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No description of principal activity
2023-04-01
Sage Accounts Production Advanced 2023 - FRS102_2023
xbrli:pure
xbrli:shares
iso4217:GBP
01363971
2023-04-01
2024-03-31
01363971
2024-03-31
01363971
2023-03-31
01363971
2022-04-01
2023-03-31
01363971
2023-03-31
01363971
2022-03-31
01363971
core:FurnitureFittings
2023-04-01
2024-03-31
01363971
bus:Director1
2023-04-01
2024-03-31
01363971
core:LandBuildings
2023-03-31
01363971
core:FurnitureFittings
2023-03-31
01363971
core:LandBuildings
2024-03-31
01363971
core:FurnitureFittings
2024-03-31
01363971
core:WithinOneYear
2024-03-31
01363971
core:WithinOneYear
2023-03-31
01363971
core:AfterOneYear
2024-03-31
01363971
core:AfterOneYear
2023-03-31
01363971
core:ShareCapital
2024-03-31
01363971
core:ShareCapital
2023-03-31
01363971
core:OtherReservesSubtotal
2024-03-31
01363971
core:OtherReservesSubtotal
2023-03-31
01363971
core:RetainedEarningsAccumulatedLosses
2024-03-31
01363971
core:RetainedEarningsAccumulatedLosses
2023-03-31
01363971
core:LandBuildings
2023-03-31
01363971
core:FurnitureFittings
2023-03-31
01363971
bus:SmallEntities
2023-04-01
2024-03-31
01363971
bus:AuditExempt-NoAccountantsReport
2023-04-01
2024-03-31
01363971
bus:SmallCompaniesRegimeForAccounts
2023-04-01
2024-03-31
01363971
bus:PrivateLimitedCompanyLtd
2023-04-01
2024-03-31
01363971
bus:FullAccounts
2023-04-01
2024-03-31
01363971
core:OfficeEquipment
2023-04-01
2024-03-31
01363971
core:OfficeEquipment
2023-03-31
01363971
core:OfficeEquipment
2024-03-31
COMPANY REGISTRATION NUMBER:
01363971
Filleted Unaudited Accounts |
|
Statement of Financial Position |
|
31 March 2024
Fixed assets
Tangible assets |
5 |
|
657,128 |
646,068 |
|
|
|
|
|
Current assets
Stocks |
21,060 |
|
20,705 |
Debtors |
6 |
2,171,439 |
|
2,638,664 |
Cash at bank and in hand |
341,213 |
|
281,226 |
|
------------ |
|
------------ |
|
2,533,712 |
|
2,940,595 |
|
|
|
|
|
Creditors: amounts falling due within one year |
7 |
(
1,271,370) |
|
(
1,523,344) |
|
------------ |
|
------------ |
Net current assets |
|
1,262,342 |
1,417,251 |
|
|
------------ |
------------ |
Total assets less current liabilities |
|
1,919,470 |
2,063,319 |
|
|
|
|
|
Creditors: amounts falling due after more than one year |
8 |
|
(
341,151) |
(
449,199) |
|
|
|
|
|
Provisions
Taxation including deferred tax |
|
97,019 |
97,019 |
|
|
------------ |
------------ |
Net assets |
|
1,675,338 |
1,711,139 |
|
|
------------ |
------------ |
|
|
|
|
Capital and reserves
Called up share capital |
|
50,840 |
50,840 |
Other reserves |
|
(
18,855) |
(
18,855) |
Profit and loss account |
|
1,643,353 |
1,679,154 |
|
|
------------ |
------------ |
Shareholders funds |
|
1,675,338 |
1,711,139 |
|
|
------------ |
------------ |
|
|
|
|
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.
For the year ending 31 March 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' responsibilities:
-
The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476
;
-
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts
.
Statement of Financial Position (continued) |
|
31 March 2024
These accounts were approved by the
board of directors
and authorised for issue on
25 March 2025
, and are signed on behalf of the board by:
Company registration number:
01363971
Year ended 31 March 2024
1.
General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Blair House, 184/186 High Street, Tonbridge, Kent, TN9 1BE.
2.
Statement of compliance
These accounts have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3.
Accounting policies
Basis of preparation
The accounts have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The accounts are prepared in sterling, which is the functional currency of the entity.
Exhibitions
Profits on exhibitions are taken to the profit and loss account in the period of the exhibition. Where costs in respect of an exhibition are incurred in a period prior to the exhibition, such amounts are taken to the profit and loss account in the period in which they arise unless there is reasonable certainty that the exhibition will result in a profit.
Investments
Fixed asset investments are stated at cost less provision for diminution in value.
Judgements and key sources of estimation uncertainty
The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.
Revenue recognition
Turnover represents amounts receivable for goods and services net of VAT and trade discounts, turnover being recognised on month of publication.
Taxation
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date. Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.
Foreign currencies
Monetary assets and liabilities denominated in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are recorded at the rate ruling at the date of the transaction. All differences are taken to the profit and loss account.
Operating leases
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.
Tangible assets
Tangible fixed assets are stated at cost or valuation less depreciation.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
|
Fixtures and fittings |
- |
20% straight line |
|
Equipment |
- |
20% straight line |
|
|
|
|
Investment property
Investment property is initially recorded at cost, which includes purchase price and any directly attributable expenditure. Investment property is revalued to its fair value at each reporting date and any changes in fair value are recognised in profit or loss.
Impairment of fixed assets
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the company are assigned to those units.
Stocks
Stock is valued at the lower of cost and net realisable value.
Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised as a finance cost in profit or loss in the period it arises.
Financial instruments
A financial asset or a financial liability is recognised only when the entity becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Debt instruments are subsequently measured at amortised cost. For all equity instruments regardless of significance, and other financial assets that are individually significant, these are assessed individually for impairment. Other financial assets are either assessed individually or grouped on the basis of similar credit risk characteristics. Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as either financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the group after deducting all of its liabilities.
Defined contribution plans
The company operates a staff stakeholder scheme for its employees. The pension costs charged in the financial statements represent the contributions payable by the company during the year.
4.
Employee numbers
The average number of persons employed by the company during the year amounted to
38
(2023:
36
).
5.
Tangible assets
|
Land and buildings |
Fixtures and fittings |
Equipment |
Total |
|
£ |
£ |
£ |
£ |
Cost |
|
|
|
|
At 1 April 2023 |
640,000 |
4,825 |
148,337 |
793,162 |
Additions |
– |
– |
17,547 |
17,547 |
|
--------- |
------- |
--------- |
--------- |
At 31 March 2024 |
640,000 |
4,825 |
165,884 |
810,709 |
|
--------- |
------- |
--------- |
--------- |
Depreciation |
|
|
|
|
At 1 April 2023 |
– |
4,136 |
142,958 |
147,094 |
Charge for the year |
– |
336 |
6,151 |
6,487 |
|
--------- |
------- |
--------- |
--------- |
At 31 March 2024 |
– |
4,472 |
149,109 |
153,581 |
|
--------- |
------- |
--------- |
--------- |
Carrying amount |
|
|
|
|
At 31 March 2024 |
640,000 |
353 |
16,775 |
657,128 |
|
--------- |
------- |
--------- |
--------- |
At 31 March 2023 |
640,000 |
689 |
5,379 |
646,068 |
|
--------- |
------- |
--------- |
--------- |
|
|
|
|
|
Included within the above is investment property as follows:
|
£ |
|
--------- |
At 1 April 2023 and 31 March 2024 |
640,000 |
|
--------- |
|
|
The investment property was revalued in 2022 by a independent chartered surveyor, the directors are of the opinion this is still a fair value of the investment property at 31 March 2024, £640,000 (2023: £640,000). The historic cost of the property was £658,855.
6.
Debtors
|
2024 |
2023 |
|
£ |
£ |
Trade debtors |
346,963 |
405,339 |
Amounts owed by group undertakings and undertakings in which the company has a participating interest |
1,489,815 |
1,846,743 |
Other debtors |
334,661 |
386,582 |
|
------------ |
------------ |
|
2,171,439 |
2,638,664 |
|
------------ |
------------ |
|
|
|
Included within other debtors are amounts owed by a group undertaking totalling £480,938 (2023: £837,866) which the directors have agreed not to recall for repayment until 2025. The balance of £1,008,877 relates to amounts due by group undertakings which are all repayable on demand provided group company had sufficient funds to do so.
7.
Creditors:
amounts falling due within one year
|
2024 |
2023 |
|
£ |
£ |
Bank loans and overdrafts |
111,892 |
105,672 |
Trade creditors |
504,649 |
522,769 |
Corporation tax |
97,934 |
129,388 |
Social security and other taxes |
58,852 |
276,558 |
Other creditors |
498,043 |
488,957 |
|
------------ |
------------ |
|
1,271,370 |
1,523,344 |
|
------------ |
------------ |
|
|
|
Details of secured creditors are given in the following note to the financial statements- note 8.
8.
Creditors:
amounts falling due after more than one year
|
2024 |
2023 |
|
£ |
£ |
Bank loans and overdrafts |
72,488 |
184,408 |
Other creditors |
268,663 |
264,791 |
|
--------- |
--------- |
|
341,151 |
449,199 |
|
--------- |
--------- |
|
|
|
The bank loans and overdrafts totalling £nil (2023: £5,073) were secured by fixed and floating charges over the assets of the company and cross guarantees with undertakings of the group.
The bank loans were repayable by fixed monthly instalments, including interest.
9.
Financial instruments
Financial assets measured at amortised cost comprise cash at bank and in hand and trade debtors. Financial liabilities measured at amortised cost comprise bank loans, trade creditors, directors loan accounts and other creditors.
10.
Directors' advances, credits and guarantees
During the year
P N Jago
a director of the company continued to provide a personal guarantee to the bank with a value of £100,000 as security against the firm's overdraft. During the year advances of £nil (2023: £63,572) were made to the director. The balance due by the director to the company totalling £173,302 (2023: £173,302), which is repayable on demand and interest free.
11.
Related party transactions
During the year,
Industrial Media Limited
paid expense on behalf of IML Directors Pension Scheme.
12.
Controlling party
The ultimate holding company is IML Group Ltd, a company registered in England and Wales.