New Statesman Limited - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 03143654 (England and Wales)

New Statesman Limited

Unaudited Financial Statements for the Year Ended 31st December 2019

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

3

DIRECTORS:

K Appiah

P Danson

REGISTERED OFFICE:

12-13 Essex Street

London

London

WC2R 3AA

REGISTERED NUMBER:

03143654 (England and Wales)

ACCOUNTANTS:

Smailes Goldie

Chartered Accountants

Regent's Court

Princess Street

Hull

East Yorkshire

HU2 8BA

FIXED ASSETS

Tangible assets

4

-

42

Investments

5

1,116

-

1,116

42

CURRENT ASSETS

Stocks

25,707

53,582

Debtors

6

1,127,375

1,468,310

Cash at bank

5,876

5,960

1,158,958

1,527,852

CREDITORS

Amounts falling due within one year

7

9,982,588

9,771,139

NET CURRENT LIABILITIES

(8,823,630

)

(8,243,287

)

TOTAL ASSETS LESS CURRENT LIABILITIES

(8,822,514

)

(8,243,245

)

CAPITAL AND RESERVES

Called up share capital

8

2

2

Retained earnings

9

(8,822,516

)

(8,243,247

)

SHAREHOLDERS' FUNDS

(8,822,514

)

(8,243,245

)

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

The members have not required the company to obtain an audit of its financial statements for the year ended 31st December 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 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 Board of Directors and authorised for issue on 30th September 2020 and were signed on its behalf by:

K Appiah - Director

1.	STATUTORY INFORMATION

New Statesman 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.

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.

The significant 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.

Preparation of consolidated financial statements

The financial statements contain information about New Statesman Limited as an individual company and do not

contain consolidated financial information as the parent of a group. The company is exempt under Section

399(2A) of the Companies Act 2006 from the requirements to prepare consolidated financial statements.

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

Tangible fixed assets are stated at cost (or deemed cost) or valuation less accumulated depreciation and

accumulated impairment losses. Cost includes costs directly attributable to making the asset capable of

operating as intended

Depreciation is provided on all tangible fixed assets, at rates calculated to write off the cost, less estimated

residual value, of each asset on a systematic basis over its expected useful life as follows:

Furniture, Fittings and Equipment

20%

Computer Equipment

33%

Investments in subsidiaries

Investments in subsidiary undertakings are recognised at cost.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost includes

all costs of purchase, costs of conversion and other costs incurred in bringing stock to its present location and

condition. Cost is calculated using the first-in, first-out formula. Provision is made for damaged, obsolete and

slow-moving stock where appropriate.

Taxation

Current tax represents the amount of tax payable or receivable in respect of the taxable profit (or loss) for the

current or past reporting periods. It is measured at the amount expected to be paid or recovered using the tax

rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax

Deferred tax represents the future tax consequences of transactions and events recognised in the financial

statements of current and previous periods. It is recognised in respect of all timing differences, with certain

exceptions. Timing differences are differences between taxable profits and total comprehensive income as

stated in the financial statements that arise from the inclusion of income and expense in tax assessments in

periods different from those in which they are recognised in the financial statements. 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.

Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the

balance sheet date that are expected to apply to the reversal of timing differences. Deferred tax on revalued

non-depreciable tangible fixed assets and investment properties is measured using the rates and allowances

that apply to the sale of the asset.

Foreign currencies

Foreign currency transactions are initially recognised by applying to the foreign currency amount the spot

exchange rate between the functional currency and the foreign currency at the date of the transaction.

Monetary assets and liabilities denominated in a foreign currency at the balance sheet date are translated using

the closing rate.

Debtors and creditors receivable/payable within one year

Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at

transaction price. Any losses arising from impairment are recognised in the profit and loss account in other

administrative expenses.

Provisions

Provisions are recognised when the company has an obligation at the balance sheet date as a result of a past

event, it is probable that an outflow of economic benefits will be required in settlement and the amount can be

reliably estimated

Going concern

The accounts have been prepared on the going concern basis. The directors have assessed the company to be

a going concern despite the significant losses incurred in the year and the c£8.8 million net current liabilities

reported at the year end. In making their assessment the directors have considered the significant debt due to

the controlling party and related entities, together with the availability of further financial support.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 50 (2018 - 46 ) .

4.	TANGIBLE FIXED ASSETS

Plant and

machinery

etc

£

COST

At 1st January 2019

and 31st December 2019

87,718

DEPRECIATION

At 1st January 2019

87,676

Charge for year

42

At 31st December 2019

87,718

NET BOOK VALUE

At 31st December 2019

-

At 31st December 2018

42

5.	FIXED ASSET INVESTMENTS

Shares in

group

undertakings

£

COST

Additions

1,116

At 31st December 2019

1,116

NET BOOK VALUE

At 31st December 2019

1,116

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2019

2018

£

£

Trade debtors

681,411

860,606

Other debtors

9,589

11,788

Amounts due by related parties

254,299

334,493

Prepayments and accrued income

182,076

261,423

1,127,375

1,468,310

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2019

2018

£

£

Bank overdrafts

491,051

485,649

Trade creditors

563,966

684,916

Amounts owed to related parties

1,016,739

1,073,844

Taxation and social security

217,534

99,430

Other creditors

7,693,298

7,427,300

9,982,588

9,771,139

8.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

2019

2018

value:

£

£

2

Ordinary

£1

2

2

9.

RESERVES

Retained

earnings

£

At 1st January 2019

(8,243,247

)

Deficit for the year

(579,269

)

At 31st December 2019

(8,822,516

)

10.	POST BALANCE SHEET EVENTS

On 11 March 2020, the World Health Organisation declared the Coronavirus (COVID-19) outbreak to be a

pandemic in recognition of its rapid spread across the globe, with over 150 countries now affected. Many

governments are taking increasingly stringent steps to help contain or delay the spread of the virus Currently,

there is a significant increase in economic uncertainty which is, for example, evidenced by more volatile asset

prices and currency exchange rates.

For the company's 31 December 2019 financial statements, the Coronavirus outbreak and the related impacts

are considered non-adjusting events. Consequently, there is no impact on the recognition and measurement of

assets and liabilities. Due to the uncertainty of the outcome of the current events, the company cannot

reasonably estimate the impact these events will have on the company's financial position, results of operations

or cash flows in the future. The directors will continue to monitor the impact of the Coronavirus on the activities of

the company.

11.	RELATED PARTY DISCLOSURES

During the year the company transacted, at market value rates, with various companies under the common

control of M Danson. The amounts due from and to these companies are shown in notes 6 and 7. In addition

other creditors includes an amount due to M Danson of £6,008,663 (2018 £6,008,663). All amounts are interest

free, unsecured and repayable on demand.

12.	ULTIMATE CONTROLLING PARTY