CW Publishing Limited Filleted accounts for Companies House (small and micro)

COMPANY REGISTRATION NUMBER: 05835226

CW PUBLISHING LIMITED

FILLETED UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED

31 May 2018

CW PUBLISHING LIMITED

FINANCIAL STATEMENTS

YEAR ENDED 31 MAY 2018

Contents	Page

Officers and professional advisers	1

Statement of financial position	2

Notes to the financial statements	4

CW PUBLISHING LIMITED

OFFICERS AND PROFESSIONAL ADVISERS

Director	Mr O Wolf

Registered office	Unit 3
	17-19 Bonny Street
	London
	NW1 9PE

Accountants	BSG Valentine (UK) LLP
	Chartered Accountants
	Lynton House
	7 - 12 Tavistock Square
	London
	WC1H 9BQ

CW PUBLISHING LIMITED

STATEMENT OF FINANCIAL POSITION

31 May 2018

	2018		2017
Note	£	£	£	£

Fixed assets

Tangible assets	5	–	2,632
Investments	6	312,496	312,496
		---------	---------
		312,496	315,128

Current assets

Debtors	7	994,800	1,261,340
Cash at bank and in hand		865	16,922
		---------	------------
		995,665	1,278,262

Creditors: amounts falling due within one year	8	( 1,946,266)		( 2,251,276)
		------------		------------
Net current liabilities			( 950,601)		( 973,014)
			---------		---------
Total assets less current liabilities			( 638,105)		( 657,886)
			---------		---------
Net liabilities			( 638,105)		( 657,886)
			---------		---------

Capital and reserves

Called up share capital	1	1
Profit and loss account	( 638,106)	( 657,887)
	---------	---------
Shareholders deficit	( 638,105)	( 657,886)
	---------	---------

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.

In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.

For the year ending 31 May 2018 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's responsibilities:

- The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476 ;

- The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .

CW PUBLISHING LIMITED

STATEMENT OF FINANCIAL POSITION (continued)

31 May 2018

These financial statements were approved by the board of directors and authorised for issue on 28 February 2019 , and are signed on behalf of the board by:

Mr O Wolf
Director

Company registration number: 05835226

CW PUBLISHING LIMITED

NOTES TO THE FINANCIAL STATEMENTS

YEAR ENDED 31 MAY 2018

1. General information

The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Unit 3, 17-19 Bonny Street, London, NW1 9PE.

2. Statement of compliance

These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.

3. Accounting policies

Basis of preparation

The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.

The financial statements are prepared in sterling, which is the functional currency of the entity.

Disclosure exemptions

The entity satisfies the criteria of being a qualifying entity as defined in FRS 102. (a) Disclosures in respect of each class of share capital have not been presented. (b) No cash flow statement has been presented for the company. (c) Disclosures in respect of financial instruments have not been presented. (d) Disclosures in respect of share-based payments have not been presented. (e) No disclosure has been given for the aggregate remuneration of key management personnel.

Judgements and key sources of estimation uncertainty

The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.

Revenue recognition

Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.

Income tax

The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.

Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.

Foreign currencies

Foreign currency transactions are initially recorded in the functional currency, by applying the spot exchange rate as at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are translated at the exchange rate ruling at the reporting date, with any gains or losses being taken to the profit and loss account.

Tangible assets

Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.

Depreciation

Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:

	Fixtures and fittings	-	33% straight line

Investments

Fixed asset investments are initially recorded at cost, and subsequently stated at cost less any accumulated impairment losses.

Listed investments are measured at fair value with changes in fair value being recognised in profit or loss.

Investments in associates

Investments in associates accounted for in accordance with the cost model are recorded at cost less any accumulated impairment losses. Investments in associates accounted for in accordance with the fair value model are initially recorded at the transaction price. At each reporting date, the investments are measured at fair value, with changes in fair value recognised in other comprehensive income/profit or loss. Where it is impracticable to measure fair value reliably without undue cost or effort, the cost model will be adopted. Dividends and other distributions received from the investment are recognised as income without regard to whether the distributions are from accumulated profits of the associate arising before or after the date of acquisition.

Investments in joint ventures

Investments in jointly controlled entities accounted for in accordance with the cost model are recorded at cost less any accumulated impairment losses. Investments in jointly controlled entities accounted for in accordance with the fair value model are initially recorded at the transaction price. At each reporting date, the investments are measured at fair value, with changes in fair value recognised in other comprehensive income/profit or loss. Where it is impracticable to measure fair value reliably without undue cost or effort, the cost model will be adopted. Dividends and other distributions received from the investment are recognised as income without regard to whether the distributions are from accumulated profits of the joint venture arising before or after the date of acquisition.

Impairment of fixed assets

A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the company are assigned to those units.

Financial instruments

A financial asset or a financial liability is recognised only when the company becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Debt instruments are subsequently measured at amortised cost. Where investments in non-convertible preference shares and non-puttable ordinary shares or preference shares are publicly traded or their fair value can otherwise be measured reliably, the investment is subsequently measured at fair value with changes in fair value recognised in profit or loss. All other such investments are subsequently measured at cost less impairment. Other financial instruments, including derivatives, are initially recognised at fair value, unless payment for an asset is deferred beyond normal business terms or financed at a rate of interest that is not a market rate, in which case the asset is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Other financial instruments are subsequently measured at fair value, with any changes recognised in profit or loss, with the exception of hedging instruments in a designated hedging relationship.

Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately. For all equity instruments regardless of significance, and other financial assets that are individually significant, these are assessed individually for impairment. Other financial assets are either assessed individually or grouped on the basis of similar credit risk characteristics. Any reversals of impairment are recognised in profit or loss immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised.

Defined contribution plans

Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.

4. Employee numbers

The average number of persons employed by the company during the year amounted to 26 (2017: 26 ).

5. Tangible assets

	Fixtures and fittings	Total
	£	£
Cost
At 1 June 2017 and 31 May 2018	31,228	31,228
	--------	--------
Depreciation
At 1 June 2017	28,596	28,596
Charge for the year	2,632	2,632
	--------	--------
At 31 May 2018	31,228	31,228
	--------	--------
Carrying amount
At 31 May 2018	–	–
	--------	--------
At 31 May 2017	2,632	2,632
	--------	--------

6. Investments

	Other investments other than loans
	£
Cost
At 1 June 2017 and 31 May 2018	312,496
	---------
Impairment
At 1 June 2017 and 31 May 2018	–
	---------

Carrying amount
At 31 May 2018	312,496
	---------
At 31 May 2017	312,496
	---------

7. Debtors

	2018	2017
	£	£
Trade debtors	477,083	766,802
Amounts owed by group undertakings and undertakings in which the company has a participating interest	165,426	–
Other debtors	352,291	494,538
	---------	------------
	994,800	1,261,340
	---------	------------

8. Creditors: amounts falling due within one year

	2018	2017
	£	£
Bank loans and overdrafts	76,843	69,001
Trade creditors	103,175	175,619
Amounts owed to group undertakings and undertakings in which the company has a participating interest	461,775	340,926
Corporation tax	2,721	–
Social security and other taxes	287,685	226,021
Other creditors	–	84,444
Wages creditor	27,993	44,611
Other creditors	986,074	1,310,654
	------------	------------
	1,946,266	2,251,276
	------------	------------

9. Director's advances, credits and guarantees

As at the balance sheet date an amount of £15,890 was owing by the company to the directors.