The Philatelic Traders' Society Limited - Accounts to registrar (filleted) - small 23.2.5

REGISTERED NUMBER: 00419382 (England and Wales)

Unaudited Financial Statements

for the Year Ended 31 December 2022

for

The Philatelic Traders' Society Limited

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

3

DIRECTORS:

M Bloxham

S Carson

S J Rae

REGISTERED OFFICE:

Roland House

Princes Dock Street

Hull

HU1 2LD

REGISTERED NUMBER:

00419382 (England and Wales)

ACCOUNTANTS:

Try Lunn & Co

Chartered Accountants

Roland House

Princes Dock Street

HULL HU1 2LD

FIXED ASSETS

Intangible assets

4

3,299

2,658

Tangible assets

5

-

-

Investments

6

101

101

3,400

2,759

CURRENT ASSETS

Debtors

7

76,878

107,246

Cash at bank and in hand

123,120

106,303

199,998

213,549

CREDITORS

Amounts falling due within one year

8

23,530

6,341

NET CURRENT ASSETS

176,468

207,208

TOTAL ASSETS LESS CURRENT LIABILITIES

179,868

209,967

RESERVES

Income and expenditure account

9

179,868

209,967

179,868

209,967

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 December 2022.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 2022 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 surplus or deficit 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 September 2023 and were signed on its behalf by:

S J Rae - Director

1.	STATUTORY INFORMATION

The Philatelic Traders' Society Limited is a private company, limited by guarantee , 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.

Turnover

Exhibition income is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Membership subscriptions are measured at the fair value of the subscriptions attributable to the financial year.

Intangible assets

Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated depreciation and any accumulated impairment losses.

The trade mark of The Philatelic Traders' Society Limited is depreciated over its expected useful life of 25 years.

The trade mark of Stampex is depreciated over its expected useful life of 10 years.

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

-

33% on cost

Investments in subsidiaries

Investments in subsidiary undertakings are recognised at cost less any provision for impairment.

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 on all timing differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit. The carrying amount of deferred tax assets is reviewed at the end of each reporting period and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax assets and liabilities are measured at the tax rates that are expected to apply in the period in which the liability is settled or the asset realised, based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period.

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 3 (2021 - 3 ) .

4.	INTANGIBLE FIXED ASSETS

Other

intangible

assets

£

COST

At 1 January 2022

3,848

Additions

994

At 31 December 2022

4,842

AMORTISATION

At 1 January 2022

1,190

Charge for year

353

At 31 December 2022

1,543

NET BOOK VALUE

At 31 December 2022

3,299

At 31 December 2021

2,658

5.	TANGIBLE FIXED ASSETS

Plant and

machinery

etc

£

COST

Additions

149

At 31 December 2022

149

DEPRECIATION

Charge for year

149

At 31 December 2022

149

NET BOOK VALUE

At 31 December 2022

-

6.	FIXED ASSET INVESTMENTS

Shares in

group

undertakings

£

COST

At 1 January 2022

and 31 December 2022

226

PROVISIONS

At 1 January 2022

and 31 December 2022

125

NET BOOK VALUE

At 31 December 2022

101

At 31 December 2021

101

The company's investments at the Balance Sheet date in the share capital of companies include the following:

P T S Expertising Limited

Registered office:

Nature of business: Expertisation services for stamps

%

Class of shares:

holding

Ordinary

100.00

2022

2021

£

£

Aggregate capital and reserves

2,780

2,187

Profit for the year

593

777

PTS Stamp & Coin Exhibitions Limited

Registered office:

Nature of business: Promotion and exhibition of stamps

%

Class of shares:

holding

Ordinary shares

100.00

2022

2021

£

£

Aggregate capital and reserves

(32,594

)

(32,594

)

Profit for the year

-

35,387

7.

DEBTORS

2022

2021

£

£

Amounts falling due within one year:

Trade debtors

13,168

932

Amounts owed by group undertakings

-

102,244

Other debtors

42,549

4,070

55,717

107,246

2022

2021

£

£

Amounts falling due after more than one year:

Other debtors

21,161

-

Aggregate amounts

76,878

107,246

8.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2022

2021

£

£

Trade creditors

12,639

2,436

Taxation and social security

190

1,721

Other creditors

10,701

2,184

23,530

6,341

9.

RESERVES

Income

and

expenditure

account

£

At 1 January 2022

209,967

Surplus for the year

2,495

Provision on hive up

(32,594

)

At 31 December 2022

179,868

10.	RELATED PARTY DISCLOSURES

On 1 January 2022 the trade, assets and liabilities of PTS Stamp & Coin Exhibitions Limited, a 100% owned subsidiary of The Philatelic Traders' Society Limited, were transferred to the company under a hive up agreement , for the consideration of £1. At 31 December 2022 £32,594 was owed from PTS Stamp & Coin Exhibitions Limited, The full amount of this debt has been provided against in these accounts.

During the year the company sold services of £4,431 (2021 £360) to Mark Bloxham Stamps Limited a company of which M Bloxham is a Director. At 31 December 2022 £nil (2021, £nil) was owed to the company by Mark Bloxham Stamps Limited.

During the year the company sold services of £2,582 (2021 £360) to Philangles Limited, a company of which S Carson is a Director. These transactions were on normal commercial terms. At 31 December 2022 £nil (2010 £nil) was owed to the company by Philangles Limited.

During the year the company sold services of £165 (2021 £180) to Art Stamped Limited a company of which S Rae is a Director. These transactions were on normal commercial terms. At 31 December 2022 £nil (2021 £nil) was owed to the company by Art Stamped Limited.

11.	POST BALANCE SHEET EVENTS

On 1 January 2022 the entire trade, activities and undertakings of the subsidiary, PTS Stamp & Coin Exhibitions Limited, was hived up to the company.

12.	LIMITED BY GUARANTEE

The company is limited by guarantee.