Walkins News Limited
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Notes to the Accounts |
for the year ended 30 November 2017
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1 |
Accounting policies |
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Basis of preparation |
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The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).
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Turnover |
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Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
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Intangible fixed assets |
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Intangible fixed assets are measured at cost less accumulative amortisation and any accumulative impairment losses.
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Tangible fixed assets |
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Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
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Fixture, fittings & equipment |
20% reducing balance |
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Motor vehicles |
25% reducing balance |
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Stocks |
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Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first in first out method. The carrying amount of stock sold is recognised as an expense in the period in which the related revenue is recognised.
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2 |
Intangible fixed assets |
£ |
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Goodwill: |
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Cost |
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At 1 December 2016 |
33,094 |
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At 30 November 2017 |
33,094 |
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Amortisation |
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At 1 December 2016 |
6,619 |
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Provided during the year |
1,654 |
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At 30 November 2017 |
8,273 |
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Net book value |
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At 30 November 2017 |
24,821 |
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At 30 November 2016 |
26,475 |
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Goodwill is being written off in equal annual instalments over its estimated economic life of 20 years. |
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3 |
Tangible fixed assets |
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Fixture, fittings & equipment |
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Motor vehicles |
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Total |
£ |
£ |
£ |
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Cost |
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At 1 December 2016 |
20,202 |
|
627 |
|
20,829 |
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At 30 November 2017 |
20,202 |
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627 |
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20,829 |
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Depreciation |
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At 1 December 2016 |
10,894 |
|
429 |
|
11,323 |
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Charge for the year |
1,861 |
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50 |
|
1,911 |
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At 30 November 2017 |
12,755 |
|
479 |
|
13,234 |
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Net book value |
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At 30 November 2017 |
7,447 |
|
148 |
|
7,595 |
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At 30 November 2016 |
9,308 |
|
198 |
|
9,506 |
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4 |
Debtors |
2017 |
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2016 |
£ |
£ |
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Other debtors |
4,929 |
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4,600 |
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5 |
Creditors: amounts falling due within one year |
2017 |
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2016 |
£ |
£ |
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Trade creditors |
11,731 |
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1,565 |
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Taxation and social security costs |
6,933 |
|
5,617 |
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Other creditors |
40,729 |
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76,904 |
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59,393 |
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84,086 |
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6 |
Related party transactions |
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Mr Dinesh Patel is the director of the company. At the end of the year amount owed by the company to the director is £40,730 (2016 : £75,200) During the year, the company has declared dividend of £nil (2016: £nil).
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7 |
Other information |
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Walkins News Limited is a private company limited by shares and incorporated in England. Its registered office is: |
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Suite 37/38 |
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Marshall House |
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124 Middleton Road Morden |
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Surrey |
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SM4 6RW |