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REGISTERED NUMBER: SC153712 (Scotland)



















PALIMPSEST BOOK PRODUCTION COMPANY
LIMITED

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED

30 SEPTEMBER 2024






PALIMPSEST BOOK PRODUCTION COMPANY
LIMITED (REGISTERED NUMBER: SC153712)

CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024










Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


PALIMPSEST BOOK PRODUCTION COMPANY
LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 30 SEPTEMBER 2024







DIRECTORS: Mr Craig William Morrison
Mrs Ruth Ailie Morrison
Mr John Forsyth
Mts Kay Telford





SECRETARY: Ms Julie Garvock





REGISTERED OFFICE: 1 Etna Road
Falkirk
FK2 9EG





REGISTERED NUMBER: SC153712 (Scotland)





ACCOUNTANTS: CW
Chartered Accountants
9 Royal Crescent
Glasgow
G3 7SP

PALIMPSEST BOOK PRODUCTION COMPANY
LIMITED (REGISTERED NUMBER: SC153712)

BALANCE SHEET
30 SEPTEMBER 2024

2024 2023
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 15,597 20,109

CURRENT ASSETS
Debtors 5 150,719 165,227
Cash at bank and in hand 378,261 372,341
528,980 537,568
CREDITORS
Amounts falling due within one year 6 82,381 112,749
NET CURRENT ASSETS 446,599 424,819
TOTAL ASSETS LESS CURRENT
LIABILITIES

462,196

444,928

PROVISIONS FOR LIABILITIES 2,557 3,850
NET ASSETS 459,639 441,078

CAPITAL AND RESERVES
Called up share capital 8 5,000 5,000
Retained earnings 454,639 436,078
SHAREHOLDERS' FUNDS 459,639 441,078

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 September 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 30 September 2024 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

PALIMPSEST BOOK PRODUCTION COMPANY
LIMITED (REGISTERED NUMBER: SC153712)

BALANCE SHEET - continued
30 SEPTEMBER 2024


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

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 21 March 2025 and were signed on its behalf by:





Mr John Forsyth - Director


PALIMPSEST BOOK PRODUCTION COMPANY
LIMITED (REGISTERED NUMBER: SC153712)

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


1. STATUTORY INFORMATION

Palimpsest Book Production Company Limited is a private company, limited by shares , registered in Scotland. The company's registered number and registered office address can be found on the Company Information page.

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Revenue is recognised in line with performance, to the extent that a right to consideration arises. Included in current assets, as "amounts recoverable on contracts", are amounts in respect of income that has been recognised but not billed by the end of the period. Provision is made against unbilled amounts where the right to receive payment is contingent and dependent on factors outside the control of the company.

Fixed assets
All fixed assets are initially recorded at cost.

Depreciation
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Leasehold Improvements - Over the period of the lease
Fixtures and Fittings - 15% on cost
Equipment - at varying rates on cost

Financial instruments
Basic financial instruments such as cash, debtors and creditors are measured at transaction price. Financial liabilities classified as payable within one year are not amortised.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

PALIMPSEST BOOK PRODUCTION COMPANY
LIMITED (REGISTERED NUMBER: SC153712)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 SEPTEMBER 2024


2. ACCOUNTING POLICIES - continued

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

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.

Pension costs and other post-retirement benefits
The company contributes to the individual personal pensions of its employees. Contributions payable are charged to the accounts in the period to which they relate.

Operating lease agreement
Rentals applicable to operating leases where substantially all of the benefits and risks of ownership remain with the lessor are charged against profits on a straight line basis over the period of the lease.

Grants
Grants relating to revenue are recognised in the profit and loss account so as to match with the expenditure to which they relate.

Grants relating to assets are recognised in the profit and loss account on a systematic basis over the expected useful life of the asset.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 24 (2023 - 26 ) .

PALIMPSEST BOOK PRODUCTION COMPANY
LIMITED (REGISTERED NUMBER: SC153712)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 SEPTEMBER 2024


4. TANGIBLE FIXED ASSETS
Fixtures
Leasehold and
Improvements Fittings Equipment Totals
£    £    £    £   
COST
At 1 October 2023 45,085 27,344 218,484 290,913
Additions - - 3,201 3,201
Disposals - (2,754 ) (10,409 ) (13,163 )
At 30 September 2024 45,085 24,590 211,276 280,951
DEPRECIATION
At 1 October 2023 45,085 25,705 200,014 270,804
Charge for year - 603 7,110 7,713
Eliminated on disposal - (2,754 ) (10,409 ) (13,163 )
At 30 September 2024 45,085 23,554 196,715 265,354
NET BOOK VALUE
At 30 September 2024 - 1,036 14,561 15,597
At 30 September 2023 - 1,639 18,470 20,109


5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade debtors 120,663 136,552
Amounts recoverable on contract 18,372 19,110
Prepayments and accrued income 11,684 9,565
150,719 165,227

PALIMPSEST BOOK PRODUCTION COMPANY
LIMITED (REGISTERED NUMBER: SC153712)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 SEPTEMBER 2024


6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade creditors 7,379 16,575
Corporation Tax 5,816 14,945
Social security and other taxes 9,122 10,239
VAT 34,077 43,208
Other creditors 1,162 1,302
Directors' current accounts 1,756 2,170
Accrued expenses 23,069 24,310
82,381 112,749

The loans from directors are interest free and repayable on demand.

7. LEASING AGREEMENTS

Minimum lease payments under non-cancellable operating leases fall due as follows:
2024 2023
£    £   
Within one year 31,500 31,500
Between one and five years 126,000 126,000
In more than five years 656 32,156
158,156 189,656

8. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2024 2023
value: £    £   
5,000 Ordinary £1 5,000 5,000

9. RELATED PARTY DISCLOSURES

During the year the company paid £31,500 (2023: £31,500) in rent to the pension fund of the directors.

The loan balance due to a director amounted to £1,756 (2023: £2,170) at the year end.

PALIMPSEST BOOK PRODUCTION COMPANY
LIMITED (REGISTERED NUMBER: SC153712)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 SEPTEMBER 2024


10. CONTROL



On the 1st August 2018 The Trustees of The Palimpsest Book Production Company Limited Employee Ownership Trust acquired 90% of the share capital in the company and became the ultimate controlling party.