Thompsons News Stores Limited - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 06857809 (England and Wales)

Thompsons News Stores Limited

Unaudited Financial Statements for the Year Ended 31 March 2019

Page

Company Information

1

Statement of Financial Position

2

Notes to the Financial Statements

4

Director:

J M Fenn

Registered office:

96-99 St Peters Road

Great Yarmouth

Norfolk

NR30 3AU

Registered number:

06857809 (England and Wales)

Accountants:

Fairhead Bradford

5 Queen Street

Great Yarmouth

Norfolk

NR30 2QP

Fixed assets

Tangible assets

4

270,088

252,152

Current assets

Stocks

101,844

94,128

Debtors

5

235,316

34,251

Cash at bank and in hand

122,746

80,273

459,906

208,652

Creditors

Amounts falling due within one year

6

199,903

165,061

Net current assets

260,003

43,591

Total assets less current liabilities

530,091

295,743

Creditors

Amounts falling due after more than one year

7

(269,311

)

(118,000

)

Provisions for liabilities

(5,656

)

(988

)

Net assets

255,124

176,755

Capital and reserves

Called up share capital

100

100

Retained earnings

255,024

176,655

Shareholders' funds

255,124

176,755

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2019.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 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 applicable to companies subject to the small companies regime.

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 28 November 2019 and were signed by:

J M Fenn - Director

1.	Statutory information

Thompsons News Stores Limited is a private company, limited by shares , registered in England and

Wales. 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.

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 each asset over its estimated useful life.

Freehold property

-

2% on cost

Fixtures, fittings and equipment

-

25% on reducing balance

Stocks

Stocks are valued at the lower of cost and net realisable value, after making due allowance for

obsolete and slow moving items.

Financial instruments

Basic financial instruments are initially recognised at the transaction price, unless the arrangement

constitutes a financing transaction, where it is recognised at the present value of the future payments

discounted at a market rate of interest for a similar debt instrument. Debt instruments are subsequently

measured at amortised cost.

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 statement of financial position date.

Deferred tax

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

the statement of financial position 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.

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.

3.	Employees and directors

The average number of employees during the year was 11 (2018 - 11 ) .

4.	Tangible fixed assets

Fixtures,

fittings

Freehold

and

property

equipment

Totals

£

£

£

Cost

At 1 April 2018

215,869

141,458

357,327

Additions

-

33,084

33,084

At 31 March 2019

215,869

174,542

390,411

Depreciation

At 1 April 2018

3,459

101,716

105,175

Charge for year

415

14,733

15,148

At 31 March 2019

3,874

116,449

120,323

Net book value

At 31 March 2019

211,995

58,093

270,088

At 31 March 2018

212,410

39,742

252,152

5.

Debtors: amounts falling due within one year

31/3/19

31/3/18

£

£

Other debtors

235,316

34,251

Other debtors include a loan of £191,370 to KLZ Properties Limited, a company owned and controlled

by the company director. The loan is unsecured and interest free.

6.

Creditors: amounts falling due within one year

31/3/19

31/3/18

£

£

Bank loans and overdrafts

10,454

-

Trade creditors

42,816

34,340

Taxation and social security

43,059

21,004

Other creditors

103,574

109,717

199,903

165,061

7.

Creditors: amounts falling due after more than one year

31/3/19

31/3/18

£

£

Bank loans

199,311

-

Other creditors

70,000

118,000

269,311

118,000

Amounts falling due in more than five years:

Repayable by instalments

Bank loans more 5 yr by instal

152,648

-

8.	Related party disclosures

Included in other creditors is a loan from the parents of the director to the company of £118,000 ( 2018

- £216,000 ). The company is currently repaying the loan at the rate of £4,000 per month. The loan is

unsecured and interest free.

9.	Ultimate controlling party

The ultimate controlling party is J M Fenn.