ACCOUNTS - Final Accounts

THE SOCIETY OF EDITORS - Company Information

Caseware UK (AP4) 2022.0.179 2022.0.179 2022-12-312022-12-31212022-01-0118falsetruetrueThe members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006. 03047323 2022-01-01 2022-12-31 03047323 2021-01-01 2021-12-31 03047323 2022-12-31 03047323 2021-12-31 03047323 c:Director17 2022-01-01 2022-12-31 03047323 d:OfficeEquipment 2022-01-01 2022-12-31 03047323 d:OtherPropertyPlantEquipment 2022-12-31 03047323 d:OtherPropertyPlantEquipment 2021-12-31 03047323 d:OtherPropertyPlantEquipment d:LeasedAssetsHeldAsLessee 2022-01-01 2022-12-31 03047323 d:CurrentFinancialInstruments 2022-12-31 03047323 d:CurrentFinancialInstruments 2021-12-31 03047323 d:CurrentFinancialInstruments d:WithinOneYear 2022-12-31 03047323 d:CurrentFinancialInstruments d:WithinOneYear 2021-12-31 03047323 d:RetainedEarningsAccumulatedLosses 2022-12-31 03047323 d:RetainedEarningsAccumulatedLosses 2021-12-31 03047323 c:FRS102 2022-01-01 2022-12-31 03047323 c:AuditExempt-NoAccountantsReport 2022-01-01 2022-12-31 03047323 c:FullAccounts 2022-01-01 2022-12-31 03047323 c:CompanyLimitedByGuarantee 2022-01-01 2022-12-31 03047323 2 2022-01-01 2022-12-31 iso4217:GBP xbrli:pure

Registered number: 03047323

THE SOCIETY OF EDITORS

(A Company Limited by Guarantee)

UNAUDITED

FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE YEAR ENDED 31 DECEMBER 2022

THE SOCIETY OF EDITORS

(A Company Limited by Guarantee)

REGISTERED NUMBER: 03047323

BALANCE SHEET

AS AT 31 DECEMBER 2022

		2022		2021
Note		£		£

Fixed assets
Tangible assets	4		-		343
Current assets
Debtors: amounts falling due within one year	5	30,365		61,226
Cash at bank		80,020		48,168
		110,385		109,394
Current liabilities
Creditors: amounts falling due within one year	6	(79,328)		(51,048)
Net current assets			31,057		58,346
Total assets less current liabilities			31,057		58,689

Net assets			31,057		58,689

Capital and reserves
Profit and loss account	31,057	58,689
	31,057	58,689

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THE SOCIETY OF EDITORS

(A Company Limited by Guarantee)

REGISTERED NUMBER: 03047323

BALANCE SHEET (CONTINUED)

AS AT 31 DECEMBER 2022

The directors consider that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The Company's financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime.

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

The Company has opted not to file the profit and loss account in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf by:

D T Alford

Director

Date: 30 September 2023

The notes on pages 3 to 8 form part of these financial statements.

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THE SOCIETY OF EDITORS

(A Company Limited by Guarantee)

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2022

1.	General information

The Society of Editors is a private Company limited by guarantee, incorporated in England and Wales within the United Kingdom. The address of the registered office is Stationers Hall, Ave Maria Lane, London, EC4M 7DD. This Company is not part of a group.

2.Accounting policies

2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgment in applying the Company's accounting policies.

The following principal accounting policies have been applied:

2.2

Going concern

The company is only able to trade with the continuing support of the directors. The directors have indicated that this support will not be withdrawn. On this basis, the directors consider it appropriate to prepare the financial statements on a going concern basis. The financial statements do not include any adjustments that would result from the withdrawal of this support.

2.3

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Rendering of services

Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:

∙the amount of revenue can be measured reliably;

∙it is probable that the Company will receive the consideration due under the contract;

∙the stage of completion of the contract at the end of the reporting period can be measured reliably; and

∙the costs incurred and the costs to complete the contract can be measured reliably.

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THE SOCIETY OF EDITORS

(A Company Limited by Guarantee)

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2022

2.Accounting policies (continued)

2.4

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.

Depreciation is provided on the following basis:

Office equipment

33.33% straight line

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

2.5

Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

2.6

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

2.7

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 creditors, loans from banks and other third parties, loans to related parties and investments in ordinary shares.

Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in the Statement of Income and Retained Earnings.

2.8

Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

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THE SOCIETY OF EDITORS

(A Company Limited by Guarantee)

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2022

2.Accounting policies (continued)

2.9

Foreign currency translation

Functional and presentation currency

The Company's functional and presentational currency is GBP.

Transactions and balances

Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions.

At each period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined.

Foreign exchange gains and losses resulting from the settlement of transactions and from the translation at period-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in profit or loss except when deferred in other comprehensive income as qualifying cash flow hedges.

Foreign exchange gains and losses that relate to borrowings and cash and cash equivalents are presented in the Statement of Income and Retained Earnings within 'finance income or costs'. All other foreign exchange gains and losses are presented in profit or loss within 'other operating income'.

2.10

Finance costs

Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

2.11

Interest income

Interest income is recognised in profit or loss using the effective interest method.

2.12

Pensions

Defined contribution pension plan

The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations.

The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Balance Sheet. The assets of the plan are held separately from the Company in independently administered funds.

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THE SOCIETY OF EDITORS

(A Company Limited by Guarantee)

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2022

2.Accounting policies (continued)

2.13

Taxation

Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

The current corporation tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the Company operates and generates income.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the balance sheet date, except that:

∙The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and

∙Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

3.	Employees
	The average monthly number of employees, including directors, during the year was 23 (2021 - 24).

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THE SOCIETY OF EDITORS

(A Company Limited by Guarantee)

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2022

4.	Tangible fixed assets

		Other fixed assets
		£
	Cost
	At 1 January 2022	14,026
	At 31 December 2022	14,026
	Depreciation
	At 1 January 2022	13,683
	Charge for the year on financed assets	343
	At 31 December 2022	14,026
	Net book value
	At 31 December 2022	-
	At 31 December 2021	343

Debtors

					2022	2021
					£	£


Trade debtors	15,449	46,860
Prepayments	14,916	14,366
	30,365	61,226

6.	Creditors: Amounts falling due within one year
		2022	2021
		£	£

Trade creditors	6,289	2,039
Other taxation and social security	12,884	34
Other creditors	483	564
Accruals and deferred income	59,672	48,411
	79,328	51,048

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THE SOCIETY OF EDITORS

(A Company Limited by Guarantee)

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2022


7.	Company status

The Company is a private Company limited by guarantee and consequently does not have share capital. Each of the members is liable to contribute an amount not exceeding £1 for every full member and 25 pence for every other member, towards the assets of the company in the event of liquidation.

8.	Pension commitments

The Company operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the Company in an independently administered fund. The pension cost charge represents contributions payable by the Company to the fund and amounted to £2,400 (2021 - £2,292). Contributions totalling £482 (2021 - £563) were payable to the fund at the balance sheet date and are included in creditors.

9.	Related party transactions
	I D Murray was a director of the Company. During the year, the Company incurred consultancy fees and reimbursed expenses of £Nil (2021 - £46,609) from I D Murray.

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