Registered number
09267086
ALBRIGHTON NEWS LIMITED
Filleted Accounts
31 October 2023
ALBRIGHTON NEWS LIMITED
Registered number: 09267086
Balance Sheet
as at 31 October 2023
Notes 2023 2022
£ £
Fixed assets
Tangible assets 3 12,075 13,431
Current assets
Stocks 10,053 12,230
Debtors 4 78,905 -
Cash at bank and in hand 2,455 29,416
91,413 41,646
Creditors: amounts falling due within one year 5 (38,587) (42,609)
Net current assets/(liabilities) 52,826 (963)
Total assets less current liabilities 64,901 12,468
Creditors: amounts falling due after more than one year 6 (51,674) -
Net assets 13,227 12,468
Capital and reserves
Called up share capital 1 1
Profit and loss account 13,226 12,467
Shareholder's funds 13,227 12,468
The director is satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The member has not required the company to obtain an audit in accordance with section 476 of the Act.
The director acknowledges her responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
Mrs Balbinder Kaur
Director
Approved by the board on 14 May 2024
ALBRIGHTON NEWS LIMITED
Notes to the Accounts
for the year ended 31 October 2023
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).
Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Plant and machinery @20% Reducing Balance.
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first in first out method. The carrying amount of stock sold is recognised as an expense in the period in which the related revenue is recognised.
Debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
Creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
Provisions
Provisions (ie liabilities of uncertain timing or amount) are recognised when there is an obligation at the reporting date as a result of a past event, it is probable that economic benefit will be transferred to settle the obligation and the amount of the obligation can be estimated reliably.
Leased assets
A lease is classified as a finance lease if it transfers substantially all the risks and rewards incidental to ownership. All other leases are classified as operating leases. The rights of use and obligations under finance leases are initially recognised as assets and liabilities at amounts equal to the fair value of the leased assets or, if lower, the present value of the minimum lease payments. Minimum lease payments are apportioned between the finance charge and the reduction in the outstanding liability using the effective interest rate method. The finance charge is allocated to each period during the lease so as to produce a constant periodic rate of interest on the remaining balance of the liability. Leased assets are depreciated in accordance with the company's policy for tangible fixed assets. If there is no reasonable certainty that ownership will be obtained at the end of the lease term, the asset is depreciated over the lower of the lease term and its useful life. Operating lease payments are recognised as an expense on a straight line basis over the lease term.
2 Employees 2023 2022
Number Number
Average number of persons employed by the company 2 2
3 Tangible fixed assets
Land and buildings Plant and machinery etc Total
£ £ £
Cost
At 1 November 2022 13,243 45,982 59,225
Additions - 1,650 1,650
At 31 October 2023 13,243 47,632 60,875
Depreciation
At 1 November 2022 10,522 35,272 45,794
Charge for the year 538 2,468 3,006
At 31 October 2023 11,060 37,740 48,800
Net book value
At 31 October 2023 2,183 9,892 12,075
At 31 October 2022 2,721 10,710 13,431
4 Debtors 2023 2022
£ £
Other debtors 78,905 -
5 Creditors: amounts falling due within one year 2023 2022
£ £
Bank loans and overdrafts 10,068 24,861
Trade creditors 1,933 3,098
Taxation and social security costs 18,242 6,276
Other creditors 8,344 8,374
38,587 42,609
6 Creditors: amounts falling due after one year 2023 2022
£ £
Bank loans 51,674 -
7 Loans to directors
Description and conditions B/fwd Paid Repaid C/fwd
£ £ £ £
Mrs Balbinder Kaur
[Interest Free Loan] (80) 68,791 (5,465) 63,246
(80) 68,791 (5,465) 63,246
8 Controlling party
The director has overall control of the company by virtue of majority shareholding.
9 Other information
ALBRIGHTON NEWS LIMITED is a private company limited by shares and incorporated in England. Its registered office is:
2 High Street
Albrighton
Wolverhampton
WV7 3JX
ALBRIGHTON NEWS LIMITED 09267086 false 2022-11-01 2023-10-31 2023-10-31 VT Final Accounts April 2024 Mrs Balbinder Kaur No description of principal activity 09267086 2021-11-01 2022-10-31 09267086 core:WithinOneYear 2022-10-31 09267086 core:AfterOneYear 2022-10-31 09267086 core:ShareCapital 2022-10-31 09267086 core:RetainedEarningsAccumulatedLosses 2022-10-31 09267086 2022-11-01 2023-10-31 09267086 bus:PrivateLimitedCompanyLtd 2022-11-01 2023-10-31 09267086 bus:AuditExemptWithAccountantsReport 2022-11-01 2023-10-31 09267086 bus:Director40 2022-11-01 2023-10-31 09267086 1 2022-11-01 2023-10-31 09267086 2 2022-11-01 2023-10-31 09267086 core:LandBuildings 2022-11-01 2023-10-31 09267086 core:PlantMachinery 2022-11-01 2023-10-31 09267086 bus:Director1 2022-11-01 2023-10-31 09267086 bus:Director1 1 2022-11-01 2023-10-31 09267086 countries:England 2022-11-01 2023-10-31 09267086 bus:FRS102 2022-11-01 2023-10-31 09267086 bus:FilletedAccounts 2022-11-01 2023-10-31 09267086 2023-10-31 09267086 core:WithinOneYear 2023-10-31 09267086 core:AfterOneYear 2023-10-31 09267086 core:ShareCapital 2023-10-31 09267086 core:RetainedEarningsAccumulatedLosses 2023-10-31 09267086 core:LandBuildings 2023-10-31 09267086 core:PlantMachinery 2023-10-31 09267086 bus:Director1 1 2023-10-31 09267086 2022-10-31 09267086 core:LandBuildings 2022-10-31 09267086 core:PlantMachinery 2022-10-31 09267086 bus:Director1 1 2022-10-31 iso4217:GBP xbrli:pure