Registered number
09547378
Launchpad Publishing Limited
Filleted Accounts
30 April 2024
Launchpad Publishing Limited
Registered number: 09547378
Balance Sheet
as at 30 April 2024
Notes 2024 2023
£ £
Fixed assets
Tangible assets 3 148,034 151,477
Current assets
Stocks 33,227 30,050
Debtors 4 16,382 17,699
Cash at bank and in hand 53,738 64,199
103,347 111,948
Creditors: amounts falling due within one year 5 (158,185) (177,962)
Net current liabilities (54,838) (66,014)
Net assets 93,196 85,463
Capital and reserves
Called up share capital 100 100
Profit and loss account 93,096 85,363
Shareholders' funds 93,196 85,463
The director is satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The members have not required the company to obtain an audit in accordance with section 476 of the Act.
The director acknowledges her responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
Jenny Hazel INGLIS
Director
Approved by the board on 27 January 2025
Launchpad Publishing Limited
Notes to the Accounts
for the year ended 30 April 2024
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).
Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer.
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Freehold buildings over 50 years
Leasehold land and buildings n/a
IT, office and other equipment over 3 to 4 years
Motor vehicles over 4 years
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first in first out method. The carrying amount of stock sold is recognised as an expense in the period in which the related revenue is recognised.
Debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
Creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
Provisions
Provisions (ie liabilities of uncertain timing or amount) are recognised when there is an obligation at the reporting date as a result of a past event, it is probable that economic benefit will be transferred to settle the obligation and the amount of the obligation can be estimated reliably.
Leased assets
A lease is classified as a finance lease if it transfers substantially all the risks and rewards incidental to ownership. All other leases are classified as operating leases. The rights of use and obligations under finance leases are initially recognised as assets and liabilities at amounts equal to the fair value of the leased assets or, if lower, the present value of the minimum lease payments. Minimum lease payments are apportioned between the finance charge and the reduction in the outstanding liability using the effective interest rate method. The finance charge is allocated to each period during the lease so as to produce a constant periodic rate of interest on the remaining balance of the liability. Leased assets are depreciated in accordance with the company's policy for tangible fixed assets. If there is no reasonable certainty that ownership will be obtained at the end of the lease term, the asset is depreciated over the lower of the lease term and its useful life. Operating lease payments are recognised as an expense on a straight line basis over the lease term.
2 Employees 2024 2023
Number Number
Average number of persons employed by the company 8 8
3 Tangible fixed assets
Land and buildings IT, office & other eqt. Motor vehicles Total
£ £ £ £
Cost
At 1 May 2023 172,133 16,367 27,605 216,105
At 30 April 2024 172,133 16,367 27,605 216,105
Depreciation
At 1 May 2023 20,656 16,367 27,605 64,628
Charge for the year 3,443 - - 3,443
At 30 April 2024 24,099 16,367 27,605 68,071
Net book value
At 30 April 2024 148,034 - - 148,034
At 30 April 2023 151,477 - - 151,477
4 Debtors 2024 2023
£ £
Trade debtors 5,886 6,062
Recoverable VAT 3,660 3,831
Other debtors 6,836 7,806
16,382 17,699
5 Creditors: amounts falling due within one year 2024 2023
£ £
Trade creditors 21,688 20,684
Taxation and social security costs 4,371 11,037
Deferred income 127,590 141,614
Amounts due to director 427 194
Pension Contributions 1,430 1,562
Other creditors 2,679 2,871
158,185 177,962
6 Deferred income
The Company's principal revenue stream is from the production and distribution of a monthly magazine, using an advance subscription model. Subscribers pay in advance for 12, 6 or 3 issues of the magazine. Deferred income represents the proportion of subscriptions received from each subscriber at the accounts date which relate to future issues of the magazine.
7 Other information
Launchpad Publishing Limited is a private company limited by shares and incorporated in England. Its registered office is:
Unit 7 Global Business Park
14 Wilkinson Road
Cirencester
Gloucestershire
GL7 1YZ
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