General Information
N C Press Limited is a private limited company, limited by shares, domiciled in , registration number 1399130,registration address September Oak,Upper Common Road, Pennington,Lymington,SO41 8LD.
The presentation currency is £ sterling.
1. |
Accounting Policies
Basis of accounting
These financial statements have been prepared under the historical cost convention and in accordance with the provisions of Section 1A "Small Entities" of Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006.
Turnover
Turnover comprises the invoiced value of goods and services supplied by the company, net of Value Added Tax and trade discounts.
Taxation
Taxation for the year 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 taxation
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 year 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.
Intangible assets
Intangible assets (including purchased goodwill and patents) 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 only reviewed where circumstances indicate that the carrying value of an asset may not be fully recoverable.
Goodwill
Goodwill, being the amount paid in connection with the acquisition of a business in 2002, is being amortised from 1 May 2009 evenly over the remainder of its estimated useful life of 4 years.
Tangible fixed assets
Tangible fixed assets, other than freehold land, are stated at cost or valuation less depreciation and any provision for impairment. Depreciation is provided at rates calculated to write off the cost or valuation of fixed assets, less their estimated residual value, over their expected useful lives on the following basis:
Computer Equipment |
20% Reducing Balance
|
Investment properties
Investment properties are included in the balance sheet at their open market value at the balance sheet date. The resulting aggregate surplus or deficit is transferred to a revaluation reserve. Depreciation is provided only on those investment properties which are leasehold and where the unexpired lease term is less than 20 years.
Although this accounting policy is in accordance with the Financial Reporting Standard for Smaller Entities (effective January 2015), it is a departure from the general requirement of the Companies Act 2006 for all tangible assets to be depreciated. In the opinion of the directors compliance with the standard is necessary for the financial statements to give a true and fair view. Depreciation or amortisation is only one of many factors reflected in the annual valuation and the amount of this which might otherwise have been charged cannot be separately identified or quantified.
Fixed asset investments
Fixed asset investments are stated at cost less provision for any permanent diminution in value.
Current asset investments
Current asset investments are stated at the lower of cost and net realisable value.
Provisions
Provisions are recognised when the company has a present obligation as a result of a past event which it is more probable than not will result in an outflow of economic benefits that can be reasonably estimated.
|
2. |
Intangible fixed assets
Cost or Valuation |
Goodwill |
|
Total |
|
£ |
|
£ |
At 01 May 2017 |
197,215 |
|
197,215 |
Additions |
- |
|
- |
Disposals |
- |
|
- |
At 30 April 2018 |
197,215 |
|
197,215 |
Amortisation |
At 01 May 2017 |
197,215 |
|
197,215 |
Charge for year |
- |
|
- |
On disposals |
- |
|
- |
At 30 April 2018 |
197,215 |
|
197,215 |
Net book values |
At 30 April 2018 |
- |
|
- |
At 30 April 2017 |
- |
|
- |
|
3. |
Tangible fixed assets
Cost or Valuation |
Computer Equipment |
|
Total |
|
£ |
|
£ |
At 01 May 2017 |
1,822 |
|
1,822 |
Additions |
- |
|
- |
Disposals |
- |
|
- |
At 30 April 2018 |
1,822 |
|
1,822 |
Depreciation |
At 01 May 2017 |
1,625 |
|
1,625 |
Charge for year |
40 |
|
40 |
On disposals |
- |
|
- |
At 30 April 2018 |
1,665 |
|
1,665 |
Net book values |
Closing balance as at 30 April 2018 |
157 |
|
157 |
Opening balance as at 01 May 2017 |
197 |
|
197 |
|
4. |
Investments
Cost or Valuation |
Other investments other than loans |
|
Total |
|
£ |
|
£ |
At 01 May 2017 |
410,461 |
|
410,461 |
Additions |
- |
|
- |
Disposals |
- |
|
- |
Revaluations |
15,000 |
|
15,000 |
At 30 April 2018 |
425,461 |
|
425,461 |
The above total includes £5,461 being a 14.14% holding in a UK unquoted company stated at cost.
The remaining £420,000 represents the value of the company investment properties as revalued to fair value by the directors at the balance sheet date. The historical cost of these properties is £224,668.
|
5. |
Debtors: amounts falling due within one year
|
2018 £ |
|
2017 £ |
Prepayments & Accrued Income |
146 |
|
146 |
|
146 |
|
146 |
|
6. |
Creditors: amount falling due within one year
|
2018 £ |
|
2017 £ |
Trade Creditors |
- |
|
54 |
Corporation Tax |
2,793 |
|
2,337 |
Accrued Expenses |
1,575 |
|
1,500 |
Directors' Current Accounts |
1,545 |
|
1,337 |
|
5,913 |
|
5,228 |
|
7. |
Provisions for liabilities
|
2018 £ |
|
2017 £ |
Deferred Tax |
17,332 |
|
21,771 |
|
17,332 |
|
21,771 |
|
8. |
Share Capital
Allotted
|
2018 £ |
|
2017 £ |
10,000
Class A shares of £1.00 each |
10,000 |
|
10,000 |
|
10,000 |
|
10,000 |
|
9. |
Reserves
|
2018 £ |
|
2017 £ |
Revaluation Reserve b/fwd |
180,312 |
|
170,312 |
Revaluation of Fixed Assets |
15,000 |
|
10,000 |
|
195,312 |
|
180,312 |
|
3
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