REGISTERED NUMBER:
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STRATEGIC REPORT, REPORT OF THE DIRECTORS AND |
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AUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2019 |
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PUBLISHERS GROUP UK LIMITED |
REGISTERED NUMBER:
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STRATEGIC REPORT, REPORT OF THE DIRECTORS AND |
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AUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2019 |
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FOR |
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PUBLISHERS GROUP UK LIMITED |
PUBLISHERS GROUP UK LIMITED (REGISTERED NUMBER: 01734235) |
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CONTENTS OF THE FINANCIAL STATEMENTS |
for the Year Ended 31 December 2019 |
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Company Information | 1 |
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Strategic Report | 2 |
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Report of the Directors | 3 |
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Report of the Independent Auditors | 5 |
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Income Statement | 7 |
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Other Comprehensive Income | 8 |
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Balance Sheet | 9 |
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Statement of Changes in Equity | 10 |
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Cash Flow Statement | 11 |
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Notes to the Cash Flow Statement | 12 |
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Notes to the Financial Statements | 13 |
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PUBLISHERS GROUP UK LIMITED |
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COMPANY INFORMATION |
for the Year Ended 31 December 2019 |
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DIRECTORS: |
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SECRETARY: |
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REGISTERED OFFICE: |
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REGISTERED NUMBER: |
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SENIOR STATUTORY AUDITOR: |
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AUDITORS: |
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Statutory Auditors |
8 Lonsdale Gardens |
Tunbridge Wells |
Kent |
TN1 1NU |
PUBLISHERS GROUP UK LIMITED (REGISTERED NUMBER: 01734235) |
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STRATEGIC REPORT |
for the Year Ended 31 December 2019 |
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The directors present their strategic report for the year ended 31 December 2019. |
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REVIEW OF BUSINESS |
The directors believe that the company has maintained sales and margins in line with the budgets set by them. As |
mentioned in their last Review. |
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The results of the company show a fall in gross profit to 27.61% (2018 32.37%) and a 18% (2018-0.22%) increase in |
turnover. The net profit percentage is down 6.77% (2017 9.86%). Payment by trade debtors has improved to 115 days |
(2018 129 days) and trade creditors have decreased. |
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PRINCIPAL RISKS AND UNCERTAINTIES |
The directors do not feel that there are any principal risks or uncertainties. Whilst the market is changing it is a |
recognised fact that the sales of books relating to certain niche areas will be popular for the foreseeable future. |
However a 'hard' or 'no deal' Brexit will no doubt test the value of the pound but apart from some immediate impact it is |
anticipated that it would not have any lasting impact on the company's performance. |
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ON BEHALF OF THE BOARD: |
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PUBLISHERS GROUP UK LIMITED (REGISTERED NUMBER: 01734235) |
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REPORT OF THE DIRECTORS |
for the Year Ended 31 December 2019 |
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The directors present their report with the financial statements of the company for the year ended 31 December 2019. |
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PRINCIPAL ACTIVITY |
The principal activity of the company in the year under review was that of book distribution. |
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DIVIDENDS |
Interim dividends per share were paid as follows: |
Ordinary Shares £1 shares |
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- 31 December 2019 |
'A' Ordinary shares £1 shares |
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- 31 December 2019 |
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The directors recommend that no final dividends be paid. |
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The total distribution of dividends for the year ended 31 December 2019 will be £
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DIRECTORS |
The directors shown below have held office during the whole of the period from 1 January 2019 to the date of this |
report. |
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FINANCIAL INSTRUMENTS |
The company use forwarding contracts as a means to purchase goods from abroad, primarily the U.S.A. |
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STATEMENT OF DIRECTORS' RESPONSIBILITIES |
The directors are responsible for preparing the Strategic Report, the Report of the Directors and the financial statements |
in accordance with applicable law and regulations. |
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Company law requires the directors to prepare financial statements for each financial year. Under that law the directors |
have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting |
Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not |
approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the |
company and of the profit or loss of the company for that period. In preparing these financial statements, the directors |
are required to: |
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- | select suitable accounting policies and then apply them consistently; |
- | make judgements and accounting estimates that are reasonable and prudent; |
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prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will
continue in business. |
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The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the |
company's transactions and disclose with reasonable accuracy at any time the financial position of the company and |
enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for |
safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud |
and other irregularities. |
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STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS |
So far as the directors are aware, there is no relevant audit information (as defined by Section 418 of the Companies Act |
2006) of which the company's auditors are unaware, and each director has taken all the steps that he or she ought to have |
taken as a director in order to make himself or herself aware of any relevant audit information and to establish that the |
company's auditors are aware of that information. |
PUBLISHERS GROUP UK LIMITED (REGISTERED NUMBER: 01734235) |
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REPORT OF THE DIRECTORS |
for the Year Ended 31 December 2019 |
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AUDITORS |
The auditors, Waight & Company Ltd, will be proposed for re-appointment at the forthcoming Annual General Meeting. |
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ON BEHALF OF THE BOARD: |
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REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF |
PUBLISHERS GROUP UK LIMITED |
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Opinion |
We have audited the financial statements of Publishers Group UK Limited (the 'company') for the year ended |
31 December 2019 which comprise the Income Statement, Other Comprehensive Income, Balance Sheet, Statement of |
Changes in Equity, Cash Flow Statement and Notes to the Cash Flow Statement, Notes to the Financial Statements, |
including a summary of significant accounting policies. The financial reporting framework that has been applied in their |
preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 |
'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted |
Accounting Practice). |
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In our opinion the financial statements: |
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give a true and fair view of the state of the company's affairs as at 31 December 2019 and of its profit for the year
then ended; |
- | have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and |
- | have been prepared in accordance with the requirements of the Companies Act 2006. |
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Basis for opinion |
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. |
Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the |
financial statements section of our report. We are independent of the company in accordance with the ethical |
requirements that are relevant to our audit of the financial statements in the UK, including the FRC's Ethical Standard, |
and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit |
evidence we have obtained is sufficient and appropriate to provide a basis for our opinion. |
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Conclusions relating to going concern |
We have nothing to report in respect of the following matters in relation to which the ISAs (UK) require us to report to |
you where: |
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the directors' use of the going concern basis of accounting in the preparation of the financial statements is not
appropriate; or |
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the directors have not disclosed in the financial statements any identified 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. |
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Other information |
The directors are responsible for the other information. The other information comprises the information in the Strategic |
Report and the Report of the Directors, but does not include the financial statements and our Report of the Auditors |
thereon. |
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Our opinion on the financial statements does not cover the other information and, except to the extent otherwise |
explicitly stated in our report, we do not express any form of assurance conclusion thereon. |
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In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing |
so, consider whether the other information is materially inconsistent with the financial statements or our knowledge |
obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or |
apparent material misstatements, we are required to determine whether there is a material misstatement in the financial |
statements or a material misstatement of the other information. If, based on the work we have performed, we conclude |
that there is a material misstatement of this other information, we are required to report that fact. We have nothing to |
report in this regard. |
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Opinions on other matters prescribed by the Companies Act 2006 |
In our opinion, based on the work undertaken in the course of the audit: |
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the information given in the Strategic Report and the Report of the Directors for the financial year for which the
financial statements are prepared is consistent with the financial statements; and |
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the Strategic Report and the Report of the Directors have been prepared in accordance with applicable legal
requirements. |
REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF |
PUBLISHERS GROUP UK LIMITED |
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Matters on which we are required to report by exception |
In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, |
we have not identified material misstatements in the Strategic Report or the Report of the Directors. |
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We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you |
if, in our opinion: |
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adequate accounting records have not been kept, or returns adequate for our audit have not been received from
branches not visited by us; or |
- | the financial statements are not in agreement with the accounting records and returns; or |
- | certain disclosures of directors' remuneration specified by law are not made; or |
- | we have not received all the information and explanations we require for our audit. |
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Responsibilities of directors |
As explained more fully in the Statement of Directors' Responsibilities set out on page three, the directors are |
responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and |
for such internal control as the directors determine necessary to enable the preparation of financial statements that are |
free from material misstatement, whether due to fraud or error. |
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In preparing the financial statements, the directors are responsible for assessing the company's ability to continue as a |
going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of |
accounting unless the directors either intend to liquidate the company or to cease operations, or have no realistic |
alternative but to do so. |
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Auditors' responsibilities for the audit of the financial statements |
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from |
material misstatement, whether due to fraud or error, and to issue a Report of the Auditors that includes our opinion. |
Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with |
ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are |
considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic |
decisions of users taken on the basis of these financial statements. |
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A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting |
Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Report of the Auditors. |
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Use of our report |
This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the |
Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those |
matters we are required to state to them in a Report of the Auditors and for no other purpose. To the fullest extent |
permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's |
members as a body, for our audit work, for this report, or for the opinions we have formed. |
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for and on behalf of
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Statutory Auditors |
8 Lonsdale Gardens |
Tunbridge Wells |
Kent |
TN1 1NU |
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PUBLISHERS GROUP UK LIMITED (REGISTERED NUMBER: 01734235) |
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INCOME STATEMENT |
for the Year Ended 31 December 2019 |
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31.12.19 | 31.12.18 |
Notes | £ | £ | £ | £ |
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TURNOVER | 3 |
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Cost of sales |
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GROSS PROFIT |
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Distribution costs |
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Administrative expenses |
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3,572,352 | 3,292,439 |
1,353,656 | 1,603,630 |
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Other operating income | ( |
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OPERATING PROFIT | 5 |
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Interest receivable and similar income |
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PROFIT BEFORE TAXATION |
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Tax on profit | 6 |
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PROFIT FOR THE FINANCIAL YEAR |
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PUBLISHERS GROUP UK LIMITED (REGISTERED NUMBER: 01734235) |
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OTHER COMPREHENSIVE INCOME |
for the Year Ended 31 December 2019 |
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31.12.19 | 31.12.18 |
Notes | £ | £ |
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PROFIT FOR THE YEAR |
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OTHER COMPREHENSIVE INCOME | - | - |
TOTAL COMPREHENSIVE INCOME
FOR THE YEAR |
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PUBLISHERS GROUP UK LIMITED (REGISTERED NUMBER: 01734235) |
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BALANCE SHEET |
31 December 2019 |
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31.12.19 | 31.12.18 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Tangible assets | 8 |
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CURRENT ASSETS |
Stocks | 9 |
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Debtors | 10 |
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Cash at bank and in hand |
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CREDITORS |
Amounts falling due within one year | 11 |
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NET CURRENT ASSETS |
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TOTAL ASSETS LESS CURRENT
LIABILITIES |
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CAPITAL AND RESERVES |
Called up share capital | 15 |
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Retained earnings |
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SHAREHOLDERS' FUNDS |
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The financial statements were approved by the Board of Directors and authorised for issue on
were signed on its behalf by: |
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PUBLISHERS GROUP UK LIMITED (REGISTERED NUMBER: 01734235) |
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STATEMENT OF CHANGES IN EQUITY |
for the Year Ended 31 December 2019 |
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Called up |
share | Retained | Total |
capital | earnings | equity |
£ | £ | £ |
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Balance at 1 January 2018 |
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Changes in equity |
Dividends | - | ( |
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Total comprehensive income | - |
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Balance at 31 December 2018 |
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Changes in equity |
Dividends | - | ( |
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Total comprehensive income | - |
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Balance at 31 December 2019 |
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PUBLISHERS GROUP UK LIMITED (REGISTERED NUMBER: 01734235) |
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CASH FLOW STATEMENT |
for the Year Ended 31 December 2019 |
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31.12.19 | 31.12.18 |
Notes | £ | £ |
Cash flows from operating activities |
Cash generated from operations | 1 |
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Tax paid | ( |
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Net cash from operating activities |
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Cash flows from investing activities |
Purchase of tangible fixed assets | ( |
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Interest received |
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Net cash from investing activities | ( |
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Cash flows from financing activities |
Equity dividends paid | ( |
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Net cash from financing activities | ( |
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Increase/(decrease) in cash and cash equivalents |
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( |
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Cash and cash equivalents at beginning of
year |
2 |
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1,139,734 |
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Cash and cash equivalents at end of year | 2 | 1,221,725 | 1,005,952 |
PUBLISHERS GROUP UK LIMITED (REGISTERED NUMBER: 01734235) |
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NOTES TO THE CASH FLOW STATEMENT |
for the Year Ended 31 December 2019 |
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1. |
RECONCILIATION OF PROFIT BEFORE TAXATION TO CASH GENERATED FROM
OPERATIONS |
31.12.19 | 31.12.18 |
£ | £ |
Profit before taxation |
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Depreciation charges |
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Finance income | (8,679 | ) | (20,646 | ) |
1,210,129 | 1,479,212 |
Decrease/(increase) in stocks |
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( |
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(Increase)/decrease in trade and other debtors | ( |
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Increase/(decrease) in trade and other creditors |
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( |
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Cash generated from operations |
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2. | CASH AND CASH EQUIVALENTS |
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The amounts disclosed on the Cash Flow Statement in respect of cash and cash equivalents are in respect of these |
Balance Sheet amounts: |
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Year ended 31 December 2019 |
31.12.19 | 1.1.19 |
£ | £ |
Cash and cash equivalents | 1,221,725 | 1,005,952 |
Year ended 31 December 2018 |
31.12.18 | 1.1.18 |
£ | £ |
Cash and cash equivalents | 1,005,952 | 1,139,734 |
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3. | ANALYSIS OF CHANGES IN NET FUNDS |
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At 1.1.19 | Cash flow | At 31.12.19 |
£ | £ | £ |
Net cash |
Cash at bank and in hand | 1,005,952 | 215,773 | 1,221,725 |
1,005,952 |
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1,221,725 |
Total | 1,005,952 | 215,773 | 1,221,725 |
PUBLISHERS GROUP UK LIMITED (REGISTERED NUMBER: 01734235) |
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NOTES TO THE FINANCIAL STATEMENTS |
for the Year Ended 31 December 2019 |
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1. | STATUTORY INFORMATION |
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Publishers Group UK Limited is a
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company's registered number and registered office address can be found on the Company Information page. |
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2. | ACCOUNTING POLICIES |
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Basis of preparing the financial statements |
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Related party exemption |
The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The |
Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party |
transactions with wholly owned subsidiaries within the group. |
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Turnover |
Turnover represents net invoiced goods and services, excluding value added tax. Turnover is recognised when |
goods are ordered. |
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Tangible fixed assets |
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Plant and machinery | - |
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Fixtures and fittings | - |
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Stocks |
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow |
moving items. |
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Financial instruments |
The company uses derivative financial instruments for economic hedging purposes in order to mitigate risks. |
Such risks result from changes in exchange rates. Derivative financial instruments with a positive fair value are |
reported in receivables and other assets (see note 9) and those with negative fair values are reported in other |
liabilities (see note 10). Changes in fair value will be reflected in the profit and loss. |
The table below shows the fair value for instruments as of December 31, 2019 and 2018. Whilst these amounts |
express the extent of the company's involvement in derivative transactions they do not, however, represent the |
amount of risk. |
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2019 2018 |
fair values fair values |
positive negative positive negative |
Maturity by notional amount |
1 to 5 years £6,716,981 £ 7,178,918 £ 4,864,745 £ 4,726,775 |
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Net fair value shown on accounts £461,937 £ 135,970 |
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Taxation |
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to |
the extent that it relates to items recognised in other comprehensive income or directly in equity. |
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Current or deferred taxation assets and liabilities are not discounted. |
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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. |
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PUBLISHERS GROUP UK LIMITED (REGISTERED NUMBER: 01734235) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
for the Year Ended 31 December 2019 |
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2. | ACCOUNTING POLICIES - continued |
Deferred tax |
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance |
sheet date. |
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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. |
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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. |
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Foreign currencies |
Monetary assets and liabilities in foreign currencies are translated into sterling at the rates of exchange as an |
approximation of the actual exchange rates prevailing over a given time period. Exchange differences are taken |
into account in arriving at the operating result. |
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Hire purchase and leasing commitments |
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the |
lease. |
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Pension costs and other post-retirement benefits |
The company operates a defined contribution pension scheme. Contributions payable to the company's pension |
scheme are charged to profit or loss in the period to which they relate. |
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3. | TURNOVER |
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The turnover and profit before taxation are attributable to the one principal activity of the company. |
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An analysis of turnover by geographical market for the year ended 31 December 2018 is given below: |
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£ |
United Kingdom |
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Europe |
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This analysis is not considered to be applicable to the year ended 31 December 2019. |
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4. | EMPLOYEES AND DIRECTORS |
31.12.19 | 31.12.18 |
£ | £ |
Wages and salaries |
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Social security costs |
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Other pension costs |
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PUBLISHERS GROUP UK LIMITED (REGISTERED NUMBER: 01734235) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
for the Year Ended 31 December 2019 |
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4. | EMPLOYEES AND DIRECTORS - continued |
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The average number of employees during the year was as follows: |
31.12.19 | 31.12.18 |
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Sales | 5 | 5 |
Accounts | 1 | 1 |
Directors | 2 | 2 |
Admin | 4 | 5 |
Publisher co-ordinator/stock control | 5 | 6 |
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31.12.19 | 31.12.18 |
£ | £ |
Directors' remuneration |
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5. | OPERATING PROFIT |
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The operating profit is stated after charging: |
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31.12.19 | 31.12.18 |
£ | £ |
Hire of plant and machinery |
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Other operating leases |
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Depreciation - owned assets |
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Auditors' remuneration |
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Taxation compliance services |
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Foreign exchange differences |
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6. | TAXATION |
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Analysis of the tax charge |
The tax charge on the profit for the year was as follows: |
31.12.19 | 31.12.18 |
£ | £ |
Current tax: |
UK corporation tax |
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Deferred tax |
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( |
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Tax on profit |
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UK corporation tax has been charged at 19% (2018 - 19%). |
PUBLISHERS GROUP UK LIMITED (REGISTERED NUMBER: 01734235) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
for the Year Ended 31 December 2019 |
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6. | TAXATION - continued |
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Reconciliation of total tax charge included in profit and loss |
The tax assessed for the year is higher than the standard rate of corporation tax in the UK. The difference is |
explained below: |
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31.12.19 | 31.12.18 |
£ | £ |
Profit before tax |
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Profit multiplied by the standard rate of corporation tax in the UK of
(2018 - |
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Effects of: |
Expenses not deductible for tax purposes |
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Income not taxable for tax purposes |
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( |
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Total tax charge | 243,939 | 298,347 |
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The deferred tax charge is a debit because full capital allowances were not taken in the early years and |
depreciation has been written off over four years. |
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7. | DIVIDENDS |
31.12.19 | 31.12.18 |
£ | £ |
Ordinary Shares shares of £1 each |
Interim |
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'A' Ordinary shares shares of £1 each |
Interim |
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8. | TANGIBLE FIXED ASSETS |
Fixtures |
Plant and | and |
machinery | fittings | Totals |
£ | £ | £ |
COST |
At 1 January 2019 |
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Additions |
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Disposals |
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( |
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At 31 December 2019 |
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DEPRECIATION |
At 1 January 2019 |
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Charge for year |
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Eliminated on disposal |
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( |
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At 31 December 2019 |
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NET BOOK VALUE |
At 31 December 2019 |
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At 31 December 2018 |
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PUBLISHERS GROUP UK LIMITED (REGISTERED NUMBER: 01734235) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
for the Year Ended 31 December 2019 |
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9. | STOCKS |
31.12.19 | 31.12.18 |
£ | £ |
Stocks |
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10. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
31.12.19 | 31.12.18 |
£ | £ |
Trade debtors |
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Other debtors |
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VAT |
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Deferred tax asset |
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Prepayments and accrued income |
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11. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
31.12.19 | 31.12.18 |
£ | £ |
Trade creditors |
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Other creditors | 470,160 | 8,284 |
Tax |
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Social security and other taxes |
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Accruals and deferred income |
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12. | LEASING AGREEMENTS |
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Minimum lease payments under non-cancellable operating leases fall due as follows: |
31.12.19 | 31.12.18 |
£ | £ |
Within one year |
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Between one and five years |
|
|
|
|
|
Included in this figure is £97,365 which is rent of the offices and storage unit. The lease expires in December |
2020. |
|
13. | SECURED DEBTS |
|
The following secured debts are included within creditors: |
|
31.12.19 | 31.12.18 |
£ | £ |
|
The Bank hold a Debenture on the Banks Standard Forms dated 04/06/2008 and 14/08/2018. There is an |
overdraft facility of £250,000 secured by a fixed and floating charge on the company's assets. |
PUBLISHERS GROUP UK LIMITED (REGISTERED NUMBER: 01734235) |
|
NOTES TO THE FINANCIAL STATEMENTS - continued |
for the Year Ended 31 December 2019 |
|
14. | DEFERRED TAX |
£ |
Balance at 1 January 2019 | ( |
) |
Provided during year |
|
Balance at 31 December 2019 | ( |
) |
|
15. | CALLED UP SHARE CAPITAL |
|
|
|
Allotted, issued and fully paid: |
Number: | Class: | Nominal | 31.12.19 | 31.12.18 |
value: | £ | £ |
|
Ordinary Shares | £1 | 1,000 | 1,000 |
|
'A' Ordinary shares | £1 | 10 | 10 |
1,010 | 1,010 |
|
16. | RELATED PARTY DISCLOSURES |
|
|
31.12.19 | 31.12.18 |
£ | £ |
Dividends | 1,104,000 | 520,000 |
Remuneration | 92,441 | 87,373 |
|
|
31.12.19 | 31.12.18 |
£ | £ |
Dividends | 80,000 | 40,000 |