News Direct (Scotland) Ltd. - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: SC240510 (Scotland)

Financial Statements

For The Year Ended 5 April 2019

for

News Direct (Scotland) Ltd.

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTOR:

J D Waddell

SECRETARY:

Mrs E Waddell

REGISTERED OFFICE:

91 Alexander Street

Airdrie

North Lanarkshire

ML6 0BD

REGISTERED NUMBER:

SC240510 (Scotland)

ACCOUNTANTS:

Cahill Jack Associates Limited

91 Alexander Street

Airdrie

North Lanarkshire

ML6 0BD

FIXED ASSETS

Intangible assets

4

-

-

Tangible assets

5

24,598

36,443

24,598

36,443

CURRENT ASSETS

Debtors

6

64,877

70,292

Cash at bank and in hand

273,433

212,432

338,310

282,724

CREDITORS

Amounts falling due within one year

7

144,550

187,371

NET CURRENT ASSETS

193,760

95,353

TOTAL ASSETS LESS CURRENT LIABILITIES

218,358

131,796

PROVISIONS FOR LIABILITIES

9

4,289

5,906

NET ASSETS

214,069

125,890

CAPITAL AND RESERVES

Called up share capital

2

2

Retained earnings

214,067

125,888

SHAREHOLDERS' FUNDS

214,069

125,890

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 5 April 2019.

The members have not required the company to obtain an audit of its financial statements for the year ended 5 April 2019 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges his responsibilities for:

(a)	ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and

(b)

preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

The financial statements have been prepared and delivered in accordance with the provisions of Part 15 of the Companies Act 2006 relating to small companies.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the director on 5 September 2019 and were signed by:

J D Waddell - Director

1.	STATUTORY INFORMATION

News Direct (Scotland) Ltd. is a private company, limited by shares , registered in Scotland. The company's

registered number and registered office address can be found on the Company Information page.

The presentation currency of the financial statements is the Pound Sterling (£).

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

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 the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Significant judgements and estimates

Preparation of the financial statements requires management to make significant judgements and estimates. The

items in the financial statements where these judgements and estimates have been made are described below:

Estimated useful lives and residual values of fixed assets

As described under the Tangible Fixed Asset heading of this accounting policies note, depreciation of tangible

fixed assets has been based on estimated useful lives and residual values deemed appropriate by the director.

Estimated useful lives and residual values are reviewed annually and revised as applicable. The reviews take into

account estimated useful lives used by other companies operating within the same sector and actual asset lives

and residual values as evidenced by disposals during current and prior accounting periods.

Turnover

Turnover represents net invoiced sales of newspaper and magazine sales, excluding VAT.

Goodwill

Goodwill, being the amount paid in connection with the acquisition of a business in 2008, is being amortised evenly over its estimated useful life of ten years.

Intangible assets

Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost

less any accumulated amortisation and any accumulated impairment losses.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Plant and machinery

-

20% on reducing balance

Fixtures and fittings

-

20% on reducing balance

Motor vehicles

-

25% on reducing balance

Computer equipment

-

25% on reducing balance

At each reporting date fixed assets are reviewed to determine whether there is any indication that those assets

have suffered an impairment loss. If there is an indication of possible impairment, the recoverable amount of any

affected asset is estimated and compared with its carrying amount. If estimated recoverable amount is lower, the

carrying amount is reduced to its estimated recoverable amount, and an impairment loss is recognised

immediately in profit or loss.

If an impairment loss subsequently reverses, the carry amount of the asset is increased to the revised estimate of

its recoverable amount, but not in excess of the amount that would have been determined had no impairment loss

been recognised for the asset in prior years. A reversal of an impairment loss is recognised immediately in profit

or loss.

Taxation

Taxation for the year comprises current and deferred 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.

Current or deferred taxation assets and liabilities are not discounted.

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.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance

sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from

those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that

have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the

timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they

will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Hire purchase and leasing commitments

Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held

under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases

are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to profit or loss over the relevant period. The capital element

of the future payments is treated as a liability.

Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the

lease.

Pension costs and other post-retirement benefits

The company operates a defined contribution pension scheme. Contributions payable to the company's pension

scheme are charged to profit or loss in the period to which they relate.

Dividends

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised

when paid. Final equity dividends are recognised when approved by the shareholders at an annual general

meeting.

Financial instruments

The following assets and liabilities are classified as financial instruments - trade debtors, trade creditors, bank

loans and directors' loans.

Any bank loans are initially measured at the present value of future payments, discounted at a market rate of

interest, and subsequently at amortised cost using the effective interest method. Directors' loans (being repayable

on demand), trade debtors and trade creditors are measured at the undiscounted amount of the cash or other

consideration expected to be paid or received.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 18 (2018 - 20 ) .

4.	INTANGIBLE FIXED ASSETS

Goodwill

£

COST

At 6 April 2018

and 5 April 2019

500,000

AMORTISATION

At 6 April 2018

and 5 April 2019

500,000

NET BOOK VALUE

At 5 April 2019

-

At 5 April 2018

-

5.	TANGIBLE FIXED ASSETS

Fixtures

Plant and

and

Motor

Computer

machinery

fittings

vehicles

equipment

Totals

£

£

£

£

£

COST

At 6 April 2018

6,400

23,375

78,170

25,451

133,396

Disposals

-

-

(10,895

)

-

(10,895

)

At 5 April 2019

6,400

23,375

67,275

25,451

122,501

DEPRECIATION

At 6 April 2018

3,779

20,135

52,069

20,970

96,953

Charge for year

524

648

5,517

1,121

7,810

Eliminated on disposal

-

-

(6,860

)

-

(6,860

)

At 5 April 2019

4,303

20,783

50,726

22,091

97,903

NET BOOK VALUE

At 5 April 2019

2,097

2,592

16,549

3,360

24,598

At 5 April 2018

2,621

3,240

26,101

4,481

36,443

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2019

2018

£

£

Trade debtors

63,504

69,044

Prepayments

1,373

1,248

64,877

70,292

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2019

2018

£

£

Trade creditors

61,884

31,995

Tax

23,717

24,418

Social security and other taxes

-

5,254

VAT

18,389

15,069

Directors' current accounts

31,984

100,617

Accrued expenses

8,576

10,018

144,550

187,371

8.	LEASING AGREEMENTS

Minimum lease payments under non-cancellable operating leases fall due as follows:

2019

2018

£

£

Within one year

4,506

4,506

Between one and five years

1,556

6,061

6,062

10,567

9.	PROVISIONS FOR LIABILITIES

2019

2018

£

£

Deferred tax

4,289

5,906

Deferred

tax

£

Balance at 6 April 2018

5,906

Accelerated capital allowances

(1,617

)

Balance at 5 April 2019

4,289

10.	DIRECTOR'S ADVANCES, CREDITS AND GUARANTEES

The director's current account was not overdrawn at any time during the year.

11.	ULTIMATE CONTROLLING PARTY

The ultimate controlling party is J D Waddell.