Methodist Publishing Company Limited - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: NI073886 (Northern Ireland)

Financial Statements

for the Year Ended 31 December 2019

for

Methodist Publishing Company Limited

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTORS:

Rev Desmond Charles Bain

Mr John Harold Baird

Mrs Marlene Joan Baird

Rev Dr Peter Crossley Mercer

Miss Amy Lauren Anderson

Mrs Gillian McDade-Hastings

Mrs Laura Mary Kerr

REGISTERED OFFICE:

16 Adlon Crescent

Lisburn

Co. Antrim

BT28 2EG

REGISTERED NUMBER:

NI073886 (Northern Ireland)

ACCOUNTANTS:

McCleary & Company Ltd

Chartered Accountants

Quaker Buildings

High Street

Lurgan

Craigavon

Co. Armagh

BT66 8BB

BANKERS:

First Trust Bank

35 University Road

Belfast

Co. Antrim

BT7 1ND

FIXED ASSETS

Investments

4

152,988

141,862

CURRENT ASSETS

Debtors

5

878

869

Cash at bank

12,407

15,930

13,285

16,799

CREDITORS

Amounts falling due within one year

6

2,377

2,212

NET CURRENT ASSETS

10,908

14,587

TOTAL ASSETS LESS CURRENT LIABILITIES

163,896

156,449

RESERVES

Revaluation reserve

7

46,196

35,070

Capital investment reserve

106,792

106,792

Newsletter committee reserve

21,553

21,553

Retained earnings

(10,645

)

(6,966

)

163,896

156,449

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 26 August 2020 and were signed on its behalf by:

Mr John Harold Baird - Director

1.	STATUTORY INFORMATION

Methodist Publishing Company Limited is a private company, limited by guarantee , registered in

Northern Ireland. The company's registered number and registered office address can be found on the

Company Information page.

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 as modified by the revaluation of certain assets.

Turnover

Turnover represents the total invoice value, excluding value added tax, of sales made during the year

and derives from the provision of goods and services falling within the company's ordinary activities.

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.

3.	EMPLOYEES AND DIRECTORS

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

4.	FIXED ASSET INVESTMENTS

Other

investments

£

COST OR VALUATION

At 1 January 2019

141,862

Revaluations

11,126

At 31 December 2019

152,988

NET BOOK VALUE

At 31 December 2019

152,988

At 31 December 2018

141,862

Cost or valuation at 31 December 2019 is represented by:

Other

investments

£

Valuation in 2019

152,988

Fixed asset investments consist of a managed fund investment with the Trustees of the Methodist

Church in Ireland.

5.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.12.19

31.12.18

£

£

Trade debtors

878

869

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.12.19

31.12.18

£

£

Trade creditors

2,377

2,212

7.

RESERVES

At 1 January

Profit for the

Revaluation of

At 31 December

2019

year

investments

2019

£

£

£

£

Profit and loss account

(6,966

)

7,447

(11,126

)

(10,645

)

Revaluation reserve

35,070

11,126

46,196

Capital investment reserve

106,792

-

106,792

Newsletter committee

21,553

-

21,553

reserve

Totals

156,449

7,447

-

163,896

The Capital investment reserve represents the capital value at 1 January 2010, of the investment with

the Trustees of the Methodist Church in Ireland. Methodist Publishing Company Limited has had

confirmation that it has full use of the income and capital as long as it continues to provide publishing

services for the Methodist Church.

The Newsletter committee reserve represents funds introduced, that are available for use as long as

the company continues to provide publishing services for the Methodist Church.

8.	RELATED PARTY DISCLOSURES

During the year the company paid professional fees of £6,680 for editorial services, to Mrs Lynda

Neilands, a director.

The company paid professional fees of £4,730 to Rev Dr Peter Crossley Mercer, a director, and also

paid business services fees of £5,500 during the year to the director, Mr Harold Baird.