BLOODAXE BOOKS LIMITED


Directors	ANDERSON, Prof L R
	ASTLEY, Dr N P
	CHALLIS, Dr J D
	DHARKER, Dr I A
	HERBERT, Prof W N
	JONES, Ms B M
	MACGREGOR, Ms C J
	MORRISON-BELL, Sir W H D
	TEITLER, Dr N S H


Company Secretary	MORRISON-BELL, William Hollin Dayrell, Sir


Registered Address	Eastburn
	South Park
	Hexham
	NE46 1BS


Registered Number	01656254 (England and Wales)

Notes to the Financial Statements
for the year ended 31 March 2025

1.	Accounting policies

	Statutory information
	The company is a private company limited by guarantee and registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

	Basis of preparation
	The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Section 1A of Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

	Functional and presentation currency
	The financial statements are presented in sterling and this is the functional currency of the company.

	Going concern
	The directors have concluded that it continues to be appropriate to present the accounts on a Going Concern basis.

	Judgements and key sources of estimation uncertainty
	In the application of the company's accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying values of assets and liabilities that are not readily apparent from other sources. These critical accounting judgements and estimations are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates. The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised if the revision affects only that period, or in the period of the revision and future periods if the revision affects both current and future periods. In assessing the level of obsolete stock, the directors have considered both external and internal sources of information such as market conditions, consumer demands and the experience of book sales.

Judgements and key sources of estimation uncertainty

In the application of the company's accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying values of assets and liabilities that are not readily apparent from other sources. These critical accounting judgements and estimations are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised if the revision affects only that period, or in the period of the revision and future periods if the revision affects both current and future periods.

In assessing the level of obsolete stock, the directors have considered both external and internal sources of information such as market conditions, consumer demands and the experience of book sales.

	Turnover policy
	Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and/or the rendering of services. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer.

	Interest income
	Interest income is recognised using the effective interest rate method.

	Operating leases
	Lease payments are recognised as an expense over the lease term on a straight-line basis. The aggregate benefit of lease incentives is recognised as a reduction to expense over the lease term, on a straight-line basis.

	Defined contribution pension plan
	The company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the company pays fixed contributions into a separate entity. Once the contributions have been paid the company has no further obligation. Contributions to defined contribution plans are expensed in the period to which they relate. Amounts not paid are shown in other creditors in the Statement of Financial Position. The assets of the plan are held separately from the company in independently administered funds.

Defined contribution pension plan

The company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the company pays fixed contributions into a separate entity. Once the contributions have been paid the company has no further obligation. 

Contributions to defined contribution plans are expensed in the period to which they relate.  Amounts not paid are shown in other creditors in the Statement of Financial Position.  The assets of the plan are held separately from the company in independently administered funds.

	Foreign currency translation
	Transactions in foreign currencies are initially recognised at the rate of exchange ruling at the date of the transaction. At the end of each reporting period foreign currency monetary items are translated at the closing rate of exchange. Non-monetary items that are measured at historical cost are translated at the rate ruling at the date of the transaction. All differences are charged to the Income Statement

Foreign currency translation

Transactions in foreign currencies are initially recognised at the rate of exchange ruling at the date of the transaction. At the end of each reporting period foreign currency monetary items are translated at the closing rate of exchange. Non-monetary items that are measured at historical cost are translated at the rate ruling at the date of the transaction. All differences are charged to the Income Statement

	Current taxation
	The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.

Current taxation

The taxation expense represents the aggregate amount of current and deferred tax recognised in
the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items
recognised in other comprehensive income or directly in equity. In this case, tax is recognised in
other comprehensive income or directly in equity, respectively.
Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.

	Deferred tax
	Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. 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. 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, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.

Deferred tax

Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. 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. 

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, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.

	Tangible fixed assets and depreciation
	Tangible fixed assets are stated at cost or valuation less depreciation. The assets residual values, useful lives and depreciation methods are reviewed and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date. Gains and losses on disposal are determined by comparing the proceeds with the carrying amount and are recognised in the Income Statement Depreciation is provided on all tangible fixed assets as follows: Office Equipment - 20% Website - 20%

Tangible fixed assets and depreciation

Tangible fixed assets are stated at cost or valuation less depreciation. 

The assets residual values, useful lives and depreciation methods are reviewed and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposal are determined by comparing the proceeds with the carrying amount and are recognised in the Income Statement

Depreciation is provided on all tangible fixed assets as follows:

Office Equipment - 20%
Website - 20%

	Stocks and work in progress
	Stocks are valued at the lower of cost and estimated selling price (less any associated costs to enable such sales to complete).

	Trade and other debtors
	Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts.

	Cash and cash equivalents
	Cash and cash equivalents comprise cash at bank and on hand, demand deposits with banks and other short-term highly liquid investments with original maturities of three months or less.

	Trade and other creditors
	Short term creditors are measured at transaction price (which is usually the invoice price).

	Financial instruments
	The company enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in ordinary shares.

	Government grants or assistance
	Grants are accounted under the accruals model as permitted by FRS 102. Grants relating to expenditure on tangible fixed assets are credited to the Income Statement at the same rate as the depreciation on the assets to which the grant relates. The deferred element of grants is included in creditors as deferred income. Grants of a revenue nature are recognised in the Income Statement in the same period as the related expenditure.

Government grants or assistance

Grants are accounted under the accruals model as permitted by FRS 102. Grants relating to expenditure on tangible fixed assets are credited to the Income Statement at the same rate as the depreciation on the assets to which the grant relates. The deferred element of grants is included in creditors as deferred income. 

Grants of a revenue nature are recognised in the Income Statement in the same period as the related expenditure.

2.	Average number of employees


		2025		2024
	Average number of employees during the year	7		7

3.	Further information regarding the company's income
	Grant Funding Operating income in the year included Arts Council England grant funding amounting to £110,000 (2024: £110,000). Operating income also included grants toward production, rights, marketing or translation costs of the following specific books: English PEN translation grant (Holy Winter) £nil (2024: £1,556) English PEN translation grant (My Secret Life) £1,375 (2024: £nil) Harvard University production grant (Out of Sri Lanka) £nil (2024: £4,100) Newcastle University marketing grant (James Berry Poetry Prize) £nil (2024: £1,436) Newcastle University production grant (Hot Sauce: James Berry Poetry Prize) £nil (2024: £1,000) Newcastle University production grant (The Wrong Person to Ask: James Berry Poetry Prize) £nil (2024: £1,000) Flanders Literature translation grant (Inside of the Stone) £2,535 (2024:£nil) Institutul Cultural Roman translation and production grant (Shadow of Words) £9,815 (2024:£nil) Australia Council travel grant (The Jaguar) £2,610 (2024:£nil) Arts Council England has agreed further revenue funding of £110,000 for the next 12 months.

Further information regarding the company's income

Grant Funding
Operating income in the year included Arts Council England grant funding amounting to £110,000
(2024: £110,000).

Operating income also included grants toward production, rights, marketing or translation costs of
the following specific books:

English PEN translation grant (Holy Winter) £nil (2024: £1,556)
English PEN translation grant (My Secret Life) £1,375 (2024: £nil)
Harvard University production grant (Out of Sri Lanka) £nil (2024: £4,100)
Newcastle University marketing grant (James Berry Poetry Prize) £nil (2024: £1,436)
Newcastle University production grant (Hot Sauce: James Berry Poetry Prize) £nil (2024:
£1,000)
Newcastle University production grant (The Wrong Person to Ask: James Berry Poetry Prize) £nil
(2024: £1,000)
Flanders Literature translation grant (Inside of the Stone) £2,535 (2024:£nil)
Institutul Cultural Roman translation and production grant (Shadow of Words) £9,815 (2024:£nil)
Australia Council travel grant (The Jaguar) £2,610 (2024:£nil)

Arts Council England has agreed further revenue funding of £110,000 for the next 12 months.

4.	Tangible fixed assets

	Office Equipment	Total
	£	£
Cost or valuation
At 01 April 24	23,755	23,755
Additions	1,020	1,020
Disposals	(1,039)	(1,039)
At 31 March 25	23,736	23,736
Depreciation and impairment
At 01 April 24	16,592	16,592
Charge for year	1,432	1,432
On disposals	(658)	(658)
At 31 March 25	17,366	17,366
Net book value
At 31 March 25	6,370	6,370
At 31 March 24	7,163	7,163

5.	Stocks

	2025	2024
	£	£
Finished goods	34,834	37,636
Total	34,834	37,636

6.	Debtors: amounts due within one year

	2025	2024
	£	£
Trade debtors / trade receivables	54,806	72,673
Other debtors	9,322	3,105
Prepayments and accrued income	26,417	36,729
Total	90,545	112,507

7.	Creditors: amounts due within one year

	2025	2024
	£	£
Trade creditors / trade payables	25,746	39,818
Taxation and social security	-	4,283
Other creditors	43,949	47,794
Accrued liabilities and deferred income	8,623	11,746
Total	78,318	103,641

8.	Provisions for liabilities

	2025	2024
	£	£
Net deferred tax liability (asset)	1,611	1,791
Total	1,611	1,791

9.	Related party transactions
	The company was under the control of the directors throughout the current and previous year. Other than directors' remuneration, royalties paid to N P Astley of £3,343 (2024: £3,055), royalties and rights fee paid to I Dharker of £5,405, royalties paid to WN Herbert of £220, royalties paid to N Teitler of £1,263 and the balance due to the directors in the Directors Loan Account of £1,048 (included within Note 7 - Other Creditors) there were no other transactions between the company and the directors. No other transactions with related parties were undertaken such as are required to be disclosed under the Financial Reporting Standard 102 Section 1A.

Related party transactions

The company was under the control of the directors throughout the current and previous year. Other than directors' remuneration, royalties paid to N P Astley of £3,343 (2024: £3,055), royalties and rights fee paid to I Dharker of £5,405, royalties paid to WN Herbert of £220, royalties paid to N Teitler of £1,263 and the balance due to the directors in the Directors Loan Account of £1,048 (included within Note 7 - Other Creditors) there were no other transactions between the company and the directors. No other transactions with related parties were undertaken such as are required
to be disclosed under the Financial Reporting Standard 102 Section 1A.

10.	Further information regarding the company's financial position
	Company limited by guarantee The company is limited by guarantee and every member undertakes to contribute such an amount not exceeding £1 as may be required in the event of the company being wound up while they are a member or within 1 year after they cease to be a member, for payment of the debts and liabilities of the company and for the cost of winding up. Reserves Reserves include funds amounting to £40,000 which have been designated towards the future appointment of an additional editor or manager.

10.

Further information regarding the company's financial position

Company limited by guarantee

The company is limited by guarantee and every member undertakes to contribute such an amount not exceeding £1 as may be required in the event of the company being wound up while they are a member or within 1 year after they cease to be a member, for payment of the debts and liabilities of the company and for the cost of winding up.

Reserves

Reserves include funds amounting to £40,000 which have been designated towards the future appointment of an additional editor or manager.

	Notes	2025		2024
		£	£	£	£
Fixed assets
Tangible assets	4		6,370		7,163
			6,370		7,163
Current assets
Stocks	5	34,834		37,636
Debtors	6	90,545		112,507
Cash at bank and on hand		203,931		218,099
		329,310		368,242
Creditors amounts falling due within one year	7	(78,318)		(103,641)
Net current assets (liabilities)			250,992		264,601
Total assets less current liabilities			257,362		271,764
Provisions for liabilities	8		(1,611)		(1,791)
Net assets			255,751		269,973
Capital and reserves
Profit and loss account			255,751		269,973
Reserves			255,751		269,973