Valley Community News Limited (formerly Farnham Castle (2012) Limited) - Accounts

Valley Community News Limited (formerly Farnham Castle (2012) Limited) - Accounts

VALLEY COMMUNITY NEWS LIMITED - Company Information

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Registered number
08176016
Valley Community News Limited (formerly Farnham Castle (2012) Limited)
Annual Report
31 March 2015
Valley Community News Limited (formerly Farnham Castle (2012) Limited)
Report and accounts
Contents
Page
Company information 1
Directors' report 2
Independent auditors' report 4
Profit and loss account 5
Balance sheet 6
Notes to the accounts 7
Valley Community News Limited (formerly Farnham Castle (2012) Limited)
Company Information
Directors
Sir Ray Tindle CBE, DL, FCIS
W.D. Craig
D. Parker
K. Plaskett
Secretary
A.J. Pusey FCA
Auditors
David Pinder & Co Limited
23 Lockyer Street
Plymouth
Devon
PL1 2QZ
Bankers
Lloyds Bank plc
147 High Street
Guildford
Surrey
GU1 3AG
Solicitors
TWM Solicitors LLP
65 Woodbridge Road
Guildford
Surrey
GU1 4RD
Registered office
The Old Court House
Union Road
Farnham
Surrey
GU9 7PT
Registered number
08176016
Valley Community News Limited (formerly Farnham Castle (2012) Limited)
Directors' Report
The directors present their report and accounts for the year ended 31 March 2015.
Principal activities
On 11 June 2014 the company name was changed from Farnham Castle (2012) Limited to Valley Community News Limited.

The principal activity of the company is that of publication of newspapers.

The company was dormant, but recommenced trading on 1 July 2014.
Review of the business
The results for the year and the financial position at the year end were considered satisfactory by the directors.
Financial instrument risk
The company uses as its key performance indicators the revenue, operating profit and net profit amounts.

The principal challenges facing the company arise from the vagaries of the economy in the United Kingdom leading to fluctuations in the advertising market. A full assessment of risk is disclosed in the accounts of the company's parent undertaking.
Directors
The following persons served as directors during the year:
Sir Ray Tindle CBE, DL, FCIS
W.D. Craig
D. Parker (Appointed 04 June 2014)
K. Plaskett (Appointed 04 June 2014)
Directors' responsibilities
The directors are responsible for preparing the report and accounts in accordance with applicable law and regulations.
Company law requires the directors to prepare accounts for each financial year. Under that law the directors have elected to prepare the accounts in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the accounts unless they are satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period. In preparing these accounts, the directors are required to:
● select suitable accounting policies and then apply them consistently;
● make judgements and estimates that are reasonable and prudent;
● state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the accounts;
● prepare the accounts on the going concern basis unless it is inappropriate to presume that the company will continue in business.
The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the accounts comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
Disclosure of information to auditors
Each person who was a director at the time this report was approved confirms that:
● so far as they are aware, there is no relevant audit information of which the company's auditor is unaware; and
● they have taken all the steps that they ought to have taken as a director in order to make themselves aware of any relevant audit information and to establish that the company's auditor is aware of that information.
Auditor
David Pinder & Co Limited are deemed to be reappointed as auditors under section 487(2) of the Companies Act 2006.
This report was approved by the board on 16 December 2015 and signed by its order.
A.J. Pusey FCA
Secretary
Registered number: 08176016
Valley Community News Limited (formerly Farnham Castle (2012) Limited)
Independent auditor's report
to the member of Valley Community News Limited (formerly Farnham Castle (2012) Limited)
We have audited the financial statements of Valley Community News Limited (formerly Farnham Castle (2012) Limited) for the year ended 31 March 2015 which comprise the Profit and Loss Account, the Balance Sheet and the related notes. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).
This report is made solely to the company's member, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's member those matters we are required to state to them in an auditors' report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's member as a body, for our audit work, for this report, or for the opinions we have formed.
Respective responsibilities of directors and auditor
As explained more fully in the Directors' Responsibilities Statement, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view. Our responsibility is to audit and express an opinion on the financial statements in accordance with applicable law and International Standards on Auditing (UK and Ireland). Those standards require us to comply with the Auditing Practices Board's (APB's) Ethical Standards for Auditors.
Scope of the audit of the financial statements
A description of the scope of an audit of financial statements is provided on the Financial Reporting Council's website at www.frc.org.uk/auditscopeukprivate
Opinion on the financial statements
In our opinion the financial statements:
● give a true and fair view of the state of the company's affairs as at 31 March 2015 and of its profit for the year then ended;
● have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
● have been prepared in accordance with the requirements of the Companies Act 2006.
Opinion on other matters prescribed by the Companies Act 2006
In our opinion the information given in the Directors' Report for the financial year for which the financial statements are prepared is consistent with the financial statements.
Matters on which we are required to report by exception
We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion:
● adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or
● the financial statements are not in agreement with the accounting records and returns; or
● certain disclosures of directors’ remuneration specified by law are not made; or
● we have not received all the information and explanations we require for audit; or
● the directors were not entitled to take advantage of the small companies exemption from the requirement to prepare a strategic report.
David Pinder
Senior Statutory Auditor 23 Lockyer Street
for and on behalf of Plymouth
David Pinder & Co Limited Devon
Statutory Auditor, Chartered Accountants PL1 2QZ
21 December 2015
Valley Community News Limited (formerly Farnham Castle (2012) Limited)
Profit and Loss Account
for the year ended 31 March 2015
Notes 2015 2014
£ £
Turnover 2 139,155 -
Cost of sales (89,192) -
Gross profit 49,963 -
Distribution costs (17,436) -
Administrative expenses (25,421) -
Operating profit 3 7,106 -
Interest receivable - -
Profit on ordinary activities before taxation 7,106 -
Tax on profit on ordinary activities 5 (1,700) -
Profit for the financial year 5,406 -
Continuing operations
All of the company's activities were acquired operations.
Statement of total recognised gains and losses
The company has no recognised gains or losses other than the profit for the above two financial years.
Valley Community News Limited (formerly Farnham Castle (2012) Limited)
Balance Sheet
as at 31 March 2015
Notes 2015 2014
£ £
Fixed assets
Intangible assets 6 46,646 -
Tangible assets 7 3,913 -
50,559 -
Current assets
Debtors 8 49,153 1
Cash at bank and in hand 45,875 -
95,028 1
Creditors: amounts falling due within one year 9 (139,273) -
Net current (liabilities)/assets (44,245) 1
Total assets less current liabilities 6,314 1
Provisions for liabilities
Deferred taxation 10 (900) -
Net assets 5,414 1
Capital and reserves
Called up share capital 11 8 1
Profit and loss account 12 5,406 -
Shareholder's funds 13 5,414 1
W.D. Craig
Director
Approved by the board on 16 December 2015
Valley Community News Limited (formerly Farnham Castle (2012) Limited)
Notes to the Accounts
for the year ended 31 March 2015
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with applicable United Kingdom Accounting Standards.

The company has taken advantage of the exemption in Financial Reporting Standard No 1 from the requirement to produce a cash flow statement on the grounds that it is a wholly-owned subsidiary whose results are included in the publicly available consolidated accounts of the ultimate parent company.
Turnover
Turnover represents amounts receivable for goods and services net of VAT and trade discounts. Turnover is attributable to the company's main activity, the publication of weekly newspapers and is comprised mainly of advertising and circulation income. Advertising revenue is recognised upon publication and circulation revenue is recognised at the time of sale.
Tangible assets and depreciation
Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Fixtures, fittings and equipment over 5 years
The charge to depreciation commences in the month following the month of acquisition. Where there is evidence of impairment, fixed assets are written down to the recoverable amount and fair value adjustments are made on acquisitions as required.
Newspapers titles
Publishing rights and titles acquired after 31 March 1998 are included in the balance sheet at their fair value on acquisition. Titles acquired prior to this date are included at their book value at that date. No amortisation is charged on publishing rights and titles as the group has demonstrated through its publishing policy that such titles do not have a finite life. Impairment tests are undertaken each year to determine whether any diminution in value should be brought into the accounts.
Leasing and hire purchase commitments
Rentals paid under operating leases are charged to income on a straight line basis over the lease term.
Deferred taxation
Full provision is made for deferred taxation resulting from timing differences between the recognition of gains and losses in the accounts and their recognition for tax purposes.

Deferred tax is calculated at the tax rates which are expected to apply in the periods when the timing differences will reverse, and discounted to reflect the time value of money using rates based on the post-tax yields to maturity that could be obtained at the balance sheet date on government bonds with similar maturity dates.
Pensions
The company operates a defined contribution pension scheme. Contributions are charged to the profit and loss account as they become payable in accordance with the rules of the scheme.
2 Analysis of turnover 2015 2014
£ £
By activity:
Newspaper publishing 139,155 -
By geographical market:
UK 139,155 -
3 Operating profit 2015 2014
£ £
This is stated after charging:
Depreciation of owned fixed assets 1,918 -
Operating lease rentals - other assets 1,102 -
Operating lease rentals - land buildings 5,850 -
Auditor's remuneration for audit services 1,050 -
4 Staff costs 2015 2014
£ £
Wages and salaries 25,386 -
Social security costs 1,651 -
Other pension costs (see below) 480 -
27,517 -
Pension costs
Payments to defined contribution scheme 480 -
Average number of employees during the year Number Number
Management and administration 4 4
Editorial and production 1 -
Sales and marketing 1 -
6 4
Directors' remuneration is borne by another group undertaking.
5 Taxation 2015 2014
£ £
Analysis of charge in period
Current tax:
UK corporation tax on profits of the period 800 -
Deferred tax:
Origination and reversal of timing differences 900 -
Tax on profit on ordinary activities 1,700 -
Factors affecting tax charge for period
The differences between the tax assessed for the period and the standard rate of corporation tax are explained as follows:
2015 2014
£ £
Profit on ordinary activities before tax 7,106 -
Standard rate of corporation tax in the UK 20% 23%
£ £
Profit on ordinary activities multiplied by the standard rate of corporation tax 1,421 -
Effects of:
Expenses not deductible for tax purposes 89 -
Capital allowances for period in excess of depreciation (783) -
Provision based tax charge 73 -
Current tax charge for period 800 -
Factors that may affect future tax charges
There are no known factors that would affect the future tax charges.
6 Intangible fixed assets £
Publishing rights
Cost
Additions 46,646
At 31 March 2015 46,646
Amortisation
At 31 March 2015 -
Net book value
At 31 March 2015 46,646
Publishing rights are not seen as having a finite life and are subject to annual impairment assessments.
7 Tangible fixed assets
Plant and machinery Fixtures, fittings and equipment Total
£ £ £
Cost
Additions 5,331 500 5,831
At 31 March 2015 5,331 500 5,831
Depreciation
Charge for the year 1,655 263 1,918
At 31 March 2015 1,655 263 1,918
Net book value
At 31 March 2015 3,676 237 3,913
8 Debtors 2015 2014
£ £
Trade debtors 37,919 -
Amounts owed by parent and fellow subsidiary undertakings - 1
Other debtors 11,108 -
Prepayments and accrued income 126 -
49,153 1
9 Creditors: amounts falling due within one year 2015 2014
£ £
Trade creditors 7,549 -
Amounts owed to parent and fellow subsidiary undertakings 104,636 -
Corporation tax 800 -
Other taxes and social security costs 5,361 -
Accruals and deferred income 20,927 -
139,273 -
10 Deferred taxation 2015 2014
£ £
Accelerated capital allowances 900 -
Undiscounted provision for deferred tax 900 -
2015 2014
£ £
Deferred tax charge in profit and loss account 900 -
At 31 March 900 -
11 Share capital Nominal 2015 2015 2014
value Number £ £
Allotted, called up and fully paid:
Ordinary shares £1 each 8 8 1
Nominal Number Amount
value £
Shares issued during the period:
Ordinary shares £1 each 7 7
12 Profit and loss account 2015
£
Profit for the financial year 5,406
At 31 March 2015 5,406
13 Reconciliation of movement in shareholder's funds 2015 2014
£ £
At 1 April 1 1
Profit for the financial year 5,406 -
Shares issued 7 -
At 31 March 5,414 1
14 Financial commitments
At the year end the company had annual commitments under non-cancellable operating leases as set out below:
Land and buildings Land and buildings Other Other
2015 2014 2015 2014
£ £ £ £
Operating leases which expire:
within two to five years 7,800 - - -
15 Related party transactions
Tindle Press Holdings Group
Group company
The company has taken advantage of the exemption in Financial Reporting Standard No 8 from the requirement to disclose transactions with wholly owned group undertakings.
2015 2014
£ £
Kingsley House
D. Parker and K. Plasett has a beneficial interest
Title - Valley News £44,450 (2014 - £Nil)
Fixed assets £5,550 (2014 - £Nil)
Sales in advance £(14,510) (2014 - £Nil)
Running cost of business £22,945 (2014 - £Nil)
Amount due from the related party 10,609 -
Tindle Newspapers Ltd
Parent company
Management services £4,254 (2014 - £Nil)
Legal costs £900 (2014 - £Nil)
Software £200 (2014 - £Nil)
Lease Van rental £1,127 (2014 - £Nil)
Amount due (to) the related party (104,636) -
16 Ultimate controlling party
The ultimate parent company is Tindle Press Holdings Limited, a company registered in England and Wales. The ultimate controlling party of that company is Sir Ray Tindle by virtue of his 100% interest, direct and indirect, in the ordinary shares of that company.

The parent company is Tindle Newspapers Limited, a company registered in England and Wales.

Tindle Press Holdings Limited and Tindle Newspapers Limited prepare group financial statements, copies of which can be obtained from the Registrar of Companies, Companies House, Crown Way, Maindy, Cardiff, CF14 3UZ.
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