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FINANCIAL STATEMENTS |
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FOR THE YEAR ENDED 31 DECEMBER 2018 |
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NEWSWORKS |
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REGISTERED NUMBER:
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FINANCIAL STATEMENTS |
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FOR THE YEAR ENDED 31 DECEMBER 2018 |
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NEWSWORKS |
NEWSWORKS (REGISTERED NUMBER: 04618606) |
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CONTENTS OF THE FINANCIAL STATEMENTS |
for the year ended 31 December 2018 |
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Company Information | 1 |
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Balance Sheet | 2 |
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Notes to the Financial Statements | 3 |
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NEWSWORKS |
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COMPANY INFORMATION |
for the year ended 31 December 2018 |
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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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BALANCE SHEET |
31 December 2018 |
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2018 | 2017 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Property, plant and equipment | 4 |
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CURRENT ASSETS |
Debtors | 5 |
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Cash at bank |
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CREDITORS |
Amounts falling due within one year | 6 |
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NET CURRENT ASSETS |
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TOTAL ASSETS LESS CURRENT
LIABILITIES |
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RESERVES |
Income and expenditure account |
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In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered. |
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The financial statements were approved by the Board of Directors on
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NEWSWORKS (REGISTERED NUMBER: 04618606) |
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NOTES TO THE FINANCIAL STATEMENTS |
for the year ended 31 December 2018 |
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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 2018 |
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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 activity 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 2018 |
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4. | PROPERTY, PLANT AND EQUIPMENT |
Fixtures |
and | Computer |
fittings | equipment | Totals |
£ | £ | £ |
COST |
At 1 January 2018 |
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Additions |
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At 31 December 2018 |
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DEPRECIATION |
At 1 January 2018 |
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Charge for year |
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At 31 December 2018 |
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NET BOOK VALUE |
At 31 December 2018 |
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At 31 December 2017 |
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5. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2018 | 2017 |
£ | £ |
Trade debtors |
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Other debtors |
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6. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2018 | 2017 |
£ | £ |
Trade creditors |
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Tax |
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Social security and other taxes |
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VAT | 163,714 | 584,133 |
Other creditors |
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Accruals and deferred income |
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7. | DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006 |
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The Report of the Auditors was unqualified. |
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for and on behalf of
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8. | RELATED PARTY DISCLOSURES |
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The company's turnover includes £2,999,798 (2017: £2,847,043) of contributions from members and recharges |
to organisations connected with them. |
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9. | ULTIMATE CONTROLLING PARTY |
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The company has no ultimate controlling party. |
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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. |