York Press Limited

Notes to the Financial Statements for the Year Ended 31 December 2024

1	General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
322 Old Brompton Road
London
SW5 9JH
United Kingdom

2	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 have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

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.

The presentation currency of the financial statements is Pound Sterling (£) rounded to the nearest Pound.

Going concern

As part of the directors' assessment of going concern, they have prepared detailed cash flow and profit and loss forecasts for the next 12 months. The forecasts have been prepared on an appropriate basis, taking into account the current economic conditions that exist.

After making appropriate enquires, the directors have a reasonable expectation that the company has adequate resources to enable it to continue in operational existence for the foreseeable future. They believe it is appropriate to prepare the accounts on a going concern basis.

York Press Limited

Notes to the Financial Statements for the Year Ended 31 December 2024 (continued)

2	Accounting policies (continued)

Audit report

The Independent Auditor's Report was unqualified.

The name of the Senior Statutory Auditor who signed the audit report on 24 December 2025 was Sheetal Shah FCCA, who signed for and on behalf of Innovi Advisors Ltd.

.........................................

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.

Foreign currency transactions and balances

Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the statement of financial position date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result.

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.

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.

York Press Limited

Notes to the Financial Statements for the Year Ended 31 December 2024 (continued)

2	Accounting policies (continued)

Tangible Assets

Tangible Assets are stated in the statement of financial position 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:

Asset class	Depreciation method and rate
Fixtures, fittings and office equipment	12.5% straight line
Computer equipment	33.33% straight line
Short leasehold property	33.33% reducing balance

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.

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.

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.

Provisions

Provisions are recognised when the company has an obligation at the reporting date as a result of a past event, it is probable that the company will be required to settle that obligation and a reliable estimate can be made of the amount of the obligation.

York Press Limited

Notes to the Financial Statements for the Year Ended 31 December 2024 (continued)

2	Accounting policies (continued)

Leases

Assests held under hire purchase agreements are included under fixed assets and capitalised at their historical cost. The capital element of future payments is treated as a liability and the interest element is charged to the profit and loss account on a straight line basis over the period of the contract.

Rental payable under operating leases are charged to the profit and loss account on the straight line basis over the term 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.

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
Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as either financial assets, financial liabilities, or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.
 

3	Staff numbers

The average number of persons employed by the company (including directors) during the year, was 13 (2023 - 8).

4	Profit before tax

Arrived at after charging/(crediting)

	2024 £	2023 £
Depreciation expense	3,963	3,729

York Press Limited

Notes to the Financial Statements for the Year Ended 31 December 2024 (continued)

5	Tangible Assets

	Short leasehold property £	Fixtures, fittings & equipment £	Total £
Cost or valuation
At 1 January 2024	10,878	204,372	215,250
Additions	-	3,289	3,289
At 31 December 2024	10,878	207,661	218,539
Depreciation
At 1 January 2024	10,878	191,552	202,430
Charge for the year	-	3,963	3,963
At 31 December 2024	10,878	195,515	206,393
Carrying amount
At 31 December 2024	-	12,146	12,146
At 31 December 2023	-	12,820	12,820

6

Debtors

Current	Note	2024 £	2023 £
Trade Debtors		653,750	738,457
Amounts owed by related parties	9	1,531,597	1,450,250
Prepayments		4,700	8,518
Other debtors		687,489	633,659
		2,877,536	2,830,884

York Press Limited

Notes to the Financial Statements for the Year Ended 31 December 2024 (continued)

7

Creditors

Creditors: amounts falling due within one year

	2024 £	2023 £
Due within one year
Trade Creditors	298,048	345,895
Taxation and social security	54,542	15,421
Accruals and deferred income	14,481	15,210
Other creditors	290,729	227,760
	657,800	604,286

 

10 Obligations under lease and hire purchase contracts

Finance lease

 

The total of future minimum lease payments is as follows:
		2,024	2,023
		£	£
Not later than one year		25,000	25,000
Later than one year and not later than five years		100,000	100,000
Later than five years		-	25,000
		125,000	150,000

York Press Limited

Notes to the Financial Statements for the Year Ended 31 December 2024 (continued)

9	Related party transactions

Summary of transactions with other related parties

During the year the company derived £0 (2023: £26,014) of its turnover from Libraire Du Liban, a company in which P Sayegh and H Sayegh have material interests. At the year end the company was owed £441,695 (2023: £441,695) by Libraire Du Liban.

During the year the company derived £2,078,508 (2023: £1,984,731) of its turnover from Egyptian International Publishing Longman, a company in which H Sayegh has a material interest and in which P Sayegh is a director. At the year end the company was owed £0 (2023: £0 ) to Egyptian International Publishing Longman.

During the year the company derived £3,017,998 (2023: £938,088) of its turnover from House of Education, a company in which H Sayegh has a material interest. At the year end the company was owed £1,089,902 (2023: £1,008,555) by House of Education.

As of 31st Decemeber 2024, £217,968 (2023: £217,968) was due to Wentworth Estates.

At 31st December 2024, the company owed the director, Mr. Habib Khalil Sayegh £77,880 (2023: - £11,866).

12 Ultimate Controlling Party

The ultimate controlling party is Mr H Sayegh, who holds 100% ordinary shares in the company.