REGISTERED NUMBER: |
FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024 |
FOR |
SPANDIDOS PUBLICATIONS UK LTD |
REGISTERED NUMBER: |
FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024 |
FOR |
SPANDIDOS PUBLICATIONS UK LTD |
SPANDIDOS PUBLICATIONS UK LTD (REGISTERED NUMBER: 07341977) |
CONTENTS OF THE FINANCIAL STATEMENTS |
for the Year Ended 31 August 2024 |
Page |
Company Information | 1 |
Balance Sheet | 2 |
Notes to the Financial Statements | 4 |
SPANDIDOS PUBLICATIONS UK LTD |
COMPANY INFORMATION |
for the Year Ended 31 August 2024 |
DIRECTOR: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
ACCOUNTANTS: |
Chartered Accountants |
10 London Mews |
Paddington |
LONDON |
W2 1HY |
SPANDIDOS PUBLICATIONS UK LTD (REGISTERED NUMBER: 07341977) |
BALANCE SHEET |
31 August 2024 |
31.8.24 | 31.8.23 |
Notes | £ | £ | £ |
FIXED ASSETS |
Tangible assets | 4 |
Investment property | 5 |
CURRENT ASSETS |
Debtors | 6 |
Cash at bank |
CREDITORS |
Amounts falling due within one year | 7 |
NET CURRENT (LIABILITIES)/ASSETS | ( |
) |
TOTAL ASSETS LESS CURRENT LIABILITIES |
PROVISIONS FOR LIABILITIES |
NET ASSETS |
CAPITAL AND RESERVES |
Called up share capital |
Retained earnings | 8 |
SHAREHOLDERS' FUNDS |
The director acknowledges his 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. |
SPANDIDOS PUBLICATIONS UK LTD (REGISTERED NUMBER: 07341977) |
BALANCE SHEET - continued |
31 August 2024 |
The financial statements were approved and authorised for issue by the director and authorised for issue on |
SPANDIDOS PUBLICATIONS UK LTD (REGISTERED NUMBER: 07341977) |
NOTES TO THE FINANCIAL STATEMENTS |
for the Year Ended 31 August 2024 |
1. | STATUTORY INFORMATION |
Spandidos Publications UK Ltd is a |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
Turnover |
Turnover is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised: |
Rendering of services |
Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied: |
- the amount of revenue can be measured reliably; |
- it is probable that the Company will receive the consideration due under the contract; |
- the costs incurred and the costs to complete the contract can be measured reliably. |
Tangible fixed assets |
Tangible fixed assets are stated at historical cost or valuation less accumulated depreciation. Depreciation is provided at rates calculated to write the cost or valuation less residual value of each asset over its expected life as follows:- |
- Long Leasehold commercial Property - 2% on cost per annum |
- Fixtures, Fittings and Equipment - 25% reducing balance |
- Computer Equipment - 33.33% straight line |
Depreciation is not provided in respect of long leasehold commercial property and improvements to property. This policy represents a departure from statutory accounting principles, which require depreciation to be provided on all fixed assets. The director considers that this policy is necessary in order that the accounts may give a true and fair view because the current value and changes in the current value are of prime importance rather than the calculation of systematic annual depreciation. Depreciation is only one of many factors reflected in the valuation. |
Investment property |
Investment property is held at its fair value at each reporting date. Any aggregate surplus or deficit arising from changes in fair value is recognised in the profit and loss account. |
Financial instruments |
The Company only enters into basic financial instruments transactions that result in the recognition of financial assets and liabilities such as trade and other debtors and creditors and loans to related parties. |
The basic financial debtors and liabilities as listed above are initially recognised at transaction price, unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future payments / receipts discounted at a market rate of interest. Such instruments are subsequently carried at amortised cost using the effective interest method, less any impairment. An impairment review is undertaken annually at the balance sheet date. |
SPANDIDOS PUBLICATIONS UK LTD (REGISTERED NUMBER: 07341977) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
for the Year Ended 31 August 2024 |
2. | ACCOUNTING POLICIES - continued |
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. |
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. |
Foreign currencies |
Monetary assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result. |
Pension costs and other post-retirement benefits |
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate. |
3. | EMPLOYEES AND DIRECTORS |
The average number of employees during the year was |
4. | TANGIBLE FIXED ASSETS |
Long | Imprvmts |
leasehold | to | Fixtures, |
commercial | commercial | fittings | Computer |
property | prop | & Equipment | equipment | Totals |
£ | £ | £ | £ | £ |
COST |
At 1 September 2023 |
and 31 August 2024 |
DEPRECIATION |
At 1 September 2023 |
Charge for year |
At 31 August 2024 |
NET BOOK VALUE |
At 31 August 2024 |
At 31 August 2023 |
SPANDIDOS PUBLICATIONS UK LTD (REGISTERED NUMBER: 07341977) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
for the Year Ended 31 August 2024 |
5. | INVESTMENT PROPERTY |
Total |
£ |
FAIR VALUE |
At 1 September 2023 |
and 31 August 2024 |
NET BOOK VALUE |
At 31 August 2024 |
At 31 August 2023 |
Fair value at 31 August 2024 is represented by: |
£ |
Valuation in 2017 | 641,649 |
Cost | 1,058,351 |
1,700,000 |
If investment property had not been revalued it would have been included at the following historical cost: |
31.8.24 | 31.8.23 |
£ | £ |
Cost | 1,058,351 | 1,058,351 |
Aggregate depreciation | (169,336 | ) | (148,169 | ) |
Investment property was valued on an open market basis on 31 August 2024 by the director of the company . |
6. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
31.8.24 | 31.8.23 |
£ | £ |
Trade debtors |
Other debtors |
7. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
31.8.24 | 31.8.23 |
£ | £ |
Trade creditors |
Taxation and social security |
Other creditors |
8. | RESERVES |
During the year dividends of £1,385,000 (2023: £1,794,000) were declared. Other than dividends, the only |
movement in retained earnings is the result for the year. |
Included in reserves are undistributable reserves of £481,237 (2023: £481,237). |
SPANDIDOS PUBLICATIONS UK LTD (REGISTERED NUMBER: 07341977) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
for the Year Ended 31 August 2024 |
9. | DIRECTOR'S ADVANCES, CREDITS AND GUARANTEES |
The following advances and credits to a director subsisted during the years ended 31 August 2024 and 31 August 2023: |
31.8.24 | 31.8.23 |
£ | £ |
Balance outstanding at start of year | ( |
) |
Amounts advanced |
Amounts repaid | ( |
) | ( |
) |
Amounts written off | - | - |
Amounts waived | - | - |
Balance outstanding at end of year | ( |
) | ( |
) |
The directors loan account balance is included in other creditors. |
10. | RELATED PARTY DISCLOSURES |
During the year licence fees of £203,066 (2023: £95,609) were payable to a company in which the director has a material interest. |