News First Limited Small abbreviated accounts

NEWS FIRST LIMITED - Company Information

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COMPANY REGISTRATION NUMBER 05990038

NEWS FIRST LIMITED

ABBREVIATED FINANCIAL STATEMENTS

30 NOVEMBER 2015

DALY, HOGGETT & CO.

Chartered Accountants

5-11 Mortimer Street

London

W1T 3HS

NEWS FIRST LIMITED

ABBREVIATED BALANCE SHEET

30 November 2015

	2015	2014
Note	£	£	£	£
FIXED ASSETS	2
Tangible assets		1,322		763

CURRENT ASSETS

Debtors	41,130		78,848
Cash at bank and in hand	456,700		201,996
	-------		-------
	497,830		280,844
CREDITORS: Amounts falling due within one year	279,197		57,920
	-------		-------
NET CURRENT ASSETS		218,633		222,924
		-------		-------
TOTAL ASSETS LESS CURRENT LIABILITIES		219,955		223,687

PROVISIONS FOR LIABILITIES	264	153
	-------	-------
	219,691	223,534
	-------	-------

CAPITAL AND RESERVES

Called up equity share capital	3		1		1
Profit and loss account		219,690		223,533
		-------		-------
SHAREHOLDERS' FUNDS		219,691		223,534
		-------		-------

For the year ended 30 November 2015 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's responsibilities:

- The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

- The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These abbreviated accounts have been prepared in accordance with the special provisions applicable to companies subject to the small companies regime.

These abbreviated accounts were approved and signed by the director and authorised for issue on 1 September 2016 .

C McShane

Company Registration Number: 05990038

NEWS FIRST LIMITED

NOTES TO THE ABBREVIATED ACCOUNTS

YEAR ENDED 30 NOVEMBER 2015

1. ACCOUNTING POLICIES

(a) Basis of accounting

The financial statements have been prepared under the historical cost convention, and in accordance with applicable UK accounting standards.

(b) Cash flow statement

The director has taken advantage of the exemption in Financial Reporting Standard No 1 (Revised 1996) from including a cash flow statement in the financial statements on the grounds that the company is small.

The turnover shown in the profit and loss account represents amounts receivable for work undertaken during the year, exclusive of Value Added Tax.

(d) Fixed assets

All fixed assets are initially recorded at cost.

(e) Depreciation

Depreciation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful economic life of that asset as follows:

Equipment-25% reducing balance

(f) Operating lease agreements

Rentals applicable to operating leases where substantially all of the benefits and risks of ownership remain with the lessor are charged against profits on a straight line basis over the period of the lease.

(g) Deferred taxation

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date where transactions or events have occurred at that date that will result in an obligation to pay more, or a right to pay less or to receive more tax.

Deferred tax is measured on an undiscounted basis at the tax rates that are expected to apply in the periods in which timing differences reverse, based on tax rates and laws enacted or substantively enacted at the balance sheet date.

(h) Foreign currencies

Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of the transaction. Exchange differences are taken into account in arriving at the operating profit.

(i) Financial instruments

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the entity after deducting all of its financial liabilities.

2. FIXED ASSETS

	Tangible Assets
	£

COST

At 1 December 2014	2,212
Additions	999
	-----
At 30 November 2015	3,211
	-----

DEPRECIATION

At 1 December 2014	1,449
Charge for year	440
	-----
At 30 November 2015	1,889
	-----

NET BOOK VALUE

At 30 November 2015	1,322
	-----

At 30 November 2014	763
	-----

3. SHARE CAPITAL

Allotted, called up and fully paid:

2015	2014
No.	£	No.	£
Ordinary shares of £ 1 each	1	1	1	1
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