ACCOUNTS - Final Accounts

ACCOUNTS - Final Accounts

WITHERBY PUBLISHING GROUP LIMITED - Company Information

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Caseware UK (AP4) 2016.0.181 2016.0.181 2018-05-312018-05-31The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with the provisions of Section 1A 'Small Entities' of Financial Reporting Standard 102.The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.truetrueNo description of principal activityfalse2017-06-01 SC333949 2017-06-01 2018-05-31 SC333949 2016-06-01 2017-05-31 SC333949 2018-05-31 SC333949 2017-05-31 SC333949 2016-06-01 SC333949 1 2017-06-01 2018-05-31 SC333949 d:CompanySecretary1 2017-06-01 2018-05-31 SC333949 d:Director1 2017-06-01 2018-05-31 SC333949 d:Director2 2017-06-01 2018-05-31 SC333949 d:Director3 2017-06-01 2018-05-31 SC333949 d:Director4 2017-06-01 2018-05-31 SC333949 d:Director6 2017-06-01 2018-05-31 SC333949 d:Director9 2017-06-01 2018-05-31 SC333949 d:Director9 2018-05-31 SC333949 d:RegisteredOffice 2017-06-01 2018-05-31 SC333949 c:Buildings 2017-06-01 2018-05-31 SC333949 c:Buildings 2018-05-31 SC333949 c:Buildings 2017-05-31 SC333949 c:Buildings c:LongLeaseholdAssets 2017-06-01 2018-05-31 SC333949 c:MotorVehicles 2017-06-01 2018-05-31 SC333949 c:MotorVehicles 2018-05-31 SC333949 c:MotorVehicles c:OwnedOrFreeholdAssets 2017-06-01 2018-05-31 SC333949 c:FurnitureFittings 2017-06-01 2018-05-31 SC333949 c:FurnitureFittings 2018-05-31 SC333949 c:FurnitureFittings 2017-05-31 SC333949 c:FurnitureFittings c:OwnedOrFreeholdAssets 2017-06-01 2018-05-31 SC333949 c:OfficeEquipment 2018-05-31 SC333949 c:OfficeEquipment 2017-05-31 SC333949 c:OtherPropertyPlantEquipment 2017-06-01 2018-05-31 SC333949 c:OtherPropertyPlantEquipment 2018-05-31 SC333949 c:OtherPropertyPlantEquipment 2017-05-31 SC333949 c:OtherPropertyPlantEquipment c:OwnedOrFreeholdAssets 2017-06-01 2018-05-31 SC333949 c:OwnedOrFreeholdAssets 2017-06-01 2018-05-31 SC333949 c:PatentsTrademarksLicencesConcessionsSimilar 2017-06-01 2018-05-31 SC333949 c:PatentsTrademarksLicencesConcessionsSimilar 2018-05-31 SC333949 c:PatentsTrademarksLicencesConcessionsSimilar 2017-05-31 SC333949 c:DevelopmentCostsCapitalisedDevelopmentExpenditure 2017-06-01 2018-05-31 SC333949 c:DevelopmentCostsCapitalisedDevelopmentExpenditure 2017-05-31 SC333949 c:Non-currentFinancialInstruments c:UnlistedNon-exchangeTraded 2018-05-31 SC333949 c:Non-currentFinancialInstruments c:UnlistedNon-exchangeTraded 2017-05-31 SC333949 c:CurrentFinancialInstruments 2018-05-31 SC333949 c:CurrentFinancialInstruments 2017-05-31 SC333949 c:Non-currentFinancialInstruments 2017-05-31 SC333949 c:CurrentFinancialInstruments c:WithinOneYear 2018-05-31 SC333949 c:CurrentFinancialInstruments c:WithinOneYear 2017-05-31 SC333949 c:Non-currentFinancialInstruments c:AfterOneYear 2017-05-31 SC333949 c:Non-currentFinancialInstruments c:BetweenOneTwoYears 2017-05-31 SC333949 c:ShareCapital 2018-05-31 SC333949 c:ShareCapital 2017-05-31 SC333949 c:SharePremium 2018-05-31 SC333949 c:SharePremium 2017-05-31 SC333949 c:RetainedEarningsAccumulatedLosses 2018-05-31 SC333949 c:RetainedEarningsAccumulatedLosses 2017-05-31 SC333949 c:AcceleratedTaxDepreciationDeferredTax 2018-05-31 SC333949 c:AcceleratedTaxDepreciationDeferredTax 2017-05-31 SC333949 d:FRS102 2017-06-01 2018-05-31 SC333949 d:AuditExempt-NoAccountantsReport 2017-06-01 2018-05-31 SC333949 d:FullAccounts 2017-06-01 2018-05-31 SC333949 d:PrivateLimitedCompanyLtd 2017-06-01 2018-05-31 SC333949 c:Subsidiary1 2017-06-01 2018-05-31 SC333949 c:Subsidiary1 1 2017-06-01 2018-05-31 SC333949 c:Subsidiary2 2017-06-01 2018-05-31 SC333949 c:Subsidiary2 1 2017-06-01 2018-05-31 SC333949 c:Subsidiary3 2017-06-01 2018-05-31 SC333949 c:Subsidiary3 1 2017-06-01 2018-05-31 SC333949 c:WithinOneYear 2018-05-31 SC333949 c:WithinOneYear 2017-05-31 SC333949 c:BetweenOneFiveYears 2018-05-31 SC333949 c:BetweenOneFiveYears 2017-05-31 SC333949 d:SmallCompaniesRegimeForAccounts 2017-06-01 2018-05-31 SC333949 d:ConsolidatedGroupCompanyAccounts 2017-06-01 2018-05-31 iso4217:GBP xbrli:pure

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WITHERBY PUBLISHING GROUP LIMITED


Company registration number SC333949


FILING FINANCIAL STATEMENTS


FOR THE YEAR ENDED 31 MAY 2018






























 
WITHERBY PUBLISHING GROUP LIMITED
 

CONTENTS



Page
Company information
 
1
Balance sheet
 
2 - 3
Notes to the financial statements
 
4 - 16


 
WITHERBY PUBLISHING GROUP LIMITED
 
 
COMPANY INFORMATION


Directors
IG Macneil 
K Heathcote 
DL Tait 
J Machtelinckx 
JSM Heney 
G Macrosson (appointed 19 June 2017)




Company secretary
Morton Fraser Secretaries Limited



Registered number
SC333949



Registered office
27 Stafford Street

Edinburgh

EH3 7BJ




Accountants
Scott-Moncrieff
Chartered Accountants

Exchange Place 3

Semple Street

Edinburgh

EH3 8BL




1
 
WITHERBY PUBLISHING GROUP LIMITED
REGISTERED NUMBER:SC333949

BALANCE SHEET
AS AT 31 MAY 2018

2018
2017
Note
£
£

Fixed assets
  

Intangible assets
 4 
-
32,981

Tangible assets
 5 
681,265
425,987

Investments
 6 
3,850
3,850

  
685,115
462,818

Current assets
  

Stocks
 7 
405,599
378,824

Debtors: amounts falling due within one year
 8 
2,870,648
2,355,984

Cash at bank and in hand
  
1,128,900
634,061

  
4,405,147
3,368,869

Creditors: amounts falling due within one year
 9 
(1,184,069)
(1,358,077)

Net current assets
  
 
 
3,221,078
 
 
2,010,792

Total assets less current liabilities
  
3,906,193
2,473,610

Creditors: amounts falling due after more than one year
 10 
-
(122,615)

Provisions for liabilities
  

Deferred tax
 12 
(38,857)
(11,954)

  
 
 
(38,857)
 
 
(11,954)

Net assets
  
3,867,336
2,339,041


Capital and reserves
  

Called up share capital 
  
134,500
134,500

Share premium account
  
960,330
960,330

Profit and loss account
  
2,772,506
1,244,211

  
3,867,336
2,339,041


The directors consider that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.





 
2
 
WITHERBY PUBLISHING GROUP LIMITED
REGISTERED NUMBER:SC333949
    
BALANCE SHEET (CONTINUED)
AS AT 31 MAY 2018

The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with the provisions of Section 1A 'Small Entities' of Financial Reporting Standard 102.

The financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The Company has opted not to file the statement of income and retained earnings in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf by: 



................................................
IG Macneil
Director

Date: 12 December 2018
The notes on pages 4 to 16 form part of these financial statements.

3

 
WITHERBY PUBLISHING GROUP LIMITED
 
 

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2018

1.


General information

These financial statements are presented in Pounds Sterling (GBP), as that is the currency in which (the majority of) the company's transactions are denominated. They comprise the financial statements of the company drawn up for the year ended 31 May 2018.
The continuing activity of Witherby Publishing Group Limited is the publishing of training and reference material for the shipping industry.
The company is a private company limited by shares and is incorporated in the United Kingdom and registered in Scotland.  Details of the registered office can be found on the company information page of these financial statements.  The company's registered number is SC333949.

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with applicable law and United Kingdom Accounting Standards including Section 1A 'Small Entities' of Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice applicable to Small Entities).
The preparation of financial statements in compliance with Section 1A ‘Small Entities’ of FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgment in applying the company accounting policies.

The following principal accounting policies have been applied:

 
2.2

Going concern

The directors believe that the company will continue to trade profitably for the forseeable future and it is therefore appropriate to prepare these financial statements on a going concern basis.

4

 
WITHERBY PUBLISHING GROUP LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2018

2.Accounting policies (continued)

 
2.3

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Sale of goods

Revenue from the sale of goods is recognised when all of the following conditions are satisfied:
∙the Company has transferred the significant risks and rewards of ownership to the buyer;
∙the Company retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold;
∙the amount of revenue can be measured reliably;
∙it is probable that the Company will receive the consideration due under the transaction; and
∙the costs incurred or to be incurred in respect of the transaction can be measured reliably.

Rendering of services

Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:
∙the amount of revenue can be measured reliably;
∙it is probable that the Company will receive the consideration due under the contract;
∙the stage of completion of the contract at the end of the reporting period can be measured reliably; and
∙the costs incurred and the costs to complete the contract can be measured reliably.

 
2.4

Interest income

Interest income is recognised in the Statement of Income and Retained Earnings on an accruals basis.

5

 
WITHERBY PUBLISHING GROUP LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2018

2.Accounting policies (continued)

 
2.5

Foreign currency translation

Functional and presentation currency

The Company's functional and presentational currency is GBP.

Transactions and balances

Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions.

At each period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined.

Foreign exchange gains and losses resulting from the settlement of transactions and from the translation at period-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in the Statement of income and retained earnings except when deferred in other comprehensive income as qualifying cash flow hedges.

Foreign exchange gains and losses that relate to borrowings and cash and cash equivalents are presented in the Statement of income and retained earnings within 'finance income or costs'. All other foreign exchange gains and losses are presented in the Statement of income and retained earnings within 'other operating income'.

 
2.6

Pensions

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 payment obligations.

The contributions are recognised as an expense in the Statement of income and retained earnings when they fall due. Amounts not paid are shown in accruals as a liability in the Balance sheet. The assets of the plan are held separately from the Company in independently administered funds.

 
2.7

Operating leases: the Company as lessee

Rentals paid under operating leases are charged to the Statement of income and retained earnings on a straight line basis over the lease term.

 
2.8

Finance costs

Finance costs are charged to the Statement of income and retained earnings over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

6

 
WITHERBY PUBLISHING GROUP LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2018

2.Accounting policies (continued)

 
2.9

Borrowing costs

All borrowing costs are recognised in the Statement of income and retained earnings in the year in which they are incurred.

 
2.10

Dividends

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting. Dividends on shares recognised as liabilities are recognised as expenses and classified within interest payable.

 
2.11

Intangible assets

Intangible assets are initially recognised at cost. After recognition, under the cost model, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

All intangible assets are considered to have a finite useful life. If a reliable estimate of the useful life cannot be made, the useful life shall not exceed ten years.

 Amortisation is provided on the following bases:

Websites
-
33%
on cost

 
2.12

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

7

 
WITHERBY PUBLISHING GROUP LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2018

2.Accounting policies (continued)


2.12
Tangible fixed assets (continued)

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line and reducing balance method.

Depreciation is provided on the following basis:

Property improvements
-
Over the term of the lease
Freehold property
-
Not depreciated
Plant and machinery
-
4% on cost
Equipment, fixtures and fittings
-
33% on cost and 15% reducing balance
Library
-
33% on cost

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 disposals are determined by comparing the proceeds with the carrying amount and are recognised in the Statement of income and retained earnings.

No depreciation is provided in respect of freehold property. In the opinion of the directors, the length of its estimated useful life along with the estimated residual value of the property is such that depreciation would not be material. Costs of repair and maintenance are charged to the statement of income when incurred.

 
2.13

Valuation of investments

Investments in subsidiaries are measured at cost less accumulated impairment.

 
2.14

Stocks

Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a first in, first outbasis. Work in progress and finished goods include labour and attributable overheads.

At each balance sheet date, stocks are assessed for impairment. If stock is 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.

 
2.15

Debtors

Short term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

 
2.16

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.
 

8

 
WITHERBY PUBLISHING GROUP LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2018

2.Accounting policies (continued)

 
2.17

Financial instruments

The Company only enters into basic financial instruments 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 non-puttable ordinary shares.

 
2.18

Creditors

Short term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

 
2.19

Provisions for liabilities

Provisions are made where an event has taken place that gives the Company a legal or constructive obligation that probably requires settlement by a transfer of economic benefit, and a reliable estimate can be made of the amount of the obligation.
Provisions are charged as an expense to the Statement of income and retained earnings in the year that the Company becomes aware of the obligation, and are measured at the best estimate at the Balance sheet date of the expenditure required to settle the obligation, taking into account relevant risks and uncertainties.
When payments are eventually made, they are charged to the provision carried in the Balance sheet.

 
2.20

Current and deferred taxation

The tax expense for the year comprises current and deferred tax. Tax is recognised in the Statement of income and retained earnings, except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the Company operates and generates income.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the Balance sheet date, except that:
∙The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and
∙Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

9

 
WITHERBY PUBLISHING GROUP LIMITED
 
 

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2018

3.


Employees

The average monthly number of employees, including directors, during the year was 41 (2017 - 38).


4.


Intangible assets




Website
Intellectual property
Total

£
£
£



Cost


At 1 June 2017
210,070
1,537,098
1,747,168


Additions
38,370
-
38,370


Disposals
(214,347)
(1,537,098)
(1,751,445)



At 31 May 2018

34,093
-
34,093



Amortisation


At 1 June 2017
177,089
1,537,098
1,714,187


Charge for the year
71,351
-
71,351


On disposals
(214,347)
(1,537,098)
(1,751,445)



At 31 May 2018

34,093
-
34,093



Net book value



At 31 May 2018
-
-
-



At 31 May 2017
32,981
-
32,981

10

 

WITHERBY PUBLISHING GROUP LIMITED
 
 
 



 
NOTES TO THE FINANCIAL STATEMENTS

 
FOR THE YEAR ENDED 31 MAY 2018




5.


Tangible fixed assets






Freehold Property
Plant & Machinery
Equipment, fixtures and fittings
Library
Property improvements
Total

£
£
£
£
£
£



Cost or valuation


At 1 June 2017
335,508
-
312,058
11,407
139,993
798,966


Additions
-
185,000
68,976
-
60,809
314,785



At 31 May 2018

335,508
185,000
381,034
11,407
200,802
1,113,751



Depreciation


At 1 June 2017
-
-
229,473
11,407
132,099
372,979


Charge for the year
-
154
47,192
-
12,161
59,507



At 31 May 2018

-
154
276,665
11,407
144,260
432,486



Net book value



At 31 May 2018
335,508
184,846
104,369
-
56,542
681,265



At 31 May 2017
335,508
-
82,585
-
7,894
425,987

11

 
WITHERBY PUBLISHING GROUP LIMITED
 
 

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2018

6.


Fixed asset investments





Unlisted investments

£



Cost or valuation


At 1 June 2017
3,850



At 31 May 2018

3,850






Net book value



At 31 May 2018
3,850



At 31 May 2017
3,850

Subsidiary undertakings

The following were subsidiary undertakings of the Company:

Name
Country of
incorporation
Class of shares
Holding
Principal activity

Witherbys Publishing Limited
England and Wales
Ordinary
 100%
Dormant

Seamanship International Limited
Scotland
Ordinary
 100%
Dormant

Witherby Digital Limited
Scotland
Ordinary
 100%
Dormant

None of the subsidiaries traded during the current or previous year, and as a result they made neither profit nor loss.  At 31 May 2018 Witherbys Publishing Limited and Seamanship International Limited had aggregate capital and reserves of £nil (2017: £nil), and Witherby Digital Limited had aggregate capital and reserves of £1 (2017: £1)


7.


Stocks

2018
2017
£
£

Finished goods and goods for resale
405,599
378,824

405,599
378,824


12

 
WITHERBY PUBLISHING GROUP LIMITED
 
 

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2018

8.


Debtors

2018
2017
£
£


Trade debtors
1,061,847
651,912

Amounts owed by group undertakings
124,177
312,698

Other debtors
1,253,520
1,074,395

Prepayments and accrued income
113,429
74,250

Tax recoverable
317,675
242,729

2,870,648
2,355,984



9.


Creditors: Amounts falling due within one year

2018
2017
£
£

Bank loans
122,700
119,074

Trade creditors
180,761
458,329

Corporation tax
272,563
232,849

Other taxation and social security
88,567
47,908

Other creditors
16,105
14,273

Accruals and deferred income
503,373
485,644

1,184,069
1,358,077



10.


Creditors: Amounts falling due after more than one year

2018
2017
£
£

Bank loans
-
122,615

-
122,615



Secured loans

The bank loan is secured by a guarantee and indemnity for £238,000 and interest thereon by Witherby Estate Management Limited, a subsidiary of the parent company, which is supported by a standard security over freehold property held and a bond and floating charge over the whole of the company's property and undertaking.

13

 
WITHERBY PUBLISHING GROUP LIMITED
 
 

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2018

11.


Loans


Analysis of the maturity of loans is given below:


2018
2017
£
£

Amounts falling due within one year

Bank loans
122,700
119,074


122,700
119,074

Amounts falling due 1-2 years

Bank loans
-
122,615


-
122,615



122,700
241,689



12.


Deferred taxation




2018
2017


£

£






At beginning of year
(11,954)
(16,902)


Charged to profit or loss
(26,903)
4,948



At end of year
(38,857)
(11,954)

The provision for deferred taxation is made up as follows:

2018
2017
£
£


Accelerated capital allowances
(38,857)
(11,954)

(38,857)
(11,954)


13.


Pension commitments

The company operates a defined contribution pension scheme. The assets of the scheme are held separately from those of the company in an independently administered fund. The pension cost and charge represents contributions payable by the company to the fund and amounted to £28,754 (2017: £25,762). At 31 May 2018 contributions amounting to £5,795 (2017: £5,245) were payable to the fund and were included in creditors.



14

 
WITHERBY PUBLISHING GROUP LIMITED
 
 

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2018

14.


Commitments under operating leases

At 31 May 2018 the Company had future minimum lease payments under non-cancellable operating leases as follows:

2018
2017
£
£


Not later than 1 year
84,280
77,718

Later than 1 year and not later than 5 years
80,600
164,560

164,880
242,278


15.


Post balance sheet events

The parent company entered into a re-financing agreement with Handelsbanken on 27 September  2018 resulting in the existing loan with Bank of Scotland being repaid in full. 
The loan contains a floating charge which covers all the property and undertaking of the parent company and its subsidiaries, including Witherby Publishing Group Limited.


16.


Related party transactions

During the year advances totalling £113,869 (2017: £40,497) were made to IG Macneil, a director of the company. Repayments of £913 (2017: £210,285) were paid to the company during the year. Included within other debtors (Note 8) is a loan balance of £568,351 (2017: £455,394). 
During the year advances totalling £117,645 (2017: £43,336) were made to K Heathcote, a director of the company. Repayments of £nil (2017: £207,500) were paid to the company during the year. Included within other debtors (Note 8) is a loan balance of £564,148 (2017: £446,502).
There are no terms of interest on any of the above loans and they are repayable on demand.
During the year the company made donations totalling £72,000 (2017: £41,000) to the Witherby Publishing Group Trust. The Trust is controlled by IG Macneil, K Heathcote and J Machtelinckx who are all directors of the company. 
During the year dividends totalling £394,215 (2017: £nil) were paid to Witherby Investments Limited, the parent company. 
Included within amounts owed by group undertakings is a loan of £nil (2017: £192,000) due from Witherby Investments Limited, the parent company.
Included within amounts owed by group undertakings is a loan of £124,177 (2017: £120,698) due from Witherby Estate Management Limited (WEML), a company in which IG Macneil, K Heathcote, J Machtelinckx and DL Tait are all directors.  WEML is also a 100% owned subsidiary of Witherby Investments Limited, the parent undertaking.  
There are no terms of interest on these intercompany loans and they are all repayable on demand.

15

 
WITHERBY PUBLISHING GROUP LIMITED
 
 

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2018

17.


Ultimate Parent Undertaking and Controlling Party

The company's parent undertaking is Witherby Investments Limited, which owns the entire share capital of the company. 
The ultimate controlling party is IG Macneil, who is a director of both Witherby Investments Limited and Witherby Publishing Group Limited.

 
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