Company Registration No. SC220892 (Scotland)
PEEBLES MEDIA GROUP LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2020
PAGES FOR FILING WITH REGISTRAR
PEEBLES MEDIA GROUP LIMITED
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 10
PEEBLES MEDIA GROUP LIMITED
BALANCE SHEET
AS AT
30 SEPTEMBER 2020
30 September 2020
- 1 -
2020
2019
Notes
£
£
£
£
Fixed assets
Intangible assets
3
1,037,805
1,297,255
Tangible assets
4
121,155
169,006
Investments
5
100
100
1,159,060
1,466,361
Current assets
Debtors
6
524,190
813,969
Cash at bank and in hand
1,138,755
602,884
1,662,945
1,416,853
Creditors: amounts falling due within one year
7
(898,065)
(749,997)
Net current assets
764,880
666,856
Total assets less current liabilities
1,923,940
2,133,217
Creditors: amounts falling due after more than one year
8
(30,033)
(36,833)
Provisions for liabilities
(9,569)
(2,325)
Net assets
1,884,338
2,094,059
Capital and reserves
Called up share capital
100
100
Profit and loss reserves
1,884,238
2,093,959
Total equity
1,884,338
2,094,059
The director of the company has elected not to include a copy of the profit and loss account within the financial statements.
true
For the financial year ended 30 September 2020 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
T
he member has 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.
PEEBLES MEDIA GROUP LIMITED
BALANCE SHEET (CONTINUED)
AS AT
30 SEPTEMBER 2020
30 September 2020
- 2 -
The financial statements were approved and signed by the director and authorised for issue on 29 June 2021
Mrs Y Bremner
Director
Company Registration No. SC220892
PEEBLES MEDIA GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2020
- 3 -
1
Accounting policies
Company information
Peebles Media Group Limited is a
private
company
limited by shares
incorporated in Scotland.
The registered office is
The Albus, 110 Brook Street, Glasgow, United Kingdom, G40 3AP.
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
true
t the time of approving the financial statements
,
t
he director has a reasonable expectation that the
company
has adequate resources to continue in operational existence for the foreseeable future. Thus
t
he director continues to adopt the going concern basis of accounting in preparing the financial statements.
The company has paid special attention to the ongoing COVID-19 pandemic and the associated impact on the business including interruption to operations due to an absence of staff or staff being required to work from home, and a fall in revenue and decreased cash flow due to lower general economic activity throughout the UK.
Although it is still not possible to reliably estimate the length or severity of this outbreak, at the date of signing the financial statements, the company's operations have been adversely affected by the COVID-19 pandemic. Despite certain income generating events being postponed until post year end, recurring magazine sales have been steady and the company holds strong cash reserves. The Director has reviewed the current and future financial position of the company, and is confident that the company has the sufficient headroom to meet forecast cash requirements having considered any additional requirements that would be contingent on a downturn in activity over the same period, specifically in relation to the COVID-19 pandemic. As such, the Director considers that it is appropriate to prepare the financial statements on a going concern basis.
1.3
Turnover
Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business
, and
is shown net of VAT and other sales related taxes
.
The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.
When cash inflows are deferred and represent a financing arrangement, the fair value of the consideration is the present value of the future receipts. The difference between the fair value of the consideration and the nominal amount received is recognised as interest income.
PEEBLES MEDIA GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2020
1
Accounting policies
(Continued)
- 4 -
1.4
Intangible fixed assets - goodwill
Goodwill represents the excess of the cost of acquisition of unincorporated businesses over the fair value of net assets acquired. It is initially recognised as an asset at cost and is subsequently measured at cost less accumulated
amortisation and accumulated impairment losses. Goodwill is considered to have a finite useful life and is amortised on a systematic basis over its expected life, which is 10 years.
1.5
Tangible fixed assets
Tangible fixed assets
are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Depreciation 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:
Leasehold improvements
10% on cost
Fixtures and fittings
20% on reducing balance
Equipment
25% on cost
Motor vehicles
25% on reducing balance
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.
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.
1.8
Cash and cash equivalents
Cash and cash equivalents
are basic financial assets
and
include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
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.
PEEBLES MEDIA GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2020
1
Accounting policies
(Continued)
- 5 -
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 unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest.
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, bank loans, loans from
fellow group companies and preference shares that are classified as debt, are
initially recognised at transaction price unless the arrangement constitutes a
financing transaction, where the debt instrument is measured at the present value of
the future
paymen
ts discounted at a market rate of interest.
Financial liabilities classified as payable within one year are not amortised.
Debt instruments are subsequently carried at amortised cost, using the effective
interest rate method.
Trade creditors
are obligations to pay for goods or services that have been acquired
in the ordinary course of business from suppliers. A
m
ounts payable are classified as
current liabilities if payment is due within one year or less. If not, they are presented
as non-current liabilities. Trade creditors are recognised initially at transaction price
and subsequently measured at amortised cost using the effective interest method.
1.10
Equity instruments
Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.
1.11
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The
company’s
liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
PEEBLES MEDIA GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2020
1
Accounting policies
(Continued)
- 6 -
Deferred tax
Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.
The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the
company
has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.
1.12
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.
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.
Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.
1.13
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
The cost of providing benefits under defined benefit plans is determined separately for each plan using the projected unit credit method, and is based on actuarial advice.
The change in the net defined benefit liability arising from employee service during the year is recognised as an employee cost. The cost of plan introductions, benefit changes, settlements and curtailments are recognised as an expense in measuring profit or loss in the period in which they arise.
The net interest element is determined by multiplying the net defined benefit liability by the discount rate, taking into account any changes in the net defined benefit liability during the period as a result of contribution and benefit payments. The net interest is recognised in profit or loss as other finance revenue or cost.
Remeasurement changes comprise actuarial gains and losses, the effect of the asset ceiling and the return on the net defined benefit liability excluding amounts included in net interest. These are recognised immediately in other comprehensive income in the period in which they occur and are not reclassified to profit and loss in subsequent periods.
The
net
defined benefit pension asset or liability in the balance sheet comprises the total for each plan of the present value of the defined benefit obligation (using a discount rate based on high quality corporate bonds), less the fair value of plan assets out of which the obligations are to be settled directly. Fair value is based on market price information, and in the case of quoted securities is the published bid price. The value of a net pension benefit asset is limited to the amount that may be recovered either through reduced contributions or agreed refunds from the scheme.
1.14
Leases
PEEBLES MEDIA GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2020
1
Accounting policies
(Continued)
- 7 -
Rentals payable under operating leases,
including
any lease incentives received, are charged to
profit or loss
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
s
asset are consumed.
1.15
Government grants
Government grants are recognised at the fair value of the asset receive
d
or receivable when there is reasonable assurance that the grant conditions will be met and the grants will be received.
A grant that specifies performance conditions is recognised in income when the performance conditions are met
. Where a
grant does not specify performance conditions
it
is recognised in income when the proceeds are received or receivable
. A grant received before the recognition criteria are satisfied is recognised as a liability.
1.16
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
in the period
are included in profit or loss.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2020
2019
Number
Number
Total
49
49
3
Intangible fixed assets
Goodwill
£
Cost
At 1 October 2019 and 30 September 2020
2,594,505
Amortisation and impairment
At 1 October 2019
1,297,250
Amortisation charged for the year
259,450
At 30 September 2020
1,556,700
Carrying amount
At 30 September 2020
1,037,805
At 30 September 2019
1,297,255
PEEBLES MEDIA GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2020
3
Intangible fixed assets
(Continued)
- 8 -
Purchased goodwill is amortised from the date of transition to FRS 102 on 1 October 2014 over a period of 10 years. Goodwill was previously not amortised as the directors were of the opinion that the economic life was in excess of 20 years and this was previously supported by an impairment review.
4
Tangible fixed assets
Land and buildings
Plant and machinery etc
Total
£
£
£
Cost
At 1 October 2019
194,438
177,668
372,106
Additions
16,797
16,797
Disposals
(49,727)
(49,727)
At 30 September 2020
194,438
144,738
339,176
Depreciation and impairment
At 1 October 2019
67,557
135,543
203,100
Depreciation charged in the year
18,922
27,854
46,776
Eliminated in respect of disposals
(31,855)
(31,855)
At 30 September 2020
86,479
131,542
218,021
Carrying amount
At 30 September 2020
107,959
13,196
121,155
At 30 September 2019
126,881
42,125
169,006
5
Fixed asset investments
2020
2019
£
£
Shares in group undertakings and participating interests
100
100
Movements in fixed asset investments
Shares in group undertakings
£
Cost or valuation
At 1 October 2019 & 30 September 2020
100
Carrying amount
At 30 September 2020
100
At 30 September 2019
100
PEEBLES MEDIA GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2020
- 9 -
6
Debtors
2020
2019
Amounts falling due within one year:
£
£
Trade debtors
269,170
549,450
Other debtors
213,786
222,198
Prepayments and accrued income
41,234
42,321
524,190
813,969
7
Creditors: amounts falling due within one year
2020
2019
£
£
Trade creditors
102,119
168,543
Corporation tax
108,828
54,107
Other taxation and social security
193,951
133,999
Other creditors
10,911
19,641
Accruals and deferred income
482,256
373,707
898,065
749,997
8
Creditors: amounts falling due after more than one year
2020
2019
£
£
Other creditors
30,033
36,833
9
Operating lease commitments
Lessee
At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, as follows:
2020
2019
£
£
469,866
557,966
PEEBLES MEDIA GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2020
- 10 -
10
Directors' transactions
Dividends totalling £129,000 (2019 - £190,000) were paid in the year in respect of shares held by the company's directors.
Description
% Rate
Opening balance
Amounts advanced
Amounts repaid
Closing balance
£
£
£
£
Mrs Y Bremner -
-
2,509
129,000
(133,691)
(2,182)
2,509
129,000
(133,691)
(2,182)
11
Parent company
The ultimate controlling party is director Y Bremner.
2020-09-30
2019-10-01
false
30 June 2021
CCH Software
CCH Accounts Production 2021.100
No description of principal activity
Mrs Y Bremner
SC220892
2019-10-01
2020-09-30
SC220892
2020-09-30
SC220892
core:NetGoodwill
2020-09-30
SC220892
core:NetGoodwill
2019-09-30
SC220892
2018-10-01
2019-09-30
SC220892
2019-09-30
SC220892
core:LandBuildings
2020-09-30
SC220892
core:OtherPropertyPlantEquipment
2020-09-30
SC220892
core:LandBuildings
2019-09-30
SC220892
core:OtherPropertyPlantEquipment
2019-09-30
SC220892
core:CurrentFinancialInstruments
core:WithinOneYear
2020-09-30
SC220892
core:CurrentFinancialInstruments
core:WithinOneYear
2019-09-30
SC220892
core:Non-currentFinancialInstruments
core:AfterOneYear
2020-09-30
SC220892
core:Non-currentFinancialInstruments
core:AfterOneYear
2019-09-30
SC220892
core:CurrentFinancialInstruments
2020-09-30
SC220892
core:CurrentFinancialInstruments
2019-09-30
SC220892
core:ShareCapital
2020-09-30
SC220892
core:ShareCapital
2019-09-30
SC220892
core:RetainedEarningsAccumulatedLosses
2020-09-30
SC220892
core:RetainedEarningsAccumulatedLosses
2019-09-30
SC220892
bus:Director1
2019-10-01
2020-09-30
SC220892
core:Goodwill
2019-10-01
2020-09-30
SC220892
core:LeaseholdImprovements
2019-10-01
2020-09-30
SC220892
core:FurnitureFittings
2019-10-01
2020-09-30
SC220892
core:ComputerEquipment
2019-10-01
2020-09-30
SC220892
core:MotorVehicles
2019-10-01
2020-09-30
SC220892
core:NetGoodwill
2019-09-30
SC220892
core:NetGoodwill
2019-10-01
2020-09-30
SC220892
core:LandBuildings
2019-09-30
SC220892
core:OtherPropertyPlantEquipment
2019-09-30
SC220892
2019-09-30
SC220892
core:LandBuildings
2019-10-01
2020-09-30
SC220892
core:OtherPropertyPlantEquipment
2019-10-01
2020-09-30
SC220892
core:Non-currentFinancialInstruments
2020-09-30
SC220892
core:Non-currentFinancialInstruments
2019-09-30
SC220892
bus:PrivateLimitedCompanyLtd
2019-10-01
2020-09-30
SC220892
bus:SmallCompaniesRegimeForAccounts
2019-10-01
2020-09-30
SC220892
bus:FRS102
2019-10-01
2020-09-30
SC220892
bus:AuditExemptWithAccountantsReport
2019-10-01
2020-09-30
SC220892
bus:FullAccounts
2019-10-01
2020-09-30
xbrli:pure
xbrli:shares
iso4217:GBP