Company Registration No. 06894628 (England and Wales)
NEWSPAPER CLUB LTD
UNAUDITED ABBREVIATED FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2015
NEWSPAPER CLUB LTD
CONTENTS
Page
Abbreviated balance sheet
1
Notes to the abbreviated accounts
2 - 3
NEWSPAPER CLUB LTD
ABBREVIATED BALANCE SHEET
AS AT
31 DECEMBER 2015
31 December 2015
- 1 -
2015
2015
Notes
£
£
£
£
Fixed assets
Intangible assets
2
4,626
8,629
Tangible assets
2
132,602
50,472
137,228
59,101
Current assets
Debtors
84,783
91,043
Cash at bank and in hand
143,943
234,705
228,726
325,748
Creditors: amounts falling due within one year
(95,482)
(119,854)
Net current assets
133,244
205,894
Total assets less current liabilities
270,472
264,995
Creditors: amounts falling due after more than one year
(104,720)
(99,740)
165,752
165,255
Capital and reserves
Called up share capital
3
3,000
3,000
Profit and loss account
162,752
162,255
Shareholders' funds
165,752
165,255
For the financial period ended 31 December 2015 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' responsibilities:
-
The members have not required the company to obtain an audit of its financial statements for the period in question in accordance with section 476;
-
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.
These abbreviated financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies' regime.
Approved by the Board for issue on 12 September 2016
M, Sharman
Director
Company Registration No. 06894628
NEWSPAPER CLUB LTD
NOTES TO THE ABBREVIATED ACCOUNTS
FOR THE PERIOD ENDED 31 DECEMBER 2015
- 2 -
1
Accounting policies
1.1
Accounting convention
The financial statements are prepared under the historical cost convention and in accordance with the Financial Reporting Standard for Smaller Entities (effective January 2015).
1.2
Compliance with accounting standards
The financial statements are prepared in accordance with applicable United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), which have been applied consistently (except as otherwise stated).
1.3
Turnover
Turnover represents amounts receivable for goods and services net of VAT and trade discounts.
1.4
Patents
Patents are valued at cost less accumulated amortisation. Amortisation is calculated to write off the cost in equal annual instalments over their estimated useful lives.
1.5
Research and development
Research expenditure is written off to the profit and loss account in the year in which it is incurred. Development expenditure is written off in the same way unless the directors are satisfied as to the technical, commercial and financial viability of individual projects. In this situation, the expenditure is deferred and amortised over the period during which the company is expected to benefit.
1.6
Tangible fixed assets and depreciation
Tangible fixed assets other than freehold land are stated at cost less depreciation. Depreciation is provided at rates calculated to write off the cost less estimated residual value of each asset over its expected useful life, as follows:
Fixtures, fittings & equipment
33% Straight Line
Website development
33% Straight Line
1.7
Leasing
Rentals payable under operating leases are charged against income on a straight line basis over the lease term.
1.8
Pensions
The company operates defined contribution schemes for the benefit of its employees. Contributions payable are charged to the profit and loss in the year they are payable.
1.9
Foreign currency translation
Monetary assets and liabilities denominated in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are recorded at the rate ruling at the date of the transaction. All differences are taken to profit and loss account.
1.10
Government grants
Grants are credited to deferred revenue. Grants towards capital expenditure are released to the profit and loss account over the expected useful life of the assets. .
NEWSPAPER CLUB LTD
NOTES TO THE ABBREVIATED ACCOUNTS (CONTINUED)
FOR THE PERIOD ENDED 31 DECEMBER 2015
- 3 -
2
Fixed assets
Intangible assets
Tangible assets
Total
£
£
£
Cost
At 1 June 2015
20,588
107,504
128,092
Additions
-
126,182
126,182
At 31 December 2015
20,588
233,686
254,274
Depreciation
At 1 June 2015
11,959
57,031
68,990
Charge for the period
4,003
44,053
48,056
At 31 December 2015
15,962
101,084
117,046
Net book value
At 31 December 2015
4,626
132,602
137,228
At 31 May 2015
8,629
50,472
59,101
3
Share capital
2015
2015
£
£
Allotted, called up and fully paid
300,000 Ordinary shares of 1p each
3,000
3,000