Spear Publishing Limited - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 04931527 (England and Wales)

Spear Publishing Limited

Financial Statements for the Year Ended 31st December 2020

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

3

DIRECTORS:

K Appiah

P Danson

REGISTERED OFFICE:

Studio 5 Salters House

156 High Street

Hull

East Yorkshire

HU1 1NQ

REGISTERED NUMBER:

04931527 (England and Wales)

AUDITORS:

Smailes Goldie

Chartered Accountants

Statutory Auditor

Regent's Court

Princess Street

Hull

East Yorkshire HU2 8BA

FIXED ASSETS

Tangible assets

4

-

108

CURRENT ASSETS

Stocks

9,868

17,721

Debtors

5

335,385

431,039

Cash at bank

5,208

-

350,461

448,760

CREDITORS

Amounts falling due within one year

6

2,331,758

2,318,787

NET CURRENT LIABILITIES

(1,981,297

)

(1,870,027

)

TOTAL ASSETS LESS CURRENT LIABILITIES

(1,981,297

)

(1,869,919

)

CAPITAL AND RESERVES

Called up share capital

7

1

1

Retained earnings

(1,981,298

)

(1,869,920

)

SHAREHOLDERS' FUNDS

(1,981,297

)

(1,869,919

)

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 24th September 2021 and were signed on its behalf by:

K Appiah - Director

1.	STATUTORY INFORMATION

Spear Publishing 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.

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.

Related party exemption

The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group.

Going concern

At the year end the company reported net current liabilities of £1,981,297 (2019: £1,870,027), which gives rise to a going concern risk. Accordingly the directors have prepared financial forecasts covering a period of 12 months from the date of approval of these financial statements.The financial forecasts, together with an undertaking from the company's ultimate controlling party to provide financial support to the company for at least 12 months from the date of approval of these financial statements, have led the directors to conclude that the use of the going concern basis remains appropriate.

Turnover

Turnover represents the invoiced value of goods sold and services provided during the period, stated net of Value Added Tax. Subscription revenue is allocated to the relevant accounting periods covered by the subscription. The Directors have not disclosed the company's turnover by geographical location, as it is considered this would seriously prejudice the company's interests.

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 etc

-

Straight line over 3 years

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.

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.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 10 (2019 - 13 ) .

4.	TANGIBLE FIXED ASSETS

Plant and

machinery

etc

£

COST

At 1st January 2020

and 31st December 2020

8,300

DEPRECIATION

At 1st January 2020

8,192

Charge for year

108

At 31st December 2020

8,300

NET BOOK VALUE

At 31st December 2020

-

At 31st December 2019

108

5.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2020

2019

£

£

Trade debtors

59,595

184,548

Amounts owed by group undertakings

128,373

100,315

Other debtors

147,417

146,176

335,385

431,039

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2020

2019

£

£

Bank loans and overdrafts

-

25,038

Trade creditors

74,157

185,645

Amounts owed to group undertakings

1,872,827

1,385,662

Taxation and social security

65,476

49,868

Other creditors

319,298

672,574

2,331,758

2,318,787

7.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

2020

2019

value:

£

£

1

Ordinary Shares

0.01

1

1

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

The Report of the Auditors was unqualified.

Stephen Bramall BSc FCA (Senior Statutory Auditor)

for and on behalf of Smailes Goldie

9.	ULTIMATE CONTROLLING PARTY

The ultimate controlling party is M Danson.