adoption of the very highest ethical standards and conduct in all of our business dealings. The directors act fairly for all shareholders. |
As a long-standing family business, the directors constantly review strategy to ensure that the business remains relevant and viable in the both the short and long term. This often takes into account the need to offset short-term profitability from the longer-term success and prosperity of the business for the benefit of all stakeholders. |
WARNERS GROUP PUBLICATIONS PLC (REGISTERED NUMBER: 02572212) |
GROUP STRATEGIC REPORT |
FOR THE YEAR ENDED 30 SEPTEMBER 2024 |
KEY PERFORMANCE INDICATORS |
Management use a range of performance measures to monitor and manage the business. The performance measures are split into financial and non-financial key performance indicators. Given the straightforward nature of the business, the group's directors are of the opinion that using KPls is not necessary for an understanding of the development, performance or position of the business. |
ON BEHALF OF THE BOARD: |
WARNERS GROUP PUBLICATIONS PLC (REGISTERED NUMBER: 02572212) |
REPORT OF THE DIRECTORS |
FOR THE YEAR ENDED 30 SEPTEMBER 2024 |
The directors present their report with the financial statements of the company and the group for the year ended 30 September 2024. |
PRINCIPAL ACTIVITY |
The principal activity of the group in the year under review was that of publishing, advertising sales, magazine distribution and exhibitions. |
DIVIDENDS |
Interim dividends totalling £25 per share were paid during the year. The directors recommend that no final dividend be paid. |
The total distribution of dividends for the year ended 30 September 2024 will be £ 500,000 . |
DIRECTORS |
The directors shown below have held office during the whole of the period from 1 October 2023 to the date of this report. |
STATEMENT OF DIRECTORS' RESPONSIBILITIES |
The directors are responsible for preparing the Group Strategic Report, the Report of the Directors and the financial statements in accordance with applicable law and regulations. |
Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and the group and of the profit or loss of the group for that period. In preparing these financial statements, the directors are required to: |
- | select suitable accounting policies and then apply them consistently; |
- | make judgements and accounting estimates that are reasonable and prudent; |
- | prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business. |
The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's and the group's transactions and disclose with reasonable accuracy at any time the financial position of the company and the group and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and the group and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. |
STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS |
So far as the directors are aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the group's auditors are unaware, and each director has taken all the steps that he or she ought to have taken as a director in order to make himself or herself aware of any relevant audit information and to establish that the group's auditors are aware of that information. |
ON BEHALF OF THE BOARD: |
REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF |
WARNERS GROUP PUBLICATIONS PLC |
Opinion |
We have audited the financial statements of Warners Group Publications PLC (the 'parent company') and its subsidiaries (the 'group') for the year ended 30 September 2024 which comprise the Consolidated Statement of Comprehensive Income, Consolidated Statement of Financial Position, Company Statement of Financial Position, Consolidated Statement of Changes in Equity, Company Statement of Changes in Equity, Consolidated Statement of Cash Flows and Notes to the Consolidated Statement of Cash Flows, Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice). |
In our opinion the financial statements: |
- | give a true and fair view of the state of the group's and of the parent company affairs as at 30 September 2024 and of the group's profit for the year then ended; |
- | have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and |
- | have been prepared in accordance with the requirements of the Companies Act 2006. |
Basis for opinion |
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the group in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion. |
Conclusions relating to going concern |
In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate. |
Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the group's and the parent company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue. |
Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report. |
Other information |
The directors are responsible for the other information. The other information comprises the information in the Group Strategic Report and the Report of the Directors, but does not include the financial statements and our Report of the Auditors thereon. |
Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. |
In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard. |
Opinions on other matters prescribed by the Companies Act 2006 |
In our opinion, based on the work undertaken in the course of the audit: |
- | the information given in the Group Strategic Report and the Report of the Directors for the financial year for which the financial statements are prepared is consistent with the financial statements; and |
- | the Group Strategic Report and the Report of the Directors have been prepared in accordance with applicable legal requirements. |
REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF |
WARNERS GROUP PUBLICATIONS PLC |
Matters on which we are required to report by exception |
In the light of the knowledge and understanding of the group and the parent company and its environment obtained in the course of the audit, we have not identified material misstatements in the Group Strategic Report or the Report of the Directors. |
We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion: |
- | adequate accounting records have not been kept by the parent company, or returns adequate for our audit have not been received from branches not visited by us; or |
- | the parent company financial statements are not in agreement with the accounting records and returns; or |
- | certain disclosures of directors' remuneration specified by law are not made; or |
- | we have not received all the information and explanations we require for our audit. |
Responsibilities of directors |
As explained more fully in the Statement of Directors' Responsibilities set out on page four, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. |
In preparing the financial statements, the directors are responsible for assessing the group's and the parent company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the group or the parent company or to cease operations, or have no realistic alternative but to do so. |
REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF |
WARNERS GROUP PUBLICATIONS PLC |
Auditors' responsibilities for the audit of the financial statements |
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue a Report of the Auditors that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements. |
The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below: |
We have identified areas of laws and regulations that could reasonably be expected to have a material effect on the financial statements from our general commercial experience, knowledge of the sector, a review of regulatory and legal correspondence and through discussions with Directors and other management obtained as part of the work required by auditing standards. We have also discussed with the Directors and other management the policies and procedures relating to compliance with laws and regulations. We communicated laws and regulations throughout the team and remained alert to any indications of non-compliance throughout the audit. |
The potential impact of different laws and regulations varies considerably. Firstly, the company is subject to laws and regulations that directly impact the financial statements (for example financial reporting legislation) and we have assessed the extent of compliance with such laws as part of our financial statements audit. We evaluated management's incentives and opportunities for fraudulent manipulation of the financial statements (including risk of override of controls) and determined that the principal risks were related to management bias in accounting estimates and judgemental areas of the financial statements such as depreciation of fixed assets, as well as the risk of inappropriate journal entries to increase reported profitability. Audit procedures performed by the engagement team included the identification and testing of material and unusual journal entries and challenging management on key accounting estimates, assumptions and judgements made in the preparation of the financial statements. We carried out detailed substantive tests on accounting estimates, including reviewing the methods used by management to make those estimates, re-performing the calculation, and reviewing the outcome of prior year estimates. |
Secondly, the company is subject to other laws and regulations where the consequence for non-compliance could have a material effect on the amounts or disclosures in the financial statements. We identified the following areas as those most likely to have such an effect: Health and Safety regulations, and Employment laws. |
Auditing standards limit the required audit procedures to identify non-compliance with these laws and regulations to enquiry of the Directors and other management, and inspection. This inspection included a review of the external audits conducted within the year for any evidence of non-compliance, in addition to an assessment of the company's employment and health and safety controls. Through these procedures, if we became aware of any non-compliance, we considered the impact on the procedures performed on the related financial statement items. |
Owing to the inherent limitations of an audit, there is an unavoidable risk that we may not have detected some material misstatements in the financial statements, even though we have properly planned and performed our audit in accordance with auditing standards. The further removed non-compliance with laws and regulations is from the events and transactions reflected in the financial statements, the less likely the inherently limited procedures required by auditing standards would identify it. As with any audit, there is a greater risk of non-detection of irregularities as these may involve collusion, intentional omissions of the override of internal controls. We are not responsible for preventing non-compliance and cannot be expected to detect non-compliance with all laws and regulations. |
A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Report of the Auditors. |
REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF |
WARNERS GROUP PUBLICATIONS PLC |
Use of our report |
This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in a Report of the Auditors and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members as a body, for our audit work, for this report, or for the opinions we have formed. |
for and on behalf of |
Enterprise Way |
Pinchbeck |
Spalding |
Lincolnshire |
PE11 3YR |
WARNERS GROUP PUBLICATIONS PLC (REGISTERED NUMBER: 02572212) |
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME |
FOR THE YEAR ENDED 30 SEPTEMBER 2024 |
2024 | 2023 |
Notes | £ | £ | £ | £ |
TURNOVER | 3 | 19,047,660 | 18,811,793 |
Cost of sales | 11,665,098 | 11,779,040 |
GROSS PROFIT | 7,382,562 | 7,032,753 |
Distribution costs | 1,869,299 | 1,917,284 |
Administrative expenses | 4,974,987 | 4,930,524 |
6,844,286 | 6,847,808 |
538,276 | 184,945 |
Other operating income | 3,571 | 5,340 |
OPERATING PROFIT | 5 | 541,847 | 190,285 |
Interest receivable and similar income | 361,169 | 231,894 |
PROFIT BEFORE TAXATION | 903,016 | 422,179 |
Tax on profit | 6 | 306,158 | 147,549 |
PROFIT FOR THE FINANCIAL YEAR |
OTHER COMPREHENSIVE INCOME | - | - |
TOTAL COMPREHENSIVE INCOME FOR THE YEAR | 596,858 | 274,630 |
Profit attributable to: |
Owners of the parent | 596,858 | 274,630 |
Total comprehensive income attributable to: |
Owners of the parent | 596,858 | 274,630 |
WARNERS GROUP PUBLICATIONS PLC (REGISTERED NUMBER: 02572212) |
CONSOLIDATED STATEMENT OF FINANCIAL POSITION |
30 SEPTEMBER 2024 |
2024 | 2023 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Intangible assets | 9 | 1,480,989 | 1,250,591 |
Tangible assets | 10 | 881,445 | 572,499 |
Investments | 11 | - | - |
2,362,434 | 1,823,090 |
CURRENT ASSETS |
Stocks | 12 | 9,929 | 15,865 |
Debtors | 13 | 1,770,227 | 1,747,989 |
Cash at bank and in hand | 6,523,203 | 7,146,276 |
8,303,359 | 8,910,130 |
CREDITORS |
Amounts falling due within one year | 14 | 3,333,605 | 3,741,919 |
NET CURRENT ASSETS | 4,969,754 | 5,168,211 |
TOTAL ASSETS LESS CURRENT LIABILITIES | 7,332,188 | 6,991,301 |
CREDITORS |
Amounts falling due after more than one year | 15 | (222,758 | ) | (600 | ) |
PROVISIONS FOR LIABILITIES | 17 | (62,705 | ) | (40,834 | ) |
NET ASSETS | 7,046,725 | 6,949,867 |
CAPITAL AND RESERVES |
Called up share capital | 18 | 50,000 | 50,000 |
Other reserves | 19 | 21,677 | 21,677 |
Retained earnings | 19 | 6,975,048 | 6,878,190 |
SHAREHOLDERS' FUNDS | 7,046,725 | 6,949,867 |
The financial statements were approved by the Board of Directors and authorised for issue on 16 December 2024 and were signed on its behalf by: |
S A Warner - Director |
WARNERS GROUP PUBLICATIONS PLC (REGISTERED NUMBER: 02572212) |
COMPANY STATEMENT OF FINANCIAL POSITION |
30 SEPTEMBER 2024 |
2024 | 2023 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Intangible assets | 9 |
Tangible assets | 10 |
Investments | 11 |
CURRENT ASSETS |
Stocks | 12 |
Debtors | 13 |
Cash at bank and in hand |
CREDITORS |
Amounts falling due within one year | 14 |
NET CURRENT ASSETS |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CREDITORS |
Amounts falling due after more than one year | 15 | ( |
) | ( |
) |
PROVISIONS FOR LIABILITIES | 17 | ( |
) | ( |
) |
NET ASSETS |
CAPITAL AND RESERVES |
Called up share capital | 18 |
Retained earnings | 19 |
SHAREHOLDERS' FUNDS |
Company's profit for the financial year | 582,328 | 306,931 |
The financial statements were approved by the Board of Directors and authorised for issue on |
WARNERS GROUP PUBLICATIONS PLC (REGISTERED NUMBER: 02572212) |
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY |
FOR THE YEAR ENDED 30 SEPTEMBER 2024 |
Called up |
share | Retained | Other | Total |
capital | earnings | reserves | equity |
£ | £ | £ | £ |
Balance at 1 October 2022 | 50,000 | 7,103,560 | 21,677 | 7,175,237 |
Changes in equity |
Dividends | - | (500,000 | ) | - | (500,000 | ) |
Total comprehensive income | - | 274,630 | - | 274,630 |
Balance at 30 September 2023 | 50,000 | 6,878,190 | 21,677 | 6,949,867 |
Changes in equity |
Dividends | - | (500,000 | ) | - | (500,000 | ) |
Total comprehensive income | - | 596,858 | - | 596,858 |
Balance at 30 September 2024 | 50,000 | 6,975,048 | 21,677 | 7,046,725 |
WARNERS GROUP PUBLICATIONS PLC (REGISTERED NUMBER: 02572212) |
COMPANY STATEMENT OF CHANGES IN EQUITY |
FOR THE YEAR ENDED 30 SEPTEMBER 2024 |
Called up |
share | Retained | Total |
capital | earnings | equity |
£ | £ | £ |
Balance at 1 October 2022 |
Changes in equity |
Dividends | - | ( |
) | ( |
) |
Total comprehensive income | - |
Balance at 30 September 2023 |
Changes in equity |
Dividends | - | ( |
) | ( |
) |
Total comprehensive income | - |
Balance at 30 September 2024 |
WARNERS GROUP PUBLICATIONS PLC (REGISTERED NUMBER: 02572212) |
CONSOLIDATED STATEMENT OF CASH FLOWS |
FOR THE YEAR ENDED 30 SEPTEMBER 2024 |
2024 | 2023 |
Notes | £ | £ |
Cash flows from operating activities |
Cash generated from operations | 1 | 599,746 | 775,512 |
Tax paid | (32,302 | ) | (212,124 | ) |
Net cash from operating activities | 567,444 | 563,388 |
Cash flows from investing activities |
Purchase of intangible fixed assets | (596,792 | ) | (132,877 | ) |
Purchase of tangible fixed assets | (491,036 | ) | (102,146 | ) |
Sale of tangible fixed assets | 36,142 | 25,196 |
Acquisition of subsidiary (net) | - | (303,336 | ) |
Interest received | 361,169 | 231,894 |
Net cash from investing activities | (690,517 | ) | (281,269 | ) |
Cash flows from financing activities |
Equity dividends paid | (500,000 | ) | (500,000 | ) |
Net cash from financing activities | (500,000 | ) | (500,000 | ) |
Decrease in cash and cash equivalents | (623,073 | ) | (217,881 | ) |
Cash and cash equivalents at beginning of year | 2 | 7,146,276 | 7,364,157 |
Cash and cash equivalents at end of year | 2 | 6,523,203 | 7,146,276 |
WARNERS GROUP PUBLICATIONS PLC (REGISTERED NUMBER: 02572212) |
NOTES TO THE CONSOLIDATED STATEMENT OF CASH FLOWS |
FOR THE YEAR ENDED 30 SEPTEMBER 2024 |
1. | RECONCILIATION OF PROFIT BEFORE TAXATION TO CASH GENERATED FROM OPERATIONS |
2024 | 2023 |
£ | £ |
Profit before taxation | 903,016 | 422,179 |
Depreciation charges | 548,484 | 549,462 |
Profit on disposal of fixed assets | (36,142 | ) | (25,196 | ) |
Finance income | (361,169 | ) | (231,894 | ) |
1,054,189 | 714,551 |
Decrease/(increase) in stocks | 5,936 | (7,005 | ) |
Increase in trade and other debtors | (22,238 | ) | (437,093 | ) |
(Decrease)/increase in trade and other creditors | (438,141 | ) | 505,059 |
Cash generated from operations | 599,746 | 775,512 |
2. | CASH AND CASH EQUIVALENTS |
The amounts disclosed on the Statement of Cash Flows in respect of cash and cash equivalents are in respect of these Statement of Financial Position amounts: |
Year ended 30 September 2024 |
30.9.24 | 1.10.23 |
£ | £ |
Cash and cash equivalents | 6,523,203 | 7,146,276 |
Year ended 30 September 2023 |
30.9.23 | 1.10.22 |
£ | £ |
Cash and cash equivalents | 7,146,276 | 7,364,157 |
3. | ANALYSIS OF CHANGES IN NET FUNDS |
At 1.10.23 | Cash flow | At 30.9.24 |
£ | £ | £ |
Net cash |
Cash at bank and in hand | 7,146,276 | (623,073 | ) | 6,523,203 |
7,146,276 | (623,073 | ) | 6,523,203 |
Total | 7,146,276 | (623,073 | ) | 6,523,203 |
WARNERS GROUP PUBLICATIONS PLC (REGISTERED NUMBER: 02572212) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 30 SEPTEMBER 2024 |
1. | STATUTORY INFORMATION |
Warners Group Publications PLC ('the company') is a public 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. |
The presentation currency of the financial statements is the Pound Sterling (£). |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
Basis of consolidation |
The consolidated accounts comprise those of Warners Group Publications PLC and its subsidiaries for the year ended 30 September 2024. The consolidation has been accounted for using the equity accounting method. |
Significant judgements and estimates |
In the application of the company's accounting policy, management is required to make judgements, estimates and assumptions about the carrying value of assets and liabilities that are not readily apparent from other sources. The estimates and underlying assumptions are based on historical experiences and other factors that are considered to be relevant. Actual results may differ from these estimates. |
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised if the revision affects only that period, or in the period of the revision and future periods if the revision affects both current and future periods. |
The key sources of estimation uncertainty that have a significant effect on the amounts recognised in the financial statements are describe below. |
Intangible asset impairment |
The estimation and assumptions used to assess that intangible assets are valued in line with the applicable accounting framework are the future economic resource generated by the asset. The forecast data is estimated by senior management using standardised methodology and is regularly reviewed. |
WARNERS GROUP PUBLICATIONS PLC (REGISTERED NUMBER: 02572212) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 30 SEPTEMBER 2024 |
2. | ACCOUNTING POLICIES - continued |
Turnover |
Turnover represents amounts receivable for goods and services net of VAT and trade discounts. |
Revenues are recognised as follows: |
Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer (usually on dispatch of the goods), the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably. |
Advertising revenue is recognised at the date of publication. |
Subscription revenue is recognised in proportion to the number of issues covered by the subscription published in the accounting period. |
Shows and exhibition revenues are recognised on the date of the show or exhibition. |
Goodwill |
Goodwill arising on the acquisition of subsidiary undertakings represents the excess of the fair value of the consideration over the fair value of the identifiable assets and liabilities acquired. It is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is considered to have a finite useful life and is amortised on a systematic basis over its expected life, which is 10 years. |
For the purposes of impairment testing, goodwill is allocated to the cash-generating units expected to benefit from the acquisition. Cash-generating units to which goodwill has been allocated are tested for impairment at least annually, or more frequently when there is an indication that the unit may be impaired. If the recoverable amount of the cash-generating unit is less than the carrying amount of the unit, the impairment loss is allocated first to reduce the carrying amount of any goodwill allocated to the unit and then to the other assets of the unit pro-rata on the basis of the carrying amount of each asset in the unit. |
Intangible assets other than goodwill |
Intangible assets acquired separately from a business are recognised at cost and are subsequently measured at cost less accumulated amortisation and accumulated impairment losses. |
Intangible assets acquired on business combinations are recognised separately from goodwill at the acquisition date where it is probable that the expected future economic benefits that are attributable to the asset will flow to the entity and the fair value of the asset can be measured reliably. |
Amortisation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases: |
Magazine titles 10% - 20% per annum on cost |
Tangible fixed assets |
Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses. |
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases: |
Plant and machinery between 10% and 33.3% per annum on cost |
Fixtures, fittings & equipment between 8% and 25% per annum on cost |
Motor vehicles between 15% and 33% per annum on cost |
Freehold land is not depreciated. |
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is recognised in the income statement . |
WARNERS GROUP PUBLICATIONS PLC (REGISTERED NUMBER: 02572212) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 30 SEPTEMBER 2024 |
2. | ACCOUNTING POLICIES - continued |
Stocks |
Stocks are valued at the lower of cost and estimated selling price less costs to complete and sell and after making due allowance for obsolete and slow moving items. |
WARNERS GROUP PUBLICATIONS PLC (REGISTERED NUMBER: 02572212) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 30 SEPTEMBER 2024 |
2. | ACCOUNTING POLICIES - continued |
Financial instruments |
The group has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments. |
Financial instruments are recognised in the group's statement of financial position when the group becomes party to the contractual provisions of the instrument. |
Financial assets and liabilities are offset and the net amounts presented in the financial statements when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously. |
Basic financial assets |
Basic financial assets, which include debtors, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised. |
Impairment of financial assets |
Financial assets, other than those h eld a t f air value through profit and loss, are assessed for indicators of impairment at each reporting end date. |
Financial assets are impaired where there is objective evidence that, as a result of one or more events |
that occurred after the initial recognition of the financial asset, the estimated future cash flows have been affected. If an asset is impaired, the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss is recognised in profit or loss. |
If there is a decrease in the impairment loss arising from an event occurring after the impairment was recognised, the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been, had the impairment not previously been recognised. The impairment reversal is recognised in profit or loss. |
Derecognition of financial assets |
Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when the group transfers the financial asset and substantially all the risks and rewards of ownership to another entity, or if some significant risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party. |
Classification of financial liabilities |
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the group after deducting all of its liabilities. |
Basic financial liabilities, including creditors and loans from fellow group companies that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised. |
Debt instruments are subsequently carried at amortised cost, using the effective interest rate method. |
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method. |
Derecognition of financial liabilities |
Financial liabilities are derecognised when the group's contractual obligations expire or are discharged or cancelled. |
Equity instruments |
Equity instruments issued by the group are recorded at the proceeds received, net of transaction costs. |
Dividends payable on equity instruments are recognised as liabilities once they are no longer at the |
WARNERS GROUP PUBLICATIONS PLC (REGISTERED NUMBER: 02572212) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 30 SEPTEMBER 2024 |
2. | ACCOUNTING POLICIES - continued |
discretion of the group. |
Taxation |
Taxation for the year comprises current and deferred tax. Tax is recognised in the Consolidated Statement of Comprehensive Income, 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 statement of financial position date. |
Deferred tax |
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position 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. |
Pension costs and other post-retirement benefits |
The group operates a defined contribution pension scheme. Contributions payable to the group's pension scheme are charged to profit or loss in the period to which they relate. |
Going concern |
At the time of approving the financial statements, the directors have a reasonable expectation that the group has adequate resources to continue in operational existence for the foreseeable future. Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements. |
3. | TURNOVER |
The turnover and profit before taxation are attributable to the one principal activity of the group. |
An analysis of turnover by class of business is given below: |
2024 | 2023 |
£ | £ |
Advertising | 5,528,128 | 5,661,069 |
Distributions | 5,201,291 | 5,059,885 |
Publishing | 818,896 | 793,814 |
Subscriptions | 5,524,814 | 5,731,314 |
Trade shows | 4,023,303 | 3,532,721 |
Discounts allowed | (2,048,772 | ) | (1,967,010 | ) |
19,047,660 | 18,811,793 |
An analysis of turnover by geographical market for the year ended 30 September 2023 is given below: |
£ |
United Kingdom | 17,433,282 |
Overseas | 1,378,511 |
18,811,793 |
This analysis is not considered to be applicable to the year ended 30 September 2024. |
WARNERS GROUP PUBLICATIONS PLC (REGISTERED NUMBER: 02572212) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 30 SEPTEMBER 2024 |
4. | EMPLOYEES AND DIRECTORS |
2024 | 2023 |
£ | £ |
Wages and salaries | 6,087,185 | 6,322,707 |
Social security costs | 663,346 | 689,927 |
Other pension costs | 308,000 | 199,027 |
7,058,531 | 7,211,661 |
The average number of employees during the year was as follows: |
2024 | 2023 |
Administration staff |
2024 | 2023 |
£ | £ |
Directors' remuneration | 497,721 | 516,490 |
Directors' pension contributions to money purchase schemes | 120,000 | - |
The number of directors to whom retirement benefits were accruing was as follows: |
Money purchase schemes | 1 | 1 |
Information regarding the highest paid director is as follows: |
2024 | 2023 |
£ | £ |
Emoluments etc | 435,721 | 454,490 |
5. | OPERATING PROFIT |
The operating profit is stated after charging/(crediting): |
2024 | 2023 |
£ | £ |
Depreciation - owned assets | 182,090 | 208,129 |
Profit on disposal of fixed assets | (36,142 | ) | (25,196 | ) |
Goodwill amortisation | 36,056 | 32,301 |
Magazine titles amortisation | 303,763 | 282,457 |
Computer software amortisation | 26,575 | 26,575 |
Auditors' Remuneration - Audit | 30,825 | 29,000 |
Auditors' Remuneration - Tax | 7,500 | 7,500 |
Auditors' Remuneration - Other | 1,468 | 3,099 |
Operating lease charges | 102,485 | 116,071 |
WARNERS GROUP PUBLICATIONS PLC (REGISTERED NUMBER: 02572212) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 30 SEPTEMBER 2024 |
6. | TAXATION |
Analysis of the tax charge |
The tax charge on the profit for the year was as follows: |
2024 | 2023 |
£ | £ |
Current tax: |
UK corporation tax | 258,085 | 157,729 |
Adjustment re previous years | - | 2,446 |
Total current tax | 258,085 | 160,175 |
Deferred tax | 48,073 | (12,626 | ) |
Tax on profit | 306,158 | 147,549 |
Reconciliation of total tax charge included in profit and loss |
The tax assessed for the year is higher than the standard rate of corporation tax in the UK. The difference is explained below: |
2024 | 2023 |
£ | £ |
Profit before tax | 903,016 | 422,179 |
Profit multiplied by the standard rate of corporation tax in the UK of 25 % (2023 - 25 %) |
225,754 |
105,545 |
Effects of: |
Expenses not deductible for tax purposes | 3,024 | (16,316 | ) |
Depreciation in excess of capital allowances | 58,051 | 68,500 |
Adjustments to tax charge in respect of previous periods | - | 2,446 |
Adjustment in respect of effective rate of tax | 19,329 | (12,626 | ) |
Total tax charge | 306,158 | 147,549 |
Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised, based on tax laws and the corporation tax rates that have been enacted, or substantially enacted, at the year end date. |
7. | INDIVIDUAL STATEMENT OF COMPREHENSIVE INCOME |
As permitted by Section 408 of the Companies Act 2006, the Income Statement of the parent company is not presented as part of these financial statements. |
8. | DIVIDENDS |
2024 | 2023 |
£ | £ |
Interim | 500,000 | 500,000 |
WARNERS GROUP PUBLICATIONS PLC (REGISTERED NUMBER: 02572212) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 30 SEPTEMBER 2024 |
9. | INTANGIBLE FIXED ASSETS |
Group |
Magazine | Computer |
Goodwill | titles | software | Totals |
£ | £ | £ | £ |
COST |
At 1 October 2023 | 1,598,158 | 8,232,500 | 132,877 | 9,963,535 |
Additions | 37,547 | 559,245 | - | 596,792 |
At 30 September 2024 | 1,635,705 | 8,791,745 | 132,877 | 10,560,327 |
AMORTISATION |
At 1 October 2023 | 1,307,446 | 7,378,923 | 26,575 | 8,712,944 |
Amortisation for year | 36,056 | 303,763 | 26,575 | 366,394 |
At 30 September 2024 | 1,343,502 | 7,682,686 | 53,150 | 9,079,338 |
NET BOOK VALUE |
At 30 September 2024 | 292,203 | 1,109,059 | 79,727 | 1,480,989 |
At 30 September 2023 | 290,712 | 853,577 | 106,302 | 1,250,591 |
Company |
Magazine | Computer |
Goodwill | titles | software | Totals |
£ | £ | £ | £ |
COST |
At 1 October 2023 |
Additions |
At 30 September 2024 |
AMORTISATION |
At 1 October 2023 |
Amortisation for year |
At 30 September 2024 |
NET BOOK VALUE |
At 30 September 2024 |
At 30 September 2023 |
WARNERS GROUP PUBLICATIONS PLC (REGISTERED NUMBER: 02572212) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 30 SEPTEMBER 2024 |
10. | TANGIBLE FIXED ASSETS |
Group |
Fixtures |
Freehold | Plant and | and | Motor |
property | machinery | fittings | vehicles | Totals |
£ | £ | £ | £ | £ |
COST |
At 1 October 2023 | 167,769 | 416,865 | 4,102,124 | 161,761 | 4,848,519 |
Additions | - | - | 491,036 | - | 491,036 |
Disposals | - | - | - | (102,461 | ) | (102,461 | ) |
At 30 September 2024 | 167,769 | 416,865 | 4,593,160 | 59,300 | 5,237,094 |
DEPRECIATION |
At 1 October 2023 | - | 295,803 | 3,848,404 | 131,813 | 4,276,020 |
Charge for year | - | 18,830 | 156,073 | 7,187 | 182,090 |
Eliminated on disposal | - | - | - | (102,461 | ) | (102,461 | ) |
At 30 September 2024 | - | 314,633 | 4,004,477 | 36,539 | 4,355,649 |
NET BOOK VALUE |
At 30 September 2024 | 167,769 | 102,232 | 588,683 | 22,761 | 881,445 |
At 30 September 2023 | 167,769 | 121,062 | 253,720 | 29,948 | 572,499 |
Included in cost of land and buildings is freehold land of £167,769 (2023 - £167,769) which is not depreciated. |
Company |
Fixtures |
Freehold | Plant and | and | Motor |
property | machinery | fittings | vehicles | Totals |
£ | £ | £ | £ | £ |
COST |
At 1 October 2023 |
Additions |
Disposals | ( |
) | ( |
) |
At 30 September 2024 |
DEPRECIATION |
At 1 October 2023 |
Charge for year |
Eliminated on disposal | ( |
) | ( |
) |
At 30 September 2024 |
NET BOOK VALUE |
At 30 September 2024 |
At 30 September 2023 |
WARNERS GROUP PUBLICATIONS PLC (REGISTERED NUMBER: 02572212) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 30 SEPTEMBER 2024 |
11. | FIXED ASSET INVESTMENTS |
Company |
Shares in |
group |
undertakings |
£ |
COST |
At 1 October 2023 |
Additions |
At 30 September 2024 |
NET BOOK VALUE |
At 30 September 2024 |
At 30 September 2023 |
Name of undertaking |
Registered Office |
Percentage of ordinary shares held |
Dormant |
Anglo American Media Limited | England and Wales | 100 |
Aremi Limited | England and Wales | 100 |
Beaumont Publishing Limited | England and Wales | 100 |
Solo Publishing Limited | England and Wales | 100 |
The Artist Publishing Company Limited | England and Wales | 100 |
Warners (Group Sales) Limited | England and Wales | 100 |
Warners Group Digital Limited | England and Wales | 100 |
Warners Group Distribution Limited | England and Wales | 100 |
Warners Group Holdings Limited | England and Wales | 100 |
Writers News Limited | Scotland | 100 |
BP2023 Limited | England and Wales | 100 |
The registered office address for the above companies registered in England and Wales is The Maltings, Manor Lane, Bourne, Lincolnshire, PE10 9PH. |
The registered office address for the above companies registered in Scotland is C/O Eq Chartered Accountants, 14 City Quay, Dundee, Scotland, DD1 3JA. |
12. | STOCKS |
Group | Company |
2024 | 2023 | 2024 | 2023 |
£ | £ | £ | £ |
Raw materials | 9,929 | 15,865 |
13. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
Group | Company |
2024 | 2023 | 2024 | 2023 |
£ | £ | £ | £ |
Trade debtors | 993,858 | 1,223,046 |
Amounts owed by group undertakings | - | - |
Other debtors | 401 | 1,112 |
Prepayments and accrued income | 775,968 | 523,831 |
1,770,227 | 1,747,989 |
WARNERS GROUP PUBLICATIONS PLC (REGISTERED NUMBER: 02572212) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 30 SEPTEMBER 2024 |
14. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
Group | Company |
2024 | 2023 | 2024 | 2023 |
£ | £ | £ | £ |
Trade creditors | 697,152 | 550,278 |
Amounts owed to group undertakings | - | - |
Taxation | 282,916 | 30,931 |
Other taxes and social security | 176,447 | 181,694 |
VAT | 97,095 | 167,837 | 55,496 | 117,777 |
Other creditors | 346,220 | 391,818 |
Accruals | 104,013 | 612,988 |
Deferred income | 1,629,762 | 1,806,373 |
3,333,605 | 3,741,919 |
15. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
Group | Company |
2024 | 2023 | 2024 | 2023 |
£ | £ | £ | £ |
Accruals and deferred income | 222,758 | 600 |
16. | LEASING AGREEMENTS |
Minimum lease payments fall due as follows: |
Group |
Non-cancellable operating | leases |
2024 | 2023 |
£ | £ |
Within one year | 120,089 | 93,978 |
Between one and five years | 199,211 | 163,189 |
319,300 | 257,167 |
Company |
Non-cancellable operating | leases |
2024 | 2023 |
£ | £ |
Within one year |
Between one and five years |
17. | PROVISIONS FOR LIABILITIES |
Group | Company |
2024 | 2023 | 2024 | 2023 |
£ | £ | £ | £ |
Deferred tax |
Accelerated capital allowances | 62,705 | 40,834 | 62,705 | 40,834 |
WARNERS GROUP PUBLICATIONS PLC (REGISTERED NUMBER: 02572212) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 30 SEPTEMBER 2024 |
17. | PROVISIONS FOR LIABILITIES - continued |
Group |
Deferred |
tax |
£ |
Balance at 1 October 2023 | 40,834 |
Provided during year | 21,871 |
Balance at 30 September 2024 | 62,705 |
Company |
Deferred |
tax |
£ |
Balance at 1 October 2023 |
Provided during year |
Balance at 30 September 2024 |
18. | CALLED UP SHARE CAPITAL |
Allotted, issued and fully paid: |
Number: | Class: | Nominal | 2024 | 2023 |
value: | £ | £ |
Ordinary | 1 | 50,000 | 50,000 |
19. | RESERVES |
Group |
Retained | Other |
earnings | reserves | Totals |
£ | £ | £ |
At 1 October 2023 | 6,878,190 | 21,677 | 6,899,867 |
Profit for the year | 596,858 | 596,858 |
Dividends | (500,000 | ) | (500,000 | ) |
At 30 September 2024 | 6,975,048 | 21,677 | 6,996,725 |
Company |
Retained |
earnings |
£ |
At 1 October 2023 |
Profit for the year |
Dividends | ( |
) |
At 30 September 2024 |
WARNERS GROUP PUBLICATIONS PLC (REGISTERED NUMBER: 02572212) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 30 SEPTEMBER 2024 |
20. | RELATED PARTY DISCLOSURES |
The directors of Warners Group Publications plc and its subsidiary undertakings have an interest in another company, with which some group undertakings have traded in the year. All transactions are conducted on an arm's length basis. Sales and other services by the company and its subsidiary undertakings amounted to £88,127 (2023 - £79,267) and purchases by the company and its subsidiary undertakings were £2,130,422 (2023 - £2,415,442). |
At the balance sheet date an amount included within creditors of £346,220 (2023 - £386,430) was owed to the related party. |
Warners Group Publications plc and its subsidiary undertakings occupy buildings owned by a related party for which £60,000 rent was charged (2023 - £60,000). The related party also occupies freehold land owned by Warners Group Publications plc. No rent is charged for this land. |
21. | ULTIMATE CONTROLLING PARTY |
The controlling party is S A Warner. |