Caseware UK (AP4) 2023.0.135 2023.0.135 2024-06-302024-06-302024-06-30The consolidated financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland' and the requirements of the Companies Act 2006. The disclosure requirements of Section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view. The Company has taken advantage of the exemption allowed under section 408 of the Companies Act 2006 and has not presented its own Statement of Comprehensive Income in these financial statements.Assets, other than those measured at fair value, are assessed for indicators of impairment at each balance sheet date. If there is objective evidence of impairment, an impairment loss is recognised in the Statement of Comprehensive Income as described below. (i) Non-financial assets An asset is impaired where there is objective evidence that, as a result of one or more events that occurred after initial recognition, the estimated recoverable value of the asset has been reduced. The recoverable amount of an asset is the higher of its fair value less costs to sell and its value in use. Where indicators exist for a decrease in impairment loss, the prior impairment loss is tested to determine reversal. An impairment loss is reversed on an individual impaired asset to the extent that the revised recoverable value does not lead to a revised carrying amount higher than the carrying value had no impairment been recognised. (ii) Financial assets For financial assets carried at amortised cost, the amount of impairment is the difference between the asset's carrying amount and the present value of estimated future cash flows, discounted at the financial asset's original effective interest rate. For financial assets carried at cost less impairment, the impairment loss is the difference between the asset's carrying amount and the best estimate of the amount that would be received for the asset if it were to be sold at the reporting date. Where indicators exist for a decrease in impairment loss, and the decrease can be related objectively to an event occurring after the impairment was recognised, the prior impairment loss is tested to determine reversal. An impairment loss is reversed on an individual impaired financial asset to the extent that the revised recoverable value does not lead to a revised carrying amount higher than the carrying value had no impairment been recognised. Impairment of financial assets Financial assets are assessed for indicators of impairment at each reporting date. Financial assets are impaired when events, subsequent to their initial recognition, indicate the estimated future cash flows derived from the financial asset(s) have been adversely impacted. The impairment loss will be the difference between the current carrying amount and the present value of the future cash flows at the asset(s) original effective interest rate. If there is a favourable change in relation to the events surrounding the impairment loss then the impairment can be reviewed for possible reversal. The reversal will not cause the current carrying amount to exceed the original carrying amount had the impairment not been recognised. The impairment reversal is recognised in the Statement of Comprehensive Income.The Group has elected to apply the provisions of Section 11 “Basic Financial Instruments” of FRS 102 to all of its financial instruments. Financial instruments are recognised in the Group's Balance Sheet when the Group becomes party to the contractual provisions of the instrument. Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.Basic financial assets Basic financial assets, which include trade and other receivables, cash and bank balances, are initially measured at their transaction price including transaction costs and are subsequently carried at their amortised cost using the effective interest method, less any provision for impairment, 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. Discounting is omitted where the effect of discounting is immaterial. The Group's cash and cash equivalents, trade and most other receivables due with the operating cycle fall into this category of financial instruments. Financial liabilities Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instruments any contract that evidences a residual interest in the assets of the Group after the deduction of all its liabilities. Basic financial liabilities, which include trade and other payables and loans due to fellow group companies are initially measured at their transaction price after transaction costs. When this constitutes a financing transaction, whereby the debt instrument is measured at the present value of the future receipts discounted at a market rate of interest. Discounting is omitted where the effect of discounting is immaterial. Debt instruments are subsequently carried at their amortised cost using the effective interest rate method. Trade payables are obligations to pay for goods and services that have been acquired in the ordinary course of business from suppliers. Trade payables are classified as current liabilities if the payment is due within one year. If not, they represent non-current liabilities. Trade payables are initially recognised at their transaction price and subsequently are measured at amortised cost using the effective interest method. Discounting is omitted where the effect of discounting is immaterial.The Group operates defined contribution retirement benefit schemes for all qualifying employees. The total expense charged to the Statement of Comprehensive Income in the year ended 30 June 2024 was £131k (2023: £123k). The pension creditor as at 30 June 2024 was £22k (2023: £Nil). Defined contribution pension plan The Group operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Group pays fixed contributions into a separate entity. Once the contributions have been paid the Group has no further payment obligations. The contributions are recognised as an expense in the Consolidated Statement of Comprehensive Income when they fall due. Amounts not paid are shown in accruals as a liability in the Balance Sheet. The assets of the plan are held separately from the Group in independently administered funds.02023-07-01false0falsefalse 03240151 2023-07-01 2024-06-30 03240151 2022-07-01 2023-06-30 03240151 2024-06-30 03240151 2023-06-30 03240151 2022-07-01 03240151 c:Director1 2023-07-01 2024-06-30 03240151 c:Director2 2023-07-01 2024-06-30 03240151 c:RegisteredOffice 2023-07-01 2024-06-30 03240151 d:ComputerEquipment 2023-07-01 2024-06-30 03240151 d:DevelopmentCostsCapitalisedDevelopmentExpenditure 2023-07-01 2024-06-30 03240151 d:Goodwill 2023-07-01 2024-06-30 03240151 d:CurrentFinancialInstruments 2024-06-30 03240151 d:CurrentFinancialInstruments 2023-06-30 03240151 d:Non-currentFinancialInstruments 2024-06-30 03240151 d:Non-currentFinancialInstruments 2023-06-30 03240151 d:CurrentFinancialInstruments d:WithinOneYear 2024-06-30 03240151 d:CurrentFinancialInstruments d:WithinOneYear 2023-06-30 03240151 d:ShareCapital 2024-06-30 03240151 d:ShareCapital 2023-06-30 03240151 d:ShareCapital 2022-07-01 03240151 d:RetainedEarningsAccumulatedLosses 2023-07-01 2024-06-30 03240151 d:RetainedEarningsAccumulatedLosses 2024-06-30 03240151 d:RetainedEarningsAccumulatedLosses 2022-07-01 2023-06-30 03240151 d:RetainedEarningsAccumulatedLosses 2023-06-30 03240151 d:RetainedEarningsAccumulatedLosses 2022-07-01 03240151 c:OrdinaryShareClass1 2023-07-01 2024-06-30 03240151 c:OrdinaryShareClass1 2024-06-30 03240151 c:OrdinaryShareClass1 2023-06-30 03240151 c:FRS102 2023-07-01 2024-06-30 03240151 c:Audited 2023-07-01 2024-06-30 03240151 c:FullAccounts 2023-07-01 2024-06-30 03240151 c:PrivateLimitedCompanyLtd 2023-07-01 2024-06-30 03240151 d:Subsidiary1 2024-06-30 03240151 d:Subsidiary1 2023-07-01 2024-06-30 03240151 d:Subsidiary1 1 2023-07-01 2024-06-30 03240151 c:Consolidated 2024-06-30 03240151 c:ConsolidatedGroupCompanyAccounts 2023-07-01 2024-06-30 03240151 2 2023-07-01 2024-06-30 03240151 6 2023-07-01 2024-06-30 03240151 e:PoundSterling 2023-07-01 2024-06-30 xbrli:shares iso4217:GBP xbrli:pure

Registered number: 03240151









YANKEE BOOK PEDDLER LIMITED








ANNUAL REPORT AND FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 JUNE 2024

 
YANKEE BOOK PEDDLER LIMITED
 
 
COMPANY INFORMATION


Directors
A Kochar 
B Lucas 




Registered number
03240151



Registered office
Buckles Solicitors LLP
Grant House

101 Bourges Boulevard

Peterborough

PE1 1NG




Independent auditors
Forvis Mazars LLP
Chartered Accountants & Statutory Auditor

2 Chamberlain Square

Birmingham

B3 3AX





 
YANKEE BOOK PEDDLER LIMITED
 

CONTENTS



Page
Directors' Report
1 - 2
Independent Auditors' Report
3 - 6
Consolidated Statement of Comprehensive Income
7
Consolidated Balance Sheet
8 - 9
Company Balance Sheet
10
Consolidated Statement of Changes in Equity
11
Company Statement of Changes in Equity
12
Consolidated Statement of Cash Flows
13
Consolidated Analysis of Net Debt
14
Notes to the Financial Statements
15 - 35


 
YANKEE BOOK PEDDLER LIMITED
 
 
 
DIRECTORS' REPORT
FOR THE YEAR ENDED 30 JUNE 2024

The directors present their report and the financial statements for the year ended 30 June 2024.

Directors' responsibilities statement

The directors are responsible for preparing the Directors' Report and the consolidated 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 applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland'. 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 Company and the Group 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 for the Group's financial statements and then 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 Group will continue in business.

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the Company's transactions and disclose with reasonable accuracy at any time the financial position of the Company and the Group and to enable them to ensure that the financial statements comply with the Companies Act 2006They are also responsible for safeguarding the assets of the Company and the Group and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Research and development

The Group continues to develop internal software. These development costs are recognised as intangible fixed assets in accordance with FRS 102. The related amortisation is provided when the software is brought into use.

Results and dividends

The profit for the year, after taxation, amounted to £231k (2023: profit of £240k).

Directors

The directors who served during the year were:

A Kochar 
B Lucas 

Page 1

 
YANKEE BOOK PEDDLER LIMITED
 
 
 
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024

Disclosure of information to auditors

Each of the persons who are directors at the time when this Directors' Report is approved has confirmed that:
 
so far as the director is aware, there is no relevant audit information of which the Company and the Group's auditors are unaware, and

the director has taken all the steps that ought to have been taken as a director in order to be aware of any relevant audit information and to establish that the Company and the Group's auditors are aware of that information.

Post balance sheet events

There have been no significant events affecting the Group since the year end.

Auditors

The auditorsForvis Mazars LLPwill be proposed for reappointment in accordance with section 485 of the Companies Act 2006.

Small companies note

In preparing this report, the directors have taken advantage of the small companies exemptions provided by section 415A of the Companies Act 2006.

This report was approved by the board and signed on its behalf.
 





B Lucas
Director

Date: 26 March 2025

Page 2

 
YANKEE BOOK PEDDLER LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF YANKEE BOOK PEDDLER LIMITED
 

Opinion

We have audited the financial statements of Yankee Book Peddler Limited (the "parent company") for the year ended 30 June 2024 which comprise the Consolidated Statement of Comprehensive Income, the Consolidated Balance Sheet, the Company Balance Sheet, the Consolidated Statement of Changes in Equity, the Company Statement of Changes in Equity, the Consolidated Statement of Cash Flows, the Consolidated Analysis of Net Debt 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 FRS 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 of the parent company's affairs as at 30 June 2024 and of the group's profit 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’s responsibilities for the audit of the financial statements section of our report. We are independent of the group and the parent company 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 directors' 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's and the parent company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are 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 other information comprises the information included in the Directors' Report, other than the financial statements and our auditor’s report thereon. The directors are responsible for the other information contained within the Directors' Report. 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.
 
Page 3

 
YANKEE BOOK PEDDLER LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF YANKEE BOOK PEDDLER LIMITED
 

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 course of 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 this gives rise to a material misstatement in the financial statements themselves. 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.

Opinions on other matters 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 Directors' Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
the Directors' Report have been prepared in accordance with applicable legal requirements.

Matters on which we are required to report by exception

In light of the knowledge and understanding of the group and the parent company and their environment obtained in the course of the audit, we have not identified material misstatements in the Directors' Report.

We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:

adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or
the 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 Directors' Responsibilities Statement set out on page 1, 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 intend to liquidate the group and the parent company or to cease operations, or have no realistic alternative but to do so.
 
Page 4

 
YANKEE BOOK PEDDLER LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF YANKEE BOOK PEDDLER 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.
The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below.
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. 
Based on our understanding of the group and the parent company and their industry, we considered that non-compliance with the following laws and regulations might have a material effect on the financial statements: employment regulation, health and safety regulation and anti-money laundering regulation.
To help us identify instances of non-compliance with these laws and regulations, and in identifying and assessing the risks of material misstatement in respect to non-compliance, our procedures included, but were not limited to:
• Inquiring of management and, where appropriate, those charged with governance, as to whether the    group and the parent company is in compliance with laws and regulations, and discussing their policies    and procedures regarding compliance with laws and regulations;
• Inspecting correspondence, if any, with relevant licensing or regulatory authorities;
• Communicating identified laws and regulations to the engagement team and remaining alert to any    indications of non-compliance throughout our audit; and
• Considering the risk of acts by the group and the parent company which were contrary to applicable laws   and regulations, including fraud. 
We also considered those laws and regulations that have a direct effect on the preparation of the financial statements, such as tax legislation, pension legislation, the Companies Act 2006. 
In addition, we evaluated the directors’ and management’s incentives and opportunities for fraudulent manipulation of the financial statements, including the risk of management override of controls, and determined that the principal risks related to posting manual journal entries to manipulate financial performance, management bias through judgements and assumptions in significant accounting estimates, in particular in relation to revenue recognition (which we pinpointed to the cut-off assertion), and significant one-off or unusual transactions. 
Our audit procedures in relation to fraud included but were not limited to:
• Making enquiries of the directors and management on whether they had knowledge of any actual,     suspected or alleged fraud;
• Gaining an understanding of the internal controls established to mitigate risks related to fraud;
• Discussing amongst the engagement team the risks of fraud; and
• Addressing the risks of fraud through management override of controls by performing journal entry testing.
There are inherent limitations in the audit procedures described above and the primary responsibility for the prevention and detection of irregularities including fraud rests with management. As with any audit, there remained a risk of non-detection of irregularities, as these may involve collusion, forgery, intentional omissions, misrepresentations or the override of internal controls.
A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council’s website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor’s report.
Page 5

 
YANKEE BOOK PEDDLER LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF YANKEE BOOK PEDDLER LIMITED
 


Use of the audit 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.




Paul Kurowski (Senior statutory auditor)  
for and on behalf of
Forvis Mazars LLP
Chartered Accountants and Statutory Auditor 
2 Chamberlain Square
Birmingham
B3 3AX

26 March 2025
Page 6

 
YANKEE BOOK PEDDLER LIMITED
 
 
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 30 JUNE 2024

2024
2023
Note
£000
£000

  

Turnover
  
6,045
6,044

Cost of sales
  
(2,553)
(2,493)

Gross profit
  
3,492
3,551

Administrative expenses
  
(2,934)
(2,727)

Other operating income
 5 
38
38

Operating profit
 6 
596
862

Interest receivable and similar income
 10 
14
-

Interest payable and similar expenses
 11 
(370)
(363)

Profit before taxation
  
240
499

Tax on profit
 12 
(9)
(259)

Profit for the financial year
  
231
240

There were no recognised gains and losses for 2024 or 2023 other than those included in the consolidated statement of comprehensive income.

There was no other comprehensive income for 2024 (2023£Nil).

The notes on pages 15 to 35 form part of these financial statements.

Page 7

 
YANKEE BOOK PEDDLER LIMITED
REGISTERED NUMBER: 03240151

CONSOLIDATED BALANCE SHEET
AS AT 30 JUNE 2024

2024
2023
Note
£000
£000

Fixed assets
  

Intangible assets
 14 
8,271
8,543

Tangible assets
 15 
376
382

  
8,647
8,925

Current assets
  

Debtors: amounts falling due within one year
 17 
10,806
9,816

Cash at bank and in hand
 18 
303
669

  
11,109
10,485

Creditors: amounts falling due within one year
 19 
(12,390)
(12,246)

Net current liabilities
  
 
 
(1,281)
 
 
(1,761)

Total assets less current liabilities
  
7,366
7,164

Creditors: amounts falling due after more than one year
 20 
(213)
(251)

Provisions for liabilities
  

Deferred taxation
 21 
(915)
(906)

  
 
 
(915)
 
 
(906)

Net assets
  
6,238
6,007


Capital and reserves
  

Called up share capital 
 22 
503
503

Profit and loss account
 23 
5,735
5,504

  
6,238
6,007


Page 8

 
YANKEE BOOK PEDDLER LIMITED
REGISTERED NUMBER: 03240151
    
CONSOLIDATED BALANCE SHEET (CONTINUED)
AS AT 30 JUNE 2024

The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

The financial statements were approved and authorised for issue by the board and were signed on its behalf by: 



B Lucas
Director

Date: 26 March 2025

The notes on pages 15 to 35 form part of these financial statements.

Page 9

 
YANKEE BOOK PEDDLER LIMITED
REGISTERED NUMBER: 03240151

COMPANY BALANCE SHEET
AS AT 30 JUNE 2024

2024
2023
Note
£000
£000

Fixed assets
  

Investments
 16 
3,879
3,879

  
3,879
3,879

  

Creditors: amounts falling due within one year
 19 
(9,113)
(8,802)

Net current liabilities
  
 
 
(9,113)
 
 
(8,802)

Total assets less current liabilities
  
(5,234)
(4,923)

  

  

Net liabilities
  
(5,234)
(4,923)


Capital and reserves
  

Called up share capital 
 22 
503
503

Profit and loss account
  
(5,737)
(5,426)

  
(5,234)
(4,923)


The Company's financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf by: 




B Lucas
Director

Date: 26 March 2025

The notes on pages 15 to 35 form part of these financial statements.

Page 10

 
YANKEE BOOK PEDDLER LIMITED
 

CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 30 JUNE 2024


Called up share capital
Profit and loss account
Total equity

£000
£000
£000


At 1 July 2022
503
5,264
5,767


Comprehensive income for the year

Profit for the year
-
240
240



At 1 July 2023
503
5,504
6,007


Comprehensive income for the year

Profit for the year
-
231
231


At 30 June 2024
503
5,735
6,238


The notes on pages 15 to 35 form part of these financial statements.

Page 11

 
YANKEE BOOK PEDDLER LIMITED
 

COMPANY STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 30 JUNE 2024


Called up share capital
Profit and loss account
Total equity

£000
£000
£000


At 1 July 2022
503
(5,115)
(4,612)


Comprehensive income for the year

Loss for the year
-
(311)
(311)



At 1 July 2023
503
(5,426)
(4,923)


Comprehensive income for the year

Loss for the year
-
(311)
(311)


At 30 June 2024
503
(5,737)
(5,234)


The notes on pages 15 to 35 form part of these financial statements.

Page 12

 
YANKEE BOOK PEDDLER LIMITED
 

CONSOLIDATED STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 30 JUNE 2024

2024
2023
£000
£000

Cash flows from operating activities

Profit for the financial year
231
240

Adjustments for:

Amortisation of intangible assets
1,209
1,141

Depreciation of tangible assets
133
115

Interest payable
370
363

Interest receivable
(14)
-

Taxation charge
9
259

(Increase)/decrease in debtors
(990)
405

(Decrease) in creditors
(252)
(1,277)

Corporation tax (paid)/received
(5)
-

Net cash generated from operating activities

691
1,246


Cash flows from investing activities

Purchase of intangible fixed assets
(937)
(792)

Purchase of tangible fixed assets
(127)
(148)

Interest received
14
-

Net cash from investing activities

(1,050)
(940)

Cash flows from financing activities

Interest paid
(7)
-

Net cash used in financing activities
(7)
-

Net (decrease)/increase in cash and cash equivalents
(366)
306

Cash and cash equivalents at beginning of year
669
363

Cash and cash equivalents at the end of year
303
669


Cash and cash equivalents at the end of year comprise:

Cash at bank and in hand
303
669

303
669


The notes on pages 15 to 35 form part of these financial statements.

Page 13

 
YANKEE BOOK PEDDLER LIMITED
 

CONSOLIDATED ANALYSIS OF NET DEBT
FOR THE YEAR ENDED 30 JUNE 2024





At 1 July 2023
Cash flows
Other non-cash changes
At 30 June 2024
£000

£000

£000

£000

Cash at bank and in hand

669

(366)

-

303

Debt due after 1 year

(7,916)

-

(363)

(8,279)


(7,247)
(366)
(363)
(7,976)

The notes on pages 15 to 35 form part of these financial statements.

Page 14

 
YANKEE BOOK PEDDLER LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024

1.


General information

Yankee Book Peddler Limited, is a private company, limited by shares and incorporated in England & Wales under the Companies Act 2006. The address of the registered office is c/o Buckles Solicitors LLP
Grant House, 101 Bourges Boulevard Peterborough, PE1 1NG. The registered number is 03240151.
The presentational currency of the financial statements is pound sterling which is the functional currency of the Company and the financial statements are rounded to the nearest thousand £.
The Company's principal activity is that of a holding company. The activities of its trading subsidiaries are that of development and the development and distribution of software for the management of library collections.

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The consolidated financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland' and the requirements of the Companies Act 2006. The disclosure requirements of Section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The Company has taken advantage of the exemption allowed under section 408 of the Companies Act 2006 and has not presented its own Statement of Comprehensive Income in these financial statements.

The following principal accounting policies have been applied:

 
2.2

Basis of consolidation

The consolidated financial statements present the results of the Company and its own subsidiaries ("the Group") as if they form a single entity. Intercompany transactions and balances between group companies are therefore eliminated in full.
The consolidated financial statements incorporate the results of business combinations using the purchase method. In the Balance Sheet, the acquiree's identifiable assets, liabilities and contingent liabilities are initially recognised at their fair values at the acquisition date. The results of acquired operations are included in the Consolidated Statement of Comprehensive Income from the date on which control is obtained. They are deconsolidated from the date control ceases.
 
Page 15

 
YANKEE BOOK PEDDLER LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024

2.Accounting policies (continued)

 
2.3

Going concern

The Group's business activities, together with the factors likely to affect its future development, performance and position are set out in the Directors Report. At 30 June 2024, the Group held cash of £303k (2023: £669k), net current liabilities of £1,281k (2023: £1,761k), net assets of £6,238k (2023: £6,007k) and all trading entities with the Group continued to trade profitably. The directors' report further describes the financial position of the Group; its cash flows, liquidity position; and its exposure to credit risk. Notwithstanding the net current liabilities position of the Group, the director has considered the following factors and prepared the financial statements on a going concern basis.
The Group meets its day to day working capital requirements through its current cash balances. The current economic conditions create uncertainty particularly over (a) the level of demand for the Group's products; (b) the associated cost of the Group's finished goods; and (c) the availability of bank finance in the foreseeable future. The Group's forecasts and projections, taking account of reasonably possible changes in trading performance, show that the Group should be able to operate within the level to meet its short term obligations in the next 12 months.
In addition to the above, the ultimate parent BTAC United Acquisition Holding Company, has confirmed that they intend to support the Company for at least one year after these financial statements are signed.
The directors have a reasonable expectation that the Group and Company have adequate resources to continue in operational existence for the next 12 months. Thus they continue to adopt the going concern basis of accounting in preparing the annual financial statements.

  
2.4

Turnover

Turnover is stated net of VAT, returns and trade discounts and is recognised when the significant risks and rewards are considered to have been transferred to the buyer. Turnover from the sale of goods is recognised when the goods are delivered to the customer. Turnover from the supply of services represents the value of services provided under contracts to the extent that there is a right to consideration and is recorded at the fair value of the consideration received or receivable. Where a contract has only been partially completed at the balance sheet date turnover represents the fair value of the service provided to date based on the stage of completion of the contract activity at the balance sheet date. Where payments are received from customers in advance of services provided, the amounts are recorded as deferred income and included as part of creditors due within one year.

Page 16

 
YANKEE BOOK PEDDLER LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024

2.Accounting policies (continued)

 
2.5

Foreign currency translation

Functional and presentation currency

The Company's functional and presentational currency is GBP.

Transactions and balances

Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions.

At each period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined.

Foreign exchange gains and losses resulting from the settlement of transactions and from the translation at period-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in the Statement of Comprehensive Income  except when deferred in other comprehensive income as qualifying cash flow hedges.

Foreign exchange gains and losses that relate to borrowings and cash and cash equivalents are presented in the Consolidated Statement of Comprehensive Income within 'finance income or costs'. All other foreign exchange gains and losses are presented in the Consolidated Statement of Comprehensive Income within 'administrative expenses'.

 
2.6

Operating leases: the Group as lessee

Rentals paid under operating leases archarged to the Statement of Comprehensive Income on a straight-line basis over the lease term.

 
2.7

Research and development

In the research phase of an internal project it is not possible to demonstrate that the project will generate future economic benefits and hence all expenditure on research shall be recognised as an expense when it is incurred. Intangible assets are recognised from the development phase of a project if and only if certain specific criteria are met in order to demonstrate the asset will generate probable future economic benefits and that its cost can be reliably measured. The capitalised development costs are subsequently amortised on a straight-line basis over their useful economic lives, which is 10 years.
If it is not possible to distinguish between the research phase and the development phase of an internal project, the expenditure is treated as if it were all incurred in the research phase only.

 
2.8

Interest income

Interest income is recognised in the Statement of Comprehensive Income using the effective interest method.

Page 17

 
YANKEE BOOK PEDDLER LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024

2.Accounting policies (continued)

 
2.9

Finance costs

Finance costs are charged to the Statement of Comprehensive Income over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount.

 
2.10

Pensions

Defined contribution pension plan

The Group operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Group pays fixed contributions into a separate entity. Once the contributions have been paid the Group has no further payment obligations.

The contributions are recognised as an expense in the Consolidated Statement of Comprehensive Income when they fall due. Amounts not paid are shown in accruals as a liability in the Balance Sheet. The assets of the plan are held separately from the Group in independently administered funds.

 
2.11

Current and deferred taxation

The tax expense for the year comprises current and deferred tax. Tax is recognised in the Consolidated Statement of Comprehensive Income except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the Company and the Group operate and generate income.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the balance sheet date, except that:
The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits;
Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met; and
Where they relate to timing differences in respect of interests in subsidiaries, associates, branches and joint ventures and the Group can control the reversal of the timing differences and such reversal is not considered probable in the foreseeable future.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Page 18

 
YANKEE BOOK PEDDLER LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024

2.Accounting policies (continued)

 
2.12

Intangible assets

Goodwill

Goodwill arising on the acquisition of Bridgeall Libraries Limited, representing any excess of the fair value of the consideration given over the fair value of the identifiable assets and liabilities acquired, is capitalised and written off on a straight line basis over its useful economic life, which is 20 years. Provision is made for any impairment.

Other intangible assets - Software development costs

Intangible assets are initially recognised at cost. After recognition, under the cost model, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.
All intangible assets are considered to have a finite useful life. If a reliable estimate of the useful life cannot be made, the useful life shall not exceed ten years.


 The estimated useful lives range as follows:

Software development
-
10
years

 
2.13

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

At each reporting date the Group assesses whether there is any indication of impairment. If such indication exists, the recoverable amount of the asset is determined which is the higher of its fair value less costs to sell and its value in use. An impairment loss is recognised where the carrying amount exceeds the recoverable amount.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.

Depreciation is provided on the following basis:

Computer equipment
-
5 years

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in the Statement of Comprehensive Income.

Page 19

 
YANKEE BOOK PEDDLER LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024

2.Accounting policies (continued)

  
2.14

Impairment of assets

Assets, other than those measured at fair value, are assessed for indicators of impairment at each balance sheet date. If there is objective evidence of impairment, an impairment loss is recognised in the Statement of Comprehensive Income as described below.
(i) Non-financial assets
An asset is impaired where there is objective evidence that, as a result of one or more events that occurred after initial recognition, the estimated recoverable value of the asset has been reduced. The recoverable amount of an asset is the higher of its fair value less costs to sell and its value in use.
Where indicators exist for a decrease in impairment loss, the prior impairment loss is tested to determine reversal. An impairment loss is reversed on an individual impaired asset to the extent that the revised recoverable value does not lead to a revised carrying amount higher than the carrying value had no impairment been recognised.
(ii) Financial assets
For financial assets carried at amortised cost, the amount of impairment is the difference between the asset's carrying amount and the present value of estimated future cash flows, discounted at the financial asset's original effective interest rate.
For financial assets carried at cost less impairment, the impairment loss is the difference between the asset's carrying amount and the best estimate of the amount that would be received for the asset if it were to be sold at the reporting date.
Where indicators exist for a decrease in impairment loss, and the decrease can be related objectively to an event occurring after the impairment was recognised, the prior impairment loss is tested to determine reversal. An impairment loss is reversed on an individual impaired financial asset to the extent that the revised recoverable value does not lead to a revised carrying amount higher than the carrying value had no impairment been recognised.

 
2.15

Valuation of investments

Investments in subsidiaries are measured at cost less accumulated impairment.

 
2.16

Debtors

Short-term debtors are measured at transaction price, less any impairment.

 
2.17

Cash and cash equivalents

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.

 
2.18

Creditors

Short-term creditors are measured at the transaction price.

Page 20

 
YANKEE BOOK PEDDLER LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024

2.Accounting policies (continued)

  
2.19

Provisions

Provisions are recognised when the Group has a present obligation (legal or constructive) as a result of a past event, it is probable that the Group will be required to settle that obligation and a reliable estimate can be made of the amount of the obligation.
Provisions are measured as the best estimate of the amount required to settle the obligation, taking into account the related risks and uncertainties.
Increases in provisions are generally charged as an expense to the Statement of Comprehensive Income.

 
2.20

Financial instruments

The Group has elected to apply the provisions of Section 11 “Basic Financial Instruments” of FRS 102 to all of its financial instruments.

Financial instruments are recognised in the Group's Balance Sheet when the Group becomes party to the contractual provisions of the instrument.

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets

Basic financial assets, which include trade and other receivables, cash and bank balances, are initially measured at their transaction price including transaction costs and are subsequently carried at their amortised cost using the effective interest method, less any provision for impairment, 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.

Discounting is omitted where the effect of discounting is immaterial. The Group's cash and cash equivalents, trade and most other receivables due with the operating cycle fall into this category of financial instruments.

Impairment of financial assets

Financial assets are assessed for indicators of impairment at each reporting date. 

Financial assets are impaired when events, subsequent to their initial recognition, indicate the estimated future cash flows derived from the financial asset(s) have been adversely impacted. The impairment loss will be the difference between the current carrying amount and the present value of the future cash flows at the asset(s) original effective interest rate.

If there is a favourable change in relation to the events surrounding the impairment loss then the impairment can be reviewed for possible reversal. The reversal will not cause the current carrying amount to exceed the original carrying amount had the impairment not been recognised. The impairment reversal is recognised in the Statement of Comprehensive Income.
 
Page 21

 
YANKEE BOOK PEDDLER LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024

2.Accounting policies (continued)


2.20
Financial instruments (continued)

Financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instruments any contract that evidences a residual interest in the assets of the Group after the deduction of all its liabilities.

Basic financial liabilities, which include trade and other payables and loans due to fellow group companies are initially measured at their transaction price after transaction costs. When this constitutes a financing transaction, whereby the debt instrument is measured at the present value of the future receipts discounted at a market rate of interest. Discounting is omitted where the effect of discounting is immaterial.

Debt instruments are subsequently carried at their amortised cost using the effective interest rate method.

Trade payables are obligations to pay for goods and services that have been acquired in the ordinary course of business from suppliers. Trade payables are classified as current liabilities if the payment is due within one year. If not, they represent non-current liabilities. Trade payables are initially recognised at their transaction price and subsequently are measured at amortised cost using the effective interest method. Discounting is omitted where the effect of discounting is immaterial.

Page 22

 
YANKEE BOOK PEDDLER LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024

3.


Judgements in applying accounting policies and key sources of estimation uncertainty

In the application of the Group's accounting policies, which are described in note 2, the director is required to make judgements (other than those involving estimations) that have a significant impact on the amounts recognised and to make estimates and assumptions about the carrying amounts of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised if the revision affects only that period, or in the period of the revision and future periods if the revision affects both current and future periods.
Critical judgements in applying the Group's accounting policies
There are no critical judgements that the director has made in the process of applying the Group's accounting policies to the amounts recognised in the financial statements.
The significant judgements made by management in preparing these financial statements are in relation to amortisation, depreciation and residual values of all fixed intangible and tangible asset classes, and have concluded that asset lives and residual values are appropriate.
Key sources of estimation uncertainty
Impairment of intangible assets
Determining whether intangible assets are impaired requires an estimation of their value in use to the Group. The value in use calculation requires the entity to estimate the future cash flows expected to arise from the intangible asset and a suitable discount rate in order to calculate carrying value.

Page 23

 
YANKEE BOOK PEDDLER LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024

4.


Turnover

Turnover, which is stated net of value added tax, represents amounts invoiced to third parties. Sales are primarily attributable to the development and distribution of software for the management of library collections, which are conducted by two separate subsidiaries of the Group.
An analysis of the Group's turnover by class and category of business is set out below.


2024
2023
£000
£000



Software
6,045
6,044

6,045
6,044


An analysis of the Group's turnover by geographical market is set out below.


2024
2023
£000
£000



UK
855
907

North America
4,286
4,472

Rest of the world
904
665

6,045
6,044


5.


Other operating income

2024
2023
£000
£000

Other operating income
38
38

38
38


Page 24

 
YANKEE BOOK PEDDLER LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024

6.


Operating profit

The operating profit is stated after charging:

2024
2023
£000
£000

Research & development charged as an expense
937
792

Depreciation of tangible fixed assets
133
115

Amortisation of goodwill
531
531

Amortisation of other intangible assets
678
605

Exchange differences
56
(64)

Other operating lease rentals
67
56


7.


Auditors' remuneration

During the year, the Group obtained the following services from the Company's auditors:


2024
2023
£000
£000

Fees payable to the Company's auditors for the audit of the consolidated and parent Company's financial statements
34
34


Mazars LLP are also engaged to perform corporation tax compliance services and financial statements preparation services.
Corporation tax fees for the group are £13k in 2024 (2023: £13k).
Financial statements preparation fees for the group are £11k in 2024 (2023: £11k).




Page 25

 
YANKEE BOOK PEDDLER LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024

8.


Employees

Group
Group
2024
2023
£000
£000


Wages and salaries
2,310
2,130

Social security costs
245
213

Cost of defined contribution scheme
131
123

2,686
2,466


The average monthly number of employees, including the directors, during the year was as follows:


        2024
        2023
            No.
            No.







Sales
37
37



Administration
2
2

39
39





9.


Directors' remuneration



No remuneration was paid to the directors of the group in the year.
The directors did not receive remuneration from the group during this year or the prior year. The directors are remunerated via another group company. No recharges have been made. 
 


10.


Interest receivable

2024
2023
£000
£000


Other interest receivable
14
-

14
-

Page 26

 
YANKEE BOOK PEDDLER LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024

11.


Interest payable and similar expenses

2024
2023
£000
£000


Loans from group undertakings
363
363

Other interest payable
7
-

370
363


12.


Taxation


2024
2023
£000
£000

Corporation tax


Current tax on profits for the period
304
447

Adjustments in respect of previous periods
(305)
(214)


Total current tax
(1)
233

Deferred tax


Origination and reversal of timing differences
(109)
(209)

Adjustment in respect of prior periods
119
235

Total deferred tax
10
26


Taxation on profit on ordinary activities
9
259
Page 27

 
YANKEE BOOK PEDDLER LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024
 
12.Taxation (continued)


Factors affecting tax charge for the year

The tax assessed for the year is lower than (2023 - higher than) the standard rate of corporation tax in the UK of 25% (2023 - 20.5%). The differences are explained below:

2024
2023
£000
£000


Profit on ordinary activities before tax
239
499


Profit on ordinary activities multiplied by standard rate of corporation tax in the UK of 25% (2023 - 20.5%)
60
102

Effects of:


Non-tax deductible amortisation of goodwill and impairment
133
109

Fixed asset differences
1
(2)

Expenses not deductible for tax purposes
-
68

Adjustments to tax charge in respect of prior periods
(303)
(214)

Adjustments to tax charge in respect of prior periods - deferred tax
118
234

Remeasurement of deferred tax for changes in tax rates
-
(38)

Total tax charge for the year
9
259


13.


Parent company profit for the year

The Company has taken advantage of the exemption allowed under section 408 of the Companies Act 2006 and has not presented its own Statement of Comprehensive Income in these financial statements. The loss after tax of the parent Company for the year was £311k (2023: loss £311k).

Page 28

 
YANKEE BOOK PEDDLER LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024

14.


Intangible assets

Group and Company





Software development costs
Goodwill
Total

£000
£000
£000



Cost


At 1 July 2023
6,707
10,612
17,319


Additions
937
-
937



At 30 June 2024

7,644
10,612
18,256



Amortisation


At 1 July 2023
2,629
6,147
8,776


Charge for the year on owned assets
678
531
1,209



At 30 June 2024

3,307
6,678
9,985



Net book value



At 30 June 2024
4,337
3,934
8,271



At 30 June 2023
4,078
4,465
8,543

The Company did not maintain any intangible fixed assets as at 30 June 2024 (2023: £Nil).



Page 29

 
YANKEE BOOK PEDDLER LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024

15.


Tangible fixed assets

Group






Computer equipment

£000



Cost 


At 1 July 2023
728


Additions
127


Disposals
(56)



At 30 June 2024

799



Depreciation


At 1 July 2023
346


Charge for the year on owned assets
133


Disposals
(56)



At 30 June 2024

423



Net book value



At 30 June 2024
376



At 30 June 2023
382

The Company did not maintain any tangible fixed assets as at 30 June 2024 (2023: £Nil).

Page 30

 
YANKEE BOOK PEDDLER LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024

16.


Fixed asset investments

Company





Investments in subsidiary companies

£000



Cost 


At 1 July 2023
3,879



At 30 June 2024
3,879





Direct subsidiary undertaking


The following was a direct subsidiary undertaking of the Company:

Name

Registered office

Class of shares

Holding

Baker & Taylor UK Investments Limited
Buckles Solicitors LLP, Grant House, 101 Bourges Boulevard, Peterborough, PE1 1NG
Ordinary
100%

The aggregate of the share capital and reserves as at 30 June 2024 and the the Consolidated Statement of Comprehensive Income for the year ended on that date for the subsidiary undertaking were as follows:

Name
Aggregate of share capital and reserves
Profit/(Loss)

Baker & Taylor UK Investments Limited
3,879
-


Indirect subsidiary undertakings


The following were indirect subsidiary undertakings of the Company:

Name

Registered office

Class of shares

Holding

Advanced Marketing (Europe) Limited
Buckles Solicitors LLP, Grant House, 101 Bourges Boulevard, Peterborough, PE1 1NG
Ordinary
100%
Bridgeall Libraries Limited
220 St. Vincent Street, Glasgow, G2 5SG
Ordinary
100%

Page 31

 
YANKEE BOOK PEDDLER LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024
Indirect subsidiary undertakings (continued)

The aggregate of the share capital and reserves as at 30 June 2024 and the profit or loss for the year ended on that date for the subsidiary undertakings were as follows:

Name
Aggregate of share capital and reserves
Profit/(Loss)
£000
£000

Advanced Marketing (Europe) Limited
6,869
(52)

Bridgeall Libraries Limited
15,158
1,124


17.


Debtors

Group
Group
Company
Company
2024
2023
2024
2023
£000
£000
£000
£000


Trade debtors
720
911
-
-

Amounts owed by group undertakings
9,812
8,638
-
-

Other debtors
10
6
-
-

Prepayments and accrued income
264
261
-
-

10,806
9,816
-
-


Amounts owed by group undertakings are interest free, unsecured and repayable on demand.


18.


Cash and cash equivalents

Group
Group
2024
2023
£000
£000

Cash at bank and in hand
303
669

303
669


Page 32

 
YANKEE BOOK PEDDLER LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024

19.


Creditors: Amounts falling due within one year

Group
Group
Company
Company
2024
2023
2024
2023
£000
£000
£000
£000

Trade creditors
39
40
-
-

Amounts owed to group undertakings
8,279
7,916
9,113
8,802

Corporation tax
218
223
-
-

Other taxation and social security
94
-
-
-

Other creditors
-
85
-
-

Accruals and deferred income
3,760
3,982
-
-

12,390
12,246
9,113
8,802


Amounts owed to group undertakings are unsecured, have no fixed repayment date and are repayable on demand.
Included within amounts owed to group undertakings is a loan of £3,775k (2023: £3,775k) which attracts interest at a fixed annual rate of 8.27%, and a further loan of £652k (2023: £652k) which attracts interest at 8% per annum.
All other amounts owed to group undertakings do not bear any interest.


20.


Creditors: Amounts falling due after more than one year

Group
Group
Company
Company
2024
2023
2024
2023
£000
£000
£000
£000

Accruals and deferred income
213
251
-
-

213
251
-
-


Page 33

 
YANKEE BOOK PEDDLER LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024

21.


Deferred taxation


Group



2024


£000






At beginning of period
(906)


Charged to the Statement of Comprehensive Income
(9)



At end of period
(915)






The provision for deferred taxation is made up as follows:
 
Group
Group
2024
2023
£000
£000

Fixed asset timing differences
915
906

915
906

Deferred tax assets and liabilities are offset only where the Group has a legally enforceable right to do so and where the assets and liabilities relate to income taxes levied by the same taxation authority on the same taxable entity or another entity within the Group.
There is no expiry date on timing differences, unused tax losses or tax credits.
Company
The Company did not maintain any provisions as at 30 June 2024 (2023: £Nil).


22.


Share capital

2024
2023
£000
£000
Allotted, called up and fully paid



503,434 (2023: 503,434) Ordinary shares of £1.00 each
503
503

The Company has one class of ordinary shares which carry no right to fixed income.


Page 34

 
YANKEE BOOK PEDDLER LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024

23.


Reserves

Profit and loss account

The profit and loss reserve includes the retained earnings of current and prior periods.


24.


Pension commitments

The Group operates defined contribution retirement benefit schemes for all qualifying employees. The total expense charged to the Statement of Comprehensive Income in the year ended 30 June 2024 was £131k (2023: £123k). The pension creditor as at 30 June 2024 was £22k (2023: £Nil).


25.


Commitments under operating leases

At 30 June 2024 the Group and the Company had future minimum lease payments due under non-cancellable operating leases for each of the following periods:


Group
Group
2024
2023
£000
£000

Land and buildings

Not later than 1 year
72
56

72
56

At 30 June 2024 the Group and the Company had future minimum lease payments due under Other non-cancellable operating leases of £Nil (2023: £Nil).
 
Company
The Company did not maintain any operating leases in the period to 30 June 2024 (2023: £Nil).


26.


Related party transactions

The Company has taken advantage of the exemption under FRS 102 "Related Party Disclosures" not  to disclose related party transactions between companies which are 100% or more owned by the ultimate parent company.

27.


Controlling party

The immediate parent company is Baker and Taylor LLC, a company incorporated in the United States of America, registered office - 2250 West Tyvola Road, Suite 300, Charlotte, NC 28217, USA, which owns 100% of Yankee Book Peddler Limited.
The ultimate parent company and controlling party is BTAC United Acquisition Holding Company being incorporated in the United States of America, registered office - 2810 Coliseum Centre Drive, Suite 300, Charlotte, North Carolina, NC 28217, USA. The largest group in which the results of the Company are consolidated is that headed by the ultimate parent company.
 
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