REGISTERED NUMBER:
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FINANCIAL STATEMENTS |
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FOR THE PERIOD 5 MARCH 2019 TO 31 MARCH 2020 |
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NEWBURY NEWS AND MEDIA LTD |
REGISTERED NUMBER:
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FINANCIAL STATEMENTS |
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FOR THE PERIOD 5 MARCH 2019 TO 31 MARCH 2020 |
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FOR |
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NEWBURY NEWS AND MEDIA LTD |
NEWBURY NEWS AND MEDIA LTD (REGISTERED NUMBER: 11861159) |
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CONTENTS OF THE FINANCIAL STATEMENTS |
FOR THE PERIOD 5 MARCH 2019 TO 31 MARCH 2020 |
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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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NEWBURY NEWS AND MEDIA LTD |
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COMPANY INFORMATION |
FOR THE PERIOD 5 MARCH 2019 TO 31 MARCH 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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AUDITORS: |
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Chartered Accountants and Statutory Auditors |
Advantage |
87 Castle Street |
Reading |
Berkshire |
RG1 7SN |
NEWBURY NEWS AND MEDIA LTD (REGISTERED NUMBER: 11861159) |
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BALANCE SHEET |
31 MARCH 2020 |
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Notes | £ | £ |
FIXED ASSETS |
Investments | 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 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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Share premium |
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Retained earnings | ( |
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SHAREHOLDERS' FUNDS |
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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 and authorised for issue by the Board of Directors and authorised
for issue on
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NEWBURY NEWS AND MEDIA LTD (REGISTERED NUMBER: 11861159) |
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NOTES TO THE FINANCIAL STATEMENTS |
FOR THE PERIOD 5 MARCH 2019 TO 31 MARCH 2020 |
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1. | STATUTORY INFORMATION |
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Newbury News and Media Limited is a company limited by shares, incorporated in England, whose primary activity derives from its address in Newbury, Berkshire. The company's registered number and registered office can be found on the Company information page. |
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The ultimate parent company is Iliffe Media Group Limited, a company incorporated in England and Wales, which is the parent undertaking of the smallest group which includes the company and for which group financial statements are prepared. A copy of the group financial statements are available from 62 Winship Road, Milton, Cambridge, CB24 6PP. |
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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 presented in sterling which is the functional currency of the company and rounded to the nearest £1. |
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Going Concern |
The financial statements have been prepared on a going concern basis. The Directors have reviewed and considered relevant information, including the annual budget and future cash flows in making their assessment. In particular, in response to the COVID-19 pandemic, the Directors have tested their cash flow analysis to take into account the impact on their business of possible scenarios brought on by the impact of COVID-19, alongside the measures that they can take to mitigate the impact. Based on these assessments, given the measures that could be undertaken to mitigate the current adverse conditions, and the current resources available, the Directors have concluded that they can continue to adopt the going concern basis in preparing the annual report and accounts. |
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Investments in subsidiaries |
Investments in subsidiaries are measured at cost less accumulated impairment. |
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Debtors |
Short term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment. |
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Cash and cash equivalents |
Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value. |
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Creditors |
Short term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method. |
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NEWBURY NEWS AND MEDIA LTD (REGISTERED NUMBER: 11861159) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE PERIOD 5 MARCH 2019 TO 31 MARCH 2020 |
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2. | ACCOUNTING POLICIES - continued |
Taxation |
Taxation for the period comprises current 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 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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Pension costs and other post-retirement benefits |
Whilst there are pension costs in the profit and loss the company does not operate a pension scheme. This is because all the pension costs are recharged back to its subsidiary. |
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3. | EMPLOYEES AND DIRECTORS |
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The average number of employees during the period was
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4. | FIXED ASSET INVESTMENTS |
Shares in |
group |
undertakings |
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COST |
Additions |
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At 31 March 2020 |
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NET BOOK VALUE |
At 31 March 2020 |
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5. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
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Amounts owed by group undertakings |
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6. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
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Amounts owed to group undertakings |
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Taxation and social security |
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Other creditors |
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NEWBURY NEWS AND MEDIA LTD (REGISTERED NUMBER: 11861159) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE PERIOD 5 MARCH 2019 TO 31 MARCH 2020 |
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7. | CALLED UP SHARE CAPITAL |
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Allotted, issued and fully paid: |
Number: | Class: | Nominal |
value: | £ |
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Ordinary A | £1 | 510 |
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Ordinary B | £1 | 490 |
1,000 |
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All shares were issued during the period, with a total premium paid of £2,757.29 per share. |
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8. | 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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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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However, not all future events or conditions can be predicted. The COVID-19 viral pandemic is one of the most significant economic events for the UK with unprecedented levels of uncertainty of outcomes. It is therefore difficult to evaluate all of the potential implications on the company's trade, customers, suppliers and wider economy. The Directors' view on the impact of COVID-19 is disclosed in the accounting policy note on Going Concern. |
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9. | RELATED PARTY DISCLOSURES |
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The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group. |
NEWBURY NEWS AND MEDIA LTD (REGISTERED NUMBER: 11861159) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE PERIOD 5 MARCH 2019 TO 31 MARCH 2020 |
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10. | POST BALANCE SHEET EVENTS |
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The outbreak of Coronavirus Disease ("COVID-19 outbreak") in early 2020 has had significant impact on global financial markets. The Board of directors will pay close attention to the development of the COVID-19 outbreak and evaluate its impact on the financial position and operating results of the Company. |
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This is considered to be a non-adjusting event after the reporting period. The Board of directors will continue to remain alert to the situation and monitor the performance of the company. In the event that the financial markets and/or the overall economy are impacted for an extended period, the performance of the Company may be materially adversely affected. Except for the above, there have been no material events since the end of the reporting period which would require disclosure or adjustment to the financial statements for the period ended 31 March 2020. |
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11. | ULTIMATE CONTROLLING PARTY |
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The Directors consider there to be no ultimate controlling party as the company is under the control of the Board of Directors. The Board of Directors are jointly elected by the Ordinary A and Ordinary B shareholders. |