| REGISTERED NUMBER: |
| Unaudited Financial Statements for the Year Ended 31 January 2025 |
| for |
| West Highland Publishing Company Limited |
| REGISTERED NUMBER: |
| Unaudited Financial Statements for the Year Ended 31 January 2025 |
| for |
| West Highland Publishing Company Limited |
| West Highland Publishing Company Limited (Registered number: SC049850) |
| Contents of the Financial Statements |
| for the Year Ended 31 January 2025 |
| Page |
| Company Information | 1 |
| Balance Sheet | 2 |
| Notes to the Financial Statements | 4 |
| Chartered Accountants' Report | 7 |
| West Highland Publishing Company Limited |
| Company Information |
| for the Year Ended 31 January 2025 |
| DIRECTORS: |
| REGISTERED OFFICE: |
| REGISTERED NUMBER: |
| ACCOUNTANTS: |
| Chartered Accountants |
| Unit 3, Broom Place |
| Portree |
| Highland |
| IV51 9HL |
| West Highland Publishing Company Limited (Registered number: SC049850) |
| Balance Sheet |
| 31 January 2025 |
| 31/1/25 | 31/1/24 |
| Notes | £ | £ | £ | £ |
| FIXED ASSETS |
| Intangible assets | 5 |
| Tangible assets | 6 |
| CURRENT ASSETS |
| Debtors | 7 |
| Prepayments and accrued income |
| Cash at bank and in hand |
| CREDITORS |
| Amounts falling due within one year | 8 |
| NET CURRENT ASSETS |
| TOTAL ASSETS LESS CURRENT LIABILITIES |
| CREDITORS |
| Amounts falling due after more than one year |
9 |
( |
) |
( |
) |
| PROVISIONS FOR LIABILITIES | ( |
) |
| ACCRUALS AND DEFERRED INCOME | ( |
) | ( |
) |
| NET ASSETS |
| CAPITAL AND RESERVES |
| Called up share capital | 10 |
| Reserve for own shares | 11 | ( |
) | ( |
) |
| Retained earnings | 11 |
| SHAREHOLDERS' FUNDS |
| The directors acknowledge their 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. |
| West Highland Publishing Company Limited (Registered number: SC049850) |
| Balance Sheet - continued |
| 31 January 2025 |
| The financial statements were approved by the Board of Directors and authorised for issue on |
| West Highland Publishing Company Limited (Registered number: SC049850) |
| Notes to the Financial Statements |
| for the Year Ended 31 January 2025 |
| 1. | STATUTORY INFORMATION |
| West Highland Publishing Company Limited is a |
| The presentation currency of the financial statements is the Pound Sterling (£). |
| 2. | STATEMENT OF COMPLIANCE |
| 3. | ACCOUNTING POLICIES |
| Basis of preparing the financial statements |
| Significant judgements and estimates |
| There were no significant estimates and assumptions made in preparing these financial statements. |
| Turnover |
| All turnover is stated net of VAT and trade discounts. |
| Turnover from newspaper sales and quarterly, bi-annual and annual subscriptions is recognised at the point of sale. Turnover from advertising is recognised on publication. |
| Intangible assets |
| Website development costs are considered to have finite useful life, as they have no contractual or legal right end period. These intangible assets have therefore been amortised over ten years, the maximum period allowed under FRS102. |
| Tangible fixed assets |
| Land and buildings | - |
| Plant and machinery etc | - |
| 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. |
| Hire purchase and leasing commitments |
| Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease. |
| West Highland Publishing Company Limited (Registered number: SC049850) |
| Notes to the Financial Statements - continued |
| for the Year Ended 31 January 2025 |
| 3. | ACCOUNTING POLICIES - continued |
| 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. |
| Intermediate payment arrangements |
| The board of directors control the company on a day to day basis, but the Employee Benefit Trust (EBT), controlled by the trustees who are also employees of the West Highland Publishing Company Ltd holds 93% of the company's ordinary share capital. The company therefore has de facto control over the assets and liabilities of the Employee Benefit Trust and these are recognised within the financial statements of the company, with consideration deducted from equity. |
| Creditors |
| Short term creditors are measured at the transaction price. Other financial liabilities, including loans and the company's preference shares, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest rate. |
| 4. | EMPLOYEES AND DIRECTORS |
| The average number of employees during the year was |
| 5. | INTANGIBLE FIXED ASSETS |
| Other |
| intangible |
| assets |
| £ |
| COST |
| At 1 February 2024 |
| and 31 January 2025 |
| AMORTISATION |
| At 1 February 2024 |
| Charge for year |
| At 31 January 2025 |
| NET BOOK VALUE |
| At 31 January 2025 |
| At 31 January 2024 |
| 6. | TANGIBLE FIXED ASSETS |
| Plant and |
| Land and | machinery |
| buildings | etc | Totals |
| £ | £ | £ |
| COST |
| At 1 February 2024 |
| Additions |
| Disposals | ( |
) | ( |
) |
| At 31 January 2025 |
| DEPRECIATION |
| At 1 February 2024 |
| Charge for year |
| Eliminated on disposal | ( |
) | ( |
) |
| At 31 January 2025 |
| NET BOOK VALUE |
| At 31 January 2025 |
| At 31 January 2024 |
| West Highland Publishing Company Limited (Registered number: SC049850) |
| Notes to the Financial Statements - continued |
| for the Year Ended 31 January 2025 |
| 7. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
| 31/1/25 | 31/1/24 |
| £ | £ |
| Trade debtors |
| Other debtors |
| 8. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
| 31/1/25 | 31/1/24 |
| £ | £ |
| Bank loans and overdrafts |
| Trade creditors |
| Taxation and social security |
| 9. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
| 31/1/25 | 31/1/24 |
| £ | £ |
| Bank loans |
| 10. | CALLED UP SHARE CAPITAL |
| Allotted, issued and fully paid: |
| Number: | Class: | Nominal | 31/1/25 | 31/1/24 |
| value: | £ | £ |
| Ordinary | £0.01 | 4,000 | 4,000 |
| Foundation | £1.00 | 1 | 1 |
| 4,001 | 4,001 |
| At the year end, the nominal value of shares held by the Employee Benefit Trust was £3,860. |
| 11. | RESERVES |
| Reserve |
| Retained | for own |
| earnings | shares | Totals |
| £ | £ | £ |
| At 1 February 2024 | ( |
) | 95,179 |
| Deficit for the year | ( |
) | ( |
) |
| Share redemption | ( |
) | ( |
) |
| At 31 January 2025 | ( |
) | 50,022 |
| Reserve for own shares comprise the purchase of the whole of the company's £1 and £0.10 share capital in October 2009 through the Employee Benefit Trust, less the proceeds from the sale of subdivided £0.01 shares. |
| 12. | INTERMEDIATE PAYMENT ARRANGEMENTS |
| The West Highland Publishing Company Employee Benefit Trust (EBT) constituted by a trust deed holds 93% of the company's ordinary share capital and is controlled by trustees who are also employees of the company. The rules regarding the distribution of equity instruments is stated within the articles of association of the company and these also prevent the EBT shareholding falling below 50% of the issued ordinary share capital, that carries the right to vote at general meetings of the company. |
| Equity has been deducted as reserve for own shares for the consideration of the whole of the company's £1 and £0.10 share capital in October 2009 through the Employee Benefit Trust, less the proceeds from the sale of subdivided £0.01 shares. |
| During the year, the company paid consideration of £15,000 to purchase 13,962 ordinary shares on behalf of the EBT and this amount has been deducted against the company's other reserves. |
| Chartered Accountants' Report to the Board of Directors |
| on the Unaudited Financial Statements of |
| West Highland Publishing Company Limited (Registered number: SC049850) |
| The following reproduces the text of the report prepared for the directors in respect of the company's annual unaudited financial statements. In accordance with the Companies Act 2006, the company is only required to file a Balance Sheet. Readers are cautioned that the Income Statement and certain other primary statements and the Report of the Directors are not required to be filed with the Registrar of Companies. |
| In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of West Highland Publishing Company Limited for the year ended 31 January 2025 which comprise the Income Statement, Balance Sheet and the related notes from the company's accounting records and from information and explanations you have given us. |
| As a practising member firm of ICAS, we are subject to its ethical and other professional requirements which are detailed at https://icas.com/icas-framework-preparation-of-accounts. |
| This report is made solely to the Board of Directors of West Highland Publishing Company Limited, as a body, in accordance with our terms of engagement. Our work has been undertaken solely to prepare for your approval the financial statements of West Highland Publishing Company Limited and state those matters that we have agreed to state to the Board of Directors of West Highland Publishing Company Limited, as a body, in this report in accordance with the requirements of ICAS as detailed at https://icas.com/icas-framework-preparation-of-accounts. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and its Board of Directors, as a body, for our work or for this report. |
| It is your duty to ensure that West Highland Publishing Company Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and loss of West Highland Publishing Company Limited. You consider that West Highland Publishing Company Limited is exempt from the statutory audit requirement for the year. |
| We have not been instructed to carry out an audit or a review of the financial statements of West Highland Publishing Company Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements. |
| Chartered Accountants |
| Unit 3, Broom Place |
| Portree |
| Highland |
| IV51 9HL |