McKenzie Publishing Limited - Period Ending 2018-07-31
McKenzie Publishing Limited - Period Ending 2018-07-31
Registration number:
McKenzie Publishing Limited
for the Year Ended 31 July 2018
Tudors Business Centre
Waterhouse Lane
Kingswood
Surrey
KT20 6EN
McKenzie Publishing Limited
Contents
Company Information |
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Director's Report |
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Profit and Loss Account |
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Statement of Comprehensive Income |
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Balance Sheet |
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Statement of Changes in Equity |
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Notes to the Financial Statements |
McKenzie Publishing Limited
Company Information
Director |
Mr Ian McKenzie |
Registered office |
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Accountants |
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Page 1 |
McKenzie Publishing Limited
Director's Report for the Year Ended 31 July 2018
The director presents his report and the financial statements for the year ended 31 July 2018.
Director of the company
The director who held office during the year was as follows:
Principal activity
The principal activity of the company is the production of a national magazine directed at the sport of squash
Small companies provision statement
This report has been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.
Approved by the Board on
.........................................
Mr Ian McKenzie
Director
Page 2 |
McKenzie Publishing Limited
Profit and Loss Account for the Year Ended 31 July 2018
Note |
Total |
Total |
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Turnover |
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Cost of sales |
( |
( |
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Gross profit |
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Administrative expenses |
( |
( |
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Other operating income |
- |
|
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Operating (loss)/profit |
( |
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Other interest receivable and similar income |
|
|
|
3 |
16 |
||
(Loss)/profit before tax |
( |
|
|
Taxation |
- |
( |
|
(Loss)/profit for the financial year |
( |
|
The above results were derived from continuing operations.
The company has no recognised gains or losses for the year other than the results above.
Page 3 |
McKenzie Publishing Limited
Statement of Comprehensive Income for the Year Ended 31 July 2018
Note |
2018 |
2017 |
|
(Loss)/profit for the year |
( |
|
|
Total comprehensive income for the year |
( |
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Page 4 |
McKenzie Publishing Limited
(Registration number: 3076505)
Balance Sheet as at 31 July 2018
Note |
2018 |
2017 |
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Fixed assets |
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Tangible assets |
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Current assets |
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Stocks |
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Debtors |
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Cash at bank and in hand |
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Creditors: Amounts falling due within one year |
( |
( |
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Net current assets |
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Net assets |
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Capital and reserves |
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Called up share capital |
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Profit and loss account |
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Total equity |
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For the financial year ending 31 July 2018 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Director's responsibilities:
• |
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• |
The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts. |
For the financial year ending 31 July 2018 the company was entitled to exemption from audit under section 479A of the Companies Act 2006 relating to subsidiary companies.
Director's responsibilities:
• |
|
• |
The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts. |
For the financial year ending 31 July 2018 the company was entitled to exemption from audit under section 480 of the Companies Act 2006 relating to dormant companies.
Director's responsibilities:
Page 5 |
McKenzie Publishing Limited
(Registration number: 3076505)
Balance Sheet as at 31 July 2018
• |
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• |
The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts. |
These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.
Approved and authorised by the
.........................................
Mr Ian McKenzie
Director
Page 6 |
McKenzie Publishing Limited
Statement of Changes in Equity for the Year Ended 31 July 2018
Share capital |
Profit and loss account |
Total |
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At 1 August 2017 |
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|
Loss for the year |
- |
( |
( |
Total comprehensive income |
- |
( |
( |
At 31 July 2018 |
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Share capital |
Profit and loss account |
Total |
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At 1 August 2016 |
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Profit for the year |
- |
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Total comprehensive income |
- |
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At 31 July 2017 |
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Page 7 |
McKenzie Publishing Limited
Notes to the Financial Statements for the Year Ended 31 July 2018
General information |
The company is a private company limited by share capital incorporated in England.
The address of its registered office is:
The principal place of business is:
7 Acacia Court
Sheendale Road
Richmond
TW9 2JP
These financial statements were authorised for issue by the
Accounting policies |
Summary of significant accounting policies and key accounting estimates
The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.
Statement of compliance
These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.
Basis of preparation
These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.
Revenue recognition
Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.
The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.
Tax
The tax expense for the period comprises current tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.
The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.
Page 8 |
McKenzie Publishing Limited
Notes to the Financial Statements for the Year Ended 31 July 2018
Tangible assets
Tangible assets are stated in the statement of financial position at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.
The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.
Depreciation
Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:
Asset class |
Depreciation method and rate |
Computers |
25%reducing balance |
Equipment |
15% reducing balance |
Furniture |
15 %reducing balance |
Cash and cash equivalents
Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.
Trade debtors
Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.
Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.
Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.
The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.
Trade creditors
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.
Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.
Page 9 |
McKenzie Publishing Limited
Notes to the Financial Statements for the Year Ended 31 July 2018
Share capital
Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.
Staff numbers |
The average number of persons employed by the company (including the director) during the year, was
Loss/profit before tax |
Arrived at after charging/(crediting)
2018 |
2017 |
|
Depreciation expense |
|
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Page 10 |
McKenzie Publishing Limited
Notes to the Financial Statements for the Year Ended 31 July 2018
Tangible assets |
Furniture, fittings and equipment |
Other property, plant and equipment |
Total |
|
Cost or valuation |
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At 1 August 2017 |
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At 31 July 2018 |
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Depreciation |
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At 1 August 2017 |
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Charge for the year |
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At 31 July 2018 |
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Carrying amount |
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At 31 July 2018 |
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At 31 July 2017 |
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Stocks |
2018 |
2017 |
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Other inventories |
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Debtors |
2018 |
2017 |
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Trade debtors |
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Other debtors |
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Total current trade and other debtors |
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Creditors |
Note |
2018 |
2017 |
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Due within one year |
|||
Trade creditors |
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Amounts owed to group undertakings and undertakings in which the company has a participating interest |
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Taxation and social security |
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Other creditors |
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Page 11 |
McKenzie Publishing Limited
Notes to the Financial Statements for the Year Ended 31 July 2018
Page 12 |
McKenzie Publishing Limited
Detailed Profit and Loss Account for the Year Ended 31 July 2018
2018 |
2017 |
|
Turnover (analysed below) |
65,138 |
89,915 |
Cost of sales (analysed below) |
(42,614) |
(36,695) |
Gross profit |
22,524 |
53,220 |
Gross profit (%) |
34.58% |
59.19% |
Administrative expenses |
||
Employment costs (analysed below) |
(8,030) |
(8,030) |
Establishment costs (analysed below) |
(507) |
(336) |
General administrative expenses (analysed below) |
(22,735) |
(24,583) |
Finance charges (analysed below) |
(123) |
(494) |
Depreciation costs (analysed below) |
(1,193) |
(1,193) |
(32,588) |
(34,636) |
|
Other operating income (analysed below) |
- |
19 |
Operating (loss)/profit |
(10,064) |
18,603 |
Other interest receivable and similar income (analysed below) |
3 |
16 |
(Loss)/profit before tax |
(10,061) |
18,619 |
Page 13 |
McKenzie Publishing Limited
Detailed Profit and Loss Account for the Year Ended 31 July 2018
2018 |
2017 |
Turnover |
||
Sale of goods, UK |
65,138 |
89,915 |
Cost of sales |
||
Opening work in progress |
1,500 |
1,500 |
Purchases |
37,401 |
16,405 |
Closing work in progress |
(1,500) |
(1,500) |
Subcontract cost |
5,000 |
20,044 |
Hire of plant and machinery (Operating leases) |
213 |
213 |
Commissions payable |
- |
33 |
42,614 |
36,695 |
Employment costs |
||
Directors remuneration |
(8,030) |
(8,030) |
Establishment costs |
||
Insurance |
(221) |
(161) |
Equipment repairs and renewals |
(286) |
(175) |
(507) |
(336) |
General administrative expenses |
||
Telephone and fax |
(2,328) |
(1,896) |
Computer software and maintenance costs |
(200) |
(200) |
Printing, postage and stationery |
(18,839) |
(18,718) |
Trade subscriptions |
(48) |
(444) |
Motor expenses |
- |
(30) |
Travel and subsistence |
- |
(1,178) |
Advertising |
- |
(797) |
Accountancy fees |
(1,320) |
(1,320) |
(22,735) |
(24,583) |
Finance charges |
||
Bank charges |
(123) |
(434) |
Credit card charges |
- |
(60) |
(123) |
(494) |
Depreciation costs |
||
Depreciation of fixtures and fittings (owned) |
(254) |
(254) |
Depreciation of office equipment (owned) |
(350) |
(350) |
Depreciation of other tangible (owned) |
(589) |
(589) |
(1,193) |
(1,193) |
Other operating income |
||
Other operating income |
- |
19 |
Page 14 |
McKenzie Publishing Limited
Detailed Profit and Loss Account for the Year Ended 31 July 2018
Other interest receivable and similar income |
||
Bank interest receivable |
3 |
16 |
Page 15 |