Registration number:
City Press Services Limited
for the Year Ended 31 December 2024
City Press Services Limited
Contents
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Company Information |
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Strategic Report |
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Directors' Report |
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Statement of Directors' Responsibilities |
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Independent Auditor's Report |
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Profit and Loss Account |
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Balance Sheet |
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Statement of Changes in Equity |
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Statement of Cash Flows |
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Notes to the Financial Statements |
City Press Services Limited
Company Information
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Directors |
Mr M Currie Mrs D L Tattersall Mr C D Tattersall Mr D R G Pendry |
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Company secretary |
Mrs D L Tattersall |
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Registered office |
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Auditors |
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City Press Services Limited
Strategic Report for the Year Ended 31 December 2024
The directors present their strategic report for the year ended 31 December 2024.
Principal activity
The principal activity of the company is public relations and communications consultancy.
Fair review of the business
Citypress is one of the UK’s leading communications agencies and the second largest employee-owned business in its sector. Headquartered in Manchester and with offices in London and Edinburgh, the company is a strategic communications partner to leading brands and businesses.
The company represents clients across a range of industries, combining deep sector expertise with specialist communications capabilities to deliver high-impact programmes and measurable outcomes.
The year ended 31 December 2024 was the second year of the company’s 2030 vision to establish itself as the UK’s defining employee-owned communications agency. This is underpinned by four core pillars:
• Being the biggest and best performing in terms of growth, client service and reputation
• Delivering brand-defining work for clients who have the influence to drive positive change in their sectors
• Creating a people-first agency, where staff are rewarded, trained and nurtured
• Being purpose-led and using our expertise and influence to support communities.
In 2024, the company was recognised for its excellence both as an employer and the quality of its consultancy. Awards included:
• PRWeek Best Large Agency to Work For;
• PRWeek Best Agency to Work For – Rewards & Benefits;
• Purpose Awards EMEA – Best Fundraising Campaign;
• PRmoment Independent Agency of the Year;
• PRmoment Large Agency of the Year;
• Social Mobility Index - Top UK employer
Financial Key Performance Indicators (KPIs)
The company monitors financial performance against the following KPIs:
• Revenue growth: Revenue increased by 11% compared to the prior year,
• Pre-tax profit growth: Pre-tax profit increased by 8% compared to the prior year.
These KPIs are monitored on a monthly basis as part of financial controls within detailed management accounts.
The company has no third-party debt and maintains sufficient cash reserves to support ongoing operations.
City Press Services Limited
Strategic Report for the Year Ended 31 December 2024
Principal risks and uncertainties
The directors consider the principal risks and uncertainties affecting the company as follows:
• Loss of key customers
• Reduction in customer spending
• Retaining key talent
• Competitive pressure
The directors continue to take the following steps to mitigate any associated risks:
• Active marketing and new business generation activity
• Focus on delivering the highest levels of client service and satisfaction
Future Outlook
The company is well positioned to continue progressing towards its 2030 vision. With a strong financial position, a growing client base, and a recognised leadership position in the communications sector, the directors remain confident in the company's ability to generate sustainable growth and stakeholder value.
Approved and authorised by the
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City Press Services Limited
Directors' Report for the Year Ended 31 December 2024
The directors present their report and the financial statements for the year ended 31 December 2024.
Directors of the company
The directors who held office during the year were as follows:
Financial instruments
Objectives and policies
The company's activities expose it to a number of financial risks including price risk, credit risk, cash flow risk and liquidity risk.
Price risk, credit risk, liquidity risk and cash flow risk
Price risk
The company is exposed to the impact of increasing employment taxes and salary inflation.
Credit risk
The company's principal financial assets are bank balances and cash, trade and other debtors and investments.
The company's credit risk is primarily attributable to its trade debtors. The amounts presented in the balance sheet are net of allowances for doubtful debts. An allowance for impairment is made where there is an identified loss event which, based on previous experience, is evidence of a reduction in the recoverability of the cash flows.
The credit risk on liquid funds is limited because the counterparties at banks with high credit ratings assigned by international credit rating agencies.
The company has no significant concentration of credit risk with exposure spread over a large number of counterparties and customers.
Liquidity risk
In order to maintain liquidity to ensure that sufficient funds are avaliable for ongoing operations and future developments, the company uses a mixture of long-term and short-term debt finance.
Cash flow risk
Interest bearing assets and liabilities are held at fixed asset rate to ensure certainty of cash flows.
City Press Services Limited
Directors' Report for the Year Ended 31 December 2024
Going concern
The directors have assessed the appropriateness of the going concern concept in relation to the above matters and in general to the company's financial statements and consider that the accounts should be prepared on a going concern basis. This conclusion has been reached based upon the company having access to sufficient funds to be able to meet obligations as they fall due for at least twelve months from approving these financial statements.
Disclosure of information to the auditors
Each director has taken steps that they ought to have taken as a director in order to make themselves aware of any relevant audit information and to establish that the company's auditors are aware of that information. The directors confirm that there is no relevant information that they know of and of which they know the auditors are unaware.
Approved and authorised by the
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City Press Services Limited
Statement of Directors' Responsibilities
The directors acknowledge their responsibilities for preparing the Annual Report and the 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 United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). 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 of the profit or loss of the company for that period. In preparing these financial statements, the directors are required to:
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select suitable accounting policies and apply them consistently; |
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make judgements and accounting estimates that are reasonable and prudent; |
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state whether applicable United Kingdom Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements; and |
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prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company 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 enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
City Press Services Limited
Independent Auditor's Report to the Members of City Press Services Limited
Opinion
We have audited the financial statements of City Press Services Limited (the 'company') for the year ended 31 December 2024, which comprise the Profit and Loss Account, Balance Sheet, Statement of Changes in Equity, Statement of Cash Flows, 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 Financial Reporting Standard 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 company's affairs as at 31 December 2024 and of its 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 responsibilities for the audit of the financial statements section of our report. We are independent of the 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 director's 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 company's ability to continue as a going concern for a period of at least twelve months from when the original financial statements were 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 directors are responsible for the other information. The other information comprises the information included in the annual report, other than the financial statements and our auditor’s 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.
In connection with our audit of the financial statements, 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 audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether there is a material misstatement in the financial statements or a material misstatement of the other information. 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.
City Press Services Limited
Independent Auditor's Report to the Members of City Press Services Limited
Opinion on other matter prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of the audit:
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the information given in the Strategic Report and Directors' Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and |
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the Strategic Report and Directors' Report have been prepared in accordance with applicable legal requirements. |
Matters on which we are required to report by exception
In the light of our knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the Strategic Report and the Directors' Report.
We have nothing to report in respect of the following matters where 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 Statement of Directors' Responsibilities [set out on page 6], 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 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 either intend to liquidate the company or to cease operations, or have no realistic alternative but to do so.
City Press Services Limited
Independent Auditor's Report to the Members of City Press Services Limited
Auditor 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:
• The engagement partner ensured that the engagement team collectively had the appropriate competence, capabilities and skills to identify or recognise non-compliance with applicable laws and regulations
• Enquiring of management whether they are aware of any non-compliance with laws and regulations
• Enquiring of management whether they are aware of any actual, suspected or alleged fraud
• Enquiring of management whether they had internal controls established to mitigate risk related to fraud or non-compliance with laws and regulations
• Discussions amongst the engagement team on how and where fraud might occur in the financial statements and any potential indicators of fraud. As part of this discussion, we identified potential for fraud in the following areas; posting of unusual journal and fraudulent revenue recognition
• Obtaining an understanding of the regulatory framework the company operates in focusing on those laws and regulations that had a direct effect on the financial statements or that had a fundamental effect on the operations. The key laws and regulations that we considered in this context included; the financial framework the company operates under (FRS102) , the UK Companies Act, tax legislation and data protection, anti-bribery and employment legislation.
City Press Services Limited
Independent Auditor's Report to the Members of City Press Services Limited
Audit response to risks identified
Fraud due to management override
To address the risk of fraud through management bias and override of controls, we:
• Audited the risk of management override of controls, including through testing journal entries for appropriateness
• Assessed whether judgements and assumptions made in determining the accounting estimates included in the financial statements showed indications of potential bias; and
• Investigated the rationale behind any significant or unusual transactions included in the financial statements.
Fraudulent revenue recognition
To address the risk of fraudulent revenue recognition we:
• Performed testing on a sample of turnover transactions that occurred during the financial year
• Performed cut-off testing on turnover around the year end
• Performed testing on the valuation and recoverability of work in progress included at year end.
Irregularities and non-compliance with laws and regulations
In response to the risk of irregularities and non-compliance with laws and regulations, we designed procedures which included, but are not limited to:
• Agreeing financial statement disclosures to underlying supporting documentation
• Enquiring of management as to actual and potential litigation claims they are aware of
• Reviewing legal costs nominals for evidence of potential litigation or claims
• Reviewing correspondence with regulators for evidence of non-compliance with laws and regulations.
The test nature and other inherent limitations of an audit, together with the inherent limitations of any accounting and internal control system, mean that there is an unavoidable risk that even some material misstatements in respect of irregularities may remain undiscovered even though the audit is properly planned and performed in accordance with ISAs (UK). Furthermore, the more removed that laws and regulations are from financial transactions, the less likely that we would become aware of non-compliance.
Our examination should therefore not be relied upon to disclose all such material misstatements or frauds, errors or instances of non-compliance that might exist. The responsibility for the detection and prevention of fraud, error and non-compliance with laws or regulations rests with the directors.
A further description of our responsibilities is available on the Financial Reporting Council’s website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor’s report.
City Press Services Limited
Independent Auditor's Report to the Members of City Press Services Limited
Use of our 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.
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For and on behalf of
320 Chorley Old Road
Bolton
Lancashire
BL1 4JU
City Press Services Limited
Profit and Loss Account for the Year Ended 31 December 2024
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Note |
31 December |
31 December |
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Turnover |
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Cost of sales |
( |
( |
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Gross profit |
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Administrative expenses |
( |
( |
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Operating profit |
4,083,241 |
3,818,391 |
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Other interest receivable and similar income |
|
- |
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Interest payable and similar expenses |
( |
- |
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32,690 |
- |
||
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Profit before tax |
|
|
|
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Tax on profit |
( |
( |
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Profit for the financial year |
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The above results were derived from continuing operations.
City Press Services Limited
(Registration number: 01924203)
Balance Sheet as at 31 December 2024
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Note |
31 December |
31 December |
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Fixed assets |
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Tangible assets |
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Current assets |
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Stocks |
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Debtors |
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Cash at bank and in hand |
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Creditors: Amounts falling due within one year |
( |
( |
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Net current assets |
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Total assets less current liabilities |
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Provisions for liabilities |
( |
( |
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Net assets |
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Capital and reserves |
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Called up share capital |
1,500 |
1,500 |
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Retained earnings |
1,483,221 |
1,440,186 |
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Shareholders' funds |
1,484,721 |
1,441,686 |
Approved and authorised by the
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City Press Services Limited
Statement of Changes in Equity for the Year Ended 31 December 2024
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Share capital |
Retained earnings |
Total |
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At 1 January 2024 |
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Profit for the year |
- |
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Other comprehensive income |
- |
( |
( |
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Total comprehensive income |
- |
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Dividends |
- |
( |
( |
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At 31 December 2024 |
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Share capital |
Retained earnings |
Total |
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At 1 January 2023 |
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Profit for the year |
- |
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Other comprehensive income |
- |
( |
( |
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Total comprehensive income |
- |
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Dividends |
- |
( |
( |
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At 31 December 2023 |
1,500 |
1,440,186 |
1,441,686 |
City Press Services Limited
Statement of Cash Flows for the Year Ended 31 December 2024
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Note |
31 December |
31 December |
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Cash flows from operating activities |
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Profit for the year |
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Adjustments to cash flows from non-cash items |
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Depreciation and amortisation |
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Finance income |
( |
- |
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Finance costs |
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- |
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Income tax expense |
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Working capital adjustments |
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Increase in stocks |
- |
( |
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Decrease/(increase) in trade debtors |
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( |
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(Decrease)/increase in trade creditors |
( |
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Cash generated from operations |
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Income taxes paid |
( |
( |
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Net cash flow from operating activities |
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Cash flows from investing activities |
|||
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Interest received |
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- |
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Acquisitions of tangible assets |
( |
( |
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Net cash flows from investing activities |
( |
( |
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Cash flows from financing activities |
|||
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Interest paid |
( |
- |
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Dividends paid |
( |
( |
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Reserve distribution to Employee Ownership Trust |
(1,864,553) |
(1,822,012) |
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Net cash flows from financing activities |
( |
( |
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Net (decrease)/increase in cash and cash equivalents |
( |
|
|
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Cash and cash equivalents at 1 January |
|
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Cash and cash equivalents at 31 December |
3,432,663 |
3,552,089 |
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City Press Services Limited
Notes to the Financial Statements for the Year Ended 31 December 2024
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General information |
The company is a private company limited by share capital, incorporated in England and Wales.
The address of its registered office is:
These financial statements were authorised for issue by the
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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 were prepared in accordance with Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland and the Companies Act 2006'.
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.
Going concern
Judgements
Preparation of the financial statements do not require management to make significant judgements and estimates. |
Key sources of estimation uncertainty
There are no estimates that will affect carrying values of assets over the next 12 months..
Revenue recognition
Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.
The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.
Tax
The tax expense for the period comprises current and deferred 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.
City Press Services Limited
Notes to the Financial Statements for the Year Ended 31 December 2024
The current income 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 in respect of all timing differences between taxable profits and profits reported in the financial statements.
Unrelieved tax losses and other deferred tax assets are recognised when 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 and that are expected to apply to the reversal of the timing difference.
Tangible assets
Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.
The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.
Depreciation
Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:
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Asset class |
Depreciation method and rate |
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Leasehold property improvements |
20% straight line basis |
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Fixtures and fittings |
25% straight line basis |
Goodwill
Goodwill arising on the acquisition of an entity represents the excess of the cost of acquisition over the company’s interest in the net fair value of the identifiable assets, liabilities and contingent liabilities of the entity recognised at the date of acquisition. Goodwill is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is held in the currency of the acquired entity and revalued to the closing rate at each reporting period date. Goodwill is amortised over its useful life, which shall not exceed ten years if a reliable estimate of the useful life cannot be made.
Amortisation
Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:
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Asset class |
Amortisation method and rate |
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Goodwill |
20% straight line basis |
Cash and cash equivalents
Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.
City Press Services Limited
Notes to the Financial Statements for the Year Ended 31 December 2024
Trade debtors
Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.
Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.
Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.
The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.
Trade creditors
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.
Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.
Leases
Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.
Share capital
Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.
Dividends
Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.
City Press Services Limited
Notes to the Financial Statements for the Year Ended 31 December 2024
Defined contribution pension obligation
A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.
Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.
Financial instruments
Classification
Recognition and measurement
Debtors are measured at transaction price, less any impairment.
Cash
Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice if not more than 24 hours.
Creditors
Short term creditors are measured at transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.
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Turnover |
The analysis of the company's revenue for the year from continuing operations is as follows:
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2024 |
2023 |
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Sale of goods |
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Operating profit |
Arrived at after charging/(crediting)
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2024 |
2023 |
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Depreciation expense |
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Operating lease expense - plant and machinery |
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City Press Services Limited
Notes to the Financial Statements for the Year Ended 31 December 2024
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Other interest receivable and similar income |
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2024 |
2023 |
|
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Interest income on bank deposits |
|
- |
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Interest payable and similar expenses |
|
2024 |
2023 |
|
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Interest expense on other finance liabilities |
|
- |
|
Staff costs |
The aggregate payroll costs (including directors' remuneration) were as follows:
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2024 |
2023 |
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Wages and salaries |
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Social security costs |
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Pension costs, defined contribution scheme |
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Other employee expense |
|
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The average number of persons employed by the company (including directors) during the year, analysed by category was as follows:
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31 December |
31 December |
|
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Administration and support |
|
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Other departments |
|
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Directors' remuneration |
The directors' remuneration for the year was as follows:
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2024 |
2023 |
|
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Remuneration |
|
|
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Contributions paid to money purchase schemes |
|
|
|
599,989 |
445,994 |
City Press Services Limited
Notes to the Financial Statements for the Year Ended 31 December 2024
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Auditors' remuneration |
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2024 |
2023 |
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Audit of the financial statements |
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City Press Services Limited
Notes to the Financial Statements for the Year Ended 31 December 2024
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Taxation |
Tax charged/(credited) in the income statement
|
2024 |
2023 |
|
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Current taxation |
||
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UK corporation tax |
|
|
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Deferred taxation |
||
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Arising from origination and reversal of timing differences |
|
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Tax expense in the income statement |
|
|
The tax on profit before tax for the year is the same as the standard rate of corporation tax in the UK (2023 - the same as the standard rate of corporation tax in the UK) of
The differences are reconciled below:
|
31 December |
31 December |
|
|
Profit before tax |
|
|
|
Corporation tax at standard rate |
|
|
|
Effect of expense not deductible in determining taxable profit (tax loss) |
|
( |
|
Double taxation relief |
( |
( |
|
Total tax charge |
|
|
City Press Services Limited
Notes to the Financial Statements for the Year Ended 31 December 2024
|
Intangible assets |
|
Goodwill |
Total |
|
|
Cost or valuation |
||
|
At 1 January 2024 |
|
|
|
At 31 December 2024 |
|
|
|
Amortisation |
||
|
At 1 January 2024 |
|
|
|
At 31 December 2024 |
|
|
|
Carrying amount |
||
|
At 31 December 2024 |
- |
- |
|
Tangible assets |
|
Furniture, fittings and equipment |
Property Improvements |
Total |
|
|
Cost or valuation |
|||
|
At 1 January 2024 |
|
|
|
|
Additions |
|
- |
|
|
At 31 December 2024 |
|
|
|
|
Depreciation |
|||
|
At 1 January 2024 |
|
|
|
|
Charge for the year |
|
- |
|
|
At 31 December 2024 |
|
|
|
|
Carrying amount |
|||
|
At 31 December 2024 |
|
- |
|
|
At 31 December 2023 |
|
- |
|
|
Stocks |
|
2024 |
2023 |
|
|
Work in progress |
|
|
City Press Services Limited
Notes to the Financial Statements for the Year Ended 31 December 2024
|
Debtors |
|
Current |
31 December |
31 December |
|
Trade debtors |
|
|
|
Other debtors |
|
|
|
Prepayments |
|
|
|
|
|
|
Cash and cash equivalents |
|
2024 |
2023 |
|
|
Cash on hand |
|
|
|
Cash at bank |
|
|
|
|
|
|
Creditors |
|
Note |
2024 |
2023 |
|
|
Due within one year |
|||
|
Trade creditors |
|
|
|
|
Amounts due to related parties |
|
|
|
|
Social security and other taxes |
|
|
|
|
Other payables |
|
|
|
|
Income tax liability |
544,341 |
417,531 |
|
|
|
|
|
Provisions for liabilities |
|
Deferred tax |
Total |
|
|
At 1 January 2024 |
|
|
|
Increase (decrease) in existing provisions |
|
|
|
At 31 December 2024 |
|
|
|
|
||
City Press Services Limited
Notes to the Financial Statements for the Year Ended 31 December 2024
|
Pension and other schemes |
Defined contribution pension scheme
The company operates a defined contribution pension scheme. The pension cost charge for the year represents contributions payable by the company to the scheme and amounted to £
|
Share capital |
Allotted, called up and fully paid shares
|
31 December |
31 December |
|||
|
No. |
£ |
No. |
£ |
|
|
|
|
1,500 |
|
1,500 |
|
Reserves |
Profit & Loss Account
Includes all current and prior period retained profit and losses.
|
Obligations under leases and hire purchase contracts |
Finance leases
The total of future minimum lease payments is as follows:
|
31 December |
31 December |
|
|
Not later than one year |
|
|
|
Later than one year and not later than five years |
|
|
|
Later than five years |
- |
|
|
|
|
City Press Services Limited
Notes to the Financial Statements for the Year Ended 31 December 2024
|
Dividends |
|
31 December |
31 December |
|||
|
£ |
£ |
|||
|
Interim dividend of £ |
1,200,000 |
1,145,183 |
||
|
Related party transactions |
Included within other creditors is a balance of £1,430,839 (2023 = £1,501,798) due to an employee ownership trust which is related by virtue of their 60% ownership.