Methodist Publishing Company Limited

	Page
Balance Sheet	1
Notes to the Financial Statements	2—4

Registered number: NI073886

		2024		2023
	Notes	£	£	£	£
FIXED ASSETS
Investments	4		103,873		118,464

			103,873		118,464
CURRENT ASSETS
Debtors	5	2,137		1,783
Cash at bank and in hand		4,206		4,527

		6,343		6,310
Creditors: Amounts Falling Due Within One Year	6	(13,055 )		(16,595 )

NET CURRENT ASSETS (LIABILITIES)			(6,712 )		(10,285 )

TOTAL ASSETS LESS CURRENT LIABILITIES			97,161		108,179

NET ASSETS			97,161		108,179

RESERVES
Revaluation reserve			38,775		39,708
Capital investment reserve			65,098		78,757
Newsletter committee reserve			21,553		21,553
Income and Expenditure Account			(28,265 )		(31,839 )

MEMBERS' FUNDS			97,161		108,179

For the year ending 31 December 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.

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

These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The company has taken advantage of section 444(1) of the Companies Act 2006 and opted not to deliver to the registrar a copy of the company's Income and Expenditure Account.

On behalf of the board

Mr Duncan George Black

Director

29 August 2025

The notes on pages 2 to 3 form part of these financial statements.

1. General Information

Methodist Publishing Company Limited is a private company, limited by guarantee, incorporated in Northern Ireland, registered number NI073886 . The registered office is 39 Glenside Park, Lisburn, County Antrim, BT27 5LG.

2. Accounting Policies

2.1. Basis of Preparation of Financial Statements

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

2.2. Turnover

Turnover represents the total invoice value, excluding value added tax, of sales made during the year and derives from the provision of goods and services falling within the company's ordinary activities.

2.3. 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 ruling on the date of the transaction. Exchange differences are taken into account in arriving at the operating surplus.

2.4. Taxation

Income tax expense represents the sum of the tax currently payable and deferred tax.

The tax currently payable is based on taxable surplus for the year. Taxable surplus differs from surplus as reported in the statement of comprehensive income because of items of income or expense that are taxable or deductible in other years and items that are never taxable or deductible. The company's liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the end of the reporting period.

Deferred tax is recognised on timing differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable surplus. Deferred tax liabilities are generally recognised for all taxable timing differences. Deferred tax assets are generally recognised for all deductible temporary differences to the extent that it is probable that taxable surplus will be available against which those deductible timing differences can be utilised. The carrying amount of deferred tax assets is reviewed at the end of each reporting period and reduced to the extent that it is no longer probable that sufficient taxable surplus will be available to allow all or part of the asset to be recovered.

Deferred tax assets and liabilities are measured at the tax rates that are expected to apply in the period in which the liability is settled or the asset realised, based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period. Deferred tax liabilities are presented within provisions for liabilities and deferred tax assets within debtors. The measurement of deferred tax liabilities and assets reflect the tax consequences that would follow from the manner in which the Company expects, at the end of the reporting period, to recover or settle the carrying amount of its assets and liabilities.

Current or deferred tax for the year is recognised in surplus or deficit, except when they related to items that are recognised in other comprehensive income or directly in equity, in which case, the current and deferred tax is also recognised in other comprehensive income or directly in equity respectively.

3. Average Number of Employees

Average number of employees, including directors, during the year was: NIL (2023: NIL)

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Methodist Publishing Company Limited

Notes to the Financial Statements (continued)

For The Year Ended 31 December 2024

4. Investments

	Listed
	£
Cost
As at 1 January 2024	118,464
Disposals	(13,659 )
Revaluations	(932 )

As at 31 December 2024	103,873

Provision
As at 1 January 2024	-

As at 31 December 2024	-

Net Book Value
As at 31 December 2024	103,873

As at 1 January 2024	118,464

Fixed asset investments consist of a managed fund investment with the Trustees of the Methodist Church in Ireland.

5. Debtors

	2024	2023
	£	£
Due within one year
Trade debtors	2,137	1,658
Other debtors	-	125

	2,137	1,783

6. Creditors: Amounts Falling Due Within One Year

	2024	2023
	£	£
Trade creditors	3,076	2,797
Other creditors	9,979	13,798

	13,055	16,595

7. Related Party Transactions

During the year the company paid fees for editorial and professional services of £3,692 to Rev Dr Peter Crossley Mercer, £4,395 to Mrs Gillian McDade-Hastings, £2,390 to Dr David Lindsay Easson, and £2,500 to Nigel Ewing, all of whom are directors. The company also paid business services fees of £6,000 during the year to the director, Mr Duncan Black.

8. Company limited by guarantee

The company is limited by guarantee and has no share capital.

Every member of the company undertakes to contribute to the assets of the company, in the event of a winding up, such an amount as may be required not exceeding £1.

9. Reserves

	At 1 January	Loss for the	Revaluation of	At 31 December
	2024	year	investments	2024
	£	£	£	£
Profit and loss account	(31,839)	(11,018)	14,592	(28,265)
Revaluation reserve	39,708		(933)	38,775

...CONTINUED

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Methodist Publishing Company Limited

Notes to the Financial Statements (continued)

For The Year Ended 31 December 2024

Capital investment reserve	78,757		(13,659)	65,098
Newsletter committee reserve	21,553			21,553

Totals	108,179	(11,018)	-	97,161

The Capital investment reserve represents the capital value of the investment with the Trustees of the Methodist Church in Ireland. Methodist Publishing Company Limited has had confirmation that it has full use of the income and capital as long as it continues to provide publishing services for the Methodist Church. During the year investment units costing £13,659 were disposed of.

The Newsletter committee reserve represents funds introduced, that are available for use as long as the company continues to provide publishing services for the Methodist Church.

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