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LCD Publishing Limited

Annual Report and Unaudited Financial Statements
Year Ended 30 November 2024

Registration number: 01816382

 

LCD Publishing Limited

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Financial Statements

4 to 10

 

LCD Publishing Limited

Company Information

Directors

Mr A Trump

Mrs J S Trump

Company secretary

Mrs J S Trump

Registered office

Vici House
2 Mallard Road
Sowton Industrial Estate
Exeter
EX2 7LD

Accountants

Francis Clark LLP Centenary House
Peninsula Park
Rydon Lane
Exeter
EX2 7XE

 

LCD Publishing Limited

Balance Sheet

30 November 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

4

11,204

14,944

Investments

5

100

100

Other financial assets

121,579

131,579

 

132,883

146,623

Current assets

 

Stocks

6

348,532

336,240

Debtors

7

3,583,156

3,995,077

Cash at bank and in hand

 

592,027

199,503

 

4,523,715

4,530,820

Creditors: Amounts falling due within one year

8

(381,233)

(434,615)

Net current assets

 

4,142,482

4,096,205

Net assets

 

4,275,365

4,242,828

Capital and reserves

 

Called up share capital

9

1,100

1,100

Profit and loss account

4,274,265

4,241,728

Shareholders' funds

 

4,275,365

4,242,828

 

LCD Publishing Limited

Balance Sheet

30 November 2024

For the financial year ending 30 November 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; and

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared and delivered in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006 and the option not to file the Profit and Loss Account has been taken.

Approved and authorised by the Board on 14 August 2025 and signed on its behalf by:
 

.........................................
Mr A Trump
Director

Company Registration Number: 01816382

 

LCD Publishing Limited

Notes to the Financial Statements

Year Ended 30 November 2024

1

General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
Vici House
2 Mallard Road
Sowton Industrial Estate
Exeter
EX2 7LD

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', including Section 1A, "FRS 102" and the Companies Act 2006. There are no material departures from FRS102.

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Group accounts not prepared

The company is part of a small group. The company has taken advantage of the exemption provided by Section 398 of the Companies Act 2006 and has not prepared group accounts.

Going concern

The financial statements have been prepared on a going concern basis.

Revenue recognition

The turnover shown in the Statement of Income and Retained Earnings represents amounts earned during the year, exclusive of Value Added Tax.

The company recognises revenue from magazine sales as follows:

For magazines where the sale period ceases before the year end, revenue is recognised in full based on the total remittance received for that magazine, including amounts received after the year end.

For magazines where the sale period straddles the year end, revenue is recognised based on an estimated percentage of total remittance received for each week the magazine is on sale prior to the year end. The percentage reflects the estimated sales pattern over the period the magazine is on sale.

 

LCD Publishing Limited

Notes to the Financial Statements

Year Ended 30 November 2024

Foreign currency transactions and balances

Transactions in foreign currencies are initially recorded at the rate prevailing at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are retranslated at the rates prevailing on the reporting period date. All exchange differences are included in the Statement of Income and Retained Earnings.

Tax

Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current corporation tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

Deferred tax is recognised on all timing differences at the balance sheet date unless indicated below. Timing differences are differences between taxable profits and the results as stated in the profit and loss account and other comprehensive income. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.

The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit.

Tangible assets and Investments

All fixed assets are initially recorded at cost, adjusted for impairment where appropriate. Cost represents the fair value of consideration paid.

Depreciation

Depreciation is provided on tangible fixed assets so as to write off the cost or valuation, less any estimated residual value, over their expected useful economic life as follows:

Asset class

Depreciation method and rate

Office equipment

25% reducing balance

Motor vehicles

25% reducing balance

Stocks

Stock and work in progress are valued at the lower of cost and net realisable value, after due regard for obsolete and slow moving stocks. Net realisable value is based on selling prices less anticipated costs to completion and selling costs. Cost includes all direct costs and an appropriate proportion of fixed and variable overheads.

Work in progress consists of the costs of printing magazines, which have not yet been distributed.

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.

 

LCD Publishing Limited

Notes to the Financial Statements

Year Ended 30 November 2024

Financial instruments

Classification
The company holds the following financial instruments:

• Short term trade and other debtors and creditors;
• Cash and bank balances;
• Non-puttable ordinary shares;
• Foreign currency forward contracts; and
• Informal inter-company loans.

With the exception of foreign currency contracts, all financial instruments are classified as basic.

 Recognition and measurement
The company has chosen to apply the recognition and measurement principles in FRS102.

Financial instruments are recognised when the company becomes party to the contractual provisions of the instrument and derecognised when in the case of assets, the contractual rights to cash flows from the assets expire or substantially all the risks and rewards of ownership are transferred to another party, or in the case of liabilities, when the company’s obligations are discharged, expire or are cancelled.

Such basic instruments are initially measured at transaction price, including transaction costs, and are subsequently carried at the undiscounted amount of the cash or other consideration expected to be paid or received, after taking account of impairment adjustments.

Foreign currency contracts are carried at fair value through profit or loss. They are presented at the balance sheet date within current assets or liabilities, as appropriate, and any movement from one balance sheet date to the next is recorded in the statement of income and retained earnings within cost of sales.


 

Defined contribution pension obligation

The company operates two defined contribution pension schemes for the director and staff. The assets of the schemes are held separately from those of the company. The annual contributions payable are charged to the Statement of Income and Retained Earnings.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 10 (2023 - 10).

 

LCD Publishing Limited

Notes to the Financial Statements

Year Ended 30 November 2024

4

Tangible assets

Furniture, fittings and equipment
 £

Motor vehicles
 £

Total
£

Cost or valuation

At 1 December 2023

69,900

15,995

85,895

At 30 November 2024

69,900

15,995

85,895

Depreciation

At 1 December 2023

58,752

12,199

70,951

Charge for the year

2,791

949

3,740

At 30 November 2024

61,543

13,148

74,691

Carrying amount

At 30 November 2024

8,357

2,847

11,204

At 30 November 2023

11,148

3,796

14,944

 

LCD Publishing Limited

Notes to the Financial Statements

Year Ended 30 November 2024

5

Investments

2024
£

2023
£

Investments in subsidiaries

100

100

Listed investments

10,000

10,000

Other investments

111,579

121,579

121,679

131,679

Subsidiaries

£

Cost or valuation

At 1 December 2023 and 2022

100

Carrying amount

At 30 November 2024

100

At 30 November 2023

100

Details of undertakings

The company has one wholly owned subsidiary, Europa Magazines Limited (company number: 03479181). It's registered office is the same as the company's and it has been dormant throughout the current and prior year.

Other investments

£

Cost or valuation

At 1 December 2023 and 2022

121,579

Disposals

(10,000)

At 30 November 2024

111,579

Carrying amount

At 30 November 2024

111,579

At 30 November 2023

121,579

 

LCD Publishing Limited

Notes to the Financial Statements

Year Ended 30 November 2024

6

Stocks

2024
£

2023
£

Raw materials and consumables

36,900

259,213

Work in progress

51,945

23,399

Finished goods and goods for resale

259,687

53,628

348,532

336,240

7

Debtors

2024
£

2023
£

Trade debtors

415,485

452,951

Amounts owed by group undertakings

15,065

15,065

Prepayments

9,963

8,987

Other debtors

3,142,643

3,518,074

3,583,156

3,995,077

8

Creditors

Creditors: amounts falling due within one year

2024
£

2023
£

Due within one year

Trade creditors

181,956

225,755

Amounts owed to group undertakings

1,000

1,000

Taxation and social security

17,522

31,701

Accruals and deferred income

39,834

35,275

Other creditors

140,921

140,884

381,233

434,615

 

LCD Publishing Limited

Notes to the Financial Statements

Year Ended 30 November 2024

9

Share capital

Allotted, called up and fully paid shares

2024

2023

No.

£

No.

£

Ordinary shares of £1 each

1,100

1,100

1,100

1,100

       

10

Related party transactions

Transactions with directors

2024

At 1 December 2023
£

Advances to director
£

At 30 November 2024
£

A Director

Loans with interest payable and repayable on demand

-

64,045

64,045

Directors' remuneration

Summary of transactions with non-group entities with common control

The company provides loans to non-group companies under common control. Interest is charged on these amounts at rates between 0% and 4% per annum, during the year interest totalling £10,838 (2023: £10,483) was received by LCD Publishing Limited. At the balance sheet date the amount due from these companies was £3,215,916 (2023: £3,631,975). A provision of £200,000 (2023: £200,000) has been made against these amounts.

At the balance sheet date the amount due to these companies was £139,405 (2023: £139,585).

 

11

Parent and ultimate parent undertaking

The company's immediate parent is LCD Publishing Holdings Limited, incorporated in England & Wales.

 The ultimate controlling party is Mr A Trump.