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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 2017 |
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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 2017 |
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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 2017 |
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Page |
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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 | 5 |
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Balance Sheet | 6 |
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Notes to the Financial Statements | 7 |
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NEWSWORKS |
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COMPANY INFORMATION |
for the year ended 31 December 2017 |
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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 2017 |
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The directors present their report with the financial statements of the company for the year ended 31 December 2017. |
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DIRECTORS |
The directors shown below have held office during the whole of the period from 1 January 2017 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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Opinion |
We have audited the financial statements of Newsworks (the 'company') for the year ended 31 December 2017 which |
comprise the Income Statement, Balance Sheet and Notes to the Financial Statements, including a summary of |
significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable |
law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting |
Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice). |
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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 2017 and of its deficit 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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Basis for opinion |
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. |
Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the |
financial statements section of our report. We are independent of the company in accordance with the ethical |
requirements that are relevant to our audit of the financial statements in the UK, including the FRC's Ethical Standard, |
and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit |
evidence we have obtained is sufficient and appropriate to provide a basis for our opinion. |
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Conclusions relating to going concern |
We have nothing to report in respect of the following matters in relation to which the ISAs (UK) require us to report to |
you where: |
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the directors' use of the going concern basis of accounting in the preparation of the financial statements is not
appropriate; or |
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the directors have not disclosed in the financial statements any identified material uncertainties that may cast
significant doubt about the company's ability to continue to adopt the going concern basis of accounting for a period of at least twelve months from the date when the financial statements are authorised for issue. |
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Other information |
The directors are responsible for the other information. The other information comprises the information in the Report of |
the Directors, but does not include the financial statements and our Report of the Auditors thereon. |
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Our opinion on the financial statements does not cover the other information and we do not express any form of |
assurance conclusion thereon. |
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In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing |
so, consider whether the other information is materially inconsistent with the financial statements or our knowledge |
obtained in the audit or otherwise appears to be materially misstated. If, based on the work we have performed, we |
conclude that there is a material misstatement of this other information, we are required to report that fact. We have |
nothing to report in this regard. |
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Opinion on other matters prescribed by the Companies Act 2006 |
In our opinion, based on the work undertaken in the course of the audit: |
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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 |
- | the Report of the Directors has been prepared in accordance with applicable legal requirements. |
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Matters on which we are required to report by exception |
In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, |
we have not identified material misstatements in the Report of the Directors. |
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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. |
REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF |
NEWSWORKS |
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Responsibilities of directors |
As explained more fully in the Statement of Directors' Responsibilities set out on page two, the directors are responsible |
for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such |
internal control as the directors determine necessary to enable the preparation of financial statements that are free from |
material misstatement, whether due to fraud or error. |
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In preparing the financial statements, the directors are responsible for assessing the company's ability to continue as a |
going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of |
accounting unless the directors either intend to liquidate the company or to cease operations, or have no realistic |
alternative but to do so. |
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Auditors' responsibilities for the audit of the financial statements |
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from |
material misstatement, whether due to fraud or error, and to issue a Report of the Auditors that includes our opinion. |
Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with |
ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are |
considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic |
decisions of users taken on the basis of these financial statements. |
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A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting |
Council's website at www.frc.org.uk/auditorsresponsibilities . This description forms part of our Report of the Auditors. |
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Use of our report |
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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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 2017 |
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2017 | 2016 |
Notes | £ | £ |
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REVENUE |
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Marketing expenses |
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GROSS SURPLUS |
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Administrative expenses |
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OPERATING (DEFICIT)/SURPLUS | 4 | ( |
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Interest receivable and similar income |
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(DEFICIT)/SURPLUS BEFORE TAXATION | ( |
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Tax on (deficit)/surplus |
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(DEFICIT)/SURPLUS FOR THE FINANCIAL
YEAR |
( |
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NEWSWORKS (REGISTERED NUMBER: 04618606) |
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BALANCE SHEET |
31 December 2017 |
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2017 | 2016 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Property, plant and equipment | 5 |
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CURRENT ASSETS |
Debtors | 6 |
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Cash at bank |
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CREDITORS |
Amounts falling due within one year | 7 |
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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 2017 |
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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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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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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 to the 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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NEWSWORKS (REGISTERED NUMBER: 04618606) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
for the year ended 31 December 2017 |
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2. | ACCOUNTING POLICIES - continued |
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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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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NEWSWORKS (REGISTERED NUMBER: 04618606) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
for the year ended 31 December 2017 |
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4. | OPERATING (DEFICIT)/SURPLUS |
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The operating deficit (2016 - operating surplus) is stated after charging: |
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2017 | 2016 |
£ | £ |
Depreciation - owned assets |
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5. | PROPERTY, PLANT AND EQUIPMENT |
Fixtures |
and | Computer |
fittings | equipment | Totals |
£ | £ | £ |
COST |
At 1 January 2017 |
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Additions |
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At 31 December 2017 |
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DEPRECIATION |
At 1 January 2017 |
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Charge for year |
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At 31 December 2017 |
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NET BOOK VALUE |
At 31 December 2017 |
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At 31 December 2016 |
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6. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2017 | 2016 |
£ | £ |
Trade debtors |
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Other debtors |
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7. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2017 | 2016 |
£ | £ |
Trade creditors |
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Tax |
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Social security and other taxes |
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VAT | 584,133 | 536,779 |
Other creditors |
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Accruals and deferred income |
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8. | RELATED PARTY DISCLOSURES |
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The company's turnover includes £2,847,043 (2016: £2,866,272) of contributions from members and recharges |
to organisations connected with them. |
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Creditors includes £nil (2016: £189,443) that is owed to JT-PATS Limited, a company that has common directors |
with Newsworks Limited. Other income also includes management fee income of £70,000 from this entity (2016: |
£149,000). |
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9. | ULTIMATE CONTROLLING PARTY |
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The company has no ultimate controlling party. |
NEWSWORKS (REGISTERED NUMBER: 04618606) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
for the year ended 31 December 2017 |
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10. | 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. |