Mainstream Publishing Company (Edinburgh - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: SC064650 (Scotland)

Abridged Financial Statements

for the Year Ended 31 December 2021

for

Mainstream Publishing Company

(Edinburgh) Limited

Page

Company Information

1

Abridged Balance Sheet

2

Notes to the Financial Statements

3

DIRECTORS:

M W Gardiner

T D Weldon

SECRETARY:

M W Gardiner

REGISTERED OFFICE:

54-66 Frederick Street

Edinburgh

EH2 1LS

REGISTERED NUMBER:

SC064650 (Scotland)

AUDITORS:

Gibson McKerrell Brown LLP

Chartered Accountants and Statutory Auditors

14 Rutland Square

Edinburgh

Midlothian

EH1 2BD

BANKERS:

Nat West Bank PLC

City of London Office

1 Princes Street

London

EC3P 3AR

CURRENT ASSETS

Stocks

19,251

8,768

Debtors

594,336

551,367

613,587

560,135

CREDITORS

Amounts falling due within one year

511,060

422,002

NET CURRENT ASSETS

102,527

138,133

TOTAL ASSETS LESS CURRENT LIABILITIES

102,527

138,133

CAPITAL AND RESERVES

Called up share capital

40,000

40,000

Retained earnings

62,527

98,133

SHAREHOLDERS' FUNDS

102,527

138,133

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

All the members have consented to the preparation of an abridged Balance Sheet for the year ended 31 December 2021 in accordance with Section 444(2A) of the Companies Act 2006.

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 March 2022 and were signed on its behalf by:

M W Gardiner - 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.

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.

Revenue recognition

Turnover is measured at the fair value of the consideration received or receivable for the sale of goods and services net of value added tax, rebates, trade marketing costs and discounts. Turnover from the sale of books is recognised when title passes. A provision for anticipated returns is made based primarily on historical return rates.If these estimates do not reflect actual returns in future periods then the turnover could be understated or overstated for a particular period.

Stock and work in progress

Stocks mainly comprise of finished goods and work in progress relating to books and are stated at the lower of cost and net realisable value. Cost is determined using the FIFO method. Cost includes the cost of paper,printing and binding incurred on a title by title basis. Provision is made for obsolete and slow moving stocks. Net realiseable value is estimated selling price in the ordinary course of business less applicable variable selling expenses.

Financial instruments

The company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and payables, loans from banks and other third parties.

At the end of each reporting period, financial assets that are measured at cost are assessed for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in the Income Statement. 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 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 theIncome Statement.

Financial assets are derecognised when (a) the contractual rights to the cash flows arising 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.

Financial liabilities are measured at amortised cost less any accumulated impairment losses. Financial liabilities are derecognised when the liability is extinguished, that is when the contractual obligation is discharged, cancelled or expires.

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.

2.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was NIL (2020 - NIL).

3.	SECURED DEBTS

The Random House Group Limited holds a registered Floating charge over all property and assets present and future of Mainstream Publishing Company (Edinburgh) Limited

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

The Report of the Auditors was unqualified.

Julian Cordery FCCA FCA CA (Senior Statutory Auditor)

for and on behalf of Gibson McKerrell Brown LLP

5.	ULTIMATE PARENT COMPANY

The ultimate controlling party is Bertelsmann SE & Co KGaA (incorporated in Germany).

The consolidated financial statements of Bertelsmann SE & Co KGaA can be obtained from:

Bertelsmann SE & Co KGaA

Corporate Communications

Carl Bertelsmann Strasse 270

Postfach 111

D-33311 Gütersloh

Germany

The immediate parent company is:

The Random House Group Limited

20 Vauxhall Bridge Road

London

SW1V 2SA