Methodist Newspaper Company Limited - Accounts to registrar (filleted) - small 22.3

REGISTERED NUMBER: 00000295 (England and Wales)

Unaudited Financial Statements

for the Period

21 November 2020 to 18 November 2021

for

Methodist Newspaper Company Limited

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

Report of the Accountants

6

DIRECTORS:

M R Sleight

C Wells

Reverend S J Wild

SECRETARY:

C Wells

REGISTERED OFFICE:

Le Strange Old Barns Golf Course Road

Old Hunstanton

Hunstanton

PE36 6JG

REGISTERED NUMBER:

00000295 (England and Wales)

ACCOUNTANTS:

G A Services

10 Ash Grove

South Wootton

King's Lynn

Norfolk

PE30 3TS

FIXED ASSETS

Tangible assets

4

363,205

366,779

CURRENT ASSETS

Debtors

5

47,164

74,028

Cash at bank

178,175

347,144

225,339

421,172

CREDITORS

Amounts falling due within one year

6

93,026

448,558

NET CURRENT ASSETS/(LIABILITIES)

132,313

(27,386

)

TOTAL ASSETS LESS CURRENT LIABILITIES

495,518

339,393

CAPITAL AND RESERVES

Called up share capital

3,500

3,500

Retained earnings

492,018

335,893

495,518

339,393

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the period ended 18 November 2021.

The members have not required the company to obtain an audit of its financial statements for the period ended 18 November 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 12 January 2023 and were signed on its behalf by:

M R Sleight - Director

1.	STATUTORY INFORMATION

Methodist Newspaper Company 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.

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.

Taxation

Taxation for the period 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 period 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 period was 2 (2020 - 2 ) .

4.	TANGIBLE FIXED ASSETS

Plant and

Land and

machinery

buildings

etc

Totals

£

£

£

COST

At 21 November 2020

and 18 November 2021

528,354

210,732

739,086

DEPRECIATION

At 21 November 2020

161,575

210,732

372,307

Charge for period

3,574

-

3,574

At 18 November 2021

165,149

210,732

375,881

NET BOOK VALUE

At 18 November 2021

363,205

-

363,205

At 20 November 2020

366,779

-

366,779

5.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

18.11.21

20.11.20

£

£

Trade debtors

10,022

51,144

Other debtors

37,142

22,884

47,164

74,028

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

18.11.21

20.11.20

£

£

Trade creditors

-

31,060

Taxation and social security

58,256

47,287

Other creditors

34,770

370,211

93,026

448,558

7.	DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

Included in other debtors is a balance of £1,595 jointly owed to the company by the directors. (2020 £267,624 owed to the directors M R Sleight and C Wells . This is made up of amounts brought forward less monies withdrawn..

The following reproduces the text of the report prepared for the directors in respect of the company's annual unaudited financial statements. In accordance with the Companies Act 2006, the company is only required to file a Balance Sheet. Readers are cautioned that the Income Statement and certain other primary statements and the Report of the Directors are not required to be filed with the Registrar of Companies.

As described on the Balance Sheet you are responsible for the preparation of the financial statements for the period ended 18 November 2021 set out on pages nil to nil and you consider that the company is exempt from an audit.

In accordance with your instructions, we have compiled these unaudited financial statements in order to assist you to fulfil your statutory responsibilities, from the accounting records and information and explanations supplied to us.

G A Services

10 Ash Grove

South Wootton

King's Lynn

Norfolk

PE30 3TS

12 January 2023