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REGISTERED NUMBER:
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Southbank Holdings Limited |
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Report of the Director and |
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Audited Financial Statements for the Year Ended 31 December 2017 |
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REGISTERED NUMBER:
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Southbank Holdings Limited |
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Report of the Director and |
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Audited Financial Statements for the Year Ended 31 December 2017 |
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Southbank Holdings Limited (Registered number: 09535060) |
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Contents of the Financial Statements |
for the year ended 31 December 2017 |
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Page |
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Company Information | 1 |
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Report of the Director | 2 |
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Report of the Independent Auditors | 4 |
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Statement of Comprehensive Income | 6 |
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Statement of Financial Position | 7 |
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Statement of Changes in Equity | 8 |
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Notes to the Financial Statements | 9 |
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Southbank Holdings Limited |
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Company Information |
for the year ended 31 December 2017 |
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DIRECTOR: |
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SECRETARY: |
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REGISTERED OFFICE: |
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REGISTERED NUMBER: |
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AUDITORS: |
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Curzon House 2nd Floor |
24 High Street |
Banstead |
Surrey |
SM7 2LJ |
Southbank Holdings Limited (Registered number: 09535060) |
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Report of the Director |
for the year ended 31 December 2017 |
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The director presents her report with the financial statements of the company for the year ended 31 December 2017. |
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PRINCIPAL ACTIVITY |
The principal activity of the company in the year under review was that of a holding company. |
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FUTURE DEVELOPMENTS |
The company will continue to operate in its existing and related markets. |
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DIRECTORS |
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Other changes in directors holding office are as follows: |
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FINANCIAL INSTRUMENTS |
Financial risk management |
The company's operations expose it to a limited number of financial risks that include the effects of changes in credit |
risk, liquidity risk and interest rate risk. Due to the nature of the financial instruments used by the company there is |
no exposure to price risk. The company's approach to managing these risks applicable to the financial instruments |
concerned is shown below.The company does not make speculative use of derivatives, currency or other instruments. |
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Credit risk |
Credit risk consists mainly of cash deposits and trade debtors. |
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Cash deposits are all with major banks with high quality credit standing, partly managed by fellow subsidiaries. |
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The company has implemented policies that require its subscribers to pay in advance of receiving the relevant product |
and if payment is not received within a short predefined time period the subscription is suspended. With regard to |
customers to whom credit is permitted, the company has policies regarding the level of credit allowed and the regular |
monitoring of amounts outstanding in respect of both time and credit limits. |
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The company has certain intra group balances denominated in US dollars and so experiences currency exchange |
differences upon the retranslation of these balances, which are recognised in the profit and loss account in the period |
the retranslation occurs. |
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Liquidity risk |
The company's risk to liquidity is a result of the funds available to cover future liabilities and commitments as they fall |
due. The company manages liquidity risk through an ongoing review of future liabilities and commitments to ensure |
sufficient funds are available to meet amounts due. |
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Interest rate cash flow risk |
The company has only interest bearing assets which comprise only cash balances. It does not have any interest |
bearing liabilities. The interest bearing assets are at variable rates through the company's bankers and the company's |
policy is to manage interest rate risk so that fluctuations in variable rates do not have a material impact of profit. |
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Southbank Holdings Limited (Registered number: 09535060) |
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Report of the Director |
for the year ended 31 December 2017 |
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STATEMENT OF DIRECTOR'S RESPONSIBILITIES |
The director is responsible for preparing the Report of the Director and the financial statements in accordance with |
applicable law and regulations. |
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Company law requires the director to prepare financial statements for each financial year. Under that law the |
director has elected to prepare the financial statements in accordance with United Kingdom Generally Accepted |
Accounting Practice (United Kingdom Accounting Standards and applicable law), including Financial Reporting |
Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'. Under company law the |
director must not approve the financial statements unless she is 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 director is 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 director is 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 her to ensure that the financial statements comply with the Companies Act 2006. She is 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 director is 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 she has taken all the steps that she ought to have taken as a |
director in order to make herself aware of any relevant audit information and to establish that the company's auditors |
are aware of that information. |
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AUDITORS |
The auditors, Langdon West Williams PLC, will be proposed for re-appointment at the forthcoming Annual General |
Meeting. |
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This report has been prepared in accordance with the provisions of Part 15 of the Companies Act 2006 relating to |
small companies. |
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ON BEHALF OF THE BOARD: |
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Report of the Independent Auditors to the Members of |
Southbank Holdings Limited |
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Opinion |
We have audited the financial statements of Southbank Holdings Limited (the 'company') for the year ended |
31 December 2017 which comprise the Statement of Comprehensive Income, Statement of Financial Position, |
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 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: |
- | give a true and fair view of the state of the company's affairs as at 31 December 2017; |
- | 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 director's use of the going concern basis of accounting in the preparation of the financial statements is not
appropriate; or |
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the director has 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 director is responsible for the other information. The other information comprises the information in the Report |
of the Director, 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 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, 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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Opinion 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 Report of the Director for the financial year for which the financial statements are
prepared is consistent with the financial statements; and |
- | the Report of the Director has been prepared in accordance with applicable legal requirements. |
Report of the Independent Auditors to the Members of |
Southbank Holdings 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 Report of the Director. |
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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 director's remuneration specified by law are not made; or |
- | we have not received all the information and explanations we require for our audit; or |
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the director was not entitled to take advantage of the small companies' exemption from the requirement to
prepare a Strategic Report or in preparing the Report of the Director. |
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Responsibilities of director |
As explained more fully in the Statement of Director's Responsibilities set out on page three, the director is |
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 director determines 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 director is 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 director either intends to liquidate the company or to cease operations, or has 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. |
Report of the Independent Auditors to the Members of |
Southbank Holdings Limited |
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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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Curzon House 2nd Floor |
24 High Street |
Banstead |
Surrey |
SM7 2LJ |
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Southbank Holdings Limited (Registered number: 09535060) |
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Statement of Comprehensive Income |
for the year ended 31 December 2017 |
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2017 | 2016 |
Notes | £ | £ |
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REVENUE |
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OPERATING PROFIT and |
PROFIT BEFORE TAXATION |
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Tax on profit | 4 |
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PROFIT FOR THE FINANCIAL YEAR |
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OTHER COMPREHENSIVE INCOME | - | - |
TOTAL COMPREHENSIVE INCOME FOR THE
YEAR |
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Southbank Holdings Limited (Registered number: 09535060) |
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Statement of Financial Position |
31 December 2017 |
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2017 | 2016 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Investments | 5 |
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CURRENT ASSETS |
Cash at bank |
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CREDITORS |
Amounts falling due within one year | 6 |
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NET CURRENT LIABILITIES |
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TOTAL ASSETS LESS CURRENT LIABILITIES |
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CAPITAL AND RESERVES |
Called up share capital | 7 |
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SHAREHOLDERS' FUNDS |
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The financial statements were approved by the director on
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Southbank Holdings Limited (Registered number: 09535060) |
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Statement of Changes in Equity |
for the year ended 31 December 2017 |
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Called up |
share | Retained | Total |
capital | earnings | equity |
£ | £ | £ |
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Balance at 1 January 2016 |
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Changes in equity |
Balance at 31 December 2016 |
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Changes in equity |
Balance at 31 December 2017 |
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Southbank Holdings Limited (Registered number: 09535060) |
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Notes to the Financial Statements |
for the year ended 31 December 2017 |
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1. | STATUTORY INFORMATION |
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Southbank Holdings 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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The following accounting policies have been applied consistently in dealing with material items in relation to |
the financial statements. |
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Financial Reporting Standard 102 - reduced disclosure exemptions |
The company has taken advantage of the following disclosure exemptions in preparing these financial |
statements, as permitted by FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of |
Ireland": |
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• | the requirements of Section 7 Statement of Cash Flows; |
• | the requirement of Section 33 Related Party Disclosures paragraph 33.7. |
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Preparation of consolidated financial statements |
The financial statements contain information about Southbank Holdings Limited as an individual company and |
do not contain consolidated financial information as the parent of a group. The company is exempt under |
Section 400 of the Companies Act 2006 from the requirements to prepare consolidated financial statements as |
it and its subsidiary undertakings are included by full consolidation in the consolidated financial statements of |
its parent, Agora Publishing Limited, Crowne House, Southwark Street London SE1 1UN. |
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Investments in subsidiaries |
Investments in subsidiary undertakings are recognised at cost. |
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Taxation |
Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of |
Comprehensive Income, 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 statement of financial position date. |
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Southbank Holdings Limited (Registered number: 09535060) |
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Notes to the Financial Statements - continued |
for the year ended 31 December 2017 |
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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 |
statement of financial position 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 |
Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the |
statement of financial position date. Transactions in foreign currencies are translated into sterling at the rate |
of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the |
operating result. |
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3. | OPERATING PROFIT |
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The auditors remuneration for the period was nil. |
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4. | TAXATION |
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Analysis of the tax charge |
No liability to UK corporation tax arose for the year ended 31 December 2017 nor for the year ended |
31 December 2016. |
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5. | FIXED ASSET INVESTMENTS |
Shares in |
group |
undertakings |
£ |
COST |
At 1 January 2017 |
and 31 December 2017 |
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NET BOOK VALUE |
At 31 December 2017 |
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At 31 December 2016 |
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The company's investments at the Statement of Financial Position date in the share capital of companies |
include the following: |
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Southbank Holdings Limited (Registered number: 09535060) |
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Notes to the Financial Statements - continued |
for the year ended 31 December 2017 |
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5. | FIXED ASSET INVESTMENTS - continued |
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Registered office: Crowne House, Southwark Street, London SE1 1UN. |
Nature of business:
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Class of shares: | holding |
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6. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2017 | 2016 |
£ | £ |
Amounts owed to group |
undertakings | 100 | 100 |
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7. | CALLED UP SHARE CAPITAL |
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Allotted, issued and fully paid: |
Number: | Class: | Nominal | 2017 | 2016 |
value: | £ | £ |
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Ordinary | £1 | 100 | 100 |
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8. | RESERVES |
Retained |
earnings |
£ |
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Profit for the year |
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At 31 December 2017 |
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9. | ULTIMATE PARENT COMPANY |
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Monument & Cathedral Holdings, Inc. (incorporated in United States of America ) is regarded by the director |
as being the company's ultimate parent company. |
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The company's immediate parent undertaking at the year end date was Agora Publishing Limited, a company |
incorporated in England and Wales. The accounts are available from Crowne House, Southwark Street London |
SE1 1UN. |
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10. | RELATED PARTY DISCLOSURES |
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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. |
Southbank Holdings Limited (Registered number: 09535060) |
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Notes to the Financial Statements - continued |
for the year ended 31 December 2017 |
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11. | ULTIMATE CONTROLLING PARTY |
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The ultimate controlling party is
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