The Newark Advertiser Company Limited Filleted accounts for Companies House (small and micro)

NEWARK ADVERTISER COMPANY LIMITED(THE) - Company Information

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COMPANY REGISTRATION NUMBER: 00065857

The Newark Advertiser Company Limited

Filleted Unaudited Financial Statements

For the year ended

30 June 2019

The Newark Advertiser Company Limited

Statement of Financial Position

30 June 2019

	2019		2018
Note	£	£	£

Fixed assets

Tangible assets	5		507,672	518,609

Current assets

Debtors	6	9,112	174,231
Cash at bank and in hand		205,781	164,458
		---------	---------
		214,893	338,689

Creditors: amounts falling due within one year	7	62,105		69,082
		---------		---------
Net current assets			152,788	269,607
			---------	---------
Total assets less current liabilities			660,460	788,216
			---------	---------
Net assets			660,460	788,216
			---------	---------

Capital and reserves

Called up share capital	218,470	218,470
Share premium account	174,680	174,680
Capital redemption reserve	3,000	3,000
Profit and loss account	264,310	392,066
	---------	---------
Shareholders funds	660,460	788,216
	---------	---------

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.

In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.

For the year ending 30 June 2019 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 financial statements for the year in question in accordance with section 476 ;

- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .

These financial statements were approved by the board of directors and authorised for issue on 20 March 2020 , and are signed on behalf of the board by:

J M Parlby

Director

Company registration number: 00065857

The Newark Advertiser Company Limited

Notes to the Financial Statements

Year ended 30 June 2019

1. General information

The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Tower House, Lucy Tower Street, Lincoln, Lincolnshire, LN11XW, England.

2. Statement of compliance

These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.

3. Accounting policies

Basis of preparation

The financial statements have been prepared on the historical cost basis. The financial statements are prepared in sterling, which is the functional currency of the entity.

Judgements and key sources of estimation uncertainty

The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. The judgements (apart from those involving estimations) that management has made in the process of applying the entity's accounting policies and that have the most significant effect on the amounts recognised in the financial statements are as follows: Accounting estimates and assumptions are made concerning the future and, by their nature, will rarely equal the related actual outcome.

Revenue recognition

The turnover shown in the profit and loss account represents amounts invoiced during the year from ordinary activities, stated after trade discounts, other sales taxes and exclusive of Value Added Tax.

Income tax

Provision is made for tax on gains arising from the revaluation (and similar fair value adjustments) of fixed assets, and gains on disposal of fixed assets that have been rolled over into replacement assets, only to the extent that, at the balance sheet date, there is a binding agreement to dispose of the assets concerned. However, no provision is made where, on the basis of all available evidence at the balance sheet date, it is more likely than not that the taxable gain will be rolled over into replacement assets and charged to tax only where the replacement assets are sold. Deferred tax assets are recognised only to the extent that the directors consider that it is more likely than not that there will be suitable taxable profits from which the future reversal of the underlying timing differences can be deducted.

Tangible assets

Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.

Depreciation

Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:

	Freehold Property	-	straight line over 50 years

Impairment of fixed assets

A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the company are assigned to those units.

Finance leases and hire purchase contracts

Assets held under finance leases and hire purchase contracts are recognised in the statement of financial position as assets and liabilities at the lower of the fair value of the assets and the present value of the minimum lease payments, which is determined at the inception of the lease term. Any initial direct costs of the lease are added to the amount recognised as an asset. Lease payments are apportioned between the finance charges and reduction of the outstanding lease liability using the effective interest method. Finance charges are allocated to each period so as to produce a constant rate of interest on the remaining balance of the liability.

Financial instruments

Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as either financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.

Defined contribution plans

Until 31st December 1991, the Company operated a defined benefits pension scheme for the benefit of all its eligible employees. From 1st January 1992, pension benefits are provided by means of a defined contribution pension scheme with the Prudential Assurance Company Limited. In October 2004 the scheme was moved to Scottish Equitable. The Company's contribution is at the rate of 1.5% of Member's earnings and these contributions are charged against profits as they arise.

4. Staff costs

The average number of persons employed by the company during the year amounted to 1 (2018: 30 ).

The aggregate employment costs incurred during the year were:

		Period from
	Year to	1 Jan 17 to
	30 Jun 19	30 Jun 18
	£	£
Wages and salaries	32,461	1,152,295
Social security costs	367	96,306
Other pension costs	12,326	41,105
	--------	------------
	45,154	1,289,706
	--------	------------

5. Tangible assets

	Freehold property
	£
Cost
At 1 July 2018 and 30 June 2019	546,867
	---------
Depreciation
At 1 July 2018	28,258
Charge for the year	10,937
	---------
At 30 June 2019	39,195
	---------
Carrying amount
At 30 June 2019	507,672
	---------
At 30 June 2018	518,609
	---------

6. Debtors

	2019	2018
	£	£
Trade debtors	–	163,687
Other debtors	9,112	10,544
	-------	---------
	9,112	174,231
	-------	---------

7. Creditors: amounts falling due within one year

	2019	2018
	£	£
Trade creditors	1,254	22,704
Social security and other taxes	–	26,594
Other creditors	60,851	19,784
	--------	--------
	62,105	69,082
	--------	--------