Company registration number 1624756 (England and Wales)
NEW JOURNAL ENTERPRISES LIMITED
(COMPANY LIMITED BY GUARANTEE AND NOT HAVING A SHARE CAPITAL)
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023
PAGES FOR FILING WITH REGISTRAR
NEW JOURNAL ENTERPRISES LIMITED
(COMPANY LIMITED BY GUARANTEE AND NOT HAVING A SHARE CAPITAL)
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 7
NEW JOURNAL ENTERPRISES LIMITED
(COMPANY LIMITED BY GUARANTEE AND NOT HAVING A SHARE CAPITAL)
BALANCE SHEET
AS AT
31 MARCH 2023
31 March 2023
- 1 -
2023
2022
Notes
£
£
£
£
Fixed assets
Tangible assets
3
29,690
37,866
Investment properties
4
700,000
700,000
729,690
737,866
Current assets
Debtors
5
180,921
116,132
Cash at bank and in hand
421,457
608,198
602,378
724,330
Creditors: amounts falling due within one year
6
(125,244)
(125,164)
Net current assets
477,134
599,166
Total assets less current liabilities
1,206,824
1,337,032
Creditors: amounts falling due after more than one year
7
(30,745)
(41,000)
Provisions for liabilities
8
(122,061)
(93,317)
Net assets
1,054,018
1,202,715
Reserves
Profit and loss account
1,054,018
1,202,715
The directors of the company have elected not to include a copy of the income and expenditure account 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.
The financial statements were approved by the board of directors and authorised for issue on 14 September 2023 and are signed on its behalf by:
Ali Reza Haidari
Director
Company Registration No. 1624756
NEW JOURNAL ENTERPRISES LIMITED
(COMPANY LIMITED BY GUARANTEE AND NOT HAVING A SHARE CAPITAL)
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023
- 2 -
1
Accounting policies
Company information
NEW JOURNAL ENTERPRISES LIMITED is a private company limited by guarantee incorporated in England and Wales. The principal place of business and registered office is 38 - 40 Camden Road, London, NW1 9DR.
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, [modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value. The principal accounting policies adopted are set out below.
1.2
Turnover
Turnover represents the value of services rendered under contracts, net of VAT and trade discounts. To the extent that there is a right to consideration, turnover is recorded at the value of the consideration due. Where payments are received from customers in advance of services provided, the amounts are recorded as deferred income and included as part of creditors due within one year.
1.3
Tangible fixed assets
Tangible fixed assets 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
straight line over the life of the lease
Fixtures, fittings & equipment
25% Reducing balance
Computer equipment
20% Straight line
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 surplus or deficit.
1.4
Investment property
Investment property, which is property held to earn rentals and/or for capital appreciation, is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value at the reporting end date. The surplus or deficit on revaluation is recognised in the profit and loss account.
NEW JOURNAL ENTERPRISES LIMITED
(COMPANY LIMITED BY GUARANTEE AND NOT HAVING A SHARE CAPITAL)
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
1
Accounting policies
(Continued)
- 3 -
1.5
Financial instruments
The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the company's balance sheet 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.
1.6
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 profit and loss account 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 profit and loss account, 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.
1.7
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 fixed 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.
1.8
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
NEW JOURNAL ENTERPRISES LIMITED
(COMPANY LIMITED BY GUARANTEE AND NOT HAVING A SHARE CAPITAL)
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
1
Accounting policies
(Continued)
- 4 -
1.9
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 leased asset are consumed.
Rental income from operating leases is recognised on a straight line basis over the term of the relevant lease. Initial direct costs incurred in negotiating and arranging an operating lease are added to the carrying amount of the leased asset and recognised on a straight line basis over the lease term.
1.10
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.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2023
2022
Number
Number
Total
20
21
3
Tangible fixed assets
Land and buildings
Plant and machinery etc
Total
£
£
£
Cost
At 1 April 2022
137,353
53,171
190,524
Additions
1,705
1,705
At 31 March 2023
137,353
54,876
192,229
Depreciation and impairment
At 1 April 2022
110,556
42,102
152,658
Depreciation charged in the year
6,688
3,193
9,881
At 31 March 2023
117,244
45,295
162,539
Carrying amount
At 31 March 2023
20,109
9,581
29,690
At 31 March 2022
26,797
11,069
37,866
NEW JOURNAL ENTERPRISES LIMITED
(COMPANY LIMITED BY GUARANTEE AND NOT HAVING A SHARE CAPITAL)
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
- 5 -
4
Investment property
2023
£
Fair value
At 1 April 2022 and 31 March 2023
700,000
Investment property comprised of a property located at 5D Platts Lane, Hampstead, London. The fair value of the investment properties had been arrived at on the basis of valuations carried out on 10 June 2016 by Alexanders Property Consultants, who are not connected with the company. The valuations were made on an open market value basis by reference to market evidence of transaction prices for similar properties.
In the directors' opinion the current market value of the the investment property is not significantly different from the valuation shown above.
5
Debtors
2023
2022
Amounts falling due within one year:
£
£
Trade debtors
112,722
97,303
Corporation tax recoverable
8,291
8,148
Staff loans
4,585
-
Other debtors
5,148
4,621
Prepayments and accrued income
6,277
6,060
137,023
116,132
Amounts falling due after more than one year:
Other debtors
43,898
Total debtors
180,921
116,132
The company paid to one of the directors £50,000 on 28th November 2022. This is due to be repaid to the company over a period of 10 years at HMRC's official rate of interest, being 2%.
6
Creditors: amounts falling due within one year
2023
2022
£
£
Bank loans
9,747
10,000
Trade creditors
30,096
27,584
Taxation and social security
69,682
66,618
Other creditors
13,164
Accruals and deferred income
15,719
7,798
125,244
125,164
NEW JOURNAL ENTERPRISES LIMITED
(COMPANY LIMITED BY GUARANTEE AND NOT HAVING A SHARE CAPITAL)
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
- 6 -
7
Creditors: amounts falling due after more than one year
2023
2022
Notes
£
£
Bank loans and overdrafts
30,745
40,000
Other borrowings
1,000
30,745
41,000
In the previous year, other borrowings consisted of a £1,000 contribution for working capital made by Mr Eric Gordon (deceased). Mr Eric Gordon's estate has now been fully settled with the company.
The bank loan represents borrowing under the Bounce Back Loan Scheme introduced by the UK government. The government guarantees 100% of the loan.
8
Provisions for liabilities
2023
2022
£
£
Deferred tax liabilities
Accelerated capital allowances
1,453
1,655
Investment property
120,608
91,662
122,061
93,317
9
Retirement benefit schemes
2023
2022
Defined contribution schemes
£
£
Charge to profit or loss in respect of defined contribution schemes
13,964
36,971
The company operates two separate defined contribution pension schemes for all qualifying employees. The assets of the schemes are held separately from those of the company in an independently administered fund.
10
Members' liability
The company is limited by guarantee, not having a share capital and consequently the liability of the only previous member, Mr Eric Gordon (now deceased) was limited. The current members undertake to contribute to the net assets or liabilities of the company on winding up an amount not exceeding £1.
NEW JOURNAL ENTERPRISES LIMITED
(COMPANY LIMITED BY GUARANTEE AND NOT HAVING A SHARE CAPITAL)
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
- 7 -
11
Operating lease commitments
Lessee
At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, as follows:
2023
2022
£
£
142,500
180,000
12
Related party transactions
The Property currently occupied by the company is owned by The Camden New Journal Pension Fund. The directors and certain other key employees of the company are the only members of this pension fund and they also act with another as trustees. The rent paid to the pension fund during the year amounts to £28,500 (2022 : £30,000), which is considered to represent a fair market rent.
13
Controlling party
The company was controlled up to 5 April 2021 by the previous director, Mr Eric Gordon (deceased) by virtue of his membership and by the senior members of the management committee. Since 5 April 2021, that is following the death of Mr Gordon the company has been under the control of the current directors, who are senior members of the management committee.
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