Poetry Wales Press Limited Filleted accounts for Companies House (small and micro)

COMPANY REGISTRATION NUMBER: 02262728

Poetry Wales Press Limited

Company Limited by Guarantee

Filleted Unaudited Financial Statements

For the year ended

31 March 2025

Poetry Wales Press Limited

Company Limited by Guarantee

Financial Statements

Year ended 31 March 2025

Contents	Page

Officers and professional advisers	1

Report to the board of directors on the preparation of the unaudited statutory financial statements	2

Statement of financial position	3

Notes to the financial statements	5

Poetry Wales Press Limited

Company Limited by Guarantee

Officers and Professional Advisers

The board of directors	Dr D J Campbell
	Ms C Cooper
	Mr D Knight
	Prof P R A McGuinness
	Dr S E Morse
	Mr C Archard
	Ms Dawson
	Dr M Farr
	Mr H Thomas
	Ms E Vaughan

Registered office	Suite 6
	4 Derwen Road
	Bridgend
	Wales
	CF31 L1H

Accountants	Clay Shaw Thomas Ltd

	2 Oldfield Road
	Bocam Park
	Bridgend
	CF35 5LJ

Bankers	HSBC Bank Plc
	13 Dunraven Place
	Bridgend
	Mid Glamorgan
	CF31 1JQ

Poetry Wales Press Limited

Company Limited by Guarantee

Report to the Board of Directors on the Preparation of the Unaudited Statutory Financial Statements of Poetry Wales Press Limited

Year ended 31 March 2025

Accountants Report to the Board of Directors on the Preparation of the Unaudited Statutory Financial Statements of Poetry Wales Press Limited You consider that the company is exempt from an audit under the Companies Act 2006. In accordance with your instructions we have compiled these financial statements in order to assist you to fulfil your statutory responsibilities, from the accounting records and from information and explanations supplied to us.

Clay Shaw Thomas Ltd

2 Oldfield Road Bocam Park Bridgend CF35 5LJ

11 December 2025

Poetry Wales Press Limited

Company Limited by Guarantee

Statement of Financial Position

31 March 2025

	2025		2024
			(restated)
Note	£	£	£

Fixed assets

Tangible assets	6		3,372	2,367

Current assets

Stocks	7	34,073	34,074
Debtors	8	15,186	17,035
Cash at bank and in hand		59,704	87,649
		---------	---------
		108,963	138,758

Creditors: amounts falling due within one year	9	66,685		53,250
		---------		---------
Net current assets			42,278	85,508
			--------	--------
Total assets less current liabilities			45,650	87,875

Creditors: amounts falling due after more than one year	10	10,995	24,404
		--------	--------
Net assets		34,655	63,471
		--------	--------

Capital and reserves

Profit and loss account	34,655	63,471
	--------	--------
Members funds	34,655	63,471
	--------	--------

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.

In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.

For the year ending 31 March 2025 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 financial statements for the year in question in accordance with section 476 ;

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

Poetry Wales Press Limited

Company Limited by Guarantee

Statement of Financial Position (continued)

31 March 2025

These financial statements were approved by the board of directors and authorised for issue on 11 December 2025 , and are signed on behalf of the board by:

Dr D J Campbell

Director

Company registration number: 02262728

Poetry Wales Press Limited

Company Limited by Guarantee

Notes to the Financial Statements

Year ended 31 March 2025

1. General information

The company is a private company limited by guarantee, registered in England and Wales. The address of the registered office is Suite 6, 4 Derwen Road, Bridgend, CF31 L1H, Wales.

2. Statement of compliance

These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.

3. Accounting policies

Basis of preparation

The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.

The financial statements are prepared in sterling, which is the functional currency of the entity.

Going concern

The directors have assessed whether there are any material uncertainties that may cast significant doubt about the company’s ability to continue to adopt the going concern basis of accounting for a period of at least twelve months from the date when the financial statements are authorised for issue. In assessing whether the going concern assumption is appropriate, the directors have taken in to account all available information about the future. The company meets its day-to-day working capital requirements through cash generated from operations and grant funding received from the Welsh Books Council. Although the company has cash reserves to settle its liabilities as they fall due, there continues to be dependence on the continued support of the Welsh Books Council. The company has secured support from the Welsh Books Council for a 3-year period to March 2026, subject to funding from the Welsh Government, albeit at reduced levels. The board is continuing to review the ongoing expenditure and make savings wherever possible so that the company can continue as a going concern. In the directors assessment, there are no material uncertainties that may cast significant doubt about the company’s ability to continue to adopt the going concern basis.

Revenue recognition

The principal activity of the company during the year was the sale of books and publishments. Revenue is recognised to the extent that it is probable that the economic benefits will flow to the company and the revenue can be reliability measured. Revenue is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added taxes and any other sales taxes. Revenue is not recognised on despatch of stock to distributors and retail outlets bit on subsequent sale to the end customer. Turnover also includes funds received from grant providers. Grants which relate to revenue shall be recognised in income on a systematic basis over the periods in which the entity recognises the related costs for which the grant is intended to compensate. Revenue from the rendering of services is measured by reference to the stage of completion of the service transaction at the end of the reporting period provided that the outcome can be reliably estimated. When the outcome cannot be reliably estimated, revenue is recognised only to the extent that it is probable the expenses recognised will be recovered.

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 is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised 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 that are expected to apply to the reversal of the timing difference.

Foreign currencies

Foreign currency transactions are initially recorded in the functional currency, by applying the spot exchange rate as at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are translated at the exchange rate ruling at the reporting date, with any gains or losses being taken to the profit and loss account.

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.

Tangible assets

Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

Depreciation

Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:

Plant and machinery	-	25% reducing balance
Fixtures and fittings	-	25% reducing balance
Equipment	-	20 % reducing balance

Impairment of fixed assets

A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets.

Stocks

Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition.

Government grants

Government grants are recognised at the fair value of the asset received or receivable. Grants are not recognised until there is reasonable assurance that the company will comply with the conditions attaching to them and the grants will be received.

Government grants are recognised using the accrual model. Under the accrual model, government grants relating to revenue are recognised on a systematic basis over the periods in which the company recognises the related costs for which the grant is intended to compensate. Grants that are receivable as compensation for expenses or losses already incurred or for the purpose of giving immediate financial support to the entity with no future related costs are recognised in income in the period in which it it becomes receivable.

Employee benefits

The costs of short-term employee benefits are recognised as a liability and an expense, unless thosecosts and are required to be recognised as part of the cost of stock or fixed assets.

The cost of any unused holiday entitlement is recognised in the period in which the employee'sservices are received.

Termination benefits are recognised immediately as an expenses when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

Retirement benefits

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

Royalties payable

Royalties payable are accounted for on an accruals basis and matched to the period in which the correlating sale is recognised. Advances on royalty payments are recognised when paid as they are non-refundable advances.

4. Company limited by guarantee

The company is limited by guarantee, not having share capital and consequently the liability of members is limited, subject to an undertaking by each member to contribute to the net assets or liabilities of the company on winding up such amounts as may be required not exceeding £1.

5. Employee numbers

The average number of persons employed by the company during the year amounted to 5 (2024: 5 ).

6. Tangible assets

	Plant and machinery	Fixtures and fittings	Equipment	Total
	£	£	£	£
Cost
At 1 April 2024 (as restated)	6,368	645	8,686	15,699
Additions	–	680	1,054	1,734
	-------	-------	-------	--------
At 31 March 2025	6,368	1,325	9,740	17,433
	-------	-------	-------	--------
Depreciation
At 1 April 2024	5,975	20	7,338	13,333
Charge for the year	98	202	428	728
	-------	-------	-------	--------
At 31 March 2025	6,073	222	7,766	14,061
	-------	-------	-------	--------
Carrying amount
At 31 March 2025	295	1,103	1,974	3,372
	-------	-------	-------	--------
At 31 March 2024	393	625	1,348	2,366
	-------	-------	-------	--------

7. Stocks

	2025	2024
		(restated)
	£	£
Books and publishments	34,073	34,074
	--------	--------

8. Debtors

	2025	2024
		(restated)
	£	£
Trade debtors	6,009	4,788
Other debtors	9,177	12,247
	--------	--------
	15,186	17,035
	--------	--------

9. Creditors: amounts falling due within one year

	2025	2024
		(restated)
	£	£
Bank loans and overdrafts	10,176	10,035
Trade creditors	18,773	9,270
Social security and other taxes	3,695	3,760
WCVA loan	3,118	3,035
Other creditors	30,923	27,150
	--------	--------
	66,685	53,250
	--------	--------

10. Creditors: amounts falling due after more than one year

	2025	2024
		(restated)
	£	£
Bank loans and overdrafts	9,138	19,429
WCVA loan	1,857	4,975
	--------	--------
	10,995	24,404
	--------	--------

11. Prior period errors

A review has been undertaken on the valuation of stock reported in the financial statements. The comparatives have been restated so that obsolete stock has been removed. This adjustment has decreased the net assets in the prior year.

12. Operating leases

The total future minimum lease payments under non-cancellable operating leases are as follows:

	2025	2024
		(restated)
	£	£
Not later than 1 year	18,000	18,000
Later than 1 year and not later than 5 years	10,500	24,000
	--------	--------
	28,500	42,000
	--------	--------

During the year rental lease payments of £18,000 (2024: £16,472) were recognised as an expense in the profit and loss.