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Registered number: 04062031
REAP MAGAZINES LIMITED
UNAUDITED
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2017
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REAP MAGAZINES LIMITED
REGISTERED NUMBER: 04062031
STATEMENT OF FINANCIAL POSITION
AS AT 31 MARCH 2017
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Debtors: amounts falling due within one year
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Creditors: amounts falling due within one year
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Total assets less current liabilities
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Capital redemption reserve
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Page 1
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REAP MAGAZINES LIMITED
REGISTERED NUMBER: 04062031
STATEMENT OF FINANCIAL POSITION (CONTINUED)
AS AT 31 MARCH 2017
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 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 financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with the provisions of FRS 102 Section 1A - small entities.
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 statement of comprehensive income 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 on 16 October 2017.
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T S Abrahmsohn
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The notes on pages 3 to 7 form part of these financial statements.
Page 2
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REAP MAGAZINES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2017
Reap Magazines Limited is a private company limited by shares and incorporated in England & Wales. The registered office is 64 New Cavendish Street, London, W1G 8TB. The principal activity of the Company is magazine publishing.
The financial statements are presented in Sterling, which is the functional currency of the Company.
2.Accounting policies
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Basis of preparation of financial statements
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The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Section 1A of Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.
The following principal accounting policies have been applied:
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Associates and joint ventures
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Associates and Joint Ventures are held at cost less impairment.
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.
Investments in subsidiaries are measured at cost less accumulated impairment.
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.
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Cash and cash equivalents
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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.
Page 3
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REAP MAGAZINES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2017
2.Accounting policies (continued)
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.
Interest income is recognised in the Statement of comprehensive income using the effective interest method.
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The average monthly number of employees, including directors, during the year was 6 (2016 - 6).
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Page 4
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REAP MAGAZINES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2017
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Investments in associates
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Reap Magazines Online Limited
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Online magazine publication
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Amounts owed by group undertakings
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Prepayments and accrued income
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Page 5
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REAP MAGAZINES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2017
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Creditors: Amounts falling due within one year
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Other taxation and social security
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Accruals and deferred income
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Shares classified as equity
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Allotted, called up and fully paid
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79,000 Founder ordinary shares of £0.01 each
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20,000 Management ordinary shares of £0.01 each
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25,000 Investment ordinary shares of £0.01 each
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Related party transactions
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During the year the Company undertook the following transactions for advertising expenditure with
organisations in which the directors had beneficial interests. These are all regular trade balances that
occur every year and all of which have been received post year end: -
Sales of £39,829 (2016 - £64,708) to Glentree Estates Limited, a company of which T Abrahmsohn is also a director.
Sales of £36,200 (2016 - £41,350) to Goldschmidt and Howland Limited, a company of which P Green, is
also a director. Included within debtors was £4,320 (2016 - £3,120).
Sales of £41,850 (2016 - £81,455) to the Aston Chase Partnership, in which M Pollack is a partner.
Included within debtors was £Nil (2016 - £7,140).
Sales of £20,115 (2016 - £Nil) to Savills UK Limited, a company of which J M Hewlett is also a director.
Sales of £22,200 (2016 - £24,000) to Chesterton Humberts, a company in which R Bartlett is a director.
Included within debtors was £2,160 (2016 - £2,400).
Sales of £25,563 (2016 - £34,050) to TK Hampstead Limited, a company in which J Karpel is a director.
Included within debtors is £81,875 (2016 - £75,395) due from Reap Magazines Online Limited, a company with mutual directors.
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Page 6
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REAP MAGAZINES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2017
There is no controlling party.
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First time adoption of FRS 102
The policies applied under the entity's previous accounting framework are not materially different to FRS 102 and have not impacted on equity or profit or loss.
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Page 7
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