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Company No: 03701027 (England and Wales)

TOUCHLINE PUBLISHING LIMITED

Unaudited Financial Statements
For the financial year ended 31 December 2023
Pages for filing with the registrar

TOUCHLINE PUBLISHING LIMITED

Unaudited Financial Statements

For the financial year ended 31 December 2023

Contents

TOUCHLINE PUBLISHING LIMITED

STATEMENT OF FINANCIAL POSITION

As at 31 December 2023
TOUCHLINE PUBLISHING LIMITED

STATEMENT OF FINANCIAL POSITION (continued)

As at 31 December 2023
Note 2023 2022
£ £
Fixed assets
Tangible assets 3 2,992 1,915
2,992 1,915
Current assets
Debtors 4 695,616 621,620
Cash at bank and in hand 162,645 397,819
858,261 1,019,439
Creditors: amounts falling due within one year 5, 9 ( 386,975) ( 421,412)
Net current assets 471,286 598,027
Total assets less current liabilities 474,278 599,942
Creditors: amounts falling due after more than one year 6 ( 56,667) ( 96,667)
Net assets 417,611 503,275
Capital and reserves
Called-up share capital 7 21,152 21,152
Profit and loss account 8 396,459 482,123
Total shareholders' funds 417,611 503,275

For the financial year ending 31 December 2023 the Company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's responsibilities:

These financial statements have been prepared in accordance with the provisions of FRS 102 Section 1A – small entities. The financial statements of Touchline Publishing Limited (registered number: 03701027) were approved and authorised for issue by the Director on 12 February 2025. They were signed on its behalf by:

G B J Wilmshurst
Director
TOUCHLINE PUBLISHING LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 December 2023
TOUCHLINE PUBLISHING LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 December 2023
1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.

General information and basis of accounting

Touchline Publishing Limited (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of the Company's registered office is 9 Appold Street, London, EC2A 2AP, United Kingdom.

The financial statements have been prepared under the historical cost convention, modified to include certain items at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.

The financial statements are presented in pounds sterling which is the functional currency of the Company and rounded to the nearest £.

Foreign currency

Transactions in foreign currencies are recorded at the rate of exchange at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies at the Statement of Financial Position date are reported at the rates of exchange prevailing at that date.

Exchange differences are recognised in the Statement of Comprehensive Income in the period in which they arise except for exchange differences arising on gains or losses on non-monetary items which are recognised in the Statement of Comprehensive Income.

Turnover

Turnover represents amounts receivable for services net of VAT.

Turnover is recognised at the fair value of the consideration received or receivable for publishing agency services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

Employee benefits

Short term benefits
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

Termination benefits are recognised as an expense when the Company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

Defined contribution schemes
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

Taxation

Current tax
Current tax is provided at amounts expected to be paid (or recoverable) using the tax rates and laws that have been enacted or substantively enacted at the Statement of Financial Position date.

Tangible fixed assets

Tangible fixed assets are stated at cost or valuation, net of depreciation and any provision for impairment. Depreciation is provided on all tangible fixed assets, other than investment property and freehold land, at rates calculated to write off the cost or valuation, less estimated residual value, of each asset on a straight-line or reducing balance basis over its expected useful life, as follows:

Plant and machinery etc. 4 years straight line

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 credited or charged to profit or loss.

Leases

The Company as lessee
Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leases asset are consumed.

Impairment of assets

Assets, other than those measured at fair value, are assessed for indicators of impairment at each Statement of Financial Position date. If there is objective evidence of impairment, an impairment loss is recognised in the Statement of Comprehensive Income.

Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks.

Financial instruments

Financial assets and financial liabilities are recognised when the Company becomes a party to the contractual provisions of the instrument.

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 Company after deducting all of its liabilities.

Financial assets and liabilities are only offset in the Balance Sheet when, and only when there exists a legally enforceable right to set off the recognised amounts and the Company intends either 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 and cash and bank balances, 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.

Financial assets are derecognised when and only when the contractual rights to the cash flows from the financial asset expire or are settled, or the Company transfers to another party substantially all of the risks and rewards of ownership of the financial asset, or the Company, despite having retained some, but not all, significant risks and rewards of ownership, has transferred control of the asset to another party.

Basic financial liabilities
Basic financial liabilities, including creditors and loans from fellow group companies, 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.

Financial liabilities are derecognised when the company’s contractual obligations expire or are discharged or cancelled.

Equity instruments
Equity instruments issued by the Company are recorded at the fair value of cash or other resources received or receivable, net of direct issue costs. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the Company.

Government grants

Government grant represents the fair value of the income received or receivable from the furlough scheme introduced by both the UK and Swiss government due to the pandemic caused by COVID-19.

Income from the furlough scheme is recognised in the period the furlough income relates to and is recorded as 'other income'.

2. Employees

2023 2022
Number Number
Monthly average number of persons employed by the Company during the year, including the director 10 10

3. Tangible assets

Plant and machinery etc. Total
£ £
Cost
At 01 January 2023 62,967 62,967
Additions 2,200 2,200
At 31 December 2023 65,167 65,167
Accumulated depreciation
At 01 January 2023 61,052 61,052
Charge for the financial year 1,123 1,123
At 31 December 2023 62,175 62,175
Net book value
At 31 December 2023 2,992 2,992
At 31 December 2022 1,915 1,915

4. Debtors

2023 2022
£ £
Trade debtors 401,374 304,283
Other debtors 294,242 317,337
695,616 621,620

Trade debtors disclosed above are measured at amortised cost.

5. Creditors: amounts falling due within one year

2023 2022
£ £
Bank loans 40,000 40,000
Trade creditors 214,156 235,868
Taxation and social security 110,747 92,662
Other creditors 22,072 52,882
386,975 421,412

6. Creditors: amounts falling due after more than one year

2023 2022
£ £
Bank loans 56,667 96,667

7. Called-up share capital

2023 2022
£ £
Allotted, called-up and fully-paid
11,000 Ordinary A Shares shares of £ 1.00 each 11,000 11,000
10,152 Ordinary B Shares shares of £ 1.00 each 10,152 10,152
21,152 21,152

There are 2 classes of Ordinary Shares; Ordinary A Shares and Ordinary B Shares. There are no restrictions on the distribution of dividends and repayment of capital.

At the year end, the company had 10,152 Ordinary B Shares of £1 each as unpaid share capital.

8. Reserves

Profit and loss reserves

Retained earnings represents accumulated comprehensive income for the year and prior periods less dividends paid.

9. Operating lease commitments

At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, as follows:

2023 2022
£ £
Rental lease 19,714 97,997