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Registered number: 952950










MCCRIMMON PUBLISHING COMPANY LIMITED








UNAUDITED

FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE YEAR ENDED 30 APRIL 2024

 
MCCRIMMON PUBLISHING COMPANY LIMITED
REGISTERED NUMBER: 952950

BALANCE SHEET
AS AT 30 APRIL 2024

2024
2023
Note
£
£

Fixed assets
  

Tangible assets
 4 
390,226
412,340

  
390,226
412,340

Current assets
  

Stocks
  
26,389
1,815

Debtors: amounts falling due within one year
 5 
29,789
35,584

Cash at bank and in hand
 6 
469
1,048

  
56,647
38,447

Creditors: amounts falling due within one year
 7 
(218,666)
(187,296)

Net current liabilities
  
 
 
(162,019)
 
 
(148,849)

Total assets less current liabilities
  
228,207
263,491

Creditors: amounts falling due after more than one year
 8 
(105,879)
(125,136)

  

Net assets
  
122,328
138,355


Capital and reserves
  

Called up share capital 
  
90
90

Revaluation reserve
 11 
239,927
239,927

Profit and loss account
 11 
(117,689)
(101,662)

  
122,328
138,355


The director considers that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.

The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

The financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The Company has opted not to file the statement of income and retained earnings in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf on 20 January 2025.


Page 1

 
MCCRIMMON PUBLISHING COMPANY LIMITED
REGISTERED NUMBER: 952950

BALANCE SHEET (CONTINUED)
AS AT 30 APRIL 2024



D E McCrimmon
Director

The notes on pages 3 to 10 form part of these financial statements.

Page 2

 
MCCRIMMON PUBLISHING COMPANY LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024

1.


General information

McCrimmon Publishing Company Limited is a company limited by shares and incorporated in England and Wales.
Its registered office is 10/12 High Street, Great Wakering, Essex, SS3 0EQ.

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland' and the requirements of the Companies Act 2006. The disclosure requirements of Section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The following principal accounting policies have been applied:

 
2.2

Foreign currency translation

Functional and presentation currency

The Company's functional and presentational currency is GBP.

Transactions and balances

Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions.

At each period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined.

Foreign exchange gains and losses resulting from the settlement of transactions and from the translation at period-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in profit or loss except when deferred in other comprehensive income as qualifying cash flow hedges.

Page 3

 
MCCRIMMON PUBLISHING COMPANY LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024

2.Accounting policies (continued)

 
2.3

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Sale of goods

Revenue from the sale of goods is recognised when all of the following conditions are satisfied:
the Company has transferred the significant risks and rewards of ownership to the buyer;
the Company retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold;
the amount of revenue can be measured reliably;
it is probable that the Company will receive the consideration due under the transaction; and
the costs incurred or to be incurred in respect of the transaction can be measured reliably.

Rendering of services

Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:
the amount of revenue can be measured reliably;
it is probable that the Company will receive the consideration due under the contract;
the stage of completion of the contract at the end of the reporting period can be measured reliably; and
the costs incurred and the costs to complete the contract can be measured reliably.

 
2.4

Interest income

Interest income is recognised in profit or loss using the effective interest method.

 
2.5

Finance costs

Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

 
2.6

Borrowing costs

All borrowing costs are recognised in profit or loss in the year in which they are incurred.

Page 4

 
MCCRIMMON PUBLISHING COMPANY LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024

2.Accounting policies (continued)

 
2.7

Pensions

Defined contribution pension plan

The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations.

The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Balance sheet. The assets of the plan are held separately from the Company in independently administered funds.

 
2.8

Taxation

Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the Company operates and generates income.


 
2.9

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Land is not depreciated. Depreciation on other assets is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using both the straight line and reducing balance methods..

Depreciation is provided on the following basis:

Buildings
-
50 years straight line
Motor vehicles
-
25% reducing balance
Office equipment
-
25% reducing balance

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

Page 5

 
MCCRIMMON PUBLISHING COMPANY LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024

2.Accounting policies (continued)

 
2.10

Revaluation of tangible fixed assets

Individual freehold and leasehold properties are carried at current year value at fair value at the date of the revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. Revaluations are undertaken with sufficient regularity to ensure the carrying amount does not differ materially from that which would be determined using fair value at the balance sheet date.
Fair values are determined from market based evidence normally undertaken by professionally qualified valuers.

Revaluation gains and losses are recognised in other comprehensive income unless losses exceed the previously recognised gains or reflect a clear consumption of economic benefits, in which case the excess losses are recognised in profit or loss.

 
2.11

Stocks

Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a first in, first out basis. Work in progress and finished goods include labour and attributable overheads.

At each balance sheet date, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to complete and sell. The impairment loss is recognised immediately in profit or loss.

 
2.12

Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

 
2.13

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

 
2.14

Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

 
2.15

Dividends

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.


3.


Employees

The average monthly number of employees, including directors, during the year was 7 (2023 - 9).

Page 6

 
MCCRIMMON PUBLISHING COMPANY LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024

4.


Tangible fixed assets





Freehold property
Motor vehicles
Office equipment
Total

£
£
£
£



Cost or valuation


At 1 May 2023
475,000
8,680
168,473
652,153



At 30 April 2024

475,000
8,680
168,473
652,153



Depreciation


At 1 May 2023
65,575
8,680
165,558
239,813


Charge for the year on owned assets
21,385
-
729
22,114



At 30 April 2024

86,960
8,680
166,287
261,927



Net book value



At 30 April 2024
388,040
-
2,186
390,226



At 30 April 2023
409,425
-
2,915
412,340


5.


Debtors

2024
2023
£
£


Trade debtors
27,311
32,870

Other debtors
2,478
2,714

29,789
35,584



6.


Cash and cash equivalents

2024
2023
£
£

Cash at bank and in hand
469
1,048

Less: bank overdrafts
(26,115)
(26,597)

(25,646)
(25,549)


Page 7

 
MCCRIMMON PUBLISHING COMPANY LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024

7.


Creditors: Amounts falling due within one year

2024
2023
£
£

Bank overdrafts
26,115
26,597

Bank loans
20,381
20,036

Trade creditors
152,523
117,875

Corporation tax
7,772
8,552

Other taxation and social security
6,619
9,510

Other creditors
1,066
622

Accruals and deferred income
4,190
4,104

218,666
187,296


Creditors include £15,380  (2023 : £ 15,036) secured against specific land and buildings freehold.


8.


Creditors: Amounts falling due after more than one year

2024
2023
£
£

Bank loans
105,879
125,136

105,879
125,136


The following liabilities were secured:

2024
2023
£
£



Bank loans
84,626
82,713

84,626
82,713

Details of security provided:

The bank loans are secured by a charge over the relevant fixed asset.

Page 8

 
MCCRIMMON PUBLISHING COMPANY LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024

9.


Loans


Analysis of the maturity of loans is given below:


2024
2023
£
£

Amounts falling due within one year

Bank loans
20,381
20,036


20,381
20,036


Amounts falling due 2-5 years

Bank loans
88,265
84,219


88,265
84,219

Amounts falling due after more than 5 years

Bank loans
17,614
40,916

17,614
40,916

126,260
145,171



10.


Deferred taxation


11.


Reserves

Revaluation reserve

Includes revaluations of freehold property, the associated deferred tax and transfers from the revaluation reserve to the profit and loss acccount reserves representing the excess depreciation being charged due to the freehold property revaluation.


12.


Pension commitments

The Company operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the Company in an independently administered fund. The pension cost charge represents contributions payable by the Company to the fund and amounted to £2,089 (2023 - £2,564). Contributions totalling £533 (2023 - £621) were payable to the fund at the balance sheet date and are included in creditors.
The Company also contributes to a money purchase pension scheme for its director. The pension charge represents the amount paid by the company to the pension fund in respect of the year and amounted to £Nil (2023 : £Nil).

Page 9

 
MCCRIMMON PUBLISHING COMPANY LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024

13.


Related party transactions

The ultimate controlling party is Mrs. J. McCrimmon. During the year dividends of £21,000 (2023: £ 22,000) were paid to D E McCrimmon, the company's director.


Page 10