Year Ended
Registration number:
The Dorset Press Limited
Contents
Company Information |
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Strategic Report |
|
Directors' Report |
|
Statement of Directors' Responsibilities |
|
Independent Auditor's Report |
|
Consolidated Profit and Loss Account |
|
Consolidated Statement of Comprehensive Income |
|
Consolidated Balance Sheet |
|
Balance Sheet |
|
Consolidated Statement of Changes in Equity |
|
Statement of Changes in Equity |
|
Consolidated Statement of Cash Flows |
|
Notes to the Financial Statements |
The Dorset Press Limited
Company Information
Directors |
R M Kennett A V Kennett H M Kennett M W Kennett |
Company secretary |
R M Kennett |
Registered office |
|
Solicitors |
|
Bankers |
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Auditors |
|
The Dorset Press Limited
Strategic Report for the Year Ended 30 June 2024
The directors present their strategic report together with the audited financial statements for the year ended 30 June 2024.
Review of business and future developments
The group prints for book and journal publishers, ranging from small boutique publishers and societies to members of listed groups and Royal Societies. We have invested to position ourselves as a quality provider of both short and long-run cased and limp books and journals.
This year we have seen a continuation in the trend for our customers to manage and reduce print quantities. Our cost base remains high, the increases we saw last year in materials and energy supplies have not reversed and with labour rates reflecting cost of living standards the combination has again reduced operating margins.
The group continues to invest in latest technology including energy efficiencies. Last year’s investment in our Defined Benefit Pension Fund by entering into a Bulk Purchase Annuity contract with Legal & General has taken longer to finalise than we hoped. At the time of signing these accounts the Pension Fund has finally moved to Buy-out and Wind-up has been triggered. This has significantly de-risked the group and removed the finance risk of this Pension Fund.
Environmental matters and sustainability
The group retains ISO 14001 Environmental Management Systems and the ISO 9001 Quality Management accreditations, as well as offering the use of its FSC (Forest Stewardship Council) accreditation. These accreditations continue to be pre-requisites for winning and retaining work.
Henry Ling recognises the importance of reducing its carbon footprint. In order to align with the UN recommendations for Climate change and set science-based targets and prevent global warming exceeding levels of 1.5 degrees centigrade we are targeting halving our CO₂ emissions by 2030, and achieving net zero carbon emissions by 2050. We currently source all our electricity from tariffs with zero emissions.
We have a policy that clearly states our commitment to protect the environment and prevent pollution, monitor our impact and continually look for ways to improve by reducing consumption and waste and a pledge to foster a sense of responsibility for the environment amongst our staff.
This year we achieved external recognition of this with a Bronze Award from Ecovadis and a B Score from CDP.
We commit to being a responsible employer with high ethical, labour and employment standards. We appreciate our people and recognise they are core to the success of our business.
Review of financial performance and position
The results for the year show sales of £ 7,324,982 (2023 - £ 8,788,164) and Operating loss of £397,459 (2023 - £414,534 profit). This year’s operating loss is stated after charging £136,000 of professional charges relating to the Defined Benefit Purchase Fund. This year’s Loss is stated after Other finance expense of £249,922 (2023 - £1,569,000) relating to the Bulk Purchase Annuity contract in the Defined Benefit Pension Fund.
The groups's net assets have decreased by £511,339 to £10,345,734 (2023 - £10,857,073).
The Dorset Press Limited
Strategic Report for the Year Ended 30 June 2024
Key statement of financial position movements include:
• Fixed Assets Net Book Value (NBV) decreased by £833,251 to £6,585,810 (2023 - £7,419,061). Plant and Machinery additions amounted to £0.12m (2023 - £0.39m),with depreciation being £0.95m (2023 - £0.94m);
• Net Current Assets increased by £0.3m to £4.34m (2023 - £4.04m)
Key performance indicators
Given that the business is a family owned and managed business in a highly competitive market the directors are of the opinion that there are no further appropriate KPIs to publish in the Strategic Report other than those referenced in the section above.
Principal risks and uncertainties
The company has reduced the financing risk of its Defined Benefit Pension Fund, which was closed to further contributions in June 2001, as disclosed above. At the end of last year the remaining risk related to final actuarial and contractual computations which were provided for as best as could be estimated then, these have now been agreed and provided for at the year end.
The current economic conditions remain challenging for our suppliers and customers and we are monitoring of all our trading partners
The printing sector remains highly competitive. Recent years have seen technical journal and educational book segments consolidate at publisher level. There is a continuing trend for journals to publish on-line as well as, or instead of, printing. The company manages these risks by maintaining strong relationships with customers and investing in appropriate equipment and services that add value.
Information on exposure to price risk, credit risk, liquidity risk and cash flow risk
The company's credit risk is attributable to its customers and is managed by monitoring existing customers and credit checking new customers. It uses a recognised credit checking provider and is a member of the industry federation BPIF.
The company holds a high level of cash and therefore considers there is no liquidity risk.
Approved and authorised by the
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The Dorset Press Limited
Directors' Report
Year Ended 30 June 2024
The directors present their report together with the audited financial statements for the year ended 30 June 2024.
Results and dividends
The loss for the year, after taxation, amounted to £411,339 (2023 - £803,993). This year’s Loss is stated after Other finance expense of £249,922 (2023 - £1,569,000) relating to the Bulk Purchase Annuity contract in the Defined Benefit Pension Fund.
Interim dividends of £5 (2023 - £5) per share were paid to ordinary shareholders during the year.
The directors do not recommend the payment of a final dividend.
Financial risk management and future developments
Details of the financial risk management objectives and policies, exposure to price, credit, liquidity, and cash flow risk and future developments are included in the Strategic Report.
Indemnification of directors
Qualifying third party indemnity provisions (as defined in section 234(2) of the Companies Act 2006) are in force for the benefit of the directors and former directors who held office during the year ended 30 June 2024.
Directors of the group
The directors who held office during the year were as follows:
Disclosure of information to the auditor
Each director has taken steps that they ought to have taken as a director in order to make themselves aware of any relevant audit information and to establish that the company's auditor is aware of that information. The directors confirm that there is no relevant information that they know of and of which they know the auditor is unaware.
Approved and authorised by the
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The Dorset Press Limited
Statement of Directors' Responsibilities
The directors acknowledge their responsibilities for preparing the Annual Report 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 group and the company 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 apply them consistently; |
• |
make judgements and accounting estimates that are reasonable and prudent; |
• |
state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements; and |
• |
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 group's and the company's transactions and disclose with reasonable accuracy at any time the financial position of the group and the company 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 group and the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
The Dorset Press Limited
Independent Auditor's Report to the Members of The Dorset Press Limited
Opinion
We have audited the financial statements of The Dorset Press Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 30 June 2024, which comprise the Consolidated Profit and Loss Account, Consolidated Statement of Comprehensive Income, Consolidated Balance Sheet, Balance Sheet, Consolidated Statement of Changes in Equity, Statement of Changes in Equity, Consolidated Statement of Cash Flows, and 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 the parent company's affairs as at 30 June 2024 and of the group's loss 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 auditor 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 director's 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 and parent company's ability to continue as a going concern for a period of at least twelve months from when the original financial statements were 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 included in the annual report, other than the financial statements and our auditor’s report 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.
The Dorset Press Limited
Independent Auditor's Report to the Members of The Dorset Press Limited
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 there is a material misstatement in the financial statements or a material misstatement of the other information. 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.
Opinion on other matter 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 Strategic Report and Directors' Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and |
• |
the Strategic Report and Directors' Report have been prepared in accordance with applicable legal requirements. |
Matters on which we are required to report by exception
In the light of our knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the Strategic Report and the Directors' Report.
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 5, 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 is 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.
The Dorset Press Limited
Independent Auditor's Report to the Members of The Dorset Press Limited
Auditor’s 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 an auditor’s report 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.
Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:
Based on our understanding of the group, we considered those laws and regulations that have a direct impact on the preparation of the financial statements such as the Companies Act 2006. We evaluated management incentives and opportunities for fraudulent manipulation of the financial statements including management override and considered that the principal risks were related to the posting of inappropriate journal entries and making inappropriate estimates or judgements.
Procedures performed by the audit team included:
- discussions with management regarding known or suspected instances of non-compliance with laws and regulations;
- assessing journal entries as part of our planned audit approach; and
- assessing the judgements made by management when making key accounting estimates and judgements, and challenging management on the appropriateness of these judgements.
We communicated relevant identified laws and regulations and potential fraud risks to all engagement team members and remained alert to any indications of fraud or non-compliance with laws and regulations throughout the audit.
Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements. The risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate omissions, collusion, forgery, misrepresentations, or the override of internal controls. We are also less likely to become aware of instances of non-compliance with laws and regulations that are not closely related to events and transactions reflected in the financial statements.
A further description of our responsibilities is available on the Financial Reporting Council’s website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor’s report.
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 an auditor’s report 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.
The Dorset Press Limited
Independent Auditor's Report to the Members of The Dorset Press Limited
Towngate House
2-8 Parkstone Road
Dorset
BH15 2PW
The Dorset Press Limited
Consolidated Profit and Loss Account
Year Ended 30 June 2024
Note |
2024 |
2023 |
|
Turnover |
|
|
|
Changes in stocks of finished goods and work in progress |
( |
( |
|
Other operating income |
|
|
|
Raw materials and consumables |
( |
( |
|
Other external charges |
(1,299,739) |
(1,193,302) |
|
Staff costs |
( |
( |
|
Depreciation and amortisation |
( |
( |
|
Other operating expenses |
( |
( |
|
Operating (loss)/profit |
( |
|
|
Share of profit of associates |
5,183 |
5,094 |
|
Interest receivable and similar income |
|
|
|
Interest payable and similar expenses |
- |
( |
|
Other finance (expenses)/income |
(249,922) |
(1,569,000) |
|
(127,297) |
(1,544,729) |
||
Loss before tax |
( |
( |
|
Tax on loss |
|
|
|
Loss for the year |
( |
( |
|
(Loss)/profit attributable to: |
|||
Owners of the company |
( |
( |
The group has no recognised gains or losses for the year other than the results above.
The Dorset Press Limited
Consolidated Statement of Comprehensive Income
Year Ended 30 June 2024
2024 |
2023 |
|
Loss for the year |
( |
( |
Actuarial gain on defined benefit pension scheme net of deferred tax |
- |
|
Total comprehensive income for the year |
( |
( |
Total comprehensive income attributable to: |
||
Owners of the company |
( |
( |
The Dorset Press Limited
Consolidated Balance Sheet
30 June 2024
Note |
2024 |
2023 |
|
Fixed assets |
|||
Tangible assets |
|
|
|
Investments |
|
|
|
|
|
||
Current assets |
|||
Stocks |
|
|
|
Debtors |
|
|
|
Cash at bank and in hand |
|
|
|
|
|
||
Creditors: Amounts falling due within one year |
( |
( |
|
Net current assets |
|
|
|
Total assets less current liabilities |
|
|
|
Provisions for liabilities |
( |
( |
|
Net assets excluding pension asset |
10,678,734 |
11,099,073 |
|
Net pension liability |
(333,000) |
(242,000) |
|
Net assets |
|
|
|
Capital and reserves |
|||
Called up share capital |
|
|
|
Capital redemption reserve |
|
|
|
Revaluation reserve |
|
|
|
Profit and loss account |
|
|
|
Equity attributable to owners of the company |
|
|
|
Shareholders' funds |
|
|
Approved and authorised by the
|
Company Registration Number: 01671043
The Dorset Press Limited
Balance Sheet
30 June 2024
Note |
2024 |
2023 |
|
Fixed assets |
|||
Tangible assets |
|
|
|
Investments |
|
|
|
|
|
||
Current assets |
|||
Debtors |
- |
|
|
Cash at bank and in hand |
|
|
|
|
|
||
Creditors: Amounts falling due within one year |
( |
( |
|
Net current assets |
|
|
|
Total assets less current liabilities |
|
|
|
Provisions for liabilities |
( |
( |
|
Net assets |
|
|
|
Capital and reserves |
|||
Called up share capital |
|
|
|
Capital redemption reserve |
|
|
|
Revaluation reserve |
|
|
|
Profit and loss account |
|
|
|
Shareholders' funds |
|
|
The company has taken the exemption in section 408 of the Companies Act 2006 and has not presented its individual profit and loss account. The company made a loss after tax for the financial year of £52,830 (2023 - profit of £307,842).
Approved and authorised by the
|
Company Registration Number: 01671043
The Dorset Press Limited
Consolidated Statement of Changes in Equity
Year Ended 30 June 2024
Share capital |
Capital redemption reserve |
Revaluation reserve |
Profit and loss account |
Total |
|
At 1 July 2023 |
|
|
|
|
|
Loss for the year |
- |
- |
- |
( |
( |
Dividends |
- |
- |
- |
( |
( |
Transfers |
- |
- |
(29,939) |
29,939 |
- |
At 30 June 2024 |
|
|
|
|
|
Share capital |
Capital redemption reserve |
Revaluation reserve |
Profit and loss account |
Total |
|
At 1 July 2022 |
|
|
|
|
|
Loss for the year |
- |
- |
- |
( |
( |
Other comprehensive income |
- |
- |
- |
|
|
Total comprehensive income |
- |
- |
- |
( |
( |
Dividends |
- |
- |
- |
( |
( |
Transfers |
- |
- |
(201,161) |
201,161 |
- |
At 30 June 2023 |
20,000 |
30,000 |
333,063 |
10,474,010 |
10,857,073 |
The Dorset Press Limited
Statement of Changes in Equity
Year Ended 30 June 2024
Share capital |
Capital redemption reserve |
Revaluation reserve |
Profit and loss account |
Total |
|
At 1 July 2023 |
|
|
|
|
|
Loss for the year |
- |
- |
- |
( |
( |
Dividends |
- |
- |
- |
( |
( |
Transfers |
- |
- |
(29,939) |
29,939 |
- |
At 30 June 2024 |
|
|
|
|
|
Share capital |
Capital redemption reserve |
Revaluation reserve |
Profit and loss account |
Total |
|
At 1 July 2022 |
|
|
|
|
|
Profit for the year |
- |
- |
- |
|
|
Dividends |
- |
- |
- |
( |
( |
Transfers |
- |
- |
(201,161) |
201,161 |
- |
At 30 June 2023 |
20,000 |
30,000 |
333,063 |
4,284,050 |
4,667,113 |
The Dorset Press Limited
Consolidated Statement of Cash Flows
Year Ended 30 June 2024
Note |
2024 |
2023 |
|
Cash flows from operating activities |
|||
Loss for the year |
( |
( |
|
Adjustments to cash flows from non-cash items |
|||
Depreciation and amortisation |
|
|
|
Profit on disposal of tangible assets |
( |
( |
|
Finance income |
( |
( |
|
Finance costs |
- |
|
|
Difference between net pension expense and cash contribution |
- |
953,000 |
|
Share of profit in associates |
( |
( |
|
Income tax expense |
( |
( |
|
|
|
||
Working capital adjustments |
|||
Decrease in stocks |
|
|
|
Decrease in trade debtors |
|
|
|
Increase/(decrease) in trade creditors |
|
( |
|
Increase in provisions |
|
- |
|
Net cash flow from operating activities |
|
|
|
Cash flows from investing activities |
|||
Interest received |
|
|
|
Acquisitions of tangible assets |
( |
( |
|
Proceeds from sale of tangible assets |
|
|
|
Cash receipts from repayment of loans, classified as investing activities |
|
|
|
Net cash flows from investing activities |
|
|
|
Cash flows from financing activities |
|||
Interest paid |
- |
( |
|
Payments to finance lease creditors |
- |
( |
|
Dividends paid |
( |
( |
|
Net cash flows from financing activities |
( |
( |
|
Net increase in cash and cash equivalents |
|
|
|
Cash and cash equivalents at 1 July |
|
|
|
Cash and cash equivalents at 30 June |
3,560,249 |
3,105,381 |
The Dorset Press Limited
Notes to the Financial Statements
Year Ended 30 June 2024
General information |
The company is a private company limited by share capital, incorporated in England and Wales.
The address of its registered office is:
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 were prepared in accordance with Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
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.
Summary of disclosure exemptions
The company has taken advantage of the following disclosure exemptions in preparing these financial statements, as permitted by the FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland":
• |
the requirements of Section 4 Statement of Financial Position paragraph 4.12(a)(iv), reconciliation of the number of shares outstanding at the beginning and end of the period; |
• |
the requirements of Section 7 Statement of Cash Flows and Section 3 Financial Statement Presentation paragraph 3.17(d), to include a cash flow statement in the financial statements; and |
• |
the requirements of Section 33 Related Party Disclosures paragraph 33.7, the disclosure of key management personnel compensation. |
Basis of consolidation
The consolidated financial statements consolidate the financial statements of the company and its subsidiary undertakings drawn up to 30 June 2024.
As a consolidated profit and loss account is published, a separate profit and loss account for the parent company is omitted from the group financial statements by virtue of section 408 of the Companies Act 2006.
The Dorset Press Limited
Notes to the Financial Statements
Year Ended 30 June 2024
A subsidiary is an entity controlled by the company. Control is achieved where the company has the power to govern the financial and operating policies of an entity so as to obtain benefits from its activities.
The results of subsidiaries acquired or disposed of during the year are included in the Profit and Loss Account from the effective date of acquisition or up to the effective date of disposal, as appropriate. Where necessary, adjustments are made to the financial statements of subsidiaries to bring their accounting policies into line with those used by the group.
The purchase method of accounting is used to account for business combinations that result in the acquisition of subsidiaries by the group. The cost of a business combination is measured as the fair value of the assets given, equity instruments issued and liabilities incurred or assumed at the date of exchange, plus costs directly attributable to the business combination. Identifiable assets acquired and liabilities and contingent liabilities assumed in a business combination are measured initially at their fair values at the acquisition date. Any excess of the cost of the business combination over the acquirer’s interest in the net fair value of the identifiable assets, liabilities and contingent liabilities recognised is recorded as goodwill.
Inter-company transactions, balances and unrealised gains on transactions between the company and its subsidiaries, which are related parties, are eliminated in full.
Intra-group losses are also eliminated but may indicate an impairment that requires recognition in the consolidated financial statements.
Accounting policies of subsidiaries have been changed where necessary to ensure consistency with the policies adopted by the group. Non-controlling interests in the net assets of consolidated subsidiaries are identified separately from the group’s equity therein. Non-controlling interests consist of the amount of those interests at the date of the original business combination and the non-controlling shareholder’s share of changes in equity since the date of the combination.
Going concern
The directors have undertaken their forecasting process for 2024/2025 and concluded that the business is a going concern.
The group has significant cash resources available to mitigate against unexpected cashflow outcomes. The directors have considered a number of possible budgeting scenarios and concluded that the business is, and will continue to be for the foreseeable future, a going concern and that no material uncertainty exists.
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 group’s activities. Turnover is shown net of rechargeable carriage, value added tax, returns, rebates and discounts and after eliminating sales within the company.
The group 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 group's activities.
This can be upon despatch or collection of goods.
The Dorset Press Limited
Notes to the Financial Statements
Year Ended 30 June 2024
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 corporation 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 group operates and generates taxable income.
Deferred tax is recognised on all timing differences at the balance sheet date unless indicated below. Timing differences are differences between taxable profits and the results as stated in the consolidated profit and loss account and other comprehensive income. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.
The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit.
Tangible assets
Tangible assets are stated in the balance sheet 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 |
Freehold property |
- between 10 and 50 years |
Plant, equipment, fixtures and fittings |
- between 3 and 17 years |
Leasehold improvements |
- between 3 and 17 years |
Business combinations
Business combinations are accounted for using the purchase method. The consideration for each acquisition is measured at the aggregate of the fair values at acquisition date of assets given, liabilities incurred or assumed, and equity instruments issued by the group in exchange for control of the acquired, plus any costs directly attributable to the business combination. When a business combination agreement provides for an adjustment to the cost of the combination contingent on future events, the group includes the estimated amount of that adjustment in the cost of the combination at the acquisition date if the adjustment is probable and can be measured reliably.
Investments
Investments in subsidiaries are measured at cost less accumulated impairment.
The Dorset Press Limited
Notes to the Financial Statements
Year Ended 30 June 2024
Cash and cash equivalents and short term deposits
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.
Short term deposits that mature in more than three but less than twelve months from the date of acquisition are included at transaction price.
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 stocks 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.
Leases
Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.
Dividends
Dividend distribution to the group’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 group 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.
The Dorset Press Limited
Notes to the Financial Statements
Year Ended 30 June 2024
Financial instruments
Classification
• Short term trade and other debtors and creditors;
• Bank loans; and
• Cash and bank balances.
All financial instruments are classified as basic.
Recognition and measurement
Financial instruments are recognised when the company becomes party to the contractual provisions of the instrument and derecognised when in the case of assets, the contractual rights to cash flows from the assets expire or substantially all the risks and rewards of ownership are transferred to another party, or in the case of liabilities, when the company’s obligations are discharged, expire or are cancelled.
Except for bank loans, such instruments are initially measured at transaction price, including transaction costs, and are subsequently carried at the undiscounted amount of the cash or other consideration expected to be paid or received, after taking account of impairment adjustments. Bank loans are initially measured at transaction price, including transaction costs, and are subsequently carried at amortised cost using the effective interest method.
Judgements
Leases - determine whether leases entered into by the company as a lessee are operating or finance leases. These decisions depend on an assessment of whether the risks and rewards of ownership have been transferred from the lessor to the lessee on a lease by lease basis. |
Impairment of tangible fixed assets - determine whether there are indicators of impairment of the company's tangible assets. Factors taken into consideration in reaching such a decision include the economic viability and expected future financial performance of the asset. |
Key sources of estimation uncertainty
Tangible fixed assets (see note 12) - tangible fixed assets are depreciated over their useful lives taking into account residual values, where appropriate. The actual lives of the assets and residual values are assessed annually and may vary depending on the number of factors. In re-assessing asset lives, factors such as technological innovation, product life cycles and maintenance programmes are taken into account. Residual value assessments consider issues such as future market conditions, the remaining life of the asset and projected disposal values.
The Dorset Press Limited
Notes to the Financial Statements
Year Ended 30 June 2024
Turnover |
The analysis of the group's Turnover for the year by market is as follows:
2024 |
2023 |
|
UK |
|
|
Europe |
|
|
Rest of world |
|
|
|
|
Other operating income |
The analysis of the group's other operating income for the year is as follows:
2024 |
2023 |
|
Miscellaneous other operating income |
|
|
Profit on disposal of tangible fixed assets |
42,660 |
265,652 |
|
|
Operating (loss)/profit |
Arrived at after charging/(crediting)
2024 |
2023 |
|
Defined benefit/ defined contribution pension schemes |
511,811 |
1,815,988 |
Depreciation expense |
|
|
Fees payable to the group's auditor |
26,179 |
24,850 |
Operating lease expense |
|
|
Profit on disposal of property, plant and equipment |
( |
( |
Staff costs |
The aggregate payroll costs (including directors' remuneration) were as follows:
2024 |
2023 |
|
Wages and salaries |
|
|
Social security costs |
|
|
Pension costs, defined contribution scheme |
|
|
Pension costs, defined benefit scheme |
|
|
|
|
The Dorset Press Limited
Notes to the Financial Statements
Year Ended 30 June 2024
The average number of persons employed by the group (including directors) during the year, analysed by category was as follows:
2024 |
2023 |
|
Production |
|
|
Sales, marketing and distribution |
|
|
|
|
Directors' remuneration |
The directors' remuneration for the year was as follows:
2024 |
2023 |
|
Remuneration |
|
|
Other interest receivable and similar income |
2024 |
2023 |
|
Other finance income |
|
|
Interest payable and similar expenses |
2024 |
2023 |
|
Interest on obligations under finance leases and hire purchase contracts |
- |
|
The Dorset Press Limited
Notes to the Financial Statements
Year Ended 30 June 2024
Taxation |
Tax charged/(credited) in the consolidated profit and loss account
2024 |
2023 |
|
Current taxation |
||
- |
- |
|
Share of tax charge of equity accounted associates |
|
|
Total current income tax |
984 |
968 |
Deferred taxation |
||
Arising from origination and reversal of timing differences |
( |
( |
Tax receipt in the income statement |
( |
( |
The tax on profit before tax for the year is calculated at the small profits rate of
The differences are reconciled below:
2024 |
2023 |
|
Loss before tax |
( |
( |
Corporation tax at standard rate |
( |
( |
Effect of expense not deductible in determining taxable profit (tax loss) |
( |
|
Deferred tax credit relating to changes in tax rates or laws |
( |
( |
Decrease from effect of tax incentives |
- |
( |
Tax increase/(decrease) from effect of capital allowances and depreciation |
|
( |
Tax relief from defined benefit scheme contribution |
|
( |
Total tax credit |
( |
( |
The Dorset Press Limited
Notes to the Financial Statements
Year Ended 30 June 2024
Tangible assets |
Group
Land and buildings |
Plant and machinery |
Total |
|
Cost or valuation |
|||
At 1 July 2023 |
|
|
|
Additions |
- |
|
|
Disposals |
- |
( |
( |
At 30 June 2024 |
|
|
|
Depreciation |
|||
At 1 July 2023 |
|
|
|
Charge for the year |
|
|
|
Eliminated on disposal |
- |
( |
( |
At 30 June 2024 |
|
|
|
Carrying amount |
|||
At 30 June 2024 |
|
|
|
At 30 June 2023 |
|
|
|
Included within the net book value of land and buildings above is £3,367,857 (2023 - £3,473,349) in respect of freehold land and buildings.
The Dorset Press Limited
Notes to the Financial Statements
Year Ended 30 June 2024
Company
Land and buildings |
Total |
|
Cost or valuation |
||
At 1 July 2023 |
|
|
At 30 June 2024 |
|
|
Depreciation |
||
At 1 July 2023 |
|
|
Charge for the year |
|
|
At 30 June 2024 |
|
|
Carrying amount |
||
At 30 June 2024 |
|
|
At 30 June 2023 |
|
|
Included within the net book value of land and buildings above is £3,329,597 (2023 - £3,432,306) in respect of freehold land and buildings.
The Dorset Press Limited
Notes to the Financial Statements
Year Ended 30 June 2024
Investments |
Group
Loans to |
|||
Associated |
associated |
||
undertakings |
undertakings |
Total |
|
£ |
£ |
£ |
|
Cost |
|||
At 1 July 2023 |
- |
15,014 |
15,014 |
Repayments |
- |
(1,500) |
(1,500) |
At 30 June 2024 |
- |
13,514 |
13,514 |
Share of retained profits |
|||
At 1 July 2023 |
90,591 |
- |
90,591 |
Share of profit for the year |
4,199 |
- |
4,199 |
At 30 June 2024 |
94,790 |
- |
94,790 |
Net book value |
|||
At 30 June 2024 |
94,790 |
13,514 |
108,304 |
At 30 June 2023 |
90,591 |
15,014 |
105,605 |
Company
2024 |
2023 |
|
Investments in subsidiaries |
|
|
Subsidiary undertakings, associated undertakings and other investments
The company holds 100% of the ordinary share capital, and 100% of the 2% non-cumulative preference shares of Henry Ling Limited, a company incorporated in England and Wales. Henry Ling Limited is engaged in the printing and binding of technical journals and educational/specialist books. The registered office of Henry Ling Limited is The Dorset Press, Dorchester, Dorset, DT1 1HD.
Henry Ling Limited wholly owns the ordinary shares of £1 each of Skyline Bookbinders Limited, a dormant company incorporated in England and Wales. At 30 June 2023 the financial statements showed share capital of £1 and retained profits of £1. The registered office of Skyline Bookbinders Limited is The Dorset Press, Dorchester, Dorset, DT1 1HD.
Henry Ling Limited holds 33% of the 3 ordinary shares of £1 each of Friary Lane Garage Development Company Limited, a company incorporated in England and Wales. At 31 August 2023 the financial statements showed share capital of £3 and retained profit of £290,513. The registered office of Friary Lane Garage Development Company Limited is 34 High East Street, Dorchester, Dorset, DT1 1HA.
The Dorset Press Limited
Notes to the Financial Statements
Year Ended 30 June 2024
Stocks |
Group |
Company |
|||
2024 |
2023 |
2024 |
2023 |
|
Raw materials and consumables |
|
|
- |
- |
Work in progress |
|
|
- |
- |
|
|
- |
- |
Debtors |
Group |
Company |
|||
2024 |
2023 |
2024 |
2023 |
|
Trade debtors |
|
|
- |
- |
Amounts owed by related parties |
- |
- |
- |
|
Other debtors |
|
|
- |
- |
Prepayments |
|
|
- |
- |
|
|
- |
|
Cash and cash equivalents |
Group |
Company |
|||
2024 |
2023 |
2024 |
2023 |
|
Cash on hand |
|
|
- |
- |
Cash at bank |
|
|
|
|
Short-term deposits |
|
|
|
|
|
|
|
|
The Dorset Press Limited
Notes to the Financial Statements
Year Ended 30 June 2024
Creditors |
Group |
Company |
||||
Note |
2024 |
2023 |
2024 |
2023 |
|
Due within one year |
|||||
Trade creditors |
|
|
- |
- |
|
Amounts due to group undertakings |
- |
- |
|
- |
|
Social security and other taxes |
|
|
- |
- |
|
Other creditors |
|
|
- |
- |
|
Accruals |
|
|
|
|
|
|
|
|
|
Provisions for liabilities |
Group
Deferred tax |
Total |
|
At 1 July 2023 |
|
|
Increase (decrease) in existing provisions |
( |
( |
At 30 June 2024 |
|
|
|
Company
Deferred tax |
Total |
|
At 1 July 2023 |
|
|
Increase (decrease) in existing provisions |
( |
( |
At 30 June 2024 |
|
|
|
Pension and other schemes |
Defined contribution pension scheme
The group operates a defined contribution pension scheme. The pension cost charge for the year represents contributions payable by the group to the scheme and amounted to £
The Dorset Press Limited
Notes to the Financial Statements
Year Ended 30 June 2024
Defined benefit pension schemes
In April 2023 the Trustees decided to enter into a Bulk Purchase Annuity (BPA) Agreement with Legal & General. This BPA is commonly referred to as a buy-in. A scheme buy-in is a financial transaction in which the pension scheme purchases an insurance policy from an insurer to cover the payment of benefits to scheme members. This means that the insurer takes on the financial risk of funding benefits, rather than the scheme itself. A constructive obligation for the buy-out existed from April 2023 and as such, this note no longer presents the gross assets and liabilities for the year ended 30 June 2023 or 2024. The provision of £333,000 (2023 - £242,000) represents the expected costs to be paid in respect of GMP equalisation and other historic pension scheme liabilities not covered by Legal & General which the Group will fund by employer contributions. The buy-out is expected to take place during the subsequent year.
Expenses recognised as other finance expenses in relation to the defined benefit pension scheme in the Profit and Loss Account:
2024 |
2023 |
||
£ |
£ |
||
Net Interest |
- |
(34,000) |
|
Settlement Cost |
249,922 |
1,603,000 |
|
Total |
249,922 |
1,569,000 |
Other costs relating to defined benefit schemes for the year recognised in profit or loss as an expense were £136,266 (2023 - £133,430).
Obligations under leases and hire purchase contracts |
Group
Operating leases
The total of future minimum lease payments is as follows:
2024 |
2023 |
|
Not later than one year |
|
|
Later than one year and not later than five years |
|
|
|
|
The amount of non-cancellable operating lease payments recognised as an expense during the year was £
The Dorset Press Limited
Notes to the Financial Statements
Year Ended 30 June 2024
Commitments |
Group
Capital commitments
The total amount contracted for but not provided in the financial statements was £Nil (2023 - £
Share capital |
Allotted, called up and fully paid shares
2024 |
2023 |
|||
No. |
£ |
No. |
£ |
|
|
|
20,000 |
|
20,000 |
Reserves |
Group
Share capital
Called up share capital represents the nominal value of the shares issued.
Capital redemption reserve
The capital redemption reserve contains the nominal value of own shares that have been acquired by the company and cancelled.
Revaluation reserve
The revaluation reserve includes the initial revaluation gain of £886,705 created on transition to FRS 102 at 1 July 2014, when the opportunity was taken to revalue the group's freehold property but adopt this value as the deemed cost going forward. An annual transfer between the revaluation reserve and profit and loss account is made to account for depreciation. During the year ended 30 June 2023, a property was disposed of which made up £284,194 of the initial revaluation gain. Any residual revaluation reserve in respect of this property has been transferred to profit and loss reserves. This reserve is not distributable under the Companies Act 2006.
Profit and loss account
The profit and loss account represents cumulative profits or losses, net of dividends paid and other adjustment.
The Dorset Press Limited
Notes to the Financial Statements
Year Ended 30 June 2024
Related party transactions |
The company has taken advantage of the exemption conferred by Section 33.1A of FRS102 not to disclose transactions with its wholly owned subsidiaries.
At 30 June 2024, the group was owed £13,514 (2023 - £15,014) by Friary Lane Garage Development Company Limited, an associated undertaking. Full details of this relationship are disclosed in note 15.
Key management personnel includes all directors and a number of senior managers across the group who together have authority and responsibility for planning, directing and controlling the activities of the group. The total compensation paid to key management personnel for services provided to the group was £171,968 (2023 - £318,655).