Martins Publishing Services Limited - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: SC427227 (Scotland)

Martins Publishing Services Limited

Financial Statements

for the Year Ended 31st March 2018

Page

Company information

1

Balance sheet

2

to

3

Notes to the financial statements

4

to

7

Directors:

Mrs. E M A Hardie

C Hardie

Secretary:

W Hardie

Registered office:

Academy House

Shedden Park Road

Kelso

Roxburghshire

TD5 7AL

Business address:

Sea View Works

Spittal

Berwick-upon-Tweed

Northumberland

TD15 1RS

Registered number:

SC427227 (Scotland)

Accountants:

Rennie Welch LLP

Academy House

Shedden Park Road

Kelso

Roxburghshire

TD5 7AL

Fixed assets

Tangible assets

3

322,974

360,363

Investments

4

20,000

20,000

342,974

380,363

Current assets

Stocks

15,169

-

Debtors

5

4,083

-

Cash at bank

137,858

74,470

157,110

74,470

Creditors

Amounts falling due within one year

6

4,074

124,754

Net current assets/(liabilities)

153,036

(50,284

)

Total assets less current liabilities

496,010

330,079

Creditors

Amounts falling due after more than one year

7

-

(1,141

)

Provisions for liabilities

(36,540

)

(21,929

)

Net assets

459,470

307,009

Capital and reserves

Called up share capital

20,000

20,000

Retained earnings

439,470

287,009

Shareholders' funds

459,470

307,009

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31st March 2018.

The members have not required the company to obtain an audit of its financial statements for the year ended 31st March 2018 in accordance with Section 476 of the Companies Act 2006.

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.

The financial statements have been prepared and delivered in accordance with the provisions of Part 15 of the Companies Act 2006 relating to small companies.

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

The financial statements were approved by the Board of Directors on 20th December 2018 and were signed on its behalf by:

C Hardie - Director

1.	Statutory information

Martins Publishing Services Limited is a private company, limited by shares , registered in Scotland.

The company's registered number and registered office address can be found on the Company

Information page.

2.	Accounting policies

Basis of preparing the financial statements

These financial statements have been prepared in accordance with the provisions of Section 1A "Small Entities" of Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Preparation of consolidated financial statements

The company is entitled to the exemption under Section 399 of the Companies Act 2006 from the

obligation to prepare group accounts.

Turnover

Turnover represents the total invoice value, excluding value added tax, of sales invoiced during the

year, or the fair value of services provided for amounts not invoiced at the year end.

Turnover arising from the sale of goods is recognised when the significant risks and rewards of

ownership have passed to the buyer. Turnover arising from the provision of services is recognised as

contract activity progresses and the right to consideration is earned. Unbilled turnover is included in

debtors as amounts recoverable on contracts.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off the cost less estimated residual value of each asset over its estimated useful life.

Plant and machinery

-

10% on reducing balance

Fixtures and fittings

-

20% on reducing balance

Motor vehicles

-

33% on reducing balance

Computer equipment

-

straight line over 3 years

Tangible fixed assets are stated at cost less accumulated depreciation and accumulated impairment

losses.

Investments in subsidiaries

Investments in subsidiary undertakings are recognised at cost.

Stocks

Stock is valued at the lower of cost and estimated selling price less costs to sell. In respect of work in

progress and finished goods, cost includes a relevant proportion of overheads according to the stage

of completion.

Financial instruments

The following assets and liabilities are classified as financial instruments - trade debtors, trade

creditors, accruals and directors' loans.

Directors' loans (being repayable on demand), trade debtors, trade creditors and accruals are

measured at the undiscounted amount of the cash or other consideration expected to be paid or

received.

Financial assets that are measured at amortised cost are assessed at the end of each reporting period

for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss

is recognised in the Statement of Income and Retained Earnings.

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of

Income and Retained Earnings, 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.

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.

Employees and directors

There were no employees during the current or comparative years.

Going concern

The directors have considered the company's financial position for a period of 12 months from the date

of signing these financial statements and have reasonable expectation that the company has adequate

resources to continue in operational existence for the foreseeable future. Accordingly, they continue to

adopt the going concern basis in preparing these financial statements.

Hire purchase and leasing commitments

Assets obtained under hire purchase contracts and finance leases are capitalised as tangible assets

and depreciated over the shorter of the lease term and their useful lives. Obligations under such

agreements are included in creditors net of the finance charge allocated to future periods. The finance

element of the rental payment is charged to the profit and loss account so as to produce constant

periodic rates of charge on the net obligations outstanding in each period.

3.	Tangible fixed assets

Fixtures

Plant and

and

Motor

Computer

machinery

fittings

vehicles

equipment

Totals

£

£

£

£

£

Cost

At 1st April 2017

and 31st March 2018

542,184

5,652

11,717

7,082

566,635

Depreciation

At 1st April 2017

188,767

2,495

8,688

6,322

206,272

Charge for year

35,342

631

1,010

406

37,389

At 31st March 2018

224,109

3,126

9,698

6,728

243,661

Net book value

At 31st March 2018

318,075

2,526

2,019

354

322,974

At 31st March 2017

353,417

3,157

3,029

760

360,363

4.	Fixed asset investments

Shares in

group

undertakings

£

Cost

At 1st April 2017

and 31st March 2018

20,000

Net book value

At 31st March 2018

20,000

At 31st March 2017

20,000

Fixed asset investments are stated at cost less provision for permanent diminution in value.

5.

Debtors: amounts falling due within one year

2018

2017

£

£

Trade debtors

4,083

-

6.

Creditors: amounts falling due within one year

2018

2017

£

£

Hire purchase contracts

1,357

24,093

Amounts owed to group undertakings

1,206

99,149

Taxation and social security

6

7

Other creditors

1,505

1,505

4,074

124,754

7.

Creditors: amounts falling due after more than one year

2018

2017

£

£

Hire purchase contracts

-

1,141

8.	Secured debts

The following secured debts are included within creditors:

2018

2017

£

£

Hire purchase contracts

1,357

25,234

The HP liabilities are secured against the assets to which they relate.

9.	Related party disclosures

During the year, on 31st March 2018, some of the assets of Martin the Printers Limited were

transferred to its holding company Martins Publishing Services Limited by way of a dividend in specie,

at their net book value. The value of this dividend amounted to £84,376.