Company Registration No. SC376510 (Scotland)
D.C. Thomson Consumer Products Limited
Annual report and financial statements
for the year ended 31 March 2021
D.C. Thomson Consumer Products Limited
Company information
Directors
AF Thomson
CHW Thomson
DHE Thomson
RP Daly
Secretary
S Evans
Company number
SC376510
Registered office
The Courier Buildings
2 Albert Square
Dundee
Tayside
DD1 9QJ
Auditor
Henderson Loggie LLP
The Vision Building
20 Greenmarket
Dundee
DD1 4QB
D.C. Thomson Consumer Products Limited
Contents
Page
Strategic report
1
Directors' report
2
Directors' responsibilities statement
3
Independent auditor's report
4 - 6
Statement of comprehensive income
7
Balance sheet
8
Statement of changes in equity
9
Notes to the financial statements
10 - 17
D.C. Thomson Consumer Products Limited
Strategic report
for the year ended 31 March 2021
- 1 -
The directors present the strategic report for the year ended 31 March 2021.
Fair review of the business
The principal activity of the company continued to be that of a holding company.
The decision to close the Wild & Wolf business was taken by the directors and shareholders in June 2020, having considered the financial position of the business and the prospects for the future in light of COVID-19. Following that decision, the directors actioned various measures to realise value from the intellectual property of the business and its remaining stock. As a result, the carrying value of the investment in this subgroup has been considered and impaired by £18,209,165 in the current year (2020 - £21,690,180).
Last year, the remaining activity of Parragon Books Limited, being the profitable publication of DC Thomson Annuals, was transferred to another group company outwith the DC Thomson Consumer Products sub-group. As a result, the remaining investment in Parragon Publishing Limited of £7,658,638 was written off in the year ended 31 March 2020.
Principal risks and uncertainties
The principal risk facing the company is the potential for further major write-downs of the carrying value of investments and any intercompany balances.
Key performance indicators
The company has no formal KPIs but continually monitors the performance of its investments throughout the closure process.
RP Daly
Director
26 October 2021
D.C. Thomson Consumer Products Limited
Directors' report
for the year ended 31 March 2021
- 2 -
The directors present their annual report and financial statements for the year ended 31 March 2021.
Principal activities
The principal activity of the company is that of a holding company.
Results and dividends
The results for the year are set out on page 7.
No ordinary dividends were paid. The directors do not recommend payment of a final dividend.
Directors
The directors who held office during the year and up to the date of signature of the financial statements were as follows:
AF Thomson
CHW Thomson
DHE Thomson
RP Daly
P Taylor
(Resigned 31 March 2021)
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.
On behalf of the board
RP Daly
Director
26 October 2021
D.C. Thomson Consumer Products Limited
Directors' responsibilities statement
for the year ended 31 March 2021
- 3 -
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.
D.C. Thomson Consumer Products Limited
Independent auditor's report
to the Members of D.C. Thomson Consumer Products Limited
- 4 -
Opinion
We have audited the financial statements of D.C. Thomson Consumer Products Limited (the 'company') for the year ended 31 March 2021 which comprise the statement of comprehensive income, the balance sheet, the statement of changes in equity and notes to the financial statements, including 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 31 March 2021 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
In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.
Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.
Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.
The other information comprises the information included in the annual report other than the financial statements and our auditor's report thereon. The directors are responsible for the other information contained within the annual report. 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. 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 course of 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 this gives rise to a material misstatement in the financial statements themselves. 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.
D.C. Thomson Consumer Products Limited
Independent auditor's report (continued)
to the Members of D.C. Thomson Consumer Products Limited
- 5 -
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 strategic report and the directors'
r
eport for the financial year for which the financial statements are prepared is consistent with the financial statements
; and
-
the strategic report and the directors' report have 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 strategic report and 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.
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
.
Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The
specific procedures for this engagement and the
extent to
which these
are capable of detecting irregularities, including fraud,
are
detailed below
.
D.C. Thomson Consumer Products Limited
Independent auditor's report (continued)
to the Members of D.C. Thomson Consumer Products Limited
- 6 -
-
Enquiries with management about any known or suspected instances of non-compliance with laws and regulations and fraud;
-
Challenging assumptions and judgements made by management in their significant accounting estimates, in particular in relation to the carrying value of investments and intercompany balances; and
-
Auditing the risk of management override of controls, including through testing journal entries and other adjustments for appropriateness.
Because of the field in which the company operates, we identified the following areas as those most likely to have a material impact on the financial statements: Health and Safety; and compliance with the UK Companies Act.
Owing to the inherent limitations of an audit, there is an unavoidable risk that some material misstatements in the financial statements may not be detected, even though the audit is properly planned and performed in accordance with the ISAs (UK). For instance, the further removed non-compliance is from the events and transactions reflected in the financial statements, the less likely the auditor is to become aware of it or to recognise the non-compliance.
A further description of our responsibilities is available on the Financial Reporting Council’s website at: https://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.
Gavin Black (Senior Statutory Auditor)
For and on behalf of Henderson Loggie LLP
26 October 2021
Chartered Accountants
Statutory Auditor
The Vision Building
20 Greenmarket
Dundee
DD1 4QB
D.C. Thomson Consumer Products Limited
Statement of comprehensive income
for the year ended 31 March 2021
- 7 -
2021
2020
Notes
£
£
Waiver of group balances
41,665,443
Amounts written off investments
(18,209,165)
(29,348,818)
Profit/(loss) before taxation
23,456,278
(29,348,818)
Tax on profit/(loss)
5
Profit/(loss) for the financial year
23,456,278
(29,348,818)
The statement of comprehensive income has been prepared on the basis that all operations are continuing operations.
D.C. Thomson Consumer Products Limited
Balance Sheet
as at 31 March 2021
- 8 -
2021
2020
Notes
£
£
£
£
Fixed assets
Investments
6
1,100,003
3,200,003
Current assets
Debtors
8
6,977,325
100
Net current assets
6,977,325
100
Total assets less current liabilities
8,077,328
3,200,103
Creditors: amounts falling due after more than one year
9
(18,579,053)
Net assets/(liabilities)
8,077,328
(15,378,950)
Capital and reserves
Called up share capital
11
13,970,868
13,970,868
Profit and loss reserves
12
(5,893,540)
(29,349,818)
Total equity
8,077,328
(15,378,950)
The financial statements were approved by the board of directors and authorised for issue on 26 October 2021 and are signed on its behalf by:
RP Daly
Director
Company Registration No. SC376510
D.C. Thomson Consumer Products Limited
Statement of changes in equity
for the year ended 31 March 2021
- 9 -
Share capital
Profit and loss reserves
Total
£
£
£
Balance at 1 April 2019
13,970,868
(1,000)
13,969,868
Year ended 31 March 2020:
Loss and total comprehensive income for the year
-
(29,348,818)
(29,348,818)
Balance at 31 March 2020
13,970,868
(29,349,818)
(15,378,950)
Year ended 31 March 2021:
Profit and total comprehensive income for the year
-
23,456,278
23,456,278
Balance at 31 March 2021
13,970,868
(5,893,540)
8,077,328
D.C. Thomson Consumer Products Limited
Notes to the financial statements
for the year ended 31 March 2021
- 10 -
1
Accounting policies
Company information
D.C. Thomson Consumer Products Limited is a
private
company
limited by shares
incorporated in
Scotland
.
The registered office is
The Courier Buildings, 2 Albert Square, Dundee, Tayside, DD1 9QJ.
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.
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.
On the basis that the consolidated financial statements of the parent provide disclosures which are equivalent to FRS 102, the financial statements of D.C. Thomson Consumer Products Limited have adopted the following disclosure exemptions:
- the requirement to present a statement of cash flows and related notes: and
- related party transaction disclosures for transactions entered into between one or two members of the group on the basis that all parties are wholly owned within the group.
The company has taken advantage of the exemption under section 400 of the
Companies Act 2006 not to prepare consolidated
financial statement
s. The
financial statements
present information about the company as an individual entity and not about its group
.
D.C. Thomson Consumer Products Limited is a wholly owned subsidiary of D.C. Thomson & Company Limited and the results of D.C. Thomson Consumer Products Limited are included in the consolidated financial statements of D.C. Thomson & Company Limited.
1.2
Going concern
The financial statements have been prepared on the going concern basis which assumes that the company will continue in operational existence for the foreseeable future. The directors have considered the financial position of the company, including the impact of COVID-19, and support available from its parent company D.C. Thomson & Company Limited, and believe the going concern basis to be appropriate.
true
1.3
Fixed asset investments
Interests in subsidiaries, associates and jointly controlled entities 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
.
A subsidiary is an entity controlled by the company
. Control is
the power to govern the financial and operating policies of
the
entity so as to obtain benefits from its activities.
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.
D.C. Thomson Consumer Products Limited
Notes to the financial statements (continued)
for the year ended 31 March 2021
1
Accounting policies (continued)
- 11 -
Entities in which the company has a long term interest and shares control under a contractual arrangement are classified as jointly controlled entities
.
1.4
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 balance sheet 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
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.
Other financial assets
Other financial assets, including investments in equity instruments which are not subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the transaction price. Such assets are subsequently carried at fair value and the changes in fair value are recognised in
profit
or
loss
, except that investments in equity instruments that are not publicly traded and whose fair values cannot be measured reliably are measured at cost less impairment.
Impairment of financial assets
Financial assets, other than those
held
at
fair value through profit and loss
, are assessed for indicators of impairment at each reporting end date.
Financial assets are impaired where there is objective evidence that, as a result of one or more events that occurred after the initial recognition of the financial asset, the estimated future cash flows have been affected.
If an asset is impaired, the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss is recognised in profit or loss.
If there is a decrease in the impairment loss arising from an event occurring after the impairment was recognised, the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been, had the impairment not previously been recognised. The impairment reversal is recognised in profit or loss.
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.
D.C. Thomson Consumer Products Limited
Notes to the financial statements (continued)
for the year ended 31 March 2021
1
Accounting policies (continued)
- 12 -
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.
Other financial liabilities
Derivatives, including interest rate swaps and forward foreign exchange contracts,
are not basic financial instruments. Derivatives are initially recognised at fair value on the date a derivative contract is entered into and are
s
ubsequently re-measured at their fair value. Changes in the fair value of derivatives are recognised in
profit
or
loss
in finance costs or finance income as appropriate, unless hedge accounting is applied and the hedge is a cash flow hedge.
Debt instruments that do not meet the conditions in FRS 102 paragraph 11.9 are subsequently measured at fair value through profit or loss. Debt instruments may be designated as
being measured at
fair value th
r
ough profit or loss to eliminate or reduce an accounting mismatch or if the instruments are measured and their performance evaluated on a fair value basis in accordance with a documented risk management or investment strategy.
Derecognition of financial liabilities
Financial liabilities are derecognised when the company’s contractual obligations
expire or are discharged or cancelled.
1.5
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.
1.6
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.
D.C. Thomson Consumer Products Limited
Notes to the financial statements (continued)
for the year ended 31 March 2021
- 13 -
2
Judgements and key sources of estimation uncertainty
In the application of the company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.
Critical judgements
The following judgements (apart from those involving estimates) have had the most significant
effect on amounts recognised in the financial statements.
Carrying value of investments in subsidiaries
The company initially recognises investments in subsidiaries at cost. The Board perform regular reviews of the current and expected future trading performance of subsidiaries and considers any adverse impact on the carrying value of investments in subsidiaries. Any impairment losses are recognised through the profit and loss account. The expected future trading performance involves an element of judgement and actual results may differ materially, impacting the assessment of the carrying value of investments in subsidiaries.
3
Operating profit
Intercompany balances were reassigned during the year and were subsequently formally waived, resulting in a credit to the profit and loss account of £41,665,443 (2020 - £Nil).
The decision to close the Wild & Wolf business was taken by the directors and shareholders in June 2020, having considered the financial position of the business and the prospects for the future in light of COVID-19. Following that decision, the directors actioned various measures to realise value from the intellectual property of the business and its remaining stock. As a result, the carrying value of the investment in this subgroup has been considered and impaired by £
18,209,165
in the current year
(
2020 - £21,690,180).
Last year, the remaining activity of Parragon Books Limited, being the profitable publication of DC Thomson Annuals, was transferred to another group company outwith the DC Thomson Consumer Products sub-group. As a result, the remaining investment in Parragon Publishing Limited of £7,658,638 was written off in the year ended 31 March 2020.
4
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2021
2020
Number
Number
Total
D.C. Thomson Consumer Products Limited
Notes to the financial statements (continued)
for the year ended 31 March 2021
- 14 -
5
Taxation
The actual charge for the year can be reconciled to the expected charge/(credit) for the year based on the profit or loss and the standard rate of tax as follows:
2021
2020
£
£
Profit/(loss) before taxation
23,456,278
(29,348,818)
Expected tax charge/(credit) based on the standard rate of corporation tax in the UK of 19% (2020: 19%)
4,456,693
(5,576,275)
Intercompany balances waiver not taxable
(7,916,434)
Investment provision not taxable
3,459,741
5,576,275
Taxation charge for the year
-
-
The standard rate of UK corporation tax changed from 20% to 19% with effect from April 2017. The corporation tax rate will increase from 19% up to 25% with effect from 1 April 2023 but this increase was not substantively enacted at the year end and so the 19% rate
would
continue to be used to calculate
any
year end deferred tax position.
The company has no deferred tax asset or liability at the year end and so there is no impact from the change in tax rate from 19% to 25%.
D.C. Thomson Consumer Products Limited
Notes to the financial statements (continued)
for the year ended 31 March 2021
- 15 -
6
Fixed asset investments
2021
2020
Notes
£
£
Investments in subsidiaries
7
1,100,003
3,200,003
In
vestments i
n subsidiary undertakings are held at cost less impairments in accordance with FRS 102.
Movements in fixed asset investments
Shares in group undertakings
£
Cost or valuation
At 1 April 2020
32,548,821
Additions
16,109,165
At 31 March 2021
48,657,986
Impairment
At 1 April 2020
29,348,818
Impairment losses
18,209,165
At 31 March 2021
47,557,983
Carrying amount
At 31 March 2021
1,100,003
At 31 March 2020
3,200,003
During the year, an intercompany debt with DC Thomson Developments Limited was converted to share capital with each £1 of debt being exchanged for 1 ordinary £1 share.
The decision to close the Wild & Wolf business was taken by the directors and shareholders in June 2020, having considered the financial position of the business and the prospects for the future in light of COVID-19. Following that decision, the directors actioned various measures to realise value from the intellectual property of the business and its remaining stock. As a result, the carrying value of the investment in this subgroup has been considered and impaired by £18,209,165 in the current year (2020 - £21,690,180).
Last year, the remaining activity of Parragon Books Limited, being the profitable publication of DC Thomson Annuals, was transferred to another group company outwith the DC Thomson Consumer Products sub-group. As a result, the remaining investment in Parragon Publishing Limited of £7,658,638 was written off in the year ended 31 March 2020.
D.C. Thomson Consumer Products Limited
Notes to the financial statements (continued)
for the year ended 31 March 2021
- 16 -
7
Subsidiaries
These financial statements are separate company financial statements for D.C. Thomson Consumer Products Limited.
Details of the company's subsidiaries at 31 March 2021 are as follows:
Class of
Name of undertaking
Country of incorporation
Nature of business
shareholding
% Held
D.C. Thomson Consumer Products (UK) Limited
UK
Supply and print sourcing for group companies
Ordinary
100.00
D.C. Thomson Developments Limited
UK
Holding company and realisation of growth opportunities for the group
Ordinary
100.00
Meadowside & Gullane Limited
UK
Sale of group publishing rights
Ordinary
100.00
Parragon Publishing Limited
UK
Holding company
Ordinary
100.00
Peter Haddock Limited
UK
Dormant
Ordinary
100.00
D.C. Thomson Consumer Products (HK)
HK
Supply and print sourcing for group companies
Ordinary
100.00
8
Debtors
2021
2020
Amounts falling due within one year:
£
£
Amounts owed by group undertakings
6,977,225
Other debtors
100
100
6,977,325
100
Amounts due from group undertakings have no fixed repayment terms and no interest applies.
9
Creditors: amounts falling due after more than one year
2021
2020
Notes
£
£
Other borrowings
10
18,579,053
D.C. Thomson Consumer Products Limited
Notes to the financial statements (continued)
for the year ended 31 March 2021
- 17 -
10
Loans and overdrafts
2021
2020
£
£
Loans from group undertakings
18,579,053
Payable after one year
18,579,053
The long term loan from group relates to an amount due to ultimate parent company, D.C. Thomson & Company Limited, and no interest applies.
11
Share capital
2021
2020
2021
2020
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of £1 each
13,970,768
13,970,768
13,970,768
13,970,768
E Ordinary shares of 1p each
10,000
10,000
100
100
13,980,768
13,980,768
13,970,868
13,970,868
Ordinary shares
Each ordinary shares carries one vote and is entitled to participate pari passu with other ordinary shares (excluding E ordinary shares) in any dividend or capital distribution. On liquidation, surplus assets are to be distributed among the ordinary shares and E ordinary shares in the ratio 75:25 until the E shares have received their E share value. The ordinary shares are not redeemable at the option of the company or the holder.
E ordinary shares
E ordinary shares carry no right to vote (except on changes to class rights) or to participate in dividends. On liquidation, surplus assets are to be distributed among the ordinary shares and E ordinary shares in the ratio of 75:25 until the E ordinary shares have received their E share value (being a value determined by a formula based on the amount by which the surplus assets exceed a hurdle amount). E ordinary shares are not redeemable at the option of the company or the holder.
12
Profit and loss reserves
Profit and loss reserves include all current and prior period retained profits and losses.
13
Parent company
The company is a wholly owned subsidiary of Meadowside Leasing Limited, a company incorporated in Great Britain and registered in Scotland.
The ultimate parent company is D.C. Thomson & Company Limited, a company incorporated in Great Britain and registered in Scotland.
There is no individual controlling party of D.C. Thomson & Company Limited.
2021-03-31
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false
CCH Software
CCH Accounts Production 2021.300
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RP Daly
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iso4217:GBP