New Internationalist Publications Limited
New Internationalist Publications Limited
Registered number: 01005239
Financial Statements
For The Year Ended
31 March 2022
New Internationalist Publications Limited
Financial Statements
For The Year Ended
31 March 2022
Financial Statements
| Contents | |
| Page | |
|---|---|
| Balance Sheet | 1—2 |
| Notes to the Financial Statements | 3—7 |
New Internationalist Publications Limited
Balance Sheet
As at
31 March 2022
Balance Sheet
Registered number:
01005239
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime.
| 2022 | 2021 | ||||
|---|---|---|---|---|---|
| Notes | £ | £ | £ | £ | |
| FIXED ASSETS | |||||
| Tangible Assets | 3 |
|
|
||
| Investments | 4 |
|
|
||
|
|
|
||||
| CURRENT ASSETS | |||||
| Stocks | 5 |
|
|
||
| Debtors | 6 |
|
|
||
| Cash at bank and in hand |
|
|
|||
|
|
|
||||
| Creditors: Amounts Falling Due Within One Year | 7 |
( |
( |
||
| NET CURRENT ASSETS (LIABILITIES) |
|
|
|||
| TOTAL ASSETS LESS CURRENT LIABILITIES |
|
|
|||
| Creditors: Amounts Falling Due After More Than One Year | 8 |
( |
( |
||
| NET ASSETS |
|
|
|||
| CAPITAL AND RESERVES | |||||
| Called up share capital | 9 |
|
|
||
| Other reserves |
|
|
|||
| Profit and Loss Account |
( |
( |
|||
| SHAREHOLDERS' FUNDS | 228,818 | 201,541 | |||
New Internationalist Publications Limited
Balance Sheet (continued)
As at
31 March 2022
The company has taken advantage of section 444(1) of the Companies Act 2006 and opted not to deliver to the registrar a copy of the company's Profit and Loss Account.
On behalf of the board
|
Director
|
|
|
The notes on pages 3 to 7 form part of these financial statements.
New Internationalist Publications Limited
Notes to the Financial Statements
For The Year Ended
31 March 2022
Notes to the Financial Statements
1.
Accounting Policies
1.1.
Basis of Preparation of Financial Statements
The financial statements are prepared under the historical cost convention and in accordance with the FRS 102 Section 1A Small Entities - The Financial Reporting Standard applicable in the UK and Republic of Ireland and the Companies Act 2006.
1.2.
Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover is reduced for estimated customer returns, rebates and other similar allowances.
Sale of goods
Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods has transferred to the buyer. This is usually at the point that the customer has signed for the delivery of the goods.
Rendering of services
Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs. Turnover is only recognised to the extent of recoverable expenses when the outcome of a contract cannot be estimated reliably.
1.3.
Tangible Fixed Assets and Depreciation
Tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. Depreciation is provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives on the following bases:
| Fixtures & Fittings |
|
1.4.
Stocks and Work in Progress
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 stocks. Cost includes all direct costs and an appropriate proportion of fixed and variable overheads. Work-in-progress is reflected in the accounts on a contract by contract basis by recording turnover and related costs as contract activity progresses.
2.
Average Number of Employees
Average number of employees, including directors, during the year was as follows: 20 (2021: 23)
New Internationalist Publications Limited
Notes to the Financial Statements (continued)
For The Year Ended
31 March 2022
3.
Tangible Assets
| Fixtures & Fittings | |
|---|---|
| £ | |
| Cost | |
| As at
|
|
| As at
|
|
| Depreciation | |
| As at
|
|
| Provided during the period |
|
| As at
|
|
| Net Book Value | |
| As at
|
|
| As at
|
|
4.
Investments
| Unlisted | |
|---|---|
| £ | |
| Cost | |
| As at
|
5,451 |
| As at
|
5,451 |
| Provision | |
| As at
|
- |
| As at
|
- |
| Net Book Value | |
| As at
|
5,451 |
| As at
|
5,451 |
The unlisted investments include £100 shares being the whole share capital of Myriad Editions Limited, company number 02796432.
5.
Stocks
| 2022 | 2021 | ||
|---|---|---|---|
| £ | £ | ||
| Stock |
|
|
|
|
|
|
||
New Internationalist Publications Limited
Notes to the Financial Statements (continued)
For The Year Ended
31 March 2022
6.
Debtors
| 2022 | 2021 | ||
|---|---|---|---|
| £ | £ | ||
| Due within one year | |||
| Trade debtors |
|
|
|
| Other debtors |
|
|
|
| Value Added Tax |
|
|
|
| Provision against amounts due from subsidiaries |
( |
( |
|
| Amounts owed by group undertakings |
|
|
|
| Amounts owed by subsidiaries |
|
|
|
|
|
|
||
7.
Creditors: Amounts Falling Due Within One Year
| 2022 | 2021 | ||
|---|---|---|---|
| £ | £ | ||
| Trade creditors |
|
|
|
| Bank loans and overdrafts |
|
|
|
| Other taxes and social security | - |
|
|
| Accruals |
|
|
|
| Deferred income |
|
|
|
| Donations due to others |
|
|
|
| Pension liability |
|
|
|
| Amounts owed to parent undertaking |
|
|
|
|
|
|
||
8.
Creditors: Amounts Falling Due After More Than One Year
| 2022 | 2021 | ||
|---|---|---|---|
| £ | £ | ||
| Bank loans |
|
|
|
|
|
|
||
New Internationalist Publications Limited
Notes to the Financial Statements (continued)
For The Year Ended
31 March 2022
10.
Related Party Transactions
The company has a 100% subsidiary Myriad Editions Limited. During the year, the company loaned £337,137 (2021: £284,973) to the subsidiary. No interest was charged, there is no security, and no fixed repayment date. A provision of £200,296 has been made against the loan (2021: £142,528).
The company is 100% owned by New Internationalist Co-operative Limited, a registered society. During the year the parent society made a further investment in the company of £90,000 which is shown in Other reserves as a contribution to capital. The total contribution to capital (Other Reserves) as at
31 March 2022
was £690,175.
11.
Exceptional Items
During the year the company's subsidiary Myriad Editions Limited made further losses of £57,768. As a result, it is estimated that the amount of the intercompany loan owing to the company which Myriad Editions Limited will not be able to repay has also increased by £57,768. The company has therefore increased its provision for bad debts on this loan by the same amount. See also note 10.
12.
FRC Ethical Standard - Provision Available for Small Entities
In common with other businesses of our size and nature we use our auditors to prepare and submit returns to the tax authorities and assist with the preparation of the financial statements.
13.
Ultimate Controlling Party
The company's ultimate controlling party is
New Internationalist Co-operative Limited
by virtue of his ownership of 100% of the issued share capital in the company.
New Internationalist Publications Limited
Notes to the Financial Statements (continued)
For The Year Ended
31 March 2022
14.
Audit Information
The auditors report on the account of New Internationalist Publications Limited for the year ended 31 March 2022 was qualified
The basis of qualification in the auditor's report was as follows:
As stated in the audit report on the financial statements for the year ended 31 March 2021, we were unable to audit the deferred subscription income figure as at 31 March 2021. If the figure for deferred income as at 31 March 2021 is materially misstated, then the income reported for the year ended 31 March 2022 would also be materially misstated. We have sufficient audit evidence to substantiate the deferred subscription income as at 31 March 2022.
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 , and the provisions available for small entities, in the circumstances set out in note 12 to the financial statements 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.
The matters required to report by exception are stated below:
The auditor's report was signed by
Patrick Morrello ACA
(Senior Statutory Auditor)
for and on behalf of
Third Sector Accountancy Limited
, Statutory Auditor
|
Holyoake House
Hanover Street
Manchester
M60 0AS
|
15.
General Information
New Internationalist Publications Limited
is a private company, limited by shares, incorporated in England & Wales, registered number
01005239
. The registered office is The Old Music Hall, 106 - 108 Cowley Road, Oxford, OX4 1JE.