The History Press Limited - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 06436009 (England and Wales)

UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2019

FOR

THE HISTORY PRESS LIMITED

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTORS:

G N Swain

J B Kinnear

L M Perehinec

SECRETARY:

G N Swain

REGISTERED OFFICE:

97 St George's Place

Cheltenham

Gloucestershire

GL50 3QB

REGISTERED NUMBER:

06436009 (England and Wales)

ACCOUNTANTS:

Randall & Payne LLP

Chartered Accountants

Chargrove House

Shurdington Road

Cheltenham

Gloucestershire

GL51 4GA

FIXED ASSETS

Intangible assets

4

1,011

1,179

Tangible assets

5

27,894

5,275

28,905

6,454

CURRENT ASSETS

Stocks

6

653,818

581,713

Debtors

7

947,223

885,989

Cash at bank and in hand

94,531

135,432

1,695,572

1,603,134

CREDITORS

Amounts falling due within one year

8

937,265

1,003,357

NET CURRENT ASSETS

758,307

599,777

TOTAL ASSETS LESS CURRENT LIABILITIES

787,212

606,231

CREDITORS

Amounts falling due after more than one year

9

4,503

38,707

NET ASSETS

782,709

567,524

CAPITAL AND RESERVES

Called up share capital

6,794

6,794

Capital redemption reserve

530,100

530,100

Retained earnings

245,815

30,630

SHAREHOLDERS' FUNDS

782,709

567,524

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 December 2019.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 2019 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:

(a)	ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and

(b)

preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 24 August 2020 and were signed on its behalf by:

G N Swain - Director

J B Kinnear - Director

L M Perehinec - Director

1.	STATUTORY INFORMATION

The History Press Limited is a private company, limited by shares , registered in England and Wales.

The company's registered number and registered office address can be found on the Company

Information page.

The presentation currency of the financial statements is the Pound Sterling (£).

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Turnover

Turnover is measured at the fair value of the consideration received or receivable, excluding discounts,

rebates, value added tax and other sales taxes.

Turnover is recognised when the goods or services have been provided to the customer.

Intangible assets

Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured

at cost less any accumulated amortisation and any accumulated impairment losses.

Trademarks are being amortised evenly over their estimated useful life of 10 years.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Fixtures and fittings

-

20% on cost

Computer equipment

-

Straight line over 3 years and Straight line over 5 years

No depreciation is provided on freehold buildings. It has been the company's practice to maintain

these assets in a continual state of sound repair and to extend and make improvements in the first two

years of owning the asset and accordingly the directors consider that the life of the asset is so long,

and residual values so high, that their depreciation is insignificant to date.

Stocks

Stocks are valued at the lower of cost and net realisable value, after making due allowance for

obsolete and slow moving items.

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement,

except to the extent that it relates to items recognised in other comprehensive income or directly in

equity.

Current or deferred taxation assets and liabilities are not discounted.

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 balance sheet date.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at

the balance sheet date.

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.

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.

Foreign currencies

Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at

the balance sheet 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.

Hire purchase and leasing commitments

Rentals paid under operating leases are charged to profit or loss on a straight line basis over the

period of the lease.

Pension costs and other post-retirement benefits

The company operates a defined contribution pension scheme. Contributions payable to the

company's pension scheme are charged to profit or loss in the period to which they relate.

Going concern

The Directors are satisfied that there are no material uncertainties affecting the Company's ability to

operate as a going concern, and have prepared these accounts on that basis.

Financial instruments

Financial instruments are classified by the directors as basic or advanced following the conditions in

FRS 102 Section 11. Basic financial instruments are recognised at amortised cost using the effective

interest method.

Financial assets

Basic financial assets, including trade and other receivables, cash and bank balances and investments

in commercial paper, are initially recognised at transaction price, unless the arrangement constitutes a

financing transaction, where the transaction is measure at the present value of the future receipts

discounted at a market rate of interest.

Such assets are subsequently carried at amortised cost using the effective interest method.

At the end of each reporting period financial assets measured at amortised cost are assessed for

objective evidence of impairment. If an asset is impaired the impairment loss is the difference between

the carrying amount and 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 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.

Other financial assets, including investment 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 the fair value are recognised in

profit or loss, except that investments in equity instruments that are not publically traded and whose fair

values cannot be measured reliably are measured at cost less impairment.

Financial assets are derecognised when (a) the contractual rights to the cash flows from the asset

expire or are settled, or (b) substantially all the risks and rewards of the ownership of the asset are

transferred to another party or (c) control of the asset has been transferred to another party who has

the practical ability to unilaterally sell the asset of an unrelated third party without imposing additional

restrictions.

Financial liabilities

Basic financial liabilities, including trade and other payables, bank 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 payments discounted at a market rate of interest.

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

Fees paid on the establishment of loan facilities are recognised as transaction costs of the loan to the

extent that it is probably that some or all the facility will be drawn down. In this case, the fee is deferred

until the draw-down occurs. To the extent there is no evidence that it is probable that some or all of the

facility will be drawn down, the fee is capitalised as a prepayment for liquidity services and amortised

over the period of the facility to which it relates.

Trade payables 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 payment is

due within one year or less. If not, they are presented as non-current liabilities. Trade payables are

recognised initially at transaction price and subsequently measured at amortised cost using the

effective interest method.

Offsetting

Financial assets and liabilities are off set and 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

sell of a net basis or to realise the asset and settle the liability simultaneously.

Provisions

Provisions are set up only where it is probable that a present obligation exists as a result of an event

prior to the balance sheet date and that a payment will be required in settlement that can be estimated

reliably. Where material, provisions are calculated on a discounted basis.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 28 (2018 - 28 ) .

4.	INTANGIBLE FIXED ASSETS

Other

intangible

assets

£

COST

At 1 January 2019

and 31 December 2019

1,685

AMORTISATION

At 1 January 2019

506

Charge for year

168

At 31 December 2019

674

NET BOOK VALUE

At 31 December 2019

1,011

At 31 December 2018

1,179

5.	TANGIBLE FIXED ASSETS

Fixtures

and

Computer

fittings

equipment

Totals

£

£

£

COST

At 1 January 2019

-

84,849

84,849

Additions

26,419

4,932

31,351

At 31 December 2019

26,419

89,781

116,200

DEPRECIATION

At 1 January 2019

-

79,574

79,574

Charge for year

2,481

6,251

8,732

At 31 December 2019

2,481

85,825

88,306

NET BOOK VALUE

At 31 December 2019

23,938

3,956

27,894

At 31 December 2018

-

5,275

5,275

6.

STOCKS

2019

2018

£

£

Stocks

653,818

581,713

7.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2019

2018

£

£

Trade debtors

460,024

461,368

Provision for doubtful debts

(38,083

)

(15,203

)

Other debtors

236,962

207,986

Owed from parent company

61,707

57,371

Owed from subsidiary company

284

-

VAT

6,701

14,725

Prepayments and accrued income

219,628

159,742

947,223

885,989

8.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2019

2018

£

£

Bank loans and overdrafts

85,320

145,209

IGF facility

307,586

349,084

Trade creditors

275,212

332,951

Social security and other taxes

10,853

(8,427

)

Wages clearing account

-

80

Pension Control Account

3,686

2,548

Other creditors

5,742

4,176

Royalties

99,974

99,174

Loan Interest Account

86

145

Directors' loan accounts

26,721

17,953

Accruals and deferred income

122,085

60,464

937,265

1,003,357

9.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2019

2018

£

£

Directors' loan accounts

4,503

38,707

10.	SECURED DEBTS

There is security for the bank loan in the form of a charge containing fixed charge(s), floating charges

that cover all the property or undertaking of the company and negative pledge in respect of the bank.

A rent deposit deed exists which secures all monies due or to become due from the company to the

chargee under the terms of the instrument creating or evidencing the charge by way of a security

deposit.

A charge was created 3 March 2017 between the Company and IGF Business Credit Limited, to

provide continuing security for the payment, discharge and performance of all the secured obligations

in relation to all the assets whether now or in the future belonging to the Company. Charge contains

fixed charge(s), floating charges that covers all the property or undertaking of the company and

negative pledge.

The Directors have given a joint and several personal guarantee of £25,000 in favour of Natwest Bank

over the overdraft facility.

11.	RELATED PARTY DISCLOSURES

Pittville Holdings Limited, (incorporated in England and Wales) is the company's ultimate parent

company.

At 31 December 2019 Pittville Holdings Limited owed The History Press Limited £61,707 (2018:

£57,371). This is included within Intercompany loan falling due within one year.

At 31 December 2019 Phillimore & Co. Limited owed The History Press Limited £284 (2018: The

History Press Ltd owed Phillimore & Co Limited £469). This is included in Intercompany Loan to

subsidiary this year and in other creditors falling due within one year last year.

At 31 December 2019, the company owed Mr G N Swain £15,473 (2018: £28,191) and Mr J B Kinnear

£15,751 (2018: £28,468).

As part of the MBO the directors introduced capital into the company, the balance is repayable over

four years and interest is paid at 5% per annum.