News Direct (Scotland) Ltd. - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: SC240510 (Scotland)

Financial Statements

For The Year Ended 5 April 2021

for

News Direct (Scotland) Ltd.

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTORS:

Mrs E Waddell

J F Waddell

SECRETARY:

Mrs E Waddell

REGISTERED OFFICE:

91 Alexander Street

Airdrie

North Lanarkshire

ML6 0BD

REGISTERED NUMBER:

SC240510 (Scotland)

ACCOUNTANTS:

Cahill Jack Associates Limited

91 Alexander Street

Airdrie

North Lanarkshire

ML6 0BD

FIXED ASSETS

Intangible assets

4

-

-

Tangible assets

5

-

37,793

-

37,793

CURRENT ASSETS

Debtors

6

3,835

65,362

Cash at bank and in hand

356,693

270,924

360,528

336,286

CREDITORS

Amounts falling due within one year

7

101,128

99,869

NET CURRENT ASSETS

259,400

236,417

TOTAL ASSETS LESS CURRENT LIABILITIES

259,400

274,210

PROVISIONS FOR LIABILITIES

9

-

6,820

NET ASSETS

259,400

267,390

CAPITAL AND RESERVES

Called up share capital

2

2

Retained earnings

259,398

267,388

SHAREHOLDERS' FUNDS

259,400

267,390

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 5 April 2021.

The members have not required the company to obtain an audit of its financial statements for the year ended 5 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 16 August 2021 and were signed on its behalf by:

Mrs E Waddell - Director

1.	STATUTORY INFORMATION

News Direct (Scotland) Ltd. 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.

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.

Significant judgements and estimates

Preparation of the financial statements requires management to make significant judgements and estimates. The items in the financial statements where these judgements and estimates have been made are described below:

Estimated useful lives and residual values of fixed assets

As described under the Tangible Fixed Asset heading of this accounting policies note, depreciation of tangible fixed assets has been based on estimated useful lives and residual values deemed appropriate by the director. Estimated useful lives and residual values are reviewed annually and revised as applicable. The reviews take into account estimated useful lives used by other companies operating within the same sector and actual asset lives and residual values as evidenced by disposals during current and prior accounting periods.

Turnover

Turnover represents net invoiced sales of newspaper and magazine sales, excluding VAT.

Goodwill

Goodwill, being the amount paid in connection with the acquisition of a business in 2008, is being amortised evenly over its estimated useful life of ten years.

Intangible assets

Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Tangible fixed assets

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

Plant and machinery

-

20% on reducing balance

Fixtures and fittings

-

20% on reducing balance

Motor vehicles

-

25% on reducing balance

Computer equipment

-

25% on reducing balance

At each reporting date fixed assets are reviewed to determine whether there is any indication that those assets have suffered an impairment loss. If there is an indication of possible impairment, the recoverable amount of any affected asset is estimated and compared with its carrying amount. If estimated recoverable amount is lower, the carrying amount is reduced to its estimated recoverable amount, and an impairment loss is recognised immediately in profit or loss.

If an impairment loss subsequently reverses, the carry amount of the asset is increased to the revised estimate of its recoverable amount, but not in excess of the amount that would have been determined had no impairment loss been recognised for the asset in prior years. A reversal of an impairment loss is recognised immediately in profit or loss.

Government grants

Grants considered to be revenue in nature are credited to the profit and loss account in the period to which they relate.

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.

Financial instruments

The following assets and liabilities are classified as financial instruments - trade debtors, trade creditors, bank loans and directors' loans.

Any bank loans are initially measured at the present value of future payments, discounted at a market rate of interest, and subsequently at amortised cost using the effective interest method. Directors' loans (being repayable on demand), trade debtors and trade creditors are measured at the undiscounted amount of the cash or other consideration expected to be paid or received.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 20 (2020 - 18 ) .

4.	INTANGIBLE FIXED ASSETS

Goodwill

£

COST

At 6 April 2020

and 5 April 2021

500,000

AMORTISATION

At 6 April 2020

and 5 April 2021

500,000

NET BOOK VALUE

At 5 April 2021

-

At 5 April 2020

-

5.	TANGIBLE FIXED ASSETS

Fixtures

Plant and

and

Motor

Computer

machinery

fittings

vehicles

equipment

Totals

£

£

£

£

£

COST

At 6 April 2020

6,400

23,375

86,880

25,451

142,106

Additions

-

-

-

5,388

5,388

Disposals

(6,400

)

(23,375

)

(86,880

)

(30,839

)

(147,494

)

At 5 April 2021

-

-

-

-

-

DEPRECIATION

At 6 April 2020

4,722

21,302

55,358

22,931

104,313

Eliminated on disposal

(4,722

)

(21,302

)

(55,358

)

(22,931

)

(104,313

)

At 5 April 2021

-

-

-

-

-

NET BOOK VALUE

At 5 April 2021

-

-

-

-

-

At 5 April 2020

1,678

2,073

31,522

2,520

37,793

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2021

2020

£

£

Trade debtors

3,761

62,723

Social security & other taxes

74

-

Prepayments

-

2,639

3,835

65,362

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2021

2020

£

£

Trade creditors

-

51,419

Tax

40,782

16,720

VAT

51,596

21,599

Directors' current accounts

97

109

Accrued expenses

8,653

10,022

101,128

99,869

8.	LEASING AGREEMENTS

Minimum lease payments under non-cancellable operating leases fall due as follows:

2021

2020

£

£

Within one year

-

1,556

9.	PROVISIONS FOR LIABILITIES

2021

2020

£

£

Deferred tax

-

6,820

Deferred

tax

£

Balance at 6 April 2020

6,820

Accelerated capital allowances

(6,820

)

Balance at 5 April 2021

-

10.	DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

The director's current account was not overdrawn at any time during the year.

11.	ULTIMATE CONTROLLING PARTY

The ultimate controlling party is Mrs E Waddell.