Company Registration No. 06894628 (England and Wales)
NEWSPAPER CLUB LTD
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2017
PAGES FOR FILING WITH REGISTRAR
NEWSPAPER CLUB LTD
CONTENTS
Page
Balance sheet
2 - 3
Notes to the financial statements
4 - 8
NEWSPAPER CLUB LTD
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 DECEMBER 2017
- 1 -
The directors present their annual report and financial statements for the year ended 31 December 2017.
Principal activities
The principal activity of the company continued to be that of
the printing of newspapers.
Directors
The directors who held office during the year and up to the date of signature of the financial statements were as follows:
M Sharman
J Sharman
T Taylor
(Resigned 18 April 2017)
A Ward
G Williams
Statement of directors' responsibilities
The directors are responsible for preparing the annual report and the financial statements in accordance with applicable law and regulations.
Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period. In preparing these financial statements, the directors are required to:
-
select suitable accounting policies and then apply them consistently;
-
make judgements and accounting estimates that are reasonable and prudent;
-
prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.
The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company’s transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
This report has been prepared in accordance with the provisions applicable to companies entitled to the small companies exemption.
On behalf of the board
M Sharman
Director
1 May 2018
NEWSPAPER CLUB LTD
BALANCE SHEET
AS AT
31 DECEMBER 2017
31 December 2017
- 2 -
2017
2016
Notes
£
£
£
£
Fixed assets
Intangible assets
1
734
Tangible assets
4
35,396
100,155
Current assets
Debtors
5
25,744
44,329
Cash at bank and in hand
170,016
160,504
195,760
204,833
Creditors: amounts falling due within one year
6
(87,239)
(91,533)
Net current assets
108,521
113,300
Total assets less current liabilities
143,918
214,189
Creditors: amounts falling due after more than one year
7
(99,740)
(99,740)
Net assets
44,178
114,449
Capital and reserves
Called up share capital
8
3,000
3,000
Profit and loss reserves
41,178
111,449
Total equity
44,178
114,449
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.
true
For the financial year ended 31 December 2017 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
T
he directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.
T
he members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476
.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime.
NEWSPAPER CLUB LTD
BALANCE SHEET (CONTINUED)
AS AT
31 DECEMBER 2017
31 December 2017
- 3 -
The financial statements were approved by the board of directors and authorised for issue on 1 May 2018 and are signed on its behalf by:
M Sharman
Director
Company Registration No. 06894628
NEWSPAPER CLUB LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2017
- 4 -
1
Accounting policies
Company information
Newspaper Club Ltd is a
private
company
limited by shares
incorporated in England and Wales.
The registered office is
c/o Sharman & Co Ltd, Newark Road, Peterborough, Cambridgeshire, PE1 5TD.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
The financial statements are prepared in
sterling
, which is the functional currency of the company.
Monetary a
mounts
in these financial statements are
rounded to the nearest £.
The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
1.2
Turnover
Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business
, and
is shown net of VAT and other sales related taxes
.
The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.
Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer
(usually on dispatch of the goods)
, the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably.
1.3
Intangible fixed assets other than goodwill
Intangible assets acquired separately from a business are recognised at cost and are subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Intangible assets acquired on business combinations are recognised separately from goodwill at the acquisition date if the fair value can be measured reliably.
Amortisation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Patents
33% Straight Line
1.4
Tangible fixed assets
Tangible fixed assets
are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Website development
33% Straight Line
Fixtures, fittings & equipment
33% Straight Line
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and
is credited or charged to profit or loss
.
NEWSPAPER CLUB LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2017
1
Accounting policies
(Continued)
- 5 -
1.5
Impairment of fixed assets
At each reporting
period
end date, the
company
reviews the carrying amounts of its tangible
and intangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any).
1.6
Cash and cash equivalents
Cash at bank and in hand
are basic financial assets
and
include cash in hand, deposits held at call with banks and bank overdrafts.
Any b
ank overdrafts are shown within borrowings in current liabilities.
1.7
Financial instruments
The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.
Basic financial assets and liabilities
Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at transaction price. Any losses arising from impairment are recognised in the profit and loss account in other administrative expenses
1.8
Equity instruments
Equity instruments being the share capital issued by the company are recorded at the proceeds received, net of direct issue costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.
1.9
Taxation
The tax expense represents the sum of the tax currently payable
.
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The
company’s
liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
1.10
Employee benefits
The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.
Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.
1.11
Retirement benefits
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.
NEWSPAPER CLUB LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2017
1
Accounting policies
(Continued)
- 6 -
1.12
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.
1.13
Foreign exchange
Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation are included in the profit and loss account for the period.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was 9 (2016 - 10).
3
Intangible fixed assets
Patents
£
Cost
At 1 January 2017 and 31 December 2017
20,588
Amortisation and impairment
At 1 January 2017
19,854
Amortisation charged for the year
733
At 31 December 2017
20,587
Carrying amount
At 31 December 2017
1
At 31 December 2016
734
NEWSPAPER CLUB LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2017
- 7 -
4
Tangible fixed assets
Website costs
Plant and machinery etc
Total
£
£
£
Cost
At 1 January 2017
258,849
25,069
283,918
Additions
-
1,691
1,691
At 31 December 2017
258,849
26,760
285,609
Depreciation and impairment
At 1 January 2017
166,238
17,524
183,762
Depreciation charged in the year
62,089
4,362
66,451
At 31 December 2017
228,327
21,886
250,213
Carrying amount
At 31 December 2017
30,522
4,874
35,396
At 31 December 2016
92,610
7,545
100,155
5
Debtors
2017
2016
Amounts falling due within one year:
£
£
Trade debtors
15,009
28,845
Corporation tax recoverable
-
3,469
Other debtors
10,735
12,015
25,744
44,329
6
Creditors: amounts falling due within one year
2017
2016
£
£
Trade creditors
68,981
70,232
Corporation tax
11
22
Other taxation and social security
12,341
11,985
Other creditors
5,906
9,294
87,239
91,533
NEWSPAPER CLUB LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2017
- 8 -
7
Creditors: amounts falling due after more than one year
2017
2016
£
£
Other creditors
99,740
99,740
On 18 February 2013, the company received a convertible loan of £99,740 from Sharman Retirement Fund, a fund related to M Sharman, a director in the company. It is convertible to shares at a price of £2.56 per share for 38,961 shares. Interest is charged on this loan at 4.5%. In the period interest of £4,488 was paid to Sharman Retirement Fund.
8
Called up share capital
2017
2016
£
£
Ordinary share capital
Issued and fully paid
300,000 Ordinary shares of 1p each
3,000
3,000
3,000
3,000