Newspoint Limited - Period Ending 2018-11-30

Newspoint Limited

Annual Report and Unaudited Financial Statements
Year Ended 30 November 2018

Registration number: 03544034

Newspoint Limited

Contents

Company Information	1
Balance Sheet	2 to 3
Notes to the Financial Statements	4 to 8

Newspoint Limited

Company Information

Directors

Mr D G Nugent Mr C Owen

Company secretary

Mrs A Nugent

Registered office

19 The Terrace Torquay Devon TQ1 1BN

Accountants

Francis Clark LLP Sigma House Oak View Close Edginswell Park Torquay TQ2 7FF

Page 1

Newspoint Limited

Balance Sheet

30 November 2018

	Note	2018 £	2017 £
Fixed assets
Investment property	4	2,380,000	2,380,000
Current assets
Debtors	5	-	275,000
Cash at bank and in hand		456,801	117,421
		456,801	392,421
Creditors: Amounts falling due within one year	6	(311,955)	(319,421)
Net current assets		144,846	73,000
Total assets less current liabilities		2,524,846	2,453,000
Creditors: Amounts falling due after more than one year	6	(911,345)	(946,939)
Provisions for liabilities		(86,352)	(88,979)
Net assets		1,527,149	1,417,082
Capital and reserves
Called up share capital		2	2
Profit and loss account		1,527,147	1,417,080
Total equity		1,527,149	1,417,082

The notes on pages 4 to 8 form an integral part of these financial statements.

Page 2

Newspoint Limited

Balance Sheet

30 November 2018

For the financial year ending 30 November 2018 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 accounts for the year in question in accordance with section 476; and
•	The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared and delivered in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006 and the option not to file the Profit and Loss Account has been taken.

Approved and authorised by the Board on 19 March 2019 and signed on its behalf by:
 

......................................... Mr D G Nugent Director

Company Registration Number: 03544034

The notes on pages 4 to 8 form an integral part of these financial statements.

Page 3

Newspoint Limited

Notes to the Financial Statements

Year Ended 30 November 2018

1	General information

The company is a private company limited by share capital, incorporated in England.

The address of its registered office is:
19 The Terrace
Torquay
Devon
TQ1 1BN

These financial statements were authorised for issue by the Board on 19 March 2019.

2	Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', including Section 1A, and the Companies Act 2006. There are no material departures from FRS102.

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the provision of services in the ordinary course of the company’s activities. Turnover is shown net of value added tax. The company recognises revenue based on its value of the service provided to date.

Tax

The current corporation tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

Deferred tax is recognised on all timing differences at the balance sheet date unless indicated below. Timing differences are differences between taxable profits and the results as stated in the profit and loss account and other comprehensive income. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Page 4

Newspoint Limited

Notes to the Financial Statements

Year Ended 30 November 2018

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class	Depreciation method and rate
Equipment	33.3% straight line

Investment property

Investment property is carried at fair value, derived from the current market prices for comparable real estate determined annually by the directors. The directors use observable market prices, adjusted if necessary for any difference in the nature, location or condition of the specific asset. Changes in fair value are recognised in profit or loss.

Financial instruments

Classification
The company holds the following financial instruments:

• Short term trade and other debtors and creditors;
• Bank loans; and
• Cash and bank balances.

All financial instruments are classified as basic.

 Recognition and measurement
The company has chosen to apply the recognition and measurement principles in FRS102.

Financial instruments are recognised when the company becomes party to the contractual provisions of the instrument and derecognised when in the case of assets, the contractual rights to cash flows from the assets expire or substantially all the risks and rewards of ownership are transferred to another party, or in the case of liabilities, when the company’s obligations are discharged, expire or are cancelled.

Except for bank loans, such instruments are initially measured at transaction price, including transaction costs, and are subsequently carried at the undiscounted amount of the cash or other consideration expected to be paid or received, after taking account of impairment adjustments.

Bank loans are initially measured at transaction price, including transaction costs, and are subsequently carried at amortised cost using the effective interest method.


 

Page 5

Newspoint Limited

Notes to the Financial Statements

Year Ended 30 November 2018

3	Tangible assets

	Furniture, fittings and equipment  £	Total £
Cost or valuation
At 1 December 2017	9,162	9,162
At 30 November 2018	9,162	9,162
Depreciation
At 1 December 2017	9,162	9,162
At 30 November 2018	9,162	9,162
Carrying amount
At 30 November 2018	-	-
At 30 November 2017	-	-

4	Investment properties

	2018 £
At 1 December	2,380,000

There has been no valuation of investment property by an independent valuer.

5

Debtors

	2018  £	2017  £
Other debtors	-	275,000
	-	275,000

Page 6

Newspoint Limited

Notes to the Financial Statements

Year Ended 30 November 2018

6

Creditors

Creditors: amounts falling due within one year

	Note	2018  £	2017  £
Due within one year
Loans and borrowings	7	35,801	34,812
Trade creditors		158	356
Corporation tax		25,248	22,977
Social security and other taxes		8,052	8,097
Other creditors		227,251	240,002
Accrued expenses		15,445	13,177
		311,955	319,421

Creditors: amounts falling due after more than one year

	Note	2018 £	2017 £
Due after one year
Loans and borrowings	7	911,345	946,939

7	Loans and borrowings

	2018 £	2017 £
Current loans and borrowings
Bank borrowings	35,801	34,812

	2018 £	2017 £
Loans and borrowings due after one year
Bank borrowings	911,345	946,939

Page 7

Newspoint Limited

Notes to the Financial Statements

Year Ended 30 November 2018

8	Share capital

Allotted, called up and fully paid shares

	2018		2017
	No.	£	No.	£
Share capital of £1 each	2	2	2	2

9

Reserves

Included in the profit and loss account balance carried forward are non-distributable reserves of £821,556 (2017 £818,929). These reserves represent the cumulative revaluation gains, after provision for deferred tax, on the company's investment property.

10	Parent and ultimate parent undertaking

The company's immediate parent is Roboweb Limited, incorporated in England and Wales.

 

Page 8