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Company registration number: 2309835
Neighbourhood Direct Limited
Unaudited filleted financial statements
31 December 2023
Neighbourhood Direct Limited
Contents
Directors and other information
Accountants report
Statement of financial position
Notes to the financial statements
Neighbourhood Direct Limited
Directors and other information
Directors H D Oldroyd
G H Oldroyd
Company number 2309835
Registered office 15 Olympic Court
Whitehills Business Park
Blackpool
Lancs
FY4 5GU
Business address 15 Olympic Court
Whitehills Business Park
Blackpool
Lancs
FY4 5GU
Accountants Turner and Brown Limited
105 Garstang Road
Preston
Lancs
PR1 1LD
Bankers HSBC Bank Plc
11 St Annes Road West
St Annes on Sea
Lancs
FY8 1SA
Neighbourhood Direct Limited
Chartered accountants report to the board of directors on the preparation of the
unaudited statutory financial statements of Neighbourhood Direct Limited
Year ended 31 December 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 Neighbourhood Direct Limited for the year ended 31 December 2023 which comprise the statement of financial position and related notes from the company's accounting records and from information and explanations you have given us.
This report is made solely to the board of directors of Neighbourhood Direct Limited, as a body, in accordance with the terms of our engagement letter. Our work has been undertaken solely to prepare for your approval the financial statements of Neighbourhood Direct Limited and state those matters that we have agreed to state to the board of directors of Neighbourhood Direct Limited as a body, in this report. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Neighbourhood Direct Limited and its board of directors as a body for our work or for this report.
It is your duty to ensure that Neighbourhood Direct 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 Neighbourhood Direct Limited. You consider that Neighbourhood Direct Limited is exempt from the statutory audit requirement for the year.
We have not been instructed to carry out an audit or a review of the financial statements of Neighbourhood Direct 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.
Turner and Brown Limited
Chartered Accountants
105 Garstang Road
Preston
Lancs
PR1 1LD
3 April 2024
Neighbourhood Direct Limited
Statement of financial position
31 December 2023
2023 2022
Note £ £ £ £
Current assets
Stocks 96,328 73,651
Debtors 5 293,416 177,270
Cash at bank and in hand 277,046 387,563
_______ _______
666,790 638,484
Creditors: amounts falling due
within one year 6 ( 41,100) ( 147,077)
_______ _______
Net current assets 625,690 491,407
_______ _______
Total assets less current liabilities 625,690 491,407
_______ _______
Net assets 625,690 491,407
_______ _______
Capital and reserves
Called up share capital 100 100
Profit and loss account 625,590 491,307
_______ _______
Shareholders funds 625,690 491,407
_______ _______
For the year ending 31 December 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors responsibilities:
- 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;
- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.
These financial statements were approved by the board of directors and authorised for issue on 03 April 2024 , and are signed on behalf of the board by:
G H Oldroyd
Director
Company registration number: 2309835
Neighbourhood Direct Limited
Notes to the financial statements
Year ended 31 December 2023
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is 15 Olympic Court, Whitehills Business Park, Blackpool, Lancs, FY4 5GU.
2. Statement of compliance
These financial statements have been prepared in compliance with the provisions of FRS 102, Section 1A, 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Turnover
Turnover is derived from the sale of advertisements in publications which are distributed by contracted third parties for periods exceeding one year. Turnover is recognised in the company's income statement on a daily basis throughout the period of the advertising contract. To the extent that the turnover has been invoiced and is not recognised in the income statement, it is credited in the statement of financial position under the heading 'Stocks'.
Long term contracts
Amounts recoverable on long term contracts, which are included in debtors are stated at the net sales value of the work done after provisions for contingencies and anticipated future losses on contracts, less amounts received as progress payments on account. Excess progress payments are included in creditors as payments received on account.
Taxation and group relief
The company is a member of a group and is consequently able to surrender losses or receive the benefit of surrendered losses in accordance with the group relief provisions of the Income and Corporation Taxes Act 2010. The group company surrendering the losses under these provisions will be credited by the beneficiary company at the rate of Corporation Tax at which the losses have been relieved by the beneficiary company.Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date where transactions or events have occurred at that date that will result in an obligation to pay more, or a right to pay less or to receive more, tax, with the following exceptions:Deferred tax assets are recognised only to the extent that the directors consider that it is more likely than not that there will be suitable taxable profits from which the future reversal of the underlying timing differences can be deducted.Deferred tax is measured on a discounted basis at the tax rates that are expected to apply in the periods in which timing differences reverse, based on tax rates and laws enacted or substantively enacted at the balance sheet date.
Cost of sales, stocks and attributable profit
The company's cost of sales comprise printing and sales commission. These costs are recognised in the company's income statement over the anticipated lives of the advertising contracts to which they relate. To the extent that the expenditure incurred is not recognised in the income statement it is carried forward in the statement of financial position under the heading 'Stocks - Net cost less foreseeable losses' at the lower of cost and net realisable value. Attributable profit, being Turnover less Cost of Sales, is accounted for over the lifetime of the advertisement contract.
Financial instruments
A financial asset or a financial liability is recognised only when the company becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Debt instruments are subsequently measured at amortised cost. Where investments in non-convertible preference shares and non-puttable ordinary shares or preference shares are publicly traded or their fair value can otherwise be measured reliably, the investment is subsequently measured at fair value with changes in fair value recognised in profit or loss. All other such investments are subsequently measured at cost less impairment. Other financial instruments, including derivatives, are initially recognised at fair value, unless payment for an asset is deferred beyond normal business terms or financed at a rate of interest that is not a market rate, in which case the asset is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Other financial instruments are subsequently measured at fair value, with any changes recognised in profit or loss, with the exception of hedging instruments in a designated hedging relationship.
Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately. For all equity instruments regardless of significance, and other financial assets that are individually significant, these are assessed individually for impairment. Other financial assets or either assessed individually or grouped on the basis of similar credit risk characteristics. Any reversals of impairment are recognised in profit or loss immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 2 (2022: 2 ).
5. Debtors
2023 2022
£ £
Trade debtors 27,234 31,276
Amounts owed by group undertakings 130,667 12,545
Other debtors 135,515 133,449
_______ _______
293,416 177,270
_______ _______
The debtors above include the following amounts falling due after more than one year:
2023 2022
£ £
Other debtors 128,800 129,026
_______ _______
6. Creditors: amounts falling due within one year
2023 2022
£ £
Trade creditors 7,191 3,548
Amounts owed to group undertakings - 103,679
Taxation and social security 1,885 -
Other creditors 32,024 39,850
_______ _______
41,100 147,077
_______ _______
7. Controlling party
The company is a subsidiary of Oldroyd Publishing Group Limited, a company not controlled by any one person.