News & Booze (UK) Limited - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 05785455 (England and Wales)

UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 APRIL 2021

FOR

NEWS & BOOZE (UK) LIMITED

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTORS:

J Singh

H K Patel

S K Patel

REGISTERED OFFICE:

107-109 Brereton Avenue

Cleethorpes

N E Lincolnshire

DN35 7RN

REGISTERED NUMBER:

05785455 (England and Wales)

FIXED ASSETS

Intangible assets

4

80,000

80,000

Tangible assets

5

118,508

128,072

198,508

208,072

CURRENT ASSETS

Stocks

57,750

57,000

Debtors

6

14,946

10,134

Cash at bank and in hand

51,506

42,846

124,202

109,980

CREDITORS

Amounts falling due within one year

7

235,306

250,750

NET CURRENT LIABILITIES

(111,104

)

(140,770

)

TOTAL ASSETS LESS CURRENT LIABILITIES

87,404

67,302

PROVISIONS FOR LIABILITIES

1,233

1,950

NET ASSETS

86,171

65,352

CAPITAL AND RESERVES

Called up share capital

3

3

Retained earnings

86,168

65,349

SHAREHOLDERS' FUNDS

86,171

65,352

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 April 2021.

The members have not required the company to obtain an audit of its financial statements for the year ended 30 April 2021 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 29 April 2022 and were signed on its behalf by:

J Singh - Director

1.	STATUTORY INFORMATION

News & Booze (UK) 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.

SIGNIFICANT JUDGEMENTS AND ESTIMATES

No significant judgements have had to be made by the directors in preparing these financial statements.

The directors have made key assumptions in the determination of fair value of the freehold property in respect of the state of the property market in the location where the property is situated and in respect of the range of reasonable fair value estimates of the asset.

REVENUE

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised.

Sale of goods

Turnover from the sale of goods is recognised when all the following conditions have been satisfied:

- The Company has transferred the significant risks and rewards of ownership to the buyer;

- The Company retains neither continuing managerial involvement to the degree usually associated

with ownership nor effective control over the goods sold;

- The amount of turnover can be reliably measured

- It is probable that the Company will receive the consideration due under the transaction; and

- The costs incurred or to be incurred in respect of the transaction can be measured reliably

GOODWILL

Goodwill arising on acquisition is capitalised and has, in the opinion of the directors, an indefinite useful economic life and as such, amortisation is not provided.

TANGIBLE FIXED ASSETS

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the reducing balance method.

Depreciation is provided on the following basis:

Freehold property - 2%

Fixtures and fittings - 20%

Motor vehicles - 20%

The assets' residual values, useful lives and depreciation methods are reviewed and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in the Statement of income and retained earnings.

STOCKS

Stocks and work in progress are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell.

Cost is based on the cost of the purchase on a first in, first out basis.

At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell. Any 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

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.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 10 (2020 - 10 ) .

4.	INTANGIBLE FIXED ASSETS

Goodwill

£

COST

At 1 May 2020

and 30 April 2021

80,000

NET BOOK VALUE

At 30 April 2021

80,000

At 30 April 2020

80,000

5.	TANGIBLE FIXED ASSETS

Fixtures

Freehold

and

Motor

property

fittings

vehicles

Totals

£

£

£

£

COST

At 1 May 2020

100,544

193,484

24,675

318,703

Disposals

-

-

(24,675

)

(24,675

)

At 30 April 2021

100,544

193,484

-

294,028

DEPRECIATION

At 1 May 2020

3,981

163,589

23,061

190,631

Charge for year

1,971

5,979

-

7,950

Eliminated on disposal

-

-

(23,061

)

(23,061

)

At 30 April 2021

5,952

169,568

-

175,520

NET BOOK VALUE

At 30 April 2021

94,592

23,916

-

118,508

At 30 April 2020

96,563

29,895

1,614

128,072

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2021

2020

£

£

Other debtors

14,946

10,134

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2021

2020

£

£

Trade creditors

24,673

16,301

Taxation and social security

20,153

18,362

Other creditors

190,480

216,087

235,306

250,750

Included in other creditors are amounts due to the directors amounting to £180,816 (2020 - £202,962).

8.	DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

Dividends amounting to £22,500 (2020 - £18,000) were paid to the directors.