Class Publishing Ltd - Period Ending 2016-12-31
Class Publishing Ltd - Period Ending 2016-12-31
Registration number:
for the Year Ended
[FRS 102 SECTION1A]
[FILLETED FOR FILING PURPOSES]
84a Victoria Road
Horley
Surrey
RH6 7AB
Class Publishing Ltd
Contents
Company Information |
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Accountants' Report |
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Balance Sheet |
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Notes to the Financial Statements |
Class Publishing Ltd
Company Information
Directors |
R Warner S J Warner E C W Warner G Tanner-Tremaine |
Registered office |
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Accountants |
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Page 1 |
Accountants' Report to the Board of Directors on the Preparation of the Unaudited Statutory Accounts of
Class Publishing Ltd
for the Year Ended 31 December 2016
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the accounts of Class Publishing Ltd for the year ended 31 December 2016 as set out on pages 3 to 11 from the company's accounting records and from information and explanations you have given us.
This report is made solely to the Board of Directors of Class Publishing Ltd, as a body. Our work has been undertaken solely to prepare for your approval the accounts of Class Publishing Ltd and state those matters that we have agreed to state to the Board of Directors of Class Publishing Ltd, as a body. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Class Publishing Ltd and its Board of Directors as a body for our work or for this report.
It is your duty to ensure that Class Publishing Ltd has kept adequate accounting records and to prepare statutory accounts that give a true and fair view of the assets, liabilities, financial position and profit of Class Publishing Ltd. You consider that Class Publishing Ltd 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 accounts of Class Publishing Ltd. 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 accounts.
......................................
Horley
Surrey
RH6 7AB
Page 2 |
Class Publishing Ltd
(Registration number: 2993127)
Balance Sheet as at 31 December 2016
Note |
2016 |
2015 |
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Fixed assets |
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Intangible assets |
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Tangible assets |
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Investments |
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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 |
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Share premium reserve |
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Profit and loss account |
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Total equity |
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For the financial year ending 31 December 2016 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' responsibilities:
• |
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• |
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts. |
These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.
These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime and the option not to file the Profit and Loss Account has been taken.
Page 3 |
Class Publishing Ltd
(Registration number: 2993127)
Balance Sheet as at 31 December 2016
Approved and authorised by the
.........................................
R Warner
Chairman
Page 4 |
Class Publishing Ltd
Notes to the Financial Statements for the Year Ended 31 December 2016
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
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 - 'The Financial Reporting Standard applicable in the UK 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.
Changes in accounting policy
New standards, interpretations and amendments effective
The following have been applied for the first time from 1 January 2016 and have had an effect on the financial statements:
Accounting Convention
These financial statements are the first financial statements that comply with FRS 102 Section 1A, The transition to FRS 102 Section 1A Small Entities may have resulted in a number of changes in accounting policies to those used previously. Where it has resulted in changes, the nature of these changes and their impact on opening equity and profit are explained in the notes.
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.
Page 5 |
Class Publishing Ltd
Notes to the Financial Statements for the Year Ended 31 December 2016
Foreign currency transactions and balances
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 (including fair value adjustments) that have originated but not reversed by the balance sheet date except that a deferred tax asset is only recognised to the extent that it is regarded recoverable. Deferred tax is measured using the tax rate that is expected to apply in the periods in which the timing differences are expected to reverse.
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 |
Plant and machinery |
33.3% and 20% straight line |
Motor vehicles |
33.3% straight line |
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:
Asset class |
Amortisation method and rate |
Goodwill |
10% straight line |
Page 6 |
Class Publishing Ltd
Notes to the Financial Statements for the Year Ended 31 December 2016
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.
Provisions
Provisions are set up only where it is probable that a present obligation exists as a result of an event prior to the balance sheet date and that a payment will be required in settlement that can be estimated reliably. Where material, provisions are calculated on a discounted 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
Staff numbers |
The average number of persons employed by the company (including directors) during the year, was
Page 7 |
Class Publishing Ltd
Notes to the Financial Statements for the Year Ended 31 December 2016
Intangible assets |
Goodwill |
Total |
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Cost or valuation |
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At 1 January 2016 |
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At 31 December 2016 |
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Amortisation |
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At 1 January 2016 |
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Amortisation charge |
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At 31 December 2016 |
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Carrying amount |
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At 31 December 2016 |
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At 31 December 2015 |
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Tangible assets |
Furniture, fittings and equipment |
Motor vehicles |
Other property, plant and equipment |
Total |
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Cost or valuation |
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At 1 January 2016 |
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At 31 December 2016 |
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Depreciation |
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At 1 January 2016 |
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Charge for the year |
- |
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- |
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At 31 December 2016 |
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Carrying amount |
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At 31 December 2016 |
- |
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- |
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At 31 December 2015 |
- |
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- |
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Page 8 |
Class Publishing Ltd
Notes to the Financial Statements for the Year Ended 31 December 2016
Investments |
2016 |
2015 |
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Investments in subsidiaries |
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Subsidiaries |
£ |
Cost or valuation |
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At 1 January 2016 |
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Provision |
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Carrying amount |
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At 31 December 2016 |
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At 31 December 2015 |
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Stocks |
2016 |
2015 |
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Work in progress |
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Other inventories |
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Debtors |
2016 |
2015 |
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Trade debtors |
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Other debtors |
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Total current trade and other debtors |
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Page 9 |
Class Publishing Ltd
Notes to the Financial Statements for the Year Ended 31 December 2016
Creditors |
Note |
2016 |
2015 |
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Due within one year |
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Trade creditors |
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Corporation tax |
230,504 |
85,745 |
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Other taxes and social security cost |
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Other creditors |
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Related party transactions |
Summary of transactions with subsidiaries
40% subsidiary company
Loans to related parties
2016 |
Key management |
At start of period |
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Advanced |
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Repaid |
( |
At end of period |
- |
2015 |
Key management |
At start of period |
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Advanced |
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Repaid |
( |
At end of period |
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Page 10 |
Class Publishing Ltd
Notes to the Financial Statements for the Year Ended 31 December 2016
Transition to FRS 102 |
Balance Sheet at 1 January 2015
Note |
As originally reported |
Reclassification |
Remeasurement |
As restated |
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Capital and reserves |
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Called up share capital |
100 |
- |
- |
100 |
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Share premium reserve |
5,098 |
- |
- |
5,098 |
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Profit and loss account |
1,336,724 |
- |
- |
1,336,724 |
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Total equity |
1,341,922 |
- |
- |
1,341,922 |
Balance Sheet at 31 December 2015
Note |
As originally reported |
Reclassification |
Remeasurement |
As restated |
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Capital and reserves |
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Called up share capital |
100 |
- |
- |
100 |
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Share premium reserve |
5,098 |
- |
- |
5,098 |
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Profit and loss account |
1,131,823 |
- |
- |
1,131,823 |
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Total equity |
1,137,021 |
- |
- |
1,137,021 |
Page 11 |