Company registration number 02889293 (England and Wales)
WILLIS NEWS DISTRIBUTION LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023
PAGES FOR FILING WITH REGISTRAR
WILLIS NEWS DISTRIBUTION LIMITED
CONTENTS
Page
Statement of financial position
1 - 2
Notes to the financial statements
3 - 8
WILLIS NEWS DISTRIBUTION LIMITED
STATEMENT OF FINANCIAL POSITION
AS AT
31 MARCH 2023
31 March 2023
- 1 -
2023
2022
Notes
£
£
£
£
Non-current assets
Intangible assets
3
94,242
143,996
Property, plant and equipment
4
189,033
171,484
283,275
315,480
Current assets
Trade and other receivables
5
879,129
1,134,219
Cash and cash equivalents
2,285,437
2,637,286
3,164,566
3,771,505
Current liabilities
6
(1,450,169)
(1,995,299)
Net current assets
1,714,397
1,776,206
Total assets less current liabilities
1,997,672
2,091,686
Non-current liabilities
7
(601,001)
(880,214)
Provisions for liabilities
(33,992)
(30,534)
Net assets
1,362,679
1,180,938
Equity
Called up share capital
8
5,549
5,549
Share premium account
58,651
58,651
Retained earnings
1,298,479
1,116,738
Total equity
1,362,679
1,180,938

The directors of the company have elected not to include a copy of the income statement within the financial statements.true

For the financial year ended 31 March 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

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 members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.

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

WILLIS NEWS DISTRIBUTION LIMITED
STATEMENT OF FINANCIAL POSITION (CONTINUED)
AS AT
31 MARCH 2023
31 March 2023
- 2 -
The financial statements were approved by the board of directors and authorised for issue on 1 November 2023 and are signed on its behalf by:
M Amasanti
P Amasanti
Director
Director
Company Registration No. 02889293
WILLIS NEWS DISTRIBUTION LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023
- 3 -
1
Accounting policies
Company information

Willis News Distribution Limited is a private company limited by shares incorporated in England and Wales. The registered office is 6th Floor, Manfield House, 1 Southampton Street, London, WC2R 0LR.

1.1
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

1.2
Revenue

Revenue is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer (usually on dispatch of the goods), the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably.

1.3
Intangible fixed assets - goodwill

Goodwill represents the excess of the cost of acquisition of unincorporated businesses over the fair value of net assets acquired. It is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is considered to have a finite useful life and is amortised on a systematic basis over its expected life, which is 5 years.

 

For the purposes of impairment testing, goodwill is allocated to the cash-generating units expected to benefit from the acquisition. Cash-generating units to which goodwill has been allocated are tested for impairment at least annually, or more frequently when there is an indication that the unit may be impaired. If the recoverable amount of the cash-generating unit is less than the carrying amount of the unit, the impairment loss is allocated first to reduce the carrying amount of any goodwill allocated to the unit and then to the other assets of the unit pro-rata on the basis of the carrying amount of each asset in the unit.

1.4
Property, plant and equipment

Property, plant and equipment are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Land and buildings Leasehold
20% on cost
Computer Equipment
33% on cost
Fixtures, fittings & equipment
25% on net book value
Motor vehicles
25% on net book value
WILLIS NEWS DISTRIBUTION LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
1
Accounting policies
(Continued)
- 4 -

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

1.5
Impairment of non-current assets

At each reporting period end date, the company reviews the carrying amounts of its tangible and intangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.

Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.

 

If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.

Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased to apply. Where an impairment loss subsequently reverses, the carrying amount of the asset (or cash-generating unit) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset (or cash-generating unit) in prior years. A reversal of an impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase.

1.6
Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

1.7
Financial instruments

The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

 

Financial instruments are recognised in the company's statement of financial position when the company becomes party to the contractual provisions of the instrument.

 

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets

Basic financial assets, which include trade and other receivables and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

WILLIS NEWS DISTRIBUTION LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
1
Accounting policies
(Continued)
- 5 -
Classification of financial liabilities

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 company after deducting all of its liabilities.

Basic financial liabilities

Basic financial liabilities, including trade and other payables, loans, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

 

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

 

Trade payables are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade payables are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

1.8
Equity instruments

Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.

1.9
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the income statement because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

Deferred tax

Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

 

The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the income statement, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.

WILLIS NEWS DISTRIBUTION LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
1
Accounting policies
(Continued)
- 6 -
1.10
Employee benefits

The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or non-current assets.

 

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

 

Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

1.11
Retirement benefits

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

1.12
Leases

Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leases asset are consumed.

1.13
Government grants

Government grants are recognised at the fair value of the asset received or receivable when there is reasonable assurance that the grant conditions will be met and the grants will be received.

 

A grant that specifies performance conditions is recognised in income when the performance conditions are met. Where a grant does not specify performance conditions it is recognised in income when the proceeds are received or receivable. A grant received before the recognition criteria are satisfied is recognised as a liability.

1.14
Foreign exchange

Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss.

2
Employees

The average monthly number of persons (including directors) employed by the company during the year was:

2023
2022
Number
Number
Total
24
20
WILLIS NEWS DISTRIBUTION LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
- 7 -
3
Intangible fixed assets
Goodwill
£
Cost
At 1 April 2022 and 31 March 2023
809,101
Amortisation and impairment
At 1 April 2022
665,105
Amortisation charged for the year
49,754
At 31 March 2023
714,859
Carrying amount
At 31 March 2023
94,242
At 31 March 2022
143,996
4
Property, plant and equipment
Land and buildings
Plant and machinery etc
Total
£
£
£
Cost
At 1 April 2022
21,266
525,422
546,688
Additions
-
0
82,309
82,309
Disposals
-
0
(118,075)
(118,075)
At 31 March 2023
21,266
489,656
510,922
Depreciation and impairment
At 1 April 2022
21,265
353,939
375,204
Depreciation charged in the year
-
0
46,022
46,022
Eliminated in respect of disposals
-
0
(99,337)
(99,337)
At 31 March 2023
21,265
300,624
321,889
Carrying amount
At 31 March 2023
1
189,032
189,033
At 31 March 2022
1
171,483
171,484
5
Trade and other receivables
2023
2022
Amounts falling due within one year:
£
£
Trade receivables
790,321
1,046,472
Other receivables
88,808
87,747
879,129
1,134,219
WILLIS NEWS DISTRIBUTION LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
- 8 -
6
Current liabilities
2023
2022
£
£
Trade payables
787,811
1,191,069
Corporation tax
183,196
65,351
Other taxation and social security
80,906
268,243
Other payables
398,256
470,636
1,450,169
1,995,299
7
Non-current liabilities
2023
2022
£
£
Other payables
601,001
880,214

Details of the loan are disclosed in note 9.

8
Called up share capital
2023
2022
2023
2022
Ordinary share capital
Number
Number
£
£
Issued and fully paid
A Ordinary Shares of £1 each
5,000
5,000
5,000
5,000
B Ordinary Shares of 10p each
500
500
50
50
C Ordinary Shares of £1 each
499
499
499
499
5,999
5,999
5,549
5,549

A Ordinary Shares
Holders of A Ordinary Shares are entitled to vote at any meeting of the company and to receive any dividends declared on the A shares. Any surplus on winding up of the company will be distributed to the holders of the A Shares in proportion to their holding.

B Ordinary Shares
Holders of B Ordinary Shares are not entitled to vote at any meeting of the company but are entitled to receive any dividends declared on the B Shares. Any surplus on winding up of the company will be distributed to the holders of the B Shares in proportion to their holding.

 

C Ordinary Shares

On sale or winding up of the company any proceeds should be divided pari passu among 'A' and 'B' shares and C shares shall be entitled to share any amount that is over £1.6m.

9
Directors' transactions

During the year interest of £nil (2022 £3,484) was paid to the directors.

 

The company has a loan from Willis News Trust, a trust in which all the directors are beneficiaries. The amount outstanding as at 31 March 2023 was £880,212 (2022 £1,146,127). The loan is interest bearing at 6% and is repayable within five years. Interest paid to the Willis News Trust for the year ended 31 March 2023 amounted to £50,802 (2022 £63,501). The loan is at arm's length and on normal commercial basis.

2023-03-312022-04-01false01 November 2023CCH SoftwareCCH Accounts Production 2023.200No description of principal activityM AmasantiP AmasantiL AmasantiA AmasantiK AmasantiD AmasantiA ShawP Amasanti028892932022-04-012023-03-31028892932023-03-31028892932022-03-3102889293core:NetGoodwill2023-03-3102889293core:NetGoodwill2022-03-3102889293core:LandBuildings2023-03-3102889293core:OtherPropertyPlantEquipment2023-03-3102889293core:LandBuildings2022-03-3102889293core:OtherPropertyPlantEquipment2022-03-3102889293core:CurrentFinancialInstrumentscore:WithinOneYear2023-03-3102889293core:CurrentFinancialInstrumentscore:WithinOneYear2022-03-3102889293core:Non-currentFinancialInstrumentscore:AfterOneYear2023-03-3102889293core:Non-currentFinancialInstrumentscore:AfterOneYear2022-03-3102889293core:CurrentFinancialInstruments2023-03-3102889293core:CurrentFinancialInstruments2022-03-3102889293core:ShareCapital2023-03-3102889293core:ShareCapital2022-03-3102889293core:SharePremium2023-03-3102889293core:SharePremium2022-03-3102889293core:RetainedEarningsAccumulatedLosses2023-03-3102889293core:RetainedEarningsAccumulatedLosses2022-03-3102889293core:ShareCapitalOrdinaryShares2023-03-3102889293core:ShareCapitalOrdinaryShares2022-03-3102889293bus:Director12022-04-012023-03-3102889293bus:CompanySecretaryDirector12022-04-012023-03-3102889293core:Goodwill2022-04-012023-03-3102889293core:LandBuildingscore:LongLeaseholdAssets2022-04-012023-03-3102889293core:PlantMachinery2022-04-012023-03-3102889293core:FurnitureFittings2022-04-012023-03-3102889293core:MotorVehicles2022-04-012023-03-31028892932021-04-012022-03-3102889293core:NetGoodwill2022-03-3102889293core:NetGoodwill2022-04-012023-03-3102889293core:LandBuildings2022-03-3102889293core:OtherPropertyPlantEquipment2022-03-31028892932022-03-3102889293core:LandBuildings2022-04-012023-03-3102889293core:OtherPropertyPlantEquipment2022-04-012023-03-3102889293core:WithinOneYear2023-03-3102889293core:WithinOneYear2022-03-3102889293core:Non-currentFinancialInstruments2023-03-3102889293core:Non-currentFinancialInstruments2022-03-3102889293bus:PrivateLimitedCompanyLtd2022-04-012023-03-3102889293bus:SmallCompaniesRegimeForAccounts2022-04-012023-03-3102889293bus:FRS1022022-04-012023-03-3102889293bus:AuditExemptWithAccountantsReport2022-04-012023-03-3102889293bus:Director22022-04-012023-03-3102889293bus:Director32022-04-012023-03-3102889293bus:Director42022-04-012023-03-3102889293bus:Director52022-04-012023-03-3102889293bus:Director62022-04-012023-03-3102889293bus:Director72022-04-012023-03-3102889293bus:CompanySecretary12022-04-012023-03-3102889293bus:FullAccounts2022-04-012023-03-31xbrli:purexbrli:sharesiso4217:GBP