Company Registration No. 00472283 (England and Wales)
KASSNER ASSOCIATED PUBLISHERS LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2018
PAGES FOR FILING WITH REGISTRAR
KASSNER ASSOCIATED PUBLISHERS LIMITED
CONTENTS
Page
Balance sheet
1 - 2
Statement of changes in equity
3
Notes to the financial statements
4 - 9
KASSNER ASSOCIATED PUBLISHERS LIMITED
BALANCE SHEET
AS AT
31 DECEMBER 2018
31 December 2018
- 1 -
2018
2017
Notes
£
£
£
£
Fixed assets
Intangible assets
3
304,906
321,266
Tangible assets
4
670,294
811,377
Investments
5
315,750
315,750
1,290,950
1,448,393
Current assets
Debtors falling due after more than one year
6
2,007,571
2,013,135
Debtors falling due within one year
6
186,435
218,235
Cash at bank and in hand
1,293,372
760,639
3,487,378
2,992,009
Creditors: amounts falling due within one year
7
(3,291,690)
(2,959,210)
Net current assets
195,688
32,799
Total assets less current liabilities
1,486,638
1,481,192
Creditors: amounts falling due after more than one year
8
(1,320,013)
(1,322,703)
Net assets
166,625
158,489
Capital and reserves
Called up share capital
9
6,704
6,704
Capital redemption reserve
93,877
93,877
Profit and loss reserves
66,044
57,908
Total equity
166,625
158,489
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.
true
For the financial year ended 31 December 2018 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
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.
T
he members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476
.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime.
KASSNER ASSOCIATED PUBLISHERS LIMITED
BALANCE SHEET (CONTINUED)
AS AT
31 DECEMBER 2018
31 December 2018
- 2 -
The financial statements were approved by the board of directors and authorised for issue on 6 July 2019 and are signed on its behalf by:
Mr D Kassner
Ms V M L Kassner
Director
Director
Company Registration No. 00472283
KASSNER ASSOCIATED PUBLISHERS LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2018
- 3 -
Share capital
Capital redemption reserve
Profit and loss reserves
Total
£
£
£
£
Balance at 1 January 2017
6,704
93,877
213,409
313,990
Period ended 31 December 2017:
Loss and total comprehensive income for the period
-
-
(155,501)
(155,501)
Balance at 31 December 2017
6,704
93,877
57,908
158,489
Year ended 31 December 2018:
Profit and total comprehensive income for the year
-
-
8,136
8,136
Balance at 31 December 2018
6,704
93,877
66,044
166,625
KASSNER ASSOCIATED PUBLISHERS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2018
- 4 -
1
Accounting policies
Company information
Kassner Associated Publishers Limited is a
private
company
limited by shares
incorporated in England and Wales.
The registered office is
Units 6 & 7, 11 Wyfold Road, Fulham, London, SW6 6SE.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
The financial statements are prepared in
sterling
, which is the functional currency of the company.
Monetary a
mounts
in these financial statements are
rounded to the nearest £.
The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
The company has taken advantage of the exemption under section
399
of the
Companies Act 2006 not to prepare consolidated accounts
, on the basis that the group of which this is the parent qualifies as a small group
. The financial statements present information about the company as an individual entity and not about its group
.
1.2
Going concern
A
t the time of approving the financial statements
,
t
he directors have a reasonable expectation that the
company
has adequate resources to continue in operational existence for the foreseeable future. Thus
t
he directors continue to adopt the going concern basis of accounting in preparing the financial statements.
1.3
Turnover
Turnover represents amounts receivable for services net of VAT and trade discounts.
Revenue from contracts for the provision of professional services is recognised by reference to the stage of completion when the stage of completion, costs incurred and costs to complete can be estimated reliably. The stage of completion is calculated by comparing costs incurred, mainly in relation to contractual hourly staff rates and materials, as a proportion of total costs. Where the outcome cannot be estimated reliably, revenue is recognised only to the extent of the expenses recognised that
it is probable will be
recover
ed
.
1.4
Intangible fixed assets other than goodwill
Intangible assets acquired separately from a business are recognised at cost and are subsequently measured at cost less accumulated amortisation and accumulated impairment losses.
Intangible assets acquired on business combinations are recognised separately from goodwill at the acquisition date
where
it is probable that the expected future economic benefits that are attributable to the asset will flow to the entity and the cost or value of the asset can be measured reliably.
Amortisation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Copyrights
5% straight line
KASSNER ASSOCIATED PUBLISHERS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2018
1
Accounting policies
(Continued)
- 5 -
1.5
Tangible fixed assets
Tangible fixed assets are stated at cost less depreciation. Depreciation is provided at rates calculated to write off the cost less estimated residual value of each asset over its expected useful life, as follows:
Land and buildings Freehold
2% on cost
Land and buildings Leasehold
20% to 25% on cost
Fixtures, fittings & equipment
20% on cost
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and
is credited or charged to profit or loss
.
1.6
Fixed asset investments
Interests in subsidiaries, associates and jointly controlled entities are initially measured at cost and subsequently measured at cost less any accumulated impairment losses.
The investments are assessed for impairment at each reporting date
and
any
impairment
losses or reversals of impairment losses are recognised immediately in profit or loss.
A subsidiary is an entity controlled by the company
. Control is
the power to govern the financial and operating policies of
the
entity so as to obtain benefits from its activities.
An associate is an entity, being neither a subsidiary nor a joint venture, in which the company holds a long-term interest and where the company has significant influence. The company considers that it has significant influence where it has the power to participate in the financial and operating decisions of the associate.
1.7
Impairment of fixed assets
At each reporting
period
end date, the
company
reviews the carrying amounts of its tangible
and intangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company
estimates the recoverable amount of the cash-generating unit to which the asset belongs.
Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.
If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.
Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased to apply. Where an impairment loss subsequently reverses, the carrying amount of the asset (or cash-generating unit) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset (or cash-generating unit)
in
prior years. A reversal of an impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase.
KASSNER ASSOCIATED PUBLISHERS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2018
1
Accounting policies
(Continued)
- 6 -
1.8
Cash at bank and in hand
Cash at bank and in hand
are basic financial assets
and
include cash in hand and deposits held at call with banks.
1.9
Financial instruments
The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset
, with
the net amounts presented in the financial statements
,
when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest
method.
Financial assets classified as receivable within one year are not amortised.
Classification of financial liabilities
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.
Basic financial liabilities
Basic financial liabilities, including creditors are
initially recognised at transaction price unless the arrangement constitutes a
financing transaction.
Financial liabilities classified as payable within one year are not amortised.
1.10
Equity instruments
Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.
1.11
Employee benefits
The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.
1.12
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
1.13
Leases
Rentals payable under operating leases,
including
any lease incentives received, are charged to income on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the lease asset are consumed.
1.14
Foreign exchange
Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation are included in the profit and loss account for the period.
KASSNER ASSOCIATED PUBLISHERS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2018
- 7 -
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was 7 (2017 - 7).
3
Intangible fixed assets
Copyrights
£
Cost
At 1 January 2018 and 31 December 2018
327,206
Amortisation and impairment
At 1 January 2018
5,940
Amortisation charged for the year
16,360
At 31 December 2018
22,300
Carrying amount
At 31 December 2018
304,906
At 31 December 2017
321,266
4
Tangible fixed assets
Land and buildings
Plant and machinery etc
Total
£
£
£
Cost
At 1 January 2018
1,105,050
153,464
1,258,514
Additions
-
3,200
3,200
At 31 December 2018
1,105,050
156,664
1,261,714
Depreciation and impairment
At 1 January 2018
393,827
53,310
447,137
Depreciation charged in the year
118,607
25,676
144,283
At 31 December 2018
512,434
78,986
591,420
Carrying amount
At 31 December 2018
592,616
77,678
670,294
At 31 December 2017
711,223
100,154
811,377
5
Fixed asset investments
2018
2017
£
£
Investments
315,750
315,750
KASSNER ASSOCIATED PUBLISHERS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2018
- 8 -
6
Debtors
2018
2017
Amounts falling due within one year:
£
£
Trade debtors
1,600
-
Amounts owed by group undertakings
16,498
37,722
Other debtors
45,400
6,066
Prepayments and accrued income
122,937
174,447
186,435
218,235
2018
2017
Amounts falling due after more than one year:
£
£
Other debtors
2,007,571
2,013,135
Total debtors
2,194,006
2,231,370
7
Creditors: amounts falling due within one year
2018
2017
£
£
Trade creditors
56,988
26,206
Amounts due to group undertakings
2,471,435
2,225,915
Corporation tax
6
2,378
Other taxation and social security
93,988
96,957
Other creditors
598,331
577,642
Accruals and deferred income
70,942
30,112
3,291,690
2,959,210
8
Creditors: amounts falling due after more than one year
2018
2017
Notes
£
£
Other borrowings
912,961
974,503
Other creditors
407,052
348,200
1,320,013
1,322,703
KASSNER ASSOCIATED PUBLISHERS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2018
- 9 -
9
Called up share capital
2018
2017
£
£
Ordinary share capital
Issued and fully paid
6,704 Ordinary shares of £1 each
6,704
6,704
6,704
6,704
10
Financial commitments, guarantees and contingent liabilities
The company has provided unlimited cross guarantees in favour of other group companies. Similarly, group companies have provided unlimited guarantees in favour of Kassner Asscoiated Publishers Limited.
11
Related party transactions
The following amounts were outstanding at the reporting end date:
2018
2017
Amounts owed to related parties
£
£
Entities with control, joint control or significant influence over the company
23,660
22,561
2018-12-31
2018-01-01
false
CCH Software
CCH Accounts Production 2019.100
No description of principal activity
08 July 2019
Mr D Kassner
Ms V M L Kassner
Ms V S Haslam
Mr A L Kassner
N O Kassner
Ms V M L Kassner
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