Hunts News Ltd Accounts






Hunts News Ltd
Abbreviated Accounts
31 March 2014















	Company No.	06855787


Independent Auditor's Report to the member of Hunts News Ltd under section 449 of the Companies Act 2006

We have examined the abbreviated accounts, which comprise the abbreviated balance sheet and the related notes, together with the accounts of Hunts News Ltd for the year ended 31 March 2014 prepared under section 396 of the Companies Act 2006.

This report is made solely to the company's members, as a body, in accordance with section 449 of the Companies Act 2006. Our work has been undertaken so that we might state to the company's members those matters we are required to state to them in a special auditor's 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 members as a body, for our work, for this report, or for the opinions we have formed.

Respective responsibilities of directors and auditors
The directors are responsible for the preparation of the abbreviated accounts in accordance with section 444 of the Companies Act 2006. It is our responsibility to form an independent opinion as to whether the company is entitled to deliver abbreviated accounts to the Registrar of Companies and whether the abbreviated accounts have been properly prepared in accordance with the regulations made under that section and to report our opinion to you.
We conducted our work in accordance with Bulletin 2008/4 issued by the Auditing Practices Board. In accordance with that Bulletin we have carried out the procedures we considered necessary to confirm, by reference to the full accounts, that the company is entitled to deliver abbreviated accounts and that the abbreviated accounts are properly prepared.

Opinion
In our opinion the company is entitled to deliver abbreviated accounts prepared in accordance with section 444 (3) of the Companies Act 2006 and the abbreviated accounts have been properly prepared in accordance with the regulations made under tha section.:


						Unit 5, The Parade
Senior Statutory Auditor						Monarch Way
For and on behalf of Ace Accountants and Tax Consultants Limited						Ilford
Statutory Auditor, Accountants						Essex
17 November 2014						IG2 7HT


31 March 2014

			Notes	2014	2013
				£	£
FIXED ASSETS
	Intangible assets		2	96,000	100,800
	Tangible assets		2	45,400	26,468

				141,400	127,268

CURRENT ASSETS
	Stocks			47,000	45,300
	Debtors			150	386
	Cash at bank and in hand			4,465	7,178
				51,615	52,864

CREDITORS:		Amounts falling due within one year		(5,358)	(6,520)

NET CURRENT ASSETS				46,257	46,344

TOTAL ASSETS LESS CURRENT LIABILITIES				187,657	173,612

CREDITORS:		Amounts falling due after more than one year		(186,015)	(173,032)





NET ASSETS				1,642	580

CAPITAL AND RESERVES
	Called up share capital		3	1	1



	Profit and loss account			1,641	579

SHAREHOLDER'S FUNDS				1,642	580

	These accounts have been prepared in accordance with the provisions applicable to companies subject to the small companies regime as set out in part 15 of the Companies Act 2006 and with the Financial Reporting Standard for Smaller Entities (effective January 2015).

	For the year ended 31 March 2014 the company was entitled to exemption under section 477 of the Companies Act 2006 relating to small companies.
	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 Companies Act 2006 with respect to accounting records and the preparation of accounts.
	Approved by the board on
	17 November 2014

	And signed on its behalf by:
	.....................................................................................................
	N. Jeyanathan
	Director
	17 November 2014

for the year ended 31 March 2014.

1	Accounting policies

Basis of preparation

The accounts have been prepared under the historical cost convention and in accordance with the Financial Reporting Standard for Smaller Entities (effective January 2015) ["the FRSSE"].

Turnover

Turnover represents the amounts (excluding value added tax) derived from the provision of goods and services to customers.

Tangible fixed assets and depreciation

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

Plant and machinery

20% Reducing balance basis

Motor vehicles

20% Reducing balance basis

Freehold investment property

In accordance with the FRSSE, investment properties are revalued annually and any surplus or deficit is transferred to revaluation reserve. No depreciation is provided in respect of investment properties.
This treatment conflicts with the requirements of the Companies Act 2006 that all properties should be depreciated. The directors consider that, because these properties are not held for consumption, but for their investment potential it is necessary to adopt the requirements of the FRSSE in order to give a true and fair view.

Intangible fixed assets and amortisation

Intangible fixed assets (including purchased goodwill, patents and trademarks and research and development costs) are amortised at rates calculated to write off the assets on a straight line basis over their estimated useful economic lives. Impairment of intangible assets is reviewed where circumstances indicate that the carrying value of an assets may not be fully recoverable.

Stocks

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 items. Cost includes all direct expenditure and an appropriate proportion of fixed and variable overheads.

Deferred taxation

Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the company's accounts.
Deferred tax is provided in full on timing differences which result in an obligation to pay more (or a right to pay less) tax at a future date, at the tax rates that are expected to apply when the timing differences reverse, based upon current tax rates and laws.
Deferred tax is not provided on timing differences arising from the revaluation of fixed assets where there is no commitment to sell the asset.
Deferred tax assets are recognised to the extent that it is regarded as more likely than not that they will be recovered. Deferred tax assets and liabilities are not discounted.

Research and development

Expenditure on research and development is written off in the year in which it is incurred.

Foreign currencies

Monetary 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 recorded in sterling using the exchange rate ruling at the date of the transaction.
Exchange differences are are taken into account in arriving at the operating profit.

Leased assets

Where the company enters into a lease which entails taking substantially all the risks and rewards of ownership of an asset, the lease is treated as a 'finance lease'. Assets held under finance leases, or hire purchase contracts, are recorded in the balance sheet as tangible fixed assets and depreciated over their estimated useful lives or the term of the finance lease or hire purchase contract, whichever is shorter. Future instalments under such finance leases or hire purchase contracts, net of finance charges, are included within creditors. Rentals payable are apportioned between the finance element, which is charged to the profit and loss account, and the capital element which reduces the outstanding obligation for future instalments.

All other leases are accounted for as 'operating leases' and the rental charges are charged to the profit and loss account on a straight line basis over the life of the lease.

Pension costs

Contributions in respect of the company's defined contribution pension scheme are charged to the profit and loss account for the year in which they are payable to the scheme. Differences between contributions payable and contributions actually paid in the year are shown as either accruals or prepayments at the year end.

2	Fixed assets
		Intangible fixed assets	Tangible fixed assets	Total
		£	£	£
	Cost or revaluation
	At 1 April 2013	120,000	54,666	174,666
	Additions	-	34,000	34,000


	Disposals	-	(9,078)	(9,078)
	At 31 March 2014	120,000	79,588	199,588

	Amortisation
	At 1 April 2013	19,200	28,198	47,398
	Charge for the year	4,800	11,350	16,150


	Disposals	-	(5,360)	(5,360)
	At 31 March 2014	24,000	34,188	58,188

	Net book values
	At 31 March 2014	96,000	45,400	141,400
	At 31 March 2013	100,800	26,468	127,268

3	Share Capital
		Nominal value	2014	2014	2013
		£	Number	£	£
	Allotted, called up and fully paid:
	Ordinary	1.00	1	1	1




				1	1

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