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Financial Statements |
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for the Year Ended 31 December 2021 |
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for |
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Methodist Publishing Company Limited |
REGISTERED NUMBER:
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Financial Statements |
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for the Year Ended 31 December 2021 |
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for |
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Methodist Publishing Company Limited |
Methodist Publishing Company Limited (Registered number: NI073886) |
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Contents of the Financial Statements |
for the Year Ended 31 December 2021 |
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Page |
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Company Information | 1 |
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Balance Sheet | 2 |
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Notes to the Financial Statements | 4 |
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Methodist Publishing Company Limited |
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Company Information |
for the Year Ended 31 December 2021 |
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DIRECTORS: |
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REGISTERED OFFICE: |
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REGISTERED NUMBER: |
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ACCOUNTANTS: |
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Chartered Accountants |
Quaker Buildings |
High Street |
Lurgan |
Craigavon |
Co. Armagh |
BT66 8BB |
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BANKERS: |
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35 University Road |
Belfast |
Co. Antrim |
BT7 1ND |
Methodist Publishing Company Limited (Registered number: NI073886) |
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Balance Sheet |
31 December 2021 |
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31.12.21 | 31.12.20 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Investments | 4 |
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CURRENT ASSETS |
Debtors | 5 |
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Cash at bank |
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CREDITORS |
Amounts falling due within one year | 6 |
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NET CURRENT (LIABILITIES)/ASSETS | ( |
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TOTAL ASSETS LESS CURRENT
LIABILITIES |
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RESERVES |
Revaluation reserve | 7 |
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Capital investment reserve |
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Newsletter committee reserve |
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Retained earnings | ( |
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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. |
Methodist Publishing Company Limited (Registered number: NI073886) |
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Balance Sheet - continued |
31 December 2021 |
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In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered. |
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The financial statements were approved by the Board of Directors and authorised for issue on
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Methodist Publishing Company Limited (Registered number: NI073886) |
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Notes to the Financial Statements |
for the Year Ended 31 December 2021 |
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1. | STATUTORY INFORMATION |
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Methodist Publishing Company Limited is a
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2. | ACCOUNTING POLICIES |
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Basis of preparing the financial statements |
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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. |
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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. |
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Current or deferred taxation assets and liabilities are not discounted. |
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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 balance sheet date. |
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Deferred tax |
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date. |
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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. |
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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. |
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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. |
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3. | EMPLOYEES AND DIRECTORS |
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The average number of employees during the year was NIL (2020 - NIL). |
Methodist Publishing Company Limited (Registered number: NI073886) |
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Notes to the Financial Statements - continued |
for the Year Ended 31 December 2021 |
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4. | FIXED ASSET INVESTMENTS |
Other |
investments |
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COST OR VALUATION |
At 1 January 2021 |
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Disposals | ( |
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Revaluations |
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At 31 December 2021 |
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NET BOOK VALUE |
At 31 December 2021 |
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At 31 December 2020 |
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Cost or valuation at 31 December 2021 is represented by: |
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Other |
investments |
£ |
Valuation in 2021 | 165,392 |
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Fixed asset investments consist of a managed fund investment with the Trustees of the Methodist Church in Ireland. |
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5. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
31.12.21 | 31.12.20 |
£ | £ |
Trade debtors |
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6. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
31.12.21 | 31.12.20 |
£ | £ |
Trade creditors |
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Methodist Publishing Company Limited (Registered number: NI073886) |
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Notes to the Financial Statements - continued |
for the Year Ended 31 December 2021 |
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7. | RESERVES |
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At 1
January |
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Profit for
the |
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Revaluation
of |
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At 31
December |
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2021 | year | investments | 2021 |
£ | £ | £ | £ |
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Profit and loss account | (18,345 | ) | 7,498 | (11,695 | ) | (22,542 | ) |
Revaluation reserve | 46,905 | 18,660 | 65,565 |
Capital investment
reserve |
106,792 |
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(6,965 |
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99,827 |
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Newsletter committee | 21,553 | - | 21,553 |
reserve |
Totals | 156,905 | 7,498 | - | 164,403 |
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The Capital investment reserve represents the capital value 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. During the year investment units costing £6,965 were disposed of. |
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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. |
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8. | RELATED PARTY DISCLOSURES |
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During the year the company paid fees for editorial and professional services of £4,930 to Rev Dr Peter Crossley Mercer, £3,985 to Mrs Gillian McDade-Hastings, and £2,287 to Dr David Lindsay Easson, all of whom are directors. The company also paid business services fees of £6,000 during the year to the director, Mr Duncan Black. |