TRP MAGAZINES LIMITED - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 02728298 (England and Wales)

Unaudited Financial Statements for the Year Ended 31 December 2017

for

TRP MAGAZINES LIMITED

Page

Company Information

1

Abridged Statement of Financial Position

2

Notes to the Financial Statements

3

DIRECTOR:

M H Redmayne

SECRETARY:

Mrs E Redmayne

REGISTERED OFFICE:

Landsdowne House

3-7 Northcote Road

London

SW11 1NG

REGISTERED NUMBER:

02728298 (England and Wales)

ACCOUNTANTS:

Williams Chartered Accountants

Jade House

67 Park Royal Road

London

NW10 7JJ

FIXED ASSETS

Tangible assets

4

25,325

30,005

CURRENT ASSETS

Stocks

40,250

48,350

Debtors

469,605

464,973

Cash at bank and in hand

186,646

161,551

696,501

674,874

CREDITORS

Amounts falling due within one year

1,013,238

703,046

NET CURRENT LIABILITIES

(316,737

)

(28,172

)

TOTAL ASSETS LESS CURRENT LIABILITIES

(291,412

)

1,833

CAPITAL AND RESERVES

Called up share capital

6

900

900

Retained earnings

7

(292,312

)

933

SHAREHOLDERS' FUNDS

(291,412

)

1,833

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 December 2017.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 2017 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges his 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.

All the members have consented to the preparation of an abridged Statement of Financial Position for the year ended 31 December 2017 in accordance with Section 444(2A) of the Companies Act 2006.

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

The financial statements were approved by the director on 29 September 2018 and were signed by:

M H Redmayne - Director

1.	STATUTORY INFORMATION

TRP MAGAZINES LIMITED is a private company, limited by shares , 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 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.

Turnover

Turnover represents net invoiced sales of services, excluding value added tax.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Fixtures,Fittings & Equipment

-

25% on reducing balance

Computer equipment

-

25% on cost

Stocks

Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow

moving items.

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 statement of financial position date.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the

statement of financial position 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.

Hire purchase and leasing commitments

Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the

lease.

Pension costs and other post-retirement benefits

The company operates a defined contribution pension scheme. Contributions payable to the company's pension

scheme are charged to profit or loss in the period to which they relate.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 26 (2016 - 32 ) .

4.	TANGIBLE FIXED ASSETS

Totals

£

COST

At 1 January 2017

213,538

Additions

8,269

At 31 December 2017

221,807

DEPRECIATION

At 1 January 2017

183,533

Charge for year

12,949

At 31 December 2017

196,482

NET BOOK VALUE

At 31 December 2017

25,325

At 31 December 2016

30,005

5.	SECURED DEBTS

The following secured debts are included within creditors:

31.12.17

31.12.16

£

£

Bank overdrafts

247,029

241,518

The overdraft with National Westminster Bank Plc is secured by a debenture over the assets of the company.

Martin Redmayne, who is the director of the company, has also provided a personal guarantee of £120,000 in

respect of the overdraft.

6.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

31.12.17

31.12.16

value:

£

£

900

Ordinary

£1

900

900

7.

RESERVES

Retained

earnings

£

At 1 January 2017

933

Deficit for the year

(293,245

)

At 31 December 2017

(292,312

)

8.	RELATED PARTY DISCLOSURES

During the year the director was paid £nil (2016 - £32,500) as dividend in the capacity of a shareholder.

At the balance sheet date, the company was owed £94,216 (2016-£30,480) by Superyacht Agency Ltd, a

company of which Mr Martin Redmayne is also a director and shareholder.

9.	ULTIMATE CONTROLLING PARTY