Property Weekly Series Limited
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Directors' Report |
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The directors present their report and accounts for the year ended 31 March 2015. |
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Principal activities |
The titles that the company published were sold on 10 June 2011 and the company ceased to trade from this date.
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Review of the business |
The directors draw attention to the fact that the company would be insolvent except for the continuing support of the parent and fellow subsidiary undertakings. |
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Financial instrument risk |
The company uses as its key performance indicators the revenue, operating profit and net profit amounts. The principal challenges facing the company arise from the vagaries of the economy in the United Kingdom leading to fluctuations in the advertising market. A full assessment of risk is disclosed in the accounts of the company's parent undertaking.
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Directors |
The following persons served as directors during the year: |
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Sir Ray Tindle CBE, DL, FCIS
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W.D. Craig
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B.G. Doel
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(Retired 30 April 2014) |
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K.L. Fyfield
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(Appointed 13 June 2014 and Resigned 07 July 2015) |
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S.R. Yates
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(Resigned 12 June 2014) |
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Directors' responsibilities |
Property Weekly Series Limited
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Independent auditor's report |
to the member of Property Weekly Series Limited |
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We have audited the financial statements of Property Weekly Series Limited for the year ended 31 March 2015 which comprise the Profit and Loss Account, the Balance Sheet and the related notes. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice). |
This report is made solely to the company's member, 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 member 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 member as a body, for our audit work, for this report, or for the opinions we have formed. |
Respective responsibilities of directors and auditor |
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. Our responsibility is to audit and express an opinion on the financial statements in accordance with applicable law and International Standards on Auditing (UK and Ireland). Those standards require us to comply with the Auditing Practices Board's (APB's) Ethical Standards for Auditors.
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Scope of the audit of the financial statements |
A description of the scope of an audit of financial statements is provided on the Financial Reporting Council's website at www.frc.org.uk/auditscopeukprivate
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Opinion on the financial statements |
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Opinion on other matters prescribed by the Companies Act 2006 |
In our opinion the information given in the Directors' Report for the financial year for which the financial statements are prepared is consistent with the financial statements. |
Matters on which we are required to report by exception |
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: |
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adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or |
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the financial statements are not in agreement with the accounting records and returns; or |
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certain disclosures of directors’ remuneration specified by law are not made; or |
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we have not received all the information and explanations we require for audit; or |
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the directors were not entitled to take advantage of the small companies exemption from the requirement to prepare a strategic report. |
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David Pinder
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Senior Statutory Auditor |
23 Lockyer Street
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for and on behalf of |
Plymouth
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David Pinder & Co Limited
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Devon
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Statutory Auditor, Chartered Accountants
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PL1 2QZ
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21 December 2015
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Property Weekly Series Limited
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Profit and Loss Account |
for the year ended 31 March 2015
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Notes |
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2015 |
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2014 |
£ |
£ |
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Administrative expenses |
400 |
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253 |
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Operating profit |
400 |
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253 |
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Interest receivable |
- |
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- |
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Profit on ordinary activities before taxation |
400 |
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253 |
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Tax on profit on ordinary activities |
3 |
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- |
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- |
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Profit for the financial year |
400 |
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253 |
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Continuing operations |
The profit and loss account has been prepared on the basis that all operations are discontinued operations. |
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Statement of total recognised gains and losses |
The company has no recognised gains or losses other than the profit for the above two financial years. |
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Property Weekly Series Limited
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Notes to the Accounts |
for the year ended 31 March 2015
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1 |
Accounting policies |
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Basis of preparation |
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The accounts have been prepared under the historical cost convention and in accordance with applicable United Kingdom Accounting Standards. As explained in the Directors' Report, the titles published by this company were sold on 10 June 2011 and the company ceased to trade from this date. No further costs are expected in respect of the cessation of the business and, accordingly, no provisions are included in the financial statements. The company would be insolvent except for the continuing support of the parent and fellow group undertakings. The company has taken advantage of the exemption in Financial Reporting Standard No 1 from the requirement to produce a cash flow statement on the grounds that it is a wholly-owned subsidiary whose results are included in the publicly available consolidated accounts of the ultimate parent company.
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Deferred taxation |
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Full provision is made for deferred taxation resulting from timing differences between the recognition of gains and losses in the accounts and their recognition for tax purposes. Deferred tax is calculated at the tax rates which are expected to apply in the periods when the timing differences will reverse, and discounted to reflect the time value of money using rates based on the post-tax yields to maturity that could be obtained at the balance sheet date on government bonds with similar maturity dates.
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2 |
Staff costs |
2015 |
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2014 |
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Average number of employees during the year |
Number |
Number |
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Management and administration |
3 |
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4 |
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Directors' remuneration is borne by another group undertaking.
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3 |
Taxation |
2015 |
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2014 |
£ |
£ |
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Analysis of charge in period |
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Tax on profit on ordinary activities |
- |
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- |
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Factors affecting tax charge for period |
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The differences between the tax assessed for the period and the standard rate of corporation tax are explained as follows: |
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2015 |
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2014 |
£ |
£ |
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Profit on ordinary activities before tax |
400 |
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253 |
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Standard rate of corporation tax in the UK |
21% |
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23% |
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£ |
£ |
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Profit on ordinary activities multiplied by the standard rate of corporation tax |
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84 |
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58 |
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Effects of: |
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Expenses not deductible for tax purposes |
(84) |
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(58) |
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Current tax charge for period |
- |
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- |
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Factors that may affect future tax charges |
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There are no known factors that would affect the future tax charges. |
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4 |
Debtors |
2015 |
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2014 |
£ |
£ |
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Trade debtors |
1,559 |
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1,559 |
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5 |
Creditors: amounts falling due within one year |
2015 |
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2014 |
£ |
£ |
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Trade creditors |
1,812 |
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1,812 |
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Amounts owed to parent and fellow subsidiary undertakings |
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101,317 |
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130,818 |
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Other taxes and social security costs |
28 |
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7 |
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103,157 |
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132,637 |
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6 |
Share capital |
Nominal |
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2015 |
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2015 |
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2014 |
value |
Number |
£ |
£ |
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Allotted, called up and fully paid: |
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Ordinary shares
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£1 each |
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1 |
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1 |
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1 |
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7 |
Profit and loss account |
2015 |
£ |
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At 1 April 2014 |
(101,595) |
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Profit for the financial year |
400 |
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At 31 March 2015 |
(101,195) |
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8 |
Reconciliation of movement in shareholder's funds |
2015 |
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2014 |
£ |
£ |
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At 1 April |
(101,594) |
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(101,847) |
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Profit for the financial year |
400 |
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253 |
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At 31 March |
(101,194) |
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(101,594) |
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9 |
Related party transactions |
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Tindle Press Holdings Group
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Group company
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The company has taken advantage of the exemption in Financial Reporting Standard No 8 from the requirement to disclose transactions with wholly owned group undertakings.
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10 |
Ultimate controlling party |
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The ultimate parent company is Tindle Press Holdings Limited, a company registered in England and Wales. The ultimate controlling party of that company is Sir Ray Tindle by virtue of his 100% interest, direct and indirect, in the ordinary shares of that company. The parent company is Tindle Newspapers Limited, a company registered in England and Wales. Tindle Press Holdings Limited and Tindle Newspapers Limited prepare group financial statements, copies of which can be obtained from the Registrar of Companies, Companies House, Crown Way, Maindy, Cardiff, CF14 3UZ.
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