Company registration number 04503887 (England and Wales)
NORMANS NEWS LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2023
PAGES FOR FILING WITH REGISTRAR
NORMANS NEWS LIMITED
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 6
NORMANS NEWS LIMITED
BALANCE SHEET
AS AT 30 SEPTEMBER 2023
30 September 2023
- 1 -
2023
2022
Notes
£
£
£
£
Fixed assets
Intangible assets
3
1
1,500
Tangible assets
4
6,103
8,024
6,104
9,524
Current assets
Stocks
27,350
26,220
Debtors
5
-
0
23,500
Cash at bank and in hand
49,555
130,449
76,905
180,169
Creditors: amounts falling due within one year
6
(32,842)
(88,386)
Net current assets
44,063
91,783
Total assets less current liabilities
50,167
101,307
Creditors: amounts falling due after more than one year
7
(17,591)
(28,271)
Provisions for liabilities
(1,160)
(1,524)
Net assets
31,416
71,512
Capital and reserves
Called up share capital
3
3
Profit and loss reserves
31,413
71,509
Total equity
31,416
71,512

The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true

For the financial year ended 30 September 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.

NORMANS NEWS LIMITED
BALANCE SHEET (CONTINUED)
AS AT 30 SEPTEMBER 2023
30 September 2023
- 2 -
The financial statements were approved by the board of directors and authorised for issue on 5 February 2024 and are signed on its behalf by:
Mr NP Patel
Director
Company registration number 04503887 (England and Wales)
NORMANS NEWS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2023
- 3 -
1
Accounting policies
Company information

Normans News Limited is a private company limited by shares incorporated in England and Wales. The registered office is Elthorne Gate, 64 High Street, Pinner, Middlesex, HA5 5QA.

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 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. Turnover represents revenue generated from the general convenience stores in the normal course of business.

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, being the amount paid in connection with the acquisition of the business in January 2022, is considered to have a finite useful life and is amortised on a systematic basis over its expected life, which is twenty 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
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. 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.

NORMANS NEWS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2023
1
Accounting policies
(Continued)
- 4 -

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:

Fixtures and fittings
25% on reducing balance
Motor vehicles
25% on reducing balance

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
Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.

 

Stocks held for distribution at no or nominal consideration are measured at the lower of cost and replacement cost, adjusted where applicable for any loss of service potential.

At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.

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.

NORMANS NEWS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2023
1
Accounting policies
(Continued)
- 5 -
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.

1.9
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
7
5
3
Intangible fixed assets
Goodwill
£
Cost
At 1 October 2022 and 30 September 2023
30,000
Amortisation and impairment
At 1 October 2022
28,500
Amortisation charged for the year
1,499
At 30 September 2023
29,999
Carrying amount
At 30 September 2023
1
At 30 September 2022
1,500
NORMANS NEWS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2023
- 6 -
4
Tangible fixed assets
Fixtures and fittings
Motor vehicles
Total
£
£
£
Cost
At 1 October 2022
45,442
29,849
75,291
Additions
864
-
0
864
At 30 September 2023
46,306
29,849
76,155
Depreciation and impairment
At 1 October 2022
38,679
28,588
67,267
Depreciation charged in the year
2,470
315
2,785
At 30 September 2023
41,149
28,903
70,052
Carrying amount
At 30 September 2023
5,157
946
6,103
At 30 September 2022
6,763
1,261
8,024
5
Debtors
2023
2022
Amounts falling due within one year:
£
£
Other debtors
-
0
23,500
6
Creditors: amounts falling due within one year
2023
2022
£
£
Bank loans
10,648
9,808
Trade creditors
5,129
5
Taxation and social security
5,940
10,691
Other creditors
11,125
67,882
32,842
88,386
7
Creditors: amounts falling due after more than one year
2023
2022
Notes
£
£
Bank loans and overdrafts
17,591
28,271
2023-09-302022-10-01false05 February 2024CCH SoftwareCCH Accounts Production 2023.200No description of principal activityMr Hiten PatelMrs Hemaben PatelMr Narendra  Patel045038872022-10-012023-09-30045038872023-09-30045038872022-09-3004503887core:NetGoodwill2023-09-3004503887core:NetGoodwill2022-09-3004503887core:FurnitureFittings2023-09-3004503887core:MotorVehicles2023-09-3004503887core:FurnitureFittings2022-09-3004503887core:MotorVehicles2022-09-3004503887core:CurrentFinancialInstrumentscore:WithinOneYear2023-09-3004503887core:CurrentFinancialInstrumentscore:WithinOneYear2022-09-3004503887core:Non-currentFinancialInstrumentscore:AfterOneYear2023-09-3004503887core:Non-currentFinancialInstrumentscore:AfterOneYear2022-09-3004503887core:CurrentFinancialInstruments2023-09-3004503887core:CurrentFinancialInstruments2022-09-3004503887core:ShareCapital2023-09-3004503887core:ShareCapital2022-09-3004503887core:RetainedEarningsAccumulatedLosses2023-09-3004503887core:RetainedEarningsAccumulatedLosses2022-09-3004503887bus:Director32022-10-012023-09-3004503887core:Goodwill2022-10-012023-09-3004503887core:FurnitureFittings2022-10-012023-09-3004503887core:MotorVehicles2022-10-012023-09-30045038872021-10-012022-09-3004503887core:NetGoodwill2022-09-3004503887core:NetGoodwill2022-10-012023-09-3004503887core:FurnitureFittings2022-09-3004503887core:MotorVehicles2022-09-30045038872022-09-3004503887core:Non-currentFinancialInstruments2023-09-3004503887core:Non-currentFinancialInstruments2022-09-3004503887bus:PrivateLimitedCompanyLtd2022-10-012023-09-3004503887bus:SmallCompaniesRegimeForAccounts2022-10-012023-09-3004503887bus:FRS1022022-10-012023-09-3004503887bus:AuditExemptWithAccountantsReport2022-10-012023-09-3004503887bus:Director12022-10-012023-09-3004503887bus:Director22022-10-012023-09-3004503887bus:FullAccounts2022-10-012023-09-30xbrli:purexbrli:sharesiso4217:GBP