Search Press Limited - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 00943246 (England and Wales)

Financial Statements

for the Year Ended 30 June 2022

for

Search Press Limited

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

3

DIRECTORS:

F V M de la Bedoyere

Mrs C J de la Bedoyere

D W Grant

N de la Bedoyere

SECRETARY:

P Watkinson

REGISTERED OFFICE:

Wellwood

North Farm Road

Tunbridge Wells

Kent

TN2 3DR

REGISTERED NUMBER:

00943246 (England and Wales)

SENIOR STATUTORY AUDITOR:

Joanna Green BSc FCA

AUDITORS:

WM Audit LLP

Chartered Accountants & Statutory Auditors

Thatcher House

12 Mount Ephraim

Tunbridge Wells

Kent

TN4 8AS

FIXED ASSETS

Tangible assets

3

3,071

10,010

CURRENT ASSETS

Stocks

932,778

939,549

Debtors

4

981,730

1,167,112

Cash at bank and in hand

4,997,946

4,762,221

6,912,454

6,868,882

CREDITORS

Amounts falling due within one year

5

(1,986,164

)

(2,164,947

)

NET CURRENT ASSETS

4,926,290

4,703,935

TOTAL ASSETS LESS CURRENT LIABILITIES

4,929,361

4,713,945

CAPITAL AND RESERVES

Called up share capital

8

64

64

Capital redemption reserve

9

36

36

Retained earnings

9

4,929,261

4,713,845

SHAREHOLDERS' FUNDS

4,929,361

4,713,945

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 29 September 2022 and were signed on its behalf by:

F V M de la Bedoyere - Director

1.	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 represents net invoiced sales of goods, excluding value added tax. Turnover is recognised upon despatch of goods to the customer.

TANGIBLE FIXED ASSETS

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

Plant and machinery

-

25% on cost

Fixtures and fittings

-

25% on cost

Computer equipment

-

33% on cost

STOCKS

Stocks and work in progress are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items. Slow moving and obsolete stock is written off after a 6 month period based on the publishing date.

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 material 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.

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.

ROYALTY REVENUE

Royalty revenue is generated through books produced. Revenue is recognised based on the contractual terms.

ROYALTY EXPENDITURE

Royalties are paid in accordance with contractual obligations and in the period to which they relate.

FIXED ASSET INVESTMENTS

Investments are stated at cost less any provision for impairment.

The Company assesses investments for impairment whenever events or changes in circumstances indicate that the carrying value of an investment may not be recoverable. If any such indication of impairment exists an adjustment is made by the company to reflect the carrying value. An impairment loss is recognised immediately in the profit and loss account.

The Company will also assess if a revaluation of the investments is necessary each year and will adjust the carrying value if appropriate.

2.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 36 (2021 - 37 ) .

3.	TANGIBLE FIXED ASSETS

Fixtures

Plant and

and

Computer

machinery

fittings

equipment

Totals

£

£

£

£

COST

At 1 July 2021

211,742

17,322

117,372

346,436

Additions

-

-

1,645

1,645

Disposals

-

-

(92,253

)

(92,253

)

At 30 June 2022

211,742

17,322

26,764

255,828

DEPRECIATION

At 1 July 2021

206,182

17,322

112,922

336,426

Charge for year

2,783

-

5,801

8,584

Eliminated on disposal

-

-

(92,253

)

(92,253

)

At 30 June 2022

208,965

17,322

26,470

252,757

NET BOOK VALUE

At 30 June 2022

2,777

-

294

3,071

At 30 June 2021

5,560

-

4,450

10,010

4.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2022

2021

£

£

Trade debtors

879,407

861,977

Other debtors

-

100,000

Tax

-

98,078

VAT

35,553

32,985

Deferred tax asset

2,523

1,547

Prepayments and accrued income

64,247

72,525

981,730

1,167,112

5.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2022

2021

£

£

Trade creditors

971,764

741,346

Amounts owed to group undertakings

595,047

9,016

Corporation Tax

100,971

118,858

Social security and other tax

44,048

528,391

Other creditors

4,778

8,163

Directors' loan accounts

10,001

433,695

Accrued expenses

259,555

325,478

1,986,164

2,164,947

6.	LEASING AGREEMENTS

Minimum lease payments under non-cancellable operating leases fall due as follows:

2022

2021

£

£

Between one and five years

200,000

-

7.	SECURED DEBTS

The following security is stated as held by HSBC: Fixed Charge over book and other debts, goodwill, uncalled capital and intellectual property (where applicable) and a Floating Charge over all other assets dated 12 May 1975.

There is a further charge dated 12 October 1983 registered by HSBC which includes all monies due or to become due from the company to the chargee on any amount whatsoever including all book debts and other debts owing to the company.

8.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

2022

2021

value:

£

£

22

'A' Ordinary

£1

22

22

20

'B' Ordinary

£1

20

20

22

'C' Ordinary

£1

22

22

64

64

The 'A' Ordinary shares, 'B' Ordinary shares and the 'C' Ordinary shares shall carry all rights to any profits which the Company may determine to distribute in respect of any financial year except that the directors may at any time resolve to declare a dividend on one class of share and not the other class, or declare unequal dividends attaching to each class of share.

On a return of assets on liquidation or otherwise the surplus assets of the Company remaining after payment of its liabilities shall belong to and be distributed amongst the holders of the 'A' Ordinary shares, 'B' Ordinary shares and the 'C' Ordinary shares in proportion to the amounts paid up thereon.

Each class of share in entitled to equal voting rights.

9.

RESERVES

Capital

Retained

redemption

earnings

reserve

Totals

£

£

£

At 1 July 2021

4,713,845

36

4,713,881

Profit for the year

615,416

615,416

Dividends

(400,000

)

(400,000

)

At 30 June 2022

4,929,261

36

4,929,297

10.	DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006

The Report of the Auditors was unqualified.

Joanna Green BSc FCA (Senior Statutory Auditor)

for and on behalf of WM Audit LLP

11.	RELATED PARTY DISCLOSURES

The total amount outstanding at the year end was £340 (2021 - £323) to Mrs C de la Bedoyere.

Search Press Ltd made no purchases from Mr G de la Bedoyere in the financial year however at the year end the balance of £155 (2021 - £155) remains outstanding to Mr G de la Bedoyere from Search Press Ltd.

Mr F V M de la Bedoyere and Mrs C J de la Bedoyere, both directors and shareholders of the company, have a joint director's loan account. Both receive salaries and private insurance from the company. The directors received £700 per month for the rent of an unfurnished property to the company.

Included within Other debtors is a £nil (2021 - £100,000) loan due from David & Charles Ltd, a company with common directors. The loan was repaid in full during the year with interest charged at 5% (£5,000 interest expense).

Included within Other creditors is £595,047 (2021 - £9,016) owed to Halbik Holdings Limited, the parent company.

12.	ULTIMATE CONTROLLING PARTY

The controlling party is Halbik Holdings Limited.

The ultimate controlling party is F V M de la Bedoyere.