Company Registration No. 03951320 (England and Wales)
Aremi Limited
Annual report and financial statements
for the year ended 30 September 2020
Aremi Limited
Company information
Directors
S A Warner
P A Warner
Company number
03951320
Registered office
The Maltings
Manor Lane
Bourne
Lincolnshire
PE10 9PH
Independent auditors
Saffery Champness LLP
Suite C, Unex House
Bourges Boulevard
Peterborough
Cambridgeshire
PE1 1NG
Bankers
Lloyds Bank plc
65 High Street
Stamford
Lincolnshire
PE9 2AT
Solicitors
Hegarty Solicitors
48 Broadway
Peterborough
Cambridgeshire
PE1 1YW
Aremi Limited
Contents
Page
Directors' report
1
Directors' responsibilities statement
2
Independent auditor's report
3 - 5
Income statement
6
Statement of financial position
7
Statement of changes in equity
8
Notes to the financial statements
9 - 13
Aremi Limited
Directors' report
For the year ended 30 September 2020
Page 1
The directors present their annual report and financial statements for the year ended 30 September 2020.
Principal activities
The principal activity of the company is publishing of consumer, business and professional journals and periodicals. On 30 September 2020 the company transferred it's trade and assets at net book value to it's parent undertaking Warners Group Publications Plc.
Directors
The directors who held office during the year and up to the date of signature of the financial statements were as follows:
S A Warner
P A Warner
Auditor
Saffery Champness LLP have expressed their willingness to remain in office.
Statement of disclosure to auditor
So far as each person who was a director at the date of approving this report is aware, there is no relevant audit information of which the company’s
auditor
is unaware. Additionally, the directors individually have taken all the necessary steps that they ought to have taken as directors in order to make themselves aware of all relevant audit information and to establish that the company’s
auditor
is aware of that information.
This report has been prepared in accordance with the provisions applicable to companies entitled to the small companies exemption.
On behalf of the board
S A Warner
Director
18 December 2020
Aremi Limited
Directors' responsibilities statement
For the year ended 30 September 2020
Page 2
The directors are responsible for preparing the annual report and the financial statements in accordance with applicable law and regulations.
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:
-
select suitable accounting policies and then apply them consistently;
-
make judgements and accounting estimates that are reasonable and prudent;
-
prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.
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.
Aremi Limited
Independent auditor's report
To the members of Aremi Limited
Page 3
Opinion
We have audited the financial statements of Aremi Limited (the 'company') for the year ended 30 September 2020 which comprise the income statement, the statement of financial position, the statement of changes in equity and 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 FRS 102
The Financial Reporting Standard applicable in the UK and Republic of Ireland
(United Kingdom Generally Accepted Accounting Practice).
In our opinion the financial statements:
-
give a true and fair view of the state of the company's affairs as at 30 September 2020 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.
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
Auditor's
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.
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:
-
the
directors'
use of the going concern basis of accounting in the preparation of the
financial statements
is not appropriate; or
-
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
.
Aremi Limited
Independent auditor's report (continued)
To the members of Aremi Limited
Page 4
The
directors are
responsible for the other information. The other information comprises the information included in the annual report, other than the
financial statements
and our
auditor's
report thereon. 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.
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.
Opinions on other matters prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of our audit
:
-
the information given in the directors'
r
eport for the financial year for which the financial statements are prepared is consistent with the financial statements
; and
-
the directors' report has been prepared in accordance with applicable legal requirements.
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 identifie
d
material misstatements in the directors'
r
eport
.
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:
-
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
remuneration specified by law are not made; or
-
we have not received all the information and explanations we require for our audit; or
-
the directors were not entitled to prepare the financial statements in accordance with the small companies regime and take advantage of the small companies' exemption in preparing the directors' report and take advantage of the small companies exemption from the requirement to prepare a strategic report.
Aremi Limited
Independent auditor's report (continued)
To the members of Aremi Limited
Page 5
Responsibilities of directors
As explained more fully in the directors'
r
esponsibilities
s
tatement, 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 is necessary to enable the preparation of
financial statements
that are free from material misstatement, whether due to fraud or error.
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.
Auditor's 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 an
auditor's
report 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
.
A further description of our responsibilities for the audit of the
financial statements
is located on the
Financial Reporting Council’s website at: http://www.frc.org.uk/auditorsresponsibilities
.
This description forms part of our
auditor's
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 an auditor's report 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.
Stephen Collins (Senior Statutory Auditor)
for and on behalf of Saffery Champness LLP
18 December 2020
Chartered Accountants
Statutory Auditors
Suite C, Unex House
Bourges Boulevard
Peterborough
Cambridgeshire
PE1 1NG
Aremi Limited
Income statement
For the year ended 30 September 2020
Page 6
2020
2019
£
£
Turnover
244,814
196,111
Cost of sales
(126,999)
(93,121)
Gross profit
117,815
102,990
Administrative expenses
(67,933)
(55,199)
Profit before taxation
49,882
47,791
Tax on profit
(9,682)
(8,659)
Profit for the financial year
40,200
39,132
Aremi Limited
Statement of financial position
As at 30 September 2020
Page 7
2020
2019
Notes
£
£
£
£
Current assets
Debtors
4
300
214,932
Cash at bank and in hand
-
8,790
300
223,722
Creditors: amounts falling due within one year
5
-
(26,797)
Net current assets
300
196,925
Capital and reserves
Called up share capital
6
300
300
Profit and loss reserves
-
196,625
Total equity
300
196,925
These financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime.
The financial statements were approved by the board of directors and authorised for issue on 18 December 2020 and are signed on its behalf by:
S A Warner
Director
Company Registration No. 03951320
Aremi Limited
Statement of changes in equity
For the year ended 30 September 2020
Page 8
Share capital
Profit and loss reserves
Total
Notes
£
£
£
Balance at 1 October 2018
300
157,493
157,793
Year ended 30 September 2019:
Profit and total comprehensive income for the year
-
39,132
39,132
Balance at 30 September 2019
300
196,625
196,925
Year ended 30 September 2020:
Profit and total comprehensive income for the year
-
40,200
40,200
Dividends
-
(236,825)
(236,825)
Balance at 30 September 2020
300
-
300
Aremi Limited
Notes to the financial statements
For the year ended 30 September 2020
Page 9
1
Accounting policies
Company information
Aremi Limited is a
private
company
limited by shares
incorporated in
England and Wales
.
The registered office is
The Maltings, Manor Lane, Bourne, Lincolnshire, PE10 9PH.
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, modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value. The principal accounting policies adopted are set out below.
1.2
Turnover
Turnover
represents amounts receivable for goods and services net of VAT and trade discounts.
Revenues are recognised as follows:
Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer
(usually on dispatch of the goods)
, the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably.
Advertising revenue is recognised at the date of publication.
Subscription revenue is recognised in proportion to the number of issues covered by the subscription published in the accounting period.
Shows and exhibition revenues are recognised on the date of the show or exhibition.
1.3
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:
Aremi Limited
Notes to the financial statements (continued)
For the year ended 30 September 2020
1
Accounting policies (continued)
Page 10
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
.
1.4
Cash at bank and in hand
Cash and cash equivalents
are basic financial assets
and
include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
1.5
Financial instruments
The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ 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.
Basic financial assets
Basic financial assets, which include debtors, 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.
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
, bank loans, loans from
fellow group companies and preference shares that 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
paymen
ts 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.
Aremi Limited
Notes to the financial statements (continued)
For the year ended 30 September 2020
1
Accounting policies (continued)
Page 11
1.6
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.
1.7
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
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.
Deferred tax
Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.
The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Where items recognised in other comprehensive income or equity are chargeable to or deductible for tax purposes, the resulting current or deferred tax expense or income is presented in the same component of comprehensive income or equity as the transaction or other event that resulted in the tax expense or income. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.
1.8
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.
Aremi Limited
Notes to the financial statements (continued)
For the year ended 30 September 2020
Page 12
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2020
2019
Number
Number
Total
2
3
3
Intangible fixed assets
Goodwill
£
Cost
At 1 October 2019
21,000
Disposals
(21,000)
At 30 September 2020
-
Amortisation and impairment
At 1 October 2019
21,000
Disposals
(21,000)
At 30 September 2020
-
Carrying amount
At 30 September 2020
-
At 30 September 2019
-
4
Debtors
2020
2019
Amounts falling due within one year:
£
£
Amounts owed by group undertakings
300
206,192
Other debtors
-
8,740
300
214,932
Aremi Limited
Notes to the financial statements (continued)
For the year ended 30 September 2020
Page 13
5
Creditors: amounts falling due within one year
2020
2019
£
£
Trade creditors
-
1,165
Corporation tax
-
8,876
Other taxation and social security
-
4,021
Other creditors
-
12,735
-
26,797
6
Called up share capital
2020
2019
£
£
Ordinary share capital
Issued and fully paid
300 Ordinary of £1 each
300
300
7
Related party transactions
Transactions with related parties
During the year the company entered into the following transactions with related parties:
During the period, the company made purchases from Warners Midlands Plc, a company in which Stephen Warner is a director. Total purchases for the year amounted to £7,944 (2019: £7,191). At the year end, Aremi Limited owed Warners Midlands Plc £nil (2019: £1,165).
8
Parent company
The immediate controlling interest and ultimate parent undertaking is Warners Group Publications plc, which is registered in England. It is the parent company of the smallest and largest group in which the results of the company for the year were consolidated and copies of its financial statements may be obtained from the following address: The Maltings, Manor Lane, Bourne, Lincolnshire, PE10 9PH.
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