Scots Independent (Newspapers) Limited - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: SC032356 (Scotland)

UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2019

FOR

SCOTS INDEPENDENT (NEWSPAPERS) LIMITED

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTORS:

D Christie

J Lynch

I Hamilton

L Reid

L Backhouse

REGISTERED OFFICE:

51 Cowane Street

Stirling

FK8 1JW

REGISTERED NUMBER:

SC032356 (Scotland)

ACCOUNTANTS:

Benson Wood & Co.

20 Anderson Street

Airdrie

Lanarkshire

ML6 0AA

FIXED ASSETS

Tangible assets

3

1,286

1,490

Investments

4

608

56,293

1,894

57,783

CURRENT ASSETS

Debtors

5

756

1,267

Cash at bank

73,619

19,366

74,375

20,633

CREDITORS

Amounts falling due within one year

6

2,289

1,198

NET CURRENT ASSETS

72,086

19,435

TOTAL ASSETS LESS CURRENT LIABILITIES

73,980

77,218

PROVISIONS FOR LIABILITIES

7

-

1,604

NET ASSETS

73,980

75,614

CAPITAL AND RESERVES

Called up share capital

2,000

2,000

Retained earnings

71,980

73,614

SHAREHOLDERS' FUNDS

73,980

75,614

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 June 2019.

The members have not required the company to obtain an audit of its financial statements for the year ended 30 June 2019 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their 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 Board of Directors on 31 October 2019 and were signed on its behalf by:

D Christie - Director

I Hamilton - Director

1.	STATUTORY INFORMATION

Scots Independent (Newspapers) Limited 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.

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 as modified by the revaluation of certain assets.

Turnover

Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates,

value added tax and other sales taxes.

Tangible fixed assets

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

Freehold property

-

2% on cost

Office Equipment & Fittings

-

20% on reducing balance

Tangible assets are initially recognised at cost which is the purchase price plus any directly attributable costs.

Subsequently tangible assets are measured at cost less accumulated depreciation and impairment losses.

Financial instruments

The company only has basic financial instruments.

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.

Short term trade 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.

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

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

lease.

Fixed asset investments

Fixed asset investments are stated at fair value.

3.	TANGIBLE FIXED ASSETS

Office

Freehold

Equipment

property

& Fittings

Totals

£

£

£

COST

At 1 July 2018

and 30 June 2019

5,120

12,537

17,657

DEPRECIATION

At 1 July 2018

4,140

12,027

16,167

Charge for year

102

102

204

At 30 June 2019

4,242

12,129

16,371

NET BOOK VALUE

At 30 June 2019

878

408

1,286

At 30 June 2018

980

510

1,490

4.	FIXED ASSET INVESTMENTS

Other

investments

£

COST OR VALUATION

At 1 July 2018

56,293

Additions

585

Disposals

(56,116

)

Revaluations

(154

)

At 30 June 2019

608

NET BOOK VALUE

At 30 June 2019

608

At 30 June 2018

56,293

Cost or valuation at 30 June 2019 is represented by:

Other

investments

£

Valuation in 2019

608

If fixed asset investments had not been revalued they would have been included at the following historical cost:

30.6.19

30.6.18

£

£

Cost

278

30,396

Fixed asset investments were valued on an open market basis basis on 30 June 2019 by reference to the London Stock Exchange

.

5.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

30.6.19

30.6.18

£

£

Trade debtors

666

621

VAT

90

646

756

1,267

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

30.6.19

30.6.18

£

£

Trade creditors

2

27

Tax

1,092

1

Creditors & Accrued Charges

1,195

1,170

2,289

1,198

7.	PROVISIONS FOR LIABILITIES

30.6.19

30.6.18

£

£

Deferred tax

-

1,604

Deferred

tax

£

Balance at 1 July 2018

1,604

Credit to Income Statement during year

(1,604

)

Balance at 30 June 2019

-

The deferred tax provision relates to the excess of the valuation of fixed asset investments over cost.