World Scientific Publishing (UK) Limited 31/03/2023 iXBRL

World Scientific Publishing (UK) Limited 31/03/2023 iXBRL

WORLD SCIENTIFIC PUBLISHING (UK) LIMITED - Company Information

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8 31/03/2023 2023-03-31 false false false false true false false false false false false false false true false false true false false false false false true false No description of principal activities is disclosed 2022-04-01 Sage Accounts Production 21.0 - FRS102_2021 xbrli:pure xbrli:shares iso4217:GBP 03412307 2022-04-01 2023-03-31 03412307 2023-03-31 03412307 2022-03-31 03412307 2021-04-01 2022-03-31 03412307 2022-03-31 03412307 core:PlantMachinery 2022-04-01 2023-03-31 03412307 core:FurnitureFittingsToolsEquipment 2022-04-01 2023-03-31 03412307 core:MotorVehicles 2022-04-01 2023-03-31 03412307 bus:RegisteredOffice 2022-04-01 2023-03-31 03412307 bus:LeadAgentIfApplicable 2022-04-01 2023-03-31 03412307 bus:Agent1 2022-04-01 2023-03-31 03412307 bus:Director1 2022-04-01 2023-03-31 03412307 bus:Director2 2022-04-01 2023-03-31 03412307 bus:CompanySecretary1 2022-04-01 2023-03-31 03412307 core:PlantMachinery 2022-03-31 03412307 core:FurnitureFittingsToolsEquipment 2022-03-31 03412307 core:MotorVehicles 2022-03-31 03412307 core:PlantMachinery 2023-03-31 03412307 core:FurnitureFittingsToolsEquipment 2023-03-31 03412307 core:MotorVehicles 2023-03-31 03412307 core:WithinOneYear 2023-03-31 03412307 core:WithinOneYear 2022-03-31 03412307 core:RetainedEarningsAccumulatedLosses 2022-03-31 03412307 core:RetainedEarningsAccumulatedLosses 2021-03-31 03412307 core:RetainedEarningsAccumulatedLosses 2023-03-31 03412307 core:RetainedEarningsAccumulatedLosses 2022-03-31 03412307 core:ShareCapital 2023-03-31 03412307 core:ShareCapital 2022-03-31 03412307 core:PlantMachinery 2022-03-31 03412307 core:FurnitureFittingsToolsEquipment 2022-03-31 03412307 core:MotorVehicles 2022-03-31 03412307 bus:SmallEntities 2022-04-01 2023-03-31 03412307 bus:Audited 2022-04-01 2023-03-31 03412307 bus:FullAccounts 2022-04-01 2023-03-31 03412307 bus:SmallCompaniesRegimeForAccounts 2022-04-01 2023-03-31 03412307 bus:PrivateLimitedCompanyLtd 2022-04-01 2023-03-31
Company registration number: 03412307
World Scientific Publishing (UK) Limited
Financial statements
31 March 2023
World Scientific Publishing (UK) Limited
Contents
Directors and other information
Directors report
Independent auditor's report to the members
Income statement
Statement of income and retained earnings
Statement of financial position
Notes to the financial statements
World Scientific Publishing (UK) Limited
Directors and other information
Directors Ms Doreen Liu
Dr Kok Khoo Phua
Secretary Ms Doreen Liu
Company number 03412307
Registered office 57 Shelton Street
Covent Garden
London WC2H 9HE
Business address 57 Shelton Street
Covent Garden
London WC2H 9HE
Auditor Lee & Associates (1993) Limited
114 Colindale Avenue
London NW9 5GX
Bankers National Westminster Bank plc
Covent Garden Branch
P O Box 411
34 Henrietta Street
London WC2E 8NN
United Overseas Bank Limited
19 Great Winchester Street
London EC2N 2BH
World Scientific Publishing (UK) Limited
Directors report
Year ended 31 March 2023
The directors present their report and the financial statements of the company for the year ended 31 March 2023.
Directors
The directors who served the company during the year were as follows:
Ms Doreen Liu
Dr Kok Khoo Phua
Directors responsibilities statement
The directors are responsible for preparing the directors report and the financial statements in accordance with applicable law and regulations.
Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and the profit or loss of the company for that period.
In preparing these financial statements, the directors are required to:
- select suitable accounting policies and then apply them consistently;
- make judgments and accounting estimates that are reasonable and prudent; and
- prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.
The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
Auditor
Each of the persons who is a director at the date of approval of this report confirms that:
- so far as they are aware, there is no relevant audit information of which the company's auditor is unaware; and - they have taken all steps that they ought to have taken as a director to make themselves aware of any relevant audit information and to establish that the company's auditor is aware of that information.
The auditor is deemed to have been re-appointed in accordance with section 487 of the Companies Act 2006.
Small company provisions
This report has been prepared in accordance with the provisions applicable to companies entitled to the small companies exemption.
This report was approved by the board of directors on 28 November 2023 and signed on behalf of the board by:
Ms Doreen Liu
Director
World Scientific Publishing (UK) Limited
Independent auditor's report to the members of
World Scientific Publishing (UK) Limited
Year ended 31 March 2023
Opinion
We have audited the financial statements of World Scientific Publishing (UK) Limited (the 'company') for the year ended 31 March 2023 which comprise the income statement, statement of income and retained earnings, statement of financial position and notes to the financial statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including FRS 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice). In our opinion, the financial statements: - give a true and fair view of the state of the company's affairs as at 31 March 2023 and of its profit for the year then ended; - have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and - have been prepared in accordance with the requirements of the Companies Act 2006.
Basis for opinion
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, including the FRC’s Ethical Standard, 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.
Conclusions relating to going concern
In auditing the financial statements, we have concluded that the directors use of the going concern basis of accounting in the preparation of the financial statements is appropriate.
Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.
Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.
Other Information
The other information comprises the information included in the annual report, other than the financial statements and our auditor’s report thereon. The directors are responsible for the other information. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether there is a material misstatement in the financial statements or a material misstatement of the other information. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard.
Opinions on other matters prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of the audit:
- the information given in the directors' report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
- the directors' report has been prepared in accordance with applicable legal requirements.
Matters on which we are required to report by exception
In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the directors' report. We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion: - adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or - the financial statements are not in agreement with the accounting records and the returns; or - certain disclosures of directors' remuneration specified by law are not made; or - we have not received all the information and explanations we require for our audit; or - the directors were not entitled to prepare the financial statements in accordance with the small companies regime and take advantage of the small companies' exemptions in preparing the directors' report and from the requirement to prepare a strategic report.
Responsibilities of directors
As explained more fully in the directors' responsibilities statement, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. In preparing the financial statements, the directors are responsible for assessing the company’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the company or to cease operations, or have no realistic alternative but to do so.
Auditor's responsibilities for the audit of the financial statements
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements. Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below: - the engagement partner ensured that the engagement team collectively had the appropriate competence, capabilities and skills to identify or recongise non-compliance with applicable laws and regulations; - we identified the laws and regulations applicable to the company through discussions with director and other management, and from our commercial knowledge and experience of the sector; - we focused on specific laws and regulations which we considered may have a direct material effect on the financial statements or the operations of the company, including the Companies Act 2006, taxation legislation and data protection, anti0bribery and employment; - we assessed the extent of compliance with laws and regulations identified above through making enquiries of management and inspecting legal correspondence; and - identified laws and regulations were communicated within the audit team regularly and the team remained alert to instances of non-compliance through the audit. We assessed the susceptibility of the company's financial statements to material tmisstatement, including obtaining an understanding of how fraud might occur, by: - making enquiries if management as to where they considered there was susceptibility to fraud, their knowledge of actual, suspected and alleged fraud; and - considering the internal controls in place to mitigate risks of fraud and non-compliance with laws and regulations. To address the risk of fraud through management bias and override of controls, we: - performed analytical procedures to identify any unusual or unexpected relationships; - reviewed and tested journal entries to identify unusual transactions and other adjustments for appropriateness. - assessed whether judgements and assumptions made in determining any accounting estimates were indicative of potential bias; and - investigated the rationale behind significant or unusual transactions. In response to the risks of irregularities and non-compliance with laws and regulations, we designed procedures which include, but were not limited to: - reviewing and agreeing financial statement disclosures and testing to underlying supporting documentation; - enquiring of management as to actual and potential litigation and claims; and - reviewing correspondence with HMRC and bankers. They are inherent limitations in our audit procedures described above. The more removed that laws and regulations are from financial transactions, The less likely it is that we would become aware of non-compliance. Auditing standards also limit the audit procedures required to identify non-compliance with laws and regulations to enquiry of the directors and all the management and the inspection of regulatory and legal correspondence, if any. Material misstatements that arise due to fraud can be harder to detect than those that arise from error as they may involve deliberate concealment or collusion. A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council’s website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor’s report.
Use of our report
This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in an auditors report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members as a body, for our audit work, for this report, or for the opinions we have formed.
Ivan Hin Kwai Lee (Senior Statutory Auditor)
For and on behalf of
Lee & Associates (1993) Limited
Chartered Certified Accountants and Statutory Auditor
114 Colindale Avenue
London NW9 5GX
28 November 2023
World Scientific Publishing (UK) Limited
Income statement
Year ended 31 March 2023
2023 2022
Note £ £
Turnover 2,141,616 1,831,194
Cost of sales ( 1,480,577) ( 1,263,991)
_______ _______
Gross profit 661,039 567,203
Distribution costs ( 130,586) ( 148,785)
Administrative expenses ( 437,413) ( 385,840)
Other operating income 26,089 36,829
_______ _______
Operating profit 119,129 69,407
Other interest receivable and similar income 17 1
Profit before taxation 5 119,146 69,408
Tax on profit ( 22,477) ( 696)
_______ _______
Profit for the financial year 96,669 68,712
_______ _______
All the activities of the company are from continuing operations.
The company has no other recognised items of income and expenses other than the results for the year as set out above.
World Scientific Publishing (UK) Limited
Statement of income and retained earnings
Year ended 31 March 2023
2023 2022
£ £
Profit for the year 96,669 68,712
Retained earnings at the start of the year 108,208 39,498
_______ _______
Retained earnings at the end of the year 204,877 108,210
_______ _______
World Scientific Publishing (UK) Limited
Statement of financial position
31 March 2023
2023 2022
Note £ £ £ £
Fixed assets
Tangible assets 6 8,713 8,015
_______ _______
8,713 8,015
Current assets
Debtors 7 418,469 304,696
Cash at bank and in hand 225,403 159,291
_______ _______
643,872 463,987
Creditors: amounts falling due
within one year 8 ( 347,708) ( 263,792)
_______ _______
Net current assets 296,164 200,195
_______ _______
Total assets less current liabilities 304,877 208,210
_______ _______
Net assets 304,877 208,210
_______ _______
Capital and reserves
Called up share capital 100,000 100,000
Profit and loss account 204,877 108,210
_______ _______
Shareholders funds 304,877 208,210
_______ _______
These financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
These financial statements were approved by the board of directors and authorised for issue on 28 November 2023 , and are signed on behalf of the board by:
Ms Doreen Liu
Director
Company registration number: 03412307
World Scientific Publishing (UK) Limited
Notes to the financial statements
Year ended 31 March 2023
1. General information
The company is a private company limited by shares, registered in England. The address of the registered office is 57 Shelton Street, Covent Garden, London WC2H 9HE.
2. Statement of compliance
These financial statements have been prepared in compliance with the provisions of FRS 102, Section 1A, 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Going concern
The financial statements have been prepared on a going concern basis, which assume that the company will continue in operational existence for the foreseeable future. This is on the basis that they will continue receiving financial support from its holding company. Accordingly, the Company continue to adopt the going concern basis in preparing the financial statements.
Turnover
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax.
Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
Taxation
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in the statement of comprehensive income, except to the extent that it relates to items recognised in other comprehensive income or directly in capital and reserves. In this case, tax is recognised in other comprehensive income or directly in capital and reserves, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.
Foreign currencies
Foreign currency transactions are initially recorded in the functional currency, by applying the spot exchange rate as at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are translated at the exchange rate ruling at the reporting date, with any gains or losses being taken to profit or loss.
Tangible assets
tangible assets are initially recorded at cost, and are subsequently stated at cost less any accumulated depreciation and impairment losses.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Fixtures & fittings - 20 % straight line
Office equipment - 20 % straight line
Software - 20 % straight line
If there is an indication that there has been a significant change in depreciation rate, useful life or residual value of tangible assets, the depreciation is revised prospectively to reflect the new estimates.
Impairment
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. When it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that are largely independent of the cash inflows from other assets or groups of assets.
Financial instruments
A financial asset or a financial liability is recognised only when the company becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Other financial instruments are subsequently measured at fair value, with any changes recognised in profit or loss, with the exception of hedging instruments in a designated hedging relationship.
Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately. For all equity instruments regardless of significance, and other financial assets that are individually significant, these are assessed individually for impairment. Other financial assets or either assessed individually or grouped on the basis of similar credit risk characteristics. Any reversals of impairment are recognised in profit or loss immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised in finance costs in profit or loss in the period in which it arises.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 8 (2022: 7 ).
5. Profit before taxation
Profit before taxation is stated after charging/(crediting):
2023 2022
£ £
Depreciation of tangible assets 2,397 1,678
Fees payable for the audit of the financial statements 8,580 7,800
_______ _______
6. Tangible assets
Fixtures & Fittings Office equipment Software Total
£ £ £ £
Cost
At 1 April 2022 9,307 14,026 22,201 45,534
Additions 1,007 2,704 - 3,711
Disposals ( 2,691) ( 2,718) ( 1,529) ( 6,938)
_______ _______ _______ _______
At 31 March 2023 7,623 14,012 20,672 42,307
_______ _______ _______ _______
Depreciation
At 1 April 2022 9,189 6,263 22,067 37,519
Charge for the year 204 2,162 31 2,397
Disposals ( 2,691) ( 2,205) ( 1,426) ( 6,322)
_______ _______ _______ _______
At 31 March 2023 6,702 6,220 20,672 33,594
_______ _______ _______ _______
Carrying amount
At 31 March 2023 921 7,792 - 8,713
_______ _______ _______ _______
At 31 March 2022 118 7,763 134 8,015
_______ _______ _______ _______
7. Debtors
2023 2022
£ £
Trade debtors 395,736 272,049
Amounts owed by group undertakings and undertakings in which the company has a participating interest 10,578 13,646
Other debtors 12,155 19,001
_______ _______
418,469 304,696
_______ _______
8. Creditors: amounts falling due within one year
2023 2022
£ £
Trade creditors 17,831 26,372
Amounts owed to group undertakings and undertakings in which the company has a participating interest 172,496 91,911
Corporation tax 14,228 696
Other creditors 143,153 144,813
_______ _______
347,708 263,792
_______ _______
9. Related party transactions
During the year the company has related party transactions with its holding company and associated company. However, the company has taken advantage of exemptions from the requirement to disclose these information on the basis that the company is a wholly owned subsidiary.
10. Controlling party
The company is controlled by the ultimate parent company, World Scientific Publishing Co Pte Limited, a company incorporated in Singapore.