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Maverick Arts Publishing Limited

Annual Report and Unaudited Financial Statements

for the Year Ended 30 June 2024

Registration number: 06521333

 

Maverick Arts Publishing Limited

Contents

Statement of financial position

1 to 2

Notes to the Financial Statements

3 to 8

 

Maverick Arts Publishing Limited

(Registration number: 06521333)
Statement of financial position as at 30 June 2024

Note

2024
£

(As restated)

2023
£

Fixed assets

 

Tangible assets

5

2,050

3,103

Current assets

 

Stocks

6

121,106

92,152

Debtors

7

78,893

111,319

Cash at bank and in hand

 

21,845

38,080

 

221,844

241,551

Creditors: Amounts falling due within one year

8

(125,620)

(137,261)

Net current assets

 

96,224

104,290

Total assets less current liabilities

 

98,274

107,393

Creditors: Amounts falling due after more than one year

8

(65,412)

(76,359)

Provisions for liabilities

(390)

(590)

Net assets

 

32,472

30,444

Capital and reserves

 

Called up share capital

9

118

118

Retained earnings

32,354

30,326

Shareholders' funds

 

32,472

30,444

For the financial year ending 30 June 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

 

Maverick Arts Publishing Limited

(Registration number: 06521333)
Statement of financial position as at 30 June 2024

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Income statement.

Approved and authorised by the Board on 2 January 2025 and signed on its behalf by:
 

.........................................
Mr S A Bicknell
Director

 

Maverick Arts Publishing Limited

Notes to the Financial Statements for the Year Ended 30 June 2024

1

General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
Solo House
The Courtyard
London Road
Horsham
West Sussex
RH12 1AT

These financial statements were authorised for issue by the Board on 2 January 2025.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Going concern

The financial statements have been prepared on a going concern basis.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Foreign currency transactions and balances

Transactions in foreign currencies are initially recorded at the functional currency rate prevailing at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are retranslated into the respective functional currency of the entity at the rates prevailing on the reporting period date. Non-monetary items carried at fair value that are denominated in foreign currencies are retranslated at the rate on the date when the fair value is re-measured.

Non-monetary items measured in terms of historical cost in a foreign currency are not retranslated.

 

Maverick Arts Publishing Limited

Notes to the Financial Statements for the Year Ended 30 June 2024

Tax

The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

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

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when 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.

Tangible assets

Tangible assets are stated in the statement of financial position at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Office and computer equipment

33.3% straight line

Website costs

33.3% straight line

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are 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.

 

Maverick Arts Publishing Limited

Notes to the Financial Statements for the Year Ended 30 June 2024

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the income statement over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 6 (2023 - 6).

4

Profit before tax

Arrived at after charging/(crediting)

2024
£

2023
£

Depreciation expense

2,433

2,084

 

Maverick Arts Publishing Limited

Notes to the Financial Statements for the Year Ended 30 June 2024

5

Tangible assets

Website costs
£

Office equipment
£

Total
£

Cost or valuation

At 1 July 2023

3,380

19,491

22,871

Additions

-

1,380

1,380

At 30 June 2024

3,380

20,871

24,251

Depreciation

At 1 July 2023

1,126

18,642

19,768

Charge for the year

1,126

1,307

2,433

At 30 June 2024

2,252

19,949

22,201

Carrying amount

At 30 June 2024

1,128

922

2,050

At 30 June 2023

2,254

849

3,103

6

Stocks

2024
£

2023
£

Books

121,106

92,152

7

Debtors

2024
£

(As restated)

2023
£

Trade debtors

62,342

97,058

Prepayments

3,032

1,203

Other debtors

13,519

13,058

78,893

111,319

 

Maverick Arts Publishing Limited

Notes to the Financial Statements for the Year Ended 30 June 2024

8

Creditors

Creditors: amounts falling due within one year

Note

2024
£

(As restated)

2023
£

Due within one year

 

Loans and borrowings

15,014

51,267

Trade creditors

 

44,616

52,153

Taxation and social security

 

22,986

5,270

Accruals and deferred income

 

42,350

27,950

Other creditors

 

654

621

 

125,620

137,261

Creditors: amounts falling due after more than one year

Note

2024
£

2023
£

Due after one year

 

Loans and borrowings

65,412

76,359

9

Share capital

Allotted, called up and fully paid shares

2024

2023

No.

£

No.

£

Ordinary A shares of £0.01 each

10,000

100

10,000

100

Ordinary B shares of £0.01 each

1,765

18

1,765

18

11,765

118

11,765

118

 

Maverick Arts Publishing Limited

Notes to the Financial Statements for the Year Ended 30 June 2024

10

Related party transactions

Transactions with directors

2024

At 1 July 2023
£

Advances to director
£

Repayments by director
£

At 30 June 2024
£

Mrs K W Bicknell

Director loan

730

2,895

(730)

2,895

Mr S A Bicknell

Director loan

18

-

(18)

-

2023

At 1 July 2022
£

Advances to director
£

At 30 June 2023
£

Mrs K W Bicknell

Director loan

-

730

730

Mr S A Bicknell

Director loan

-

18

18

Directors' loan details

Director loans are provided at an interest rate of 2.25% and are repayable on demand.