Company Registration No. 03701027 (England and Wales)
TOUCHLINE PUBLISHING LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2019
PAGES FOR FILING WITH REGISTRAR
TOUCHLINE PUBLISHING LIMITED
CONTENTS
Page
Statement of financial position
1
Notes to the financial statements
2 - 9
TOUCHLINE PUBLISHING LIMITED
STATEMENT OF FINANCIAL POSITION
AS AT
31 DECEMBER 2019
31 December 2019
- 1 -
2019
2018
Notes
£
£
£
£
Fixed assets
Tangible assets
3
18,538
26,621
Investments
4
-
1,696
18,538
28,317
Current assets
Debtors
5
499,789
566,958
Cash at bank and in hand
239,818
164,082
739,607
731,040
Creditors: amounts falling due within one year
6
(340,636)
(359,684)
Net current assets
398,971
371,356
Total assets less current liabilities
417,509
399,673
Capital and reserves
Called up share capital
7
21,152
11,000
Profit and loss reserves
8
396,357
388,673
Total equity
417,509
399,673
The director of the company has elected not to include a copy of the income statement within the financial statements.
true
For the financial year ended 31 December 2019 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
T
he members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476
.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The financial statements were approved and signed by the director and authorised for issue on 16 October 2020
G B J Wilmshurst
Director
Company Registration No. 03701027
TOUCHLINE PUBLISHING LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2019
- 2 -
1
Accounting policies
Company information
Touchline Publishing Limited is a
private
company
limited by shares
incorporated in England and Wales.
The registered office is
2nd Floor, 83-85 Paul Street, London, EC2A 4NQ.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
The financial statements are prepared in
sterling
, which is the functional currency of the company.
Monetary a
mounts
in these financial statements are
rounded to the nearest £.
The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
1.2
Going concern
These financial statements are prepared on the going concern basis.
In January 2020, the world has been gripped by the Corona-virus (COVID-19) and this has impacted the business as various work from March 2020 that were connected to major sporting events had to be rescheduled.
The directors have considered the impact of COVID-19 on the business and have reasonable expectation that the company will continue in operational existence for the foreseeable future. The company has a healthy balance sheet and resources (internal as well as potentially taking up government packages aimed at small businesses) to meet its liabilities. However, the directors acknowledge that if the pandemic caused by the COVID-19 continues then additional measures would need to be taken to ensure the continued going concern of the company.
1.3
Turnover
Turnover represents amounts receivable for services net of VAT.
Turnover is recognised at the fair value of the consideration received or receivable for
publishing agency services
provided in the normal course of business
, and
is shown net of VAT and other sales related taxes
.
The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.
1.4
Tangible fixed assets
Tangible fixed assets
are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Fixtures, fittings & equipment
25% straight line
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and
is credited or charged to profit or loss
.
TOUCHLINE PUBLISHING LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2019
1
Accounting policies
(Continued)
- 3 -
The assets’ residual values and useful lives are reviewed, and adjusted, if appropriate, at the end of each reporting period. The effect of any change is accounted for prospectively.
1.5
Fixed asset investments
Interests in
associates
are initially measured at cost and subsequently measured at cost less any accumulated impairment losses.
The investments are assessed for impairment at each reporting date
and
any
impairment
losses or reversals of impairment losses are recognised immediately in profit or loss.
An associate is an entity, being neither a subsidiary nor a joint venture, in which the company holds a long-term interest and where the company has significant influence. The company considers that it has significant influence where it has the power to participate in the financial and operating decisions of the associate.
Fixed asset investments comprise equity shares in an associate undertaking which are not publicly traded.
1.6
Impairment of fixed assets
At each reporting
period
end date, the
company
reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the
company
estimates the recoverable amount of the cash-generating unit to which the asset belongs.
Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.
If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss.
Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased to apply. Where an impairment loss subsequently reverses, the carrying amount of the asset (or cash-generating unit) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset (or cash-generating unit)
in
prior years. A reversal of an impairment loss is recognised immediately in profit or loss.
1.7
Cash at bank and in hand
Cash at bank and in hand
are basic financial assets
and
include cash in hand, deposits held at call with banks
.
1.8
Financial instruments
The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the company's statement of financial position when the company becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset
, with
the net amounts presented in the financial statements
,
when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
TOUCHLINE PUBLISHING LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2019
1
Accounting policies
(Continued)
- 4 -
Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest
method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest.
Financial assets classified as receivable within one year are not amortised.
Derecognition of financial assets
Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when
the company
transfers the financial asset and substantially all the risks and rewards of ownership to another entity, or if some significant risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party.
Classification of financial liabilities
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.
Basic financial liabilities
Basic financial liabilities, including creditors,
and
loans from
fellow group companies are classified as debt, are
initially recognised at transaction price unless the arrangement constitutes a
financing transaction, where the debt instrument is measured at the present value of
the future receipts discounted at a market rate of interest.
Financial liabilities classified as payable within one year are not amortised.
Debt instruments are subsequently carried at amortised cost, using the effective
interest rate method.
Trade creditors
are obligations to pay for goods or services that have been acquired
in the ordinary course of business from suppliers. A
m
ounts payable are classified as
current liabilities if payment is due within one year or less. If not, they are presented
as non-current liabilities. Trade creditors are recognised initially at transaction price
and subsequently measured at amortised cost using the effective interest method.
Derecognition of financial liabilities
Financial liabilities are derecognised when the company’s contractual obligations
expire or are discharged or cancelled.
1.9
Equity instruments
Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.
1.10
Taxation
The tax expense represents tax currently payable.
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the income statement because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The
company’s
liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
TOUCHLINE PUBLISHING LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2019
1
Accounting policies
(Continued)
- 5 -
1.11
Employee benefits
The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.
Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.
1.12
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
1.13
Leases
Rentals payable under operating leases,
including
any lease incentives received, are charged to
profit or loss
on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the lease
s
asset are consumed.
1.14
Foreign exchange
Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation
in the period
are included in profit or loss.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2019
2018
Number
Number
Total
13
12
TOUCHLINE PUBLISHING LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2019
- 6 -
3
Tangible fixed assets
Plant and machinery etc
£
Cost
At 1 January 2019
65,374
Additions
5,524
Disposals
(450)
At 31 December 2019
70,448
Depreciation and impairment
At 1 January 2019
38,753
Depreciation charged in the year
13,607
Eliminated in respect of disposals
(450)
At 31 December 2019
51,910
Carrying amount
At 31 December 2019
18,538
At 31 December 2018
26,621
4
Fixed asset investments
2019
2018
£
£
Shares in group undertakings and participating interests
-
1,696
The company has not designated any financial assets that are classified as financial assets at fair value through profit or loss.
Fixed asset investments comprise equity shares in an associate undertaking which are not publicly traded.
In January 2019, 6% of the shares were sold at par.
In January 2019, the Group went through a restructuring which led to the creation of a new parent Company, 'Touchline Consolidated Limited'.
The remaining 44% of the shares in the associate were transferred to the parent Company by way of a £44,000 dividend in species.
TOUCHLINE PUBLISHING LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2019
4
Fixed asset investments
(Continued)
- 7 -
Movements in fixed asset investments
Shares in group undertakings and participating interests
£
Cost or valuation
At 1 January 2019
1,696
Disposals
(1,696)
At 31 December 2019
-
Carrying amount
At 31 December 2019
-
At 31 December 2018
1,696
5
Debtors
2019
2018
Amounts falling due within one year:
£
£
Trade debtors
172,668
402,796
Corporation tax recoverable
-
24,744
Amounts due from group undertakings and undertakings in which the company has a participating interest
5
112
Other debtors
308,742
120,932
481,415
548,584
Amounts falling due after more than one year:
Other debtors
18,374
18,374
Total debtors
499,789
566,958
Trade debtors disclosed above are measured at amortised cost.
TOUCHLINE PUBLISHING LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2019
- 8 -
6
Creditors: amounts falling due within one year
2019
2018
£
£
Trade creditors
221,148
163,753
Taxation and social security
30,068
23,029
Other creditors
89,420
172,902
340,636
359,684
7
Called up share capital
2019
2018
£
£
Ordinary share capital
Issued and not fully paid
0 (2018: 11,000) Ordinary Shares of £1 each
-
11,000
11,000 (2018: 0) Ordinary A Shares of £1 each
11,000
-
10,152 (2018: 0) Ordinary B Shares of £1 each
10,152
-
21,152
11,000
There are 2 classes of Ordinary Shares; Ordinary A Shares and Ordinary B Shares. There are no restrictions on the distribution of dividends and repayment of capital.
At the year end, the company had 10,152 Ordinary B Shares of £1 each as unpaid share capital.
On 9 January 2019, 11,000 Ordinary Shares of £1 each were re-designated to Ordinary A Shares of £1 each.
On 9 January 2019, the Company issued 3,473 Ordinary B Shares of £1 each at par.
On 26 March 2019, the Company issued 6,679 Ordinary B Shares of £1 each at par.
8
Reserves
Profit and loss reserves
Retained earnings represents accumulated comprehensive income for the year and prior periods less dividends paid.
TOUCHLINE PUBLISHING LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2019
- 9 -
9
Operating lease commitments
Lessee
At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, as follows:
2019
2018
£
£
55,121
128,615
10
Related party transactions
Transactions with related parties
During the year the company entered into the following transactions with related parties:
The following amounts were outstanding at the reporting end date:
2019
2018
Amounts due to related parties
£
£
Entities over which the entity has control, joint control or significant influence
-
16,803
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