Caseware UK (AP4) 2022.0.179 2022.0.179 true54truefalse2022-04-01No description of principal activity84The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006. 07810889 2022-04-01 2023-03-31 07810889 2021-04-01 2022-03-31 07810889 2023-03-31 07810889 2022-03-31 07810889 c:Director1 2022-04-01 2023-03-31 07810889 c:Director2 2022-04-01 2023-03-31 07810889 c:Director3 2022-04-01 2023-03-31 07810889 c:RegisteredOffice 2022-04-01 2023-03-31 07810889 d:Buildings d:LongLeaseholdAssets 2022-04-01 2023-03-31 07810889 d:Buildings d:LongLeaseholdAssets 2023-03-31 07810889 d:Buildings d:LongLeaseholdAssets 2022-03-31 07810889 d:PlantMachinery 2022-04-01 2023-03-31 07810889 d:PlantMachinery 2023-03-31 07810889 d:PlantMachinery 2022-03-31 07810889 d:PlantMachinery d:OwnedOrFreeholdAssets 2022-04-01 2023-03-31 07810889 d:OwnedOrFreeholdAssets 2022-04-01 2023-03-31 07810889 d:Goodwill 2022-04-01 2023-03-31 07810889 d:Goodwill 2023-03-31 07810889 d:Goodwill 2022-03-31 07810889 d:CurrentFinancialInstruments 2023-03-31 07810889 d:CurrentFinancialInstruments 2022-03-31 07810889 d:CurrentFinancialInstruments d:WithinOneYear 2023-03-31 07810889 d:CurrentFinancialInstruments d:WithinOneYear 2022-03-31 07810889 d:UKTax 2022-04-01 2023-03-31 07810889 d:UKTax 2021-04-01 2022-03-31 07810889 d:ShareCapital 2023-03-31 07810889 d:ShareCapital 2022-03-31 07810889 d:RetainedEarningsAccumulatedLosses 2023-03-31 07810889 d:RetainedEarningsAccumulatedLosses 2022-03-31 07810889 c:OrdinaryShareClass1 2022-04-01 2023-03-31 07810889 c:OrdinaryShareClass1 2023-03-31 07810889 c:OrdinaryShareClass1 2022-03-31 07810889 c:OrdinaryShareClass2 2022-04-01 2023-03-31 07810889 c:OrdinaryShareClass2 2023-03-31 07810889 c:OrdinaryShareClass2 2022-03-31 07810889 c:FRS102 2022-04-01 2023-03-31 07810889 c:AuditExemptWithAccountantsReport 2022-04-01 2023-03-31 07810889 c:FullAccounts 2022-04-01 2023-03-31 07810889 c:PrivateLimitedCompanyLtd 2022-04-01 2023-03-31 07810889 d:Goodwill d:OwnedIntangibleAssets 2022-04-01 2023-03-31 xbrli:shares iso4217:GBP xbrli:pure

Registered number: 07810889










Shelley News Limited








Unaudited

Financial statements

Information for filing with the registrar

For the Year Ended 31 March 2023

 
Shelley News Limited
 

Company Information


Directors
C W Shelley 
P J Shelley 
S L Shelley 




Registered number
07810889



Registered office
St. Andrews
Farthings Hill

Horsham

West Sussex

RH12 1TS




Accountants
Kreston Reeves LLP
Chartered Accountants

Springfield House

Springfield Road

Horsham

West Sussex

RH12 2RG





 
Shelley News Limited
 

Contents



Page
Accountants' Report
1
Balance Sheet
2 - 3
Notes to the Financial Statements
4 - 9


 
Shelley News Limited
 
  
Chartered Accountants' Report to the Board of Directors on the preparation of the Unaudited Statutory Financial Statements of Shelley News Limited for the Year Ended 31 March 2023

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Shelley News Limited for the year ended 31 March 2023 which comprise  the Balance Sheet and the related notes from the Company's accounting records and from information and explanations you have given us.

As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW)we are subject to its ethical and other professional requirements which are detailed at https://www.icaew.com /regulation.

This report is made solely to the Board of Directors of Shelley News Limited, as a body, in accordance with the terms of our engagement letter dated 7 July 2023Our work has been undertaken solely to prepare for your approval the financial statements of Shelley News Limited  and state those matters that we have agreed to state to the Board of Directors of Shelley News Limited, as a body, in this report in accordance with ICAEW Technical Release TECH07/16AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Shelley News Limited and its Board of Directors, as a body, for our work or for this report. 

It is your duty to ensure that Shelley News Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of Shelley News Limited. You consider that Shelley News Limited is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or review of the financial statements of Shelley News Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.

  



Kreston Reeves LLP
Chartered Accountants
Springfield House
Springfield Road
Horsham
West Sussex
RH12 2RG
10 October 2023
Page 1

 
Shelley News Limited
Registered number: 07810889

Balance Sheet
As at 31 March 2023

2023
2022
Note
£
£

Fixed assets
  

Intangible assets
 5 
19,350
38,700

Tangible assets
 6 
246,245
273,482

  
265,595
312,182

Current assets
  

Stocks
  
92,417
85,572

Debtors: amounts falling due within one year
 7 
34,898
38,697

Bank and cash balances
  
195,504
70,281

  
322,819
194,550

Creditors: amounts falling due within one year
 8 
(238,003)
(209,437)

Net current assets/(liabilities)
  
 
 
84,816
 
 
(14,887)

Total assets less current liabilities
  
350,411
297,295

Provisions for liabilities
  

Deferred tax
  
(29,752)
(37,843)

  
 
 
(29,752)
 
 
(37,843)

Net assets
  
320,659
259,452


Capital and reserves
  

Called up share capital 
 9 
100
100

Profit and loss account
  
320,559
259,352

  
320,659
259,452


Page 2

 
Shelley News Limited
Registered number: 07810889

Balance Sheet (continued)
As at 31 March 2023

The directors consider that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the year in question 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 financial statements.

The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

The financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The Company has opted not to file the statement of income and retained earnings in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf on 5 October 2023.




................................................
C W Shelley
Director

The notes on pages 4 to 9 form part of these financial statements.

Page 3

 
Shelley News Limited
 

 
Notes to the Financial Statements
For the Year Ended 31 March 2023

1.


General information

The company is a private company limited by share capital incorporated in England and Wales.
The address of its registered office is:
St. Andrews
Farthings Hill
Horsham
West Sussex
RH12 1TS 

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Section 1A of Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

The financial statements are presented in sterling which is the functional currency of the company and rounded to the nearest £1. 

The following principal accounting policies have been applied:

 
2.2

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Sale of goods

Revenue from the sale of goods is recognised when all of the following conditions are satisfied:
the Company has transferred the significant risks and rewards of ownership to the buyer;
the Company retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold;
the amount of revenue can be measured reliably;
it is probable that the Company will receive the consideration due under the transaction; and
the costs incurred or to be incurred in respect of the transaction can be measured reliably.

Page 4

 
Shelley News Limited
 

 
Notes to the Financial Statements
For the Year Ended 31 March 2023

2.Accounting policies (continued)

 
2.3

Intangible assets

Goodwill

Goodwill represents the difference between amounts paid on the cost of a business combination and the acquirer’s interest in the fair value of its identifiable assets and liabilities of the acquiree at the date of acquisition. Subsequent to initial recognition, goodwill is measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is amortised on a straight-line basis to the Statement of Income and Retained Earnings over its useful economic life.

Other intangible assets

Intangible assets are initially recognised at cost. After recognition, under the cost model, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

All intangible assets are considered to have a finite useful life. If a reliable estimate of the useful life cannot be made, the useful life shall not exceed ten years.

 The estimated useful lives range as follows:

Goodwill
-
10
years

 
2.4

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, on a reducing balance basis.

Depreciation is provided on the following basis:

Leasehold property
-
evenly over term of lease
Plant and machinery
-
15%
reducing balance

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

 
2.5

Stocks

Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a weighted average basis. Work in progress and finished goods include labour and attributable overheads.

At each balance sheet date, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to complete and sell. The impairment loss is recognised immediately in profit or loss.

Page 5

 
Shelley News Limited
 

 
Notes to the Financial Statements
For the Year Ended 31 March 2023

2.Accounting policies (continued)

 
2.6

Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

 
2.7

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

 
2.8

Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

 
2.9

Operating leases: the Company as lessee

Rentals paid under operating leases are charged to profit or loss on a straight-line basis over the lease term.

 
2.10

Pensions

Defined contribution pension plan

The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations.

The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Balance Sheet. The assets of the plan are held separately from the Company in independently administered funds.

 
2.11

Provisions for liabilities

Provisions are made where an event has taken place that gives the Company a legal or constructive obligation that probably requires settlement by a transfer of economic benefit, and a reliable estimate can be made of the amount of the obligation.
Provisions are charged as an expense to profit or loss in the year that the Company becomes aware of the obligation, and are measured at the best estimate at the balance sheet date of the expenditure required to settle the obligation, taking into account relevant risks and uncertainties.
When payments are eventually made, they are charged to the provision carried in the Balance Sheet.

Page 6

 
Shelley News Limited
 

 
Notes to the Financial Statements
For the Year Ended 31 March 2023

2.Accounting policies (continued)

 
2.12

Current and deferred taxation

The tax expense for the year comprises current and deferred tax. Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the Company operates and generates income.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the balance sheet date, except that:
The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and
Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date.


3.


Employees

The average monthly number of employees, including directors, during the year was 54 (2022 - 84).


4.


Taxation


2023
2022
£
£

Corporation tax


Current tax on profits for the year
63,148
51,809


Total current tax
63,148
51,809

Deferred tax


Origination and reversal of timing differences
(8,091)
11,112

Total deferred tax
(8,091)
11,112


Taxation on profit on ordinary activities
55,057
62,921

Factors affecting tax charge for the year

There were no factors that affected the tax charge for the year which has been calculated on the profits on ordinary activities before tax at the standard rate of corporation tax in the UK of19% (2022 - 19%).


Page 7

 
Shelley News Limited
 

 
Notes to the Financial Statements
For the Year Ended 31 March 2023

5.


Intangible assets




Goodwill

£



Cost


At 1 April 2022
193,500



At 31 March 2023

193,500



Amortisation


At 1 April 2022
154,800


Charge for the year on owned assets
19,350



At 31 March 2023

174,150



Net book value



At 31 March 2023
19,350



At 31 March 2022
38,700




6.


Tangible fixed assets





Leasehold property
Plant and machinery
Total

£
£
£



Cost or valuation


At 1 April 2022
195,068
277,876
472,944



At 31 March 2023

195,068
277,876
472,944



Depreciation


At 1 April 2022
48,962
150,500
199,462


Charge for the year on owned assets
7,803
19,434
27,237



At 31 March 2023

56,765
169,934
226,699



Net book value



At 31 March 2023
138,303
107,942
246,245



At 31 March 2022
146,106
127,376
273,482

Page 8

 
Shelley News Limited
 

 
Notes to the Financial Statements
For the Year Ended 31 March 2023

7.


Debtors

2023
2022
£
£


Amounts owed by group undertakings
3,107
1,240

Other debtors
3,498
3,246

Prepayments and accrued income
28,293
34,211

34,898
38,697



8.


Creditors: Amounts falling due within one year

2023
2022
£
£

Trade creditors
131,753
123,381

Corporation tax
63,148
51,809

Other taxation and social security
29,070
21,226

Other creditors
3,661
668

Accruals and deferred income
10,371
12,353

238,003
209,437



9.


Share capital

2023
2022
£
£
Allotted, called up and fully paid



60 (2022 - 60) Ordinary A shares of £1 each
60
60
40 (2022 - 40) Ordinary B shares of £1 each
40
40

100

100



10.


Pension commitments

The Company operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the Company  in an independently administered fund. The pension cost charge represents contributions payable by the Company  to the fund and amounted to £4,334 (2022 - £4,493). There were no outstanding contributions payable at the balance sheet date.


Page 9