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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: S A Warner
P A Warner
Mrs L M Warner





SECRETARY: S A Warner





REGISTERED OFFICE: The Maltings
Manor Lane
Bourne
Lincolnshire
PE10 9PH





REGISTERED NUMBER: 02572212 (England and Wales)





AUDITORS: Duncan & Toplis Audit Limited, Statutory Auditor
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:





S A Warner - Director


16 December 2024

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.

S A Warner
P A Warner
Mrs L M Warner

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:





S A Warner - Director


16 December 2024

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.




Alistair Main FCA (Senior Statutory Auditor)
for and on behalf of Duncan & Toplis Audit Limited, Statutory Auditor
Enterprise Way
Pinchbeck
Spalding
Lincolnshire
PE11 3YR

16 December 2024

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 596,858 274,630

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 1,188,786 959,879
Tangible assets 10 881,446 572,500
Investments 11 548,128 510,581
2,618,360 2,042,960

CURRENT ASSETS
Stocks 12 9,929 15,865
Debtors 13 1,766,999 1,492,500
Cash at bank and in hand 6,270,439 6,781,572
8,047,367 8,289,937
CREDITORS
Amounts falling due within one year 14 3,530,753 3,302,122
NET CURRENT ASSETS 4,516,614 4,987,815
TOTAL ASSETS LESS CURRENT LIABILITIES 7,134,974 7,030,775

CREDITORS
Amounts falling due after more than one year 15 (600 ) (600 )

PROVISIONS FOR LIABILITIES 17 (62,705 ) (40,834 )
NET ASSETS 7,071,669 6,989,341

CAPITAL AND RESERVES
Called up share capital 18 50,000 50,000
Retained earnings 19 7,021,669 6,939,341
SHAREHOLDERS' FUNDS 7,071,669 6,989,341

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 16 December 2024 and were signed on its behalf by:





S A Warner - Director


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 50,000 7,132,410 7,182,410

Changes in equity
Dividends - (500,000 ) (500,000 )
Total comprehensive income - 306,931 306,931
Balance at 30 September 2023 50,000 6,939,341 6,989,341

Changes in equity
Dividends - (500,000 ) (500,000 )
Total comprehensive income - 582,328 582,328
Balance at 30 September 2024 50,000 7,021,669 7,071,669

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
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" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

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 149 169

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 79,817 8,232,500 132,877 8,445,194
Additions - 559,245 - 559,245
At 30 September 2024 79,817 8,791,745 132,877 9,004,439
AMORTISATION
At 1 October 2023 79,817 7,378,923 26,575 7,485,315
Amortisation for year - 303,763 26,575 330,338
At 30 September 2024 79,817 7,682,686 53,150 7,815,653
NET BOOK VALUE
At 30 September 2024 - 1,109,059 79,727 1,188,786
At 30 September 2023 - 853,577 106,302 959,879

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 167,769 411,761 4,102,124 161,761 4,843,415
Additions - - 491,036 - 491,036
Disposals - - - (102,461 ) (102,461 )
At 30 September 2024 167,769 411,761 4,593,160 59,300 5,231,990
DEPRECIATION
At 1 October 2023 - 290,698 3,848,404 131,813 4,270,915
Charge for year - 18,830 156,073 7,187 182,090
Eliminated on disposal - - - (102,461 ) (102,461 )
At 30 September 2024 - 309,528 4,004,477 36,539 4,350,544
NET BOOK VALUE
At 30 September 2024 167,769 102,233 588,683 22,761 881,446
At 30 September 2023 167,769 121,063 253,720 29,948 572,500

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 510,581
Additions 37,547
At 30 September 2024 548,128
NET BOOK VALUE
At 30 September 2024 548,128
At 30 September 2023 510,581




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 9,929 15,865

13. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

Group Company
2024 2023 2024 2023
£    £    £    £   
Trade debtors 993,858 1,223,046 993,858 1,036,258
Amounts owed by group undertakings - - 5,773 52,286
Other debtors 401 1,112 - 1,012
Prepayments and accrued income 775,968 523,831 767,368 402,944
1,770,227 1,747,989 1,766,999 1,492,500

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 697,152 550,278 697,453 550,580
Amounts owed to group undertakings - - 254,133 -
Taxation 282,916 30,931 267,229 30,931
Other taxes and social security 176,447 181,694 176,447 181,694
VAT 97,095 167,837 55,496 117,777
Other creditors 346,220 391,818 346,220 391,819
Accruals 104,013 612,988 104,013 222,948
Deferred income 1,629,762 1,806,373 1,629,762 1,806,373
3,333,605 3,741,919 3,530,753 3,302,122

15. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

Group Company
2024 2023 2024 2023
£    £    £    £   
Accruals and deferred income 222,758 600 600 600

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 120,089 93,978
Between one and five years 199,211 163,189
319,300 257,167

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 40,834
Provided during year 21,871
Balance at 30 September 2024 62,705

18. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2024 2023
value: £    £   
50,000 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 6,939,341
Profit for the year 582,328
Dividends (500,000 )
At 30 September 2024 7,021,669


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.