Todmorden News Centre Ltd
Todmorden News Centre Ltd
Registered number: 7292504
Abbreviated accounts
For The Year Ended 31 October 2016
Patel & Co. Accountants
362 Derby Street
Bolton
BL3 6LS
Todmorden News Centre Ltd
Company No. 7292504
Abbreviated Balance Sheet
31 October 2016
Abbreviated Balance Sheet
2016 | 2015 | ||||
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Notes | £ | £ | £ | £ | |
FIXED ASSETS | |||||
Intangible Assets | 2 |
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Tangible Assets | 3 |
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183,606 | 195,757 | ||||
CURRENT ASSETS | |||||
Stocks |
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Debtors | 4 |
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Cash at bank and in hand |
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Creditors: Amounts Falling Due Within One Year |
( |
( |
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NET CURRENT ASSETS (LIABILITIES) |
( |
( |
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TOTAL ASSETS LESS CURRENT LIABILITIES |
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Creditors: Amounts Falling Due After More Than One Year | 5 |
( |
( |
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NET ASSETS |
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CAPITAL AND RESERVES | |||||
Called up share capital | 6 |
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Profit and Loss Account |
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SHAREHOLDERS' FUNDS |
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Todmorden News Centre Ltd
Company No. 7292504
Abbreviated Balance Sheet (continued)
31 October 2016
Directors' responsibilities:
-
The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006. -
The directors acknowledge their 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 provisions applicable to companies subject to the small companies' regime and in accordance with the Financial Reporting Standard for Smaller Entities (effective 2015).
On behalf of the board
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Todmorden News Centre Ltd
Notes to the Abbreviated Accounts
For The Year Ended 31 October 2016
Notes to the Abbreviated Accounts
1.
Accounting Policies
1.1.
Basis of Preparation of Financial Statements
The financial statements are prepared under the historical cost convention and in accordance with the Financial Reporting Standard for Smaller Entities (effective April 2008).
1.2.
Turnover
Turnover comprises the invoiced value of goods and services supplied by the company, net of Value Added Tax and trade discounts.
1.3.
Intangible Fixed Assets and Amortisation - Goodwill
Goodwill is the difference between amounts paid on the acquisition of a business and the fair value of the separable net assets. It is amortised to profit and loss account over its estimated economic life of .... years.
1.4.
Tangible Fixed Assets and Depreciation
Tangible fixed assets are stated at cost less depreciation. Depreciation is provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives on the following bases:
Motor Vehicles |
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Fixtures & Fittings |
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1.5.
Leasing and Hire Purchase Contracts
Assets obtained under hire purchase contracts and finance leases are capitalised as tangible fixed assets. Assets acquired under finance leases are depreciated over the shorter of the lease term and their useful lives. Assets acquired under hire purchase contracts are depreciated over their useful lives. Finance leases are those where substantially all of the benefits and risks of ownership are assumed by the company. Obligations under such agreements are included in the creditors net of the finance charge allocated to future periods. The finance element of the rental payment is charged to the profit and loss account so as to produce a constant periodic rate of charge on the net obligation outstanding in each period.
Rentals applicable to operating leases where substantially all of the benefits and risks of ownership remain with the lessor are charged to profit and loss account as incurred.
1.6.
Stocks and Work in Progress
Stocks and work in progress are valued at the lower of cost and net realisable value after making due allowance for obsolete and slow-moving stocks. Cost includes all direct costs and an appropriate proportion of fixed and variable overheads. Work-in-progress is reflected in the accounts on a contract by contract basis by recording turnover and related costs as contract activity progresses.
2.
Intangible Assets
Total | ||
---|---|---|
Cost | £ | |
As at |
135,000 | |
As at |
135,000 | |
Net Book Value | ||
As at |
135,000 | |
As at |
135,000 | |
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Todmorden News Centre Ltd
Notes to the Abbreviated Accounts (continued)
For The Year Ended 31 October 2016
3.
Tangible Assets
Total | |
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Cost | £ |
As at |
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As at |
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Depreciation | |
As at |
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Provided during the period |
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As at |
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Net Book Value | |
As at |
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As at |
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4.
Debtors
Debtors include an amount of £
21,270
(2015 - £
21,270
)
falling due after more than one year.
5.
Creditors: Amounts Falling Due After More Than One Year
2016 | 2015 | ||
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£ | £ | ||
Net obligations under finance lease and hire purchase contracts |
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Bank loans |
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7.
Ultimate Controlling Party
The company's ultimate controlling party is by virtue of his ownership of 100% of the issued share capital in the company.
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