Methodist Publishing Company Limited - Accounts to registrar - small 17.1.1

REGISTERED NUMBER: NI073886 (Northern Ireland)

Financial Statements

for the Year Ended 31 December 2016

for

Methodist Publishing Company Limited

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTORS:

Rev Desmond Charles Bain

Mr John Harold Baird

Mrs Marlene Joan Baird

Rev Dr Peter Crossley Mercer

Mrs Lynda Ann Neilands

Mrs Edna Joyce Kingston

Rev Dr Heather Morris

REGISTERED OFFICE:

16 Adlon Crescent

Lisburn

Co. Antrim

BT28 2EG

REGISTERED NUMBER:

NI073886 (Northern Ireland)

ACCOUNTANTS:

McCleary & Company Ltd

Chartered Accountants

Quaker Buildings

High Street

Lurgan

Craigavon

Co. Armagh

BT66 8BB

BANKERS:

First Trust Bank

35 University Road

Belfast

Co. Antrim

BT7 1ND

FIXED ASSETS

Investments

3

141,207

128,935

CURRENT ASSETS

Debtors

4

1,743

1,530

Cash at bank

16,770

16,875

18,513

18,405

CREDITORS

Amounts falling due within one year

5

(2,174

)

(2,059

)

NET CURRENT ASSETS

16,339

16,346

TOTAL ASSETS LESS CURRENT LIABILITIES

157,546

145,281

RESERVES

Revaluation reserve

6

34,415

22,143

Capital investment reserve

106,792

106,792

Newsletter committee reserve

21,553

21,553

Retained earnings

(5,214

)

(5,207

)

157,546

145,281

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 December 2016.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 2016 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 profit or loss 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 of Part 15 of the Companies Act 2006 relating to small companies.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved and authorised for issue by the Board of Directors on 18 May 2017 and were signed on its behalf by:

Mr John Harold Baird - Director

1.	STATUTORY INFORMATION

Methodist Publishing Company Limited is a private company, limited by guarantee , registered in Northern

Ireland. 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 the provisions of Section 1A "Small Entities" of Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention as modified by the revaluation of certain assets.

Turnover

Turnover represents the total invoice value, excluding value added tax, of sales made during the year and

derives from the provision of goods and services falling within the company's ordinary activities.

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 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.

3.	FIXED ASSET INVESTMENTS

Other

investments

£

COST OR VALUATION

At 1 January 2016

128,935

Revaluations

12,272

At 31 December 2016

141,207

NET BOOK VALUE

At 31 December 2016

141,207

At 31 December 2015

128,935

Cost or valuation at 31 December 2016 is represented by:

Other

investments

£

Valuation in 2016

141,207

Fixed asset investments consist of a managed fund investment with the Trustees of the Methodist Church in

Ireland.

4.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.12.16

31.12.15

£

£

Trade debtors

1,743

1,530

5.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.12.16

31.12.15

£

£

Trade creditors

2,044

2,059

Other creditors

130

-

2,174

2,059

6.

RESERVES

At 1 January

Profit for the

Revaluation of

At 31 December

2016

year

investments

2016

£

£

£

£

Profit and loss account

(5,207

)

12,265

(12,272

)

(5,214

)

Revaluation reserve

22,143

12,272

34,415

Capital investment reserve

106,792

-

106,792

Newsletter committee

21,553

-

21,553

reserve

Totals

145,281

12,265

-

157,546

The Capital investment reserve represents the capital value at 1 January 2010, of the investment with the

Trustees of the Methodist Church in Ireland. Methodist Publishing Company Limited has had confirmation that

it has full use of the income and capital as long as it continues to provide publishing services for the Methodist

Church.

The Newsletter committee reserve represents funds introduced, that are available for use as long as the

company continues to provide publishing services for the Methodist Church.

7.	RELATED PARTY DISCLOSURES

During the year the company paid professional fees of £6,370 for editorial services, to Mrs Lynda Neilands, a

director.

The company paid professional fees of £4,395 to Rev Dr Peter Crossley Mercer, a director, and also paid

business services fees of £5,000 during the year to the director, Mr Harold Baird.