REGISTERED NUMBER:
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UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 30TH APRIL 2020 |
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FIRTHS NEWS LIMITED |
REGISTERED NUMBER:
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UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 30TH APRIL 2020 |
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FOR |
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FIRTHS NEWS LIMITED |
FIRTHS NEWS LIMITED (REGISTERED NUMBER: 06048051) |
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CONTENTS OF THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 30TH APRIL 2020 |
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Company Information | 1 |
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Balance Sheet | 2 |
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Notes to the Financial Statements | 4 |
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FIRTHS NEWS LIMITED |
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COMPANY INFORMATION |
FOR THE YEAR ENDED 30TH APRIL 2020 |
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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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FIRTHS NEWS LIMITED (REGISTERED NUMBER: 06048051) |
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BALANCE SHEET |
30TH APRIL 2020 |
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2020 | 2019 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Intangible assets | 4 |
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Tangible assets | 5 |
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CURRENT ASSETS |
Stocks |
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Cash at bank and in hand |
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CREDITORS |
Amounts falling due within one year | 6 |
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NET CURRENT ASSETS/(LIABILITIES) |
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TOTAL ASSETS LESS CURRENT
LIABILITIES |
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CAPITAL AND RESERVES |
Called up share capital | 7 |
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Retained earnings | 8 |
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SHAREHOLDERS' FUNDS |
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The directors acknowledge their responsibilities for: |
(a) | ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and |
(b) | preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company. |
FIRTHS NEWS LIMITED (REGISTERED NUMBER: 06048051) |
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BALANCE SHEET - continued |
30TH APRIL 2020 |
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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 and authorised for issue on
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FIRTHS NEWS LIMITED (REGISTERED NUMBER: 06048051) |
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NOTES TO THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 30TH APRIL 2020 |
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1. | STATUTORY INFORMATION |
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Firths News Limited is a private company, limited by shares, registered in England and Wales. The company's registered number is 06048051 and registered office address is 46 Station Road, Redhill, Surrey, RH1 1PH. |
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2. | ACCOUNTING POLICIES |
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Basis of preparing the financial statements |
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At 30th April 2020, the company has net assets of £79,620 and net current assets of £11,938. The financial statements have been prepared on a going concern basis as the directors are confident that the company will have sufficient funds to continue to meet its liabilities as they fall due for at least 12 months from the date of approval of the financial statements. |
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Escalation of COVID-19 has the potential to impact the global economic growth and business developments. In recent months, many countries have enacted protection measures against COVID-19, with a significant impact on the daily life, production and supply chain of goods and services in these countries and beyond. The evolution of COVID-19 as well as its impact on the global economy, and more specifically, on the Company's business activities, is subject to significant levels of uncertainty, with the full range of possible effects unknown on the date of the approval of the Company's financial statements for the year ended 30th April 2020. |
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Turnover |
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. |
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Goodwill |
Goodwill being the amount paid in connection with the acquisition of a business is being written off evenly over its remaining life of 10 years. |
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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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Tangible fixed assets |
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Plant and machinery etc | - |
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Stocks |
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items. |
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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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FIRTHS NEWS LIMITED (REGISTERED NUMBER: 06048051) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 30TH APRIL 2020 |
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2. | ACCOUNTING POLICIES - continued |
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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Pension costs and other post-retirement benefits |
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate. |
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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. | INTANGIBLE FIXED ASSETS |
Goodwill |
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COST |
At 1st May 2019 |
and 30th April 2020 |
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AMORTISATION |
At 1st May 2019 |
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Charge for year |
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At 30th April 2020 |
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NET BOOK VALUE |
At 30th April 2020 |
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At 30th April 2019 |
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FIRTHS NEWS LIMITED (REGISTERED NUMBER: 06048051) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 30TH APRIL 2020 |
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5. | TANGIBLE FIXED ASSETS |
Plant and |
Land and | machinery |
buildings | etc | Totals |
£ | £ | £ |
COST |
At 1st May 2019 |
and 30th April 2020 |
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DEPRECIATION |
At 1st May 2019 |
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Charge for year |
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At 30th April 2020 |
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NET BOOK VALUE |
At 30th April 2020 |
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At 30th April 2019 |
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6. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2020 | 2019 |
£ | £ |
Trade creditors |
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Taxation and social security |
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Other creditors |
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7. | CALLED UP SHARE CAPITAL |
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Allotted, issued and fully paid: |
Number: | Class: | Nominal | 2020 | 2019 |
value: | £ | £ |
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Ordinary | £1 | 100 | 100 |
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8. | RESERVES |
Retained |
earnings |
£ |
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At 1st May 2019 |
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Profit for the year |
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Dividends | ( |
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At 30th April 2020 |
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9. | RELATED PARTY DISCLOSURES |
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1) Included in other creditors are amounts due to the directors of £50,781 (2019:£58,602) |
FIRTHS NEWS LIMITED (REGISTERED NUMBER: 06048051) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 30TH APRIL 2020 |
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10. | ULTIMATE CONTROLLING PARTY |
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The company was under the control of the directors throughout the current and previous year,by virtue of their shareholding in the company. |