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REGISTERED NUMBER:
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REPORT OF THE DIRECTORS AND |
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FINANCIAL STATEMENTS |
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FOR THE YEAR ENDED 31 DECEMBER 2016 |
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NEWSWORKS |
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REGISTERED NUMBER:
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REPORT OF THE DIRECTORS AND |
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FINANCIAL STATEMENTS |
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FOR THE YEAR ENDED 31 DECEMBER 2016 |
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FOR |
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NEWSWORKS |
NEWSWORKS (REGISTERED NUMBER: 04618606) |
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CONTENTS OF THE FINANCIAL STATEMENTS |
for the year ended 31 December 2016 |
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Company Information | 1 |
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Report of the Directors | 2 |
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Report of the Independent Auditors | 3 |
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Income Statement | 4 |
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Balance Sheet | 5 |
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Notes to the Financial Statements | 6 |
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NEWSWORKS |
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COMPANY INFORMATION |
for the year ended 31 December 2016 |
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DIRECTORS: |
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SECRETARY: |
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REGISTERED OFFICE: |
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REGISTERED NUMBER: |
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AUDITORS: |
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Chartered Accountants |
Statutory Auditor |
88 Crawford Street |
London |
W1H 2EJ |
NEWSWORKS (REGISTERED NUMBER: 04618606) |
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REPORT OF THE DIRECTORS |
for the year ended 31 December 2016 |
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The directors present their report with the financial statements of the company for the year ended 31 December 2016. |
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DIRECTORS |
The directors shown below have held office during the whole of the period from 1 January 2016 to the date of this report. |
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Other changes in directors holding office are as follows: |
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STATEMENT OF DIRECTORS' RESPONSIBILITIES |
The directors are responsible for preparing the Report of the Directors and the financial statements in accordance with |
applicable law and regulations. |
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Company law requires the directors to prepare financial statements for each financial year. Under that law the directors |
have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting |
Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not |
approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the |
company and of the surplus or deficit of the company for that period. In preparing these financial statements, the |
directors are required to: |
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- | select suitable accounting policies and then apply them consistently; |
- | make judgements and accounting estimates that are reasonable and prudent; |
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The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the |
company's transactions and disclose with reasonable accuracy at any time the financial position of the company and |
enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for |
safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud |
and other irregularities. |
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STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS |
So far as the directors are aware, there is no relevant audit information (as defined by Section 418 of the Companies Act |
2006) of which the company's auditors are unaware, and each director has taken all the steps that he or she ought to |
have taken as a director in order to make himself or herself aware of any relevant audit information and to establish that |
the company's auditors are aware of that information. |
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AUDITORS |
The auditors, Cameron Baum Limited, will be proposed for re-appointment at the forthcoming Annual General Meeting. |
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This report has been prepared in accordance with the provisions of Part 15 of the Companies Act 2006 relating to small |
companies. |
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ON BEHALF OF THE BOARD: |
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REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF |
NEWSWORKS |
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We have audited the financial statements of Newsworks for the year ended 31 December 2016 on pages four to ten. |
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), including Financial Reporting |
Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'. |
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This report is made solely to the company's members, 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 members those |
matters we are required to state to them in a Report of the Auditors 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 |
members as a body, for our audit work, for this report, or for the opinions we have formed. |
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Respective responsibilities of directors and auditors |
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Scope of the audit of the financial statements |
An audit involves obtaining evidence about the amounts and disclosures in the financial statements sufficient to give |
reasonable assurance that the financial statements are free from material misstatement, whether caused by fraud or |
error. This includes an assessment of: whether the accounting policies are appropriate to the company's circumstances |
and have been consistently applied and adequately disclosed; the reasonableness of significant accounting estimates |
made by the directors; and the overall presentation of the financial statements. In addition, we read all the financial and |
non-financial information in the Report of the Directors to identify material inconsistencies with the audited financial |
statements and to identify any information that is apparently materially incorrect based on, or materially inconsistent |
with, the knowledge acquired by us in the course of performing the audit. If we become aware of any apparent material |
misstatements or inconsistencies we consider the implications for our report. |
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Opinion on financial statements |
In our opinion the financial statements: |
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give a true and fair view of the state of the company's affairs as at 31 December 2016 and of its surplus for the year
then ended; |
- | have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and |
- | have been prepared in accordance with the requirements of the Companies Act 2006. |
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Opinion on other matter prescribed by the Companies Act 2006 |
In our opinion, based on the work undertaken in the course of our audit, the information given in the Report of the |
Directors for the financial year for which the financial statements are prepared is consistent with the financial |
statements, and has been prepared in accordance with applicable legal requirements. In the light of the knowledge and |
understanding of the company and its environment, we have not identified any material misstatements in the Report of |
the Directors. |
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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 |
- | the financial statements are not in agreement with the accounting records and returns; or |
- | certain disclosures of directors' remuneration specified by law are not made; or |
- | we have not received all the information and explanations we require for our audit; or |
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the directors were not entitled to prepare the financial statements in accordance with the small companies regime
and take advantage of the small companies' exemption from the requirement to prepare a Strategic Report or in preparing the Report of the Directors. |
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for and on behalf of
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Chartered Accountants |
Statutory Auditor |
88 Crawford Street |
London |
W1H 2EJ |
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NEWSWORKS (REGISTERED NUMBER: 04618606) |
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INCOME STATEMENT |
for the year ended 31 December 2016 |
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2016 | 2015 |
Notes | £ | £ |
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TURNOVER |
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Marketing expenses |
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GROSS SURPLUS |
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Administrative expenses |
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OPERATING SURPLUS/(DEFICIT) and |
SURPLUS/(DEFICIT) BEFORE TAXATION | 4 |
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Tax on surplus/(deficit) |
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SURPLUS/(DEFICIT) FOR THE FINANCIAL
YEAR |
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NEWSWORKS (REGISTERED NUMBER: 04618606) |
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BALANCE SHEET |
31 December 2016 |
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2016 | 2015 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Intangible assets | 5 |
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Tangible assets | 6 |
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CURRENT ASSETS |
Debtors | 7 |
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Cash at bank |
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CREDITORS |
Amounts falling due within one year | 8 |
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NET CURRENT ASSETS |
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TOTAL ASSETS LESS CURRENT
LIABILITIES |
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RESERVES |
Income and expenditure account |
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The financial statements were approved by the Board of Directors on
by: |
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NEWSWORKS (REGISTERED NUMBER: 04618606) |
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NOTES TO THE FINANCIAL STATEMENTS |
for the year ended 31 December 2016 |
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1. | STATUTORY INFORMATION |
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Newsworks is a
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registered number and registered office address can be found on the Company Information page. |
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2. | ACCOUNTING POLICIES |
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Basis of preparing the financial statements |
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These are the company's first set of financial statements prepared in accordance with FRS 102 Section 1A. |
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The financial statements are prepared in UK Pound Sterling, which is the functional currency of the company. |
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Turnover |
Turnover is measured at the fair value of the contributions received or receivable from members, income from |
research and training activities and recharged expenses, excluding value added tax. Contribution from members |
invoiced or received in advance are deferred to the accounting period to which they relate. Where contributions |
have been invoiced from other entities but relate to this company's activity, the relevant contributions are |
recharged to this company. |
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Intangible assets |
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost |
less any accumulated amortisation and any accumulated impairment losses. |
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NEWSWORKS (REGISTERED NUMBER: 04618606) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
for the year ended 31 December 2016 |
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2. | ACCOUNTING POLICIES - continued |
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Tangible fixed assets |
Fixtures and fittings, and computer equipment are stated at historical cost less accumulated depreciation and |
accumulated impairment losses. |
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Depreciation is recognised to write off the cost of assets less their residual values over their useful lives, using |
the straight line method. |
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The useful lives of each category of asset is as follows: |
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Fixtures and fittings | - four years |
Computer equipment | - four years |
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The company's policy is to review the remaining useful economic lives and residual values of fixtures and fittings, |
and computer equipment on an on-going basis and to adjust the depreciation charge to reflect the remaining |
estimated useful economic life and residual value. |
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Fully depreciated fixtures and fittings, and computer equipment are retained in the cost of the assets and related |
accumulated depreciation until they are removed from service. In case of disposals, assets and related |
depreciation are removed from the financial statements and the net amount, less proceeds from disposal, is |
charged or credited to the profit and loss account. |
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Assets not carried at fair value are also reviewed for impairment whenever events or changes in circumstances |
indicate that the carrying value may not be recoverable. An impairment loss is recognised for the amount by |
which the asset's carrying value exceeds its recoverable amount. |
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The recoverable amount is the higher of an asset's fair value less costs to sell and value in use. Value in use is |
defined as the present value of the future pre-tax and interest cash flows obtainable as a result of the asset's |
continued use. the pre-tax and interest cash flows are discounted using a pre-tax discount rate that represents |
the current market risk free rate and risks inherent in the asset. For the purposes of assessing impairment, |
assets are grouped at the lowest levels for which there are separately identifiable cash flows (cash-generating |
units). |
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If the recoverable amount of the asset (or asset's cash generating unit) is estimated to be lower than the carrying |
amount, the carrying amount is reduced to the recoverable amount. An impairment loss is recognised in the |
profit and loss account, unless the asset has been revalued when the amount is recognised in other |
comprehensive income to the extent of any previously recognised revaluation. Thereafter any excess is |
recognised in profit and loss. |
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If an impairment loss is subsequently reversed, the carrying amount of the asset (or asset's cash generating |
unit) is increased to the revised estimate of its recoverable amount, but only tot he extent that the revised |
carrying amount does not exceed the carrying amount that would have been determined (net of depreciation) |
had no impairment loss been recognised in prior periods. A reversal of an impairment loss is recognised in the |
profit and loss account. |
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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. |
NEWSWORKS (REGISTERED NUMBER: 04618606) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
for the year ended 31 December 2016 |
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2. | ACCOUNTING POLICIES - continued |
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Hire purchase and leasing commitments |
Rentals paid under operating leases are charged to surplus or deficit on a straight line basis over the period of |
the lease. |
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Employee benefits |
The company operates a defined contribution pension scheme. Contributions payable to the company's pension |
scheme are charged to profit and loss in the period to which they relate. |
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The company provides a range of benefits to employees, including annual bonus arrangements, paid holiday |
arrangements and defined contribution pension plans. |
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Short term benefits: |
Short term benefits, including holiday pay and other similar non-monetary benefits, are recognised as an |
expense in the period in which the service is received. |
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Annual bonus plans: |
The company recognises a provision and an expense for bonuses where the company has a legal or |
constructive obligation as a result of past events and a reliable estimate can be made. |
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Defined contribution pension plans: |
The company operates a defined contribution plan. A defined contribution plan is a pension plan under which the |
company pays fixed contributions into a separate fund. Under defined contribution plans, the company has no |
legal or constructive obligations to pay further contributions if the fund does not hold sufficient assets to pay all |
employees the benefits relating to employee service in the current and prior periods. |
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For defined contribution plans, the company pays contributions to privately administered pension plans on a |
contractual or voluntary basis. The company has no further payment obligations once the contributions have |
been paid. The contributions are recognised as employee benefit expense when they are due. Prepaid |
contributions are recognised as an asset to the extent that a cash refund or a reduction in the future payments is |
available. |
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Marketing expenses |
Marketing expenses are recognised in the period in which the expense is incurred and not in the period to which |
the expenditure relates. |
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3. | EMPLOYEES AND DIRECTORS |
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The average number of employees during the year was
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4. | OPERATING SURPLUS/(DEFICIT) |
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The operating surplus (2015 - operating deficit) is stated after charging: |
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2016 | 2015 |
£ | £ |
Depreciation - owned assets |
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Computer software amortisation |
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NEWSWORKS (REGISTERED NUMBER: 04618606) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
for the year ended 31 December 2016 |
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5. | INTANGIBLE FIXED ASSETS |
Other |
intangible |
assets |
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COST |
At 1 January 2016 |
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Disposals | ( |
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At 31 December 2016 |
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AMORTISATION |
At 1 January 2016 |
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Eliminated on disposal | ( |
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At 31 December 2016 |
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NET BOOK VALUE |
At 31 December 2016 |
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At 31 December 2015 |
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6. | TANGIBLE FIXED ASSETS |
Fixtures |
and | Computer |
fittings | equipment | Totals |
£ | £ | £ |
COST |
At 1 January 2016 |
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Additions |
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At 31 December 2016 |
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DEPRECIATION |
At 1 January 2016 |
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Charge for year |
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At 31 December 2016 |
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NET BOOK VALUE |
At 31 December 2016 |
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At 31 December 2015 |
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7. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2016 | 2015 |
£ | £ |
Trade debtors |
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Other debtors |
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8. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2016 | 2015 |
£ | £ |
Trade creditors |
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Taxation and social security |
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Other creditors |
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NEWSWORKS (REGISTERED NUMBER: 04618606) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
for the year ended 31 December 2016 |
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9. | RELATED PARTY DISCLOSURES |
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The company's turnover includes £2,866,272 (2015: £2,999,875) of contributions from members and recharges |
to organisations connected with them. |
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Creditors includes £189,443 (2015: £1,045,880) that is owed to JT-PATS Limited, a company that has common |
directors with Newsworks Limited. |
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10. | ULTIMATE CONTROLLING PARTY |
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The company has no ultimate controlling party. |
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11. | LIMITED BY GUARANTEE |
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The company is limited by guarantee and has no share capital. The liability of each member in the event of |
winding up is limited to £1. |
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12. | FIRST YEAR ADOPTION |
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Upon first time adoption of FRS 102 1A, there were no items that affected the financial position or the financial |
performance of the company. |