IRIS Accounts Production v24.2.0.383 00029043 Board of Directors 1.1.23 31.12.23 31.12.23 19.8.24 false true false false true false Auditors Opinion Defined benefit pension plans Fair value model iso4217:GBPiso4217:USDiso4217:EURxbrli:sharesxbrli:pureutr:tonnesutr:kWh000290432022-12-31000290432023-12-31000290432023-01-012023-12-31000290432021-12-31000290432022-01-012022-12-31000290432022-12-3100029043ns15:EnglandWales2023-01-012023-12-3100029043ns14:PoundSterling2023-01-012023-12-3100029043ns10:Director12023-01-012023-12-3100029043ns10:PrivateLimitedCompanyLtd2023-01-012023-12-3100029043ns10:SmallEntities2023-01-012023-12-3100029043ns10:Audited2023-01-012023-12-3100029043ns10:SmallCompaniesRegimeForDirectorsReport2023-01-012023-12-3100029043ns10:SmallCompaniesRegimeForAccounts2023-01-012023-12-3100029043ns10:AbridgedAccounts2023-01-012023-12-3100029043ns5:TotalForAllPensionPlansExcludingMedicalOtherPlans2023-01-012023-12-3100029043ns10:Director22023-01-012023-12-3100029043ns10:Director32023-01-012023-12-3100029043ns10:RegisteredOffice2023-01-012023-12-3100029043ns5:CurrentFinancialInstruments2023-12-3100029043ns5:CurrentFinancialInstruments2022-12-3100029043ns5:TotalForAllPensionPlansExcludingMedicalOtherPlans2023-12-3100029043ns5:TotalForAllPensionPlansExcludingMedicalOtherPlans2022-12-3100029043ns5:ShareCapital2023-12-3100029043ns5:ShareCapital2022-12-3100029043ns5:RetainedEarningsAccumulatedLosses2023-12-3100029043ns5:RetainedEarningsAccumulatedLosses2022-12-3100029043ns5:OwnedOrFreeholdAssetsns5:LandBuildings2023-01-012023-12-3100029043ns5:PlantMachinery2023-01-012023-12-3100029043ns5:MotorVehicles2023-01-012023-12-3100029043ns5:LandBuildings2022-12-3100029043ns5:PlantMachinery2022-12-3100029043ns5:MotorVehicles2022-12-3100029043ns5:LandBuildings2023-01-012023-12-3100029043ns5:LandBuildings2023-12-3100029043ns5:PlantMachinery2023-12-3100029043ns5:MotorVehicles2023-12-3100029043ns5:LandBuildings2022-12-3100029043ns5:PlantMachinery2022-12-3100029043ns5:MotorVehicles2022-12-3100029043ns5:WithinOneYear2023-12-3100029043ns5:WithinOneYear2022-12-3100029043ns5:BetweenOneFiveYears2023-12-3100029043ns5:BetweenOneFiveYears2022-12-3100029043ns5:AllPeriods2023-12-3100029043ns5:AllPeriods2022-12-3100029043ns5:RetainedEarningsAccumulatedLosses2022-12-3100029043ns5:RetainedEarningsAccumulatedLosses2023-01-012023-12-3100029043ns5:TotalForAllPensionPlansExcludingMedicalOtherPlans2022-01-012022-12-3100029043ns5:TotalForAllPensionPlansExcludingMedicalOtherPlans2022-12-3100029043ns5:TotalForAllPensionPlansExcludingMedicalOtherPlans2021-12-31
REGISTERED NUMBER: 00029043 (England and Wales)













THE BARNSLEY CHRONICLE LIMITED

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2023






THE BARNSLEY CHRONICLE LIMITED (REGISTERED NUMBER: 00029043)






CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023




Page

Company Information 1

Abridged Balance Sheet 2

Notes to the Financial Statements 3


THE BARNSLEY CHRONICLE LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 31 DECEMBER 2023







DIRECTORS: Sir N C J Hewitt
Mr M J Hewitt
Mr C E J Hewitt





REGISTERED OFFICE: 47 Church Street
Barnsley
South Yorkshire
S70 2AS





REGISTERED NUMBER: 00029043 (England and Wales)





AUDITORS: Harrison & Co Accountants Limited
Chartered Accountants
& Statutory Auditors
531 Denby Dale Road West
Calder Grove
Wakefield
West Yorkshire
WF4 3ND

THE BARNSLEY CHRONICLE LIMITED (REGISTERED NUMBER: 00029043)

ABRIDGED BALANCE SHEET
31 DECEMBER 2023

2023 2022
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 561,793 566,249
Investments 5 617 617
Investment property 6 527,500 527,500
1,089,910 1,094,366

CURRENT ASSETS
Stocks - 3,438
Debtors 670,528 1,649,265
Cash at bank and in hand 1,778,834 941,724
2,449,362 2,594,427
CREDITORS
Amounts falling due within one year 202,397 262,177
NET CURRENT ASSETS 2,246,965 2,332,250
TOTAL ASSETS LESS CURRENT
LIABILITIES

3,336,875

3,426,616

PENSION ASSET 10 570,000 603,000
NET ASSETS 3,906,875 4,029,616

CAPITAL AND RESERVES
Called up share capital 25,140 25,140
Retained earnings 8 3,881,735 4,004,476
3,906,875 4,029,616

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

All the members have consented to the preparation of an abridged Balance Sheet for the year ended 31 December 2023 in accordance with Section 444(2A) of the Companies Act 2006.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 16 August 2024 and were signed on its behalf by:





Sir N C J Hewitt - Director


THE BARNSLEY CHRONICLE LIMITED (REGISTERED NUMBER: 00029043)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

1. STATUTORY INFORMATION

The Barnsley Chronicle Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

The presentation currency of the financial statements is the Pound Sterling (£).


2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

This company is a qualifying entity for the purposes of FRS 102, being a member of a group where the parent of that group prepares publicly available consolidated financial statements, including this company, which are intended to give a true and fair view of the assets, liabilities, financial position and profit or loss of the group. The company has therefore taken advantage of exemptions from the following disclosure requirements:

- Section 7 'Statement of Cash Flows': Presentation of a statement of cash flow and related notes and disclosures;
- Section 11 'Basic Financial Instruments' and Section 12 'Other Financial Instrument Issues': Interest income/expense and net gains/losses for each category of financial instrument; basis of determining fair values; details of collateral, loan defaults or breaches, details of hedges, hedging fair value changes recognised in profit or loss and in other comprehensive income;
- Section 26 'Share based Payment': Share-based payment expense charged to profit or loss, reconciliation of opening and closing number and weighted average exercise price of share options, how the fair value of options granted was measured, measurement and carrying amount of liabilities for cash-settled share-based payments, explanation of modifications to arrangements;
- Section 33 'Related Party Disclosures': Compensation for key management personnel.

The financial statements of the company are consolidated in the financial statements of Acredula Group Limited. These consolidated financial statements are available from its registered office, 47 Church Street, Barnsley, S70 2AS.

At the time of approving the financial statements, with the continued financial support of the parent undertaking, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements.

Significant judgements and estimates
In the application of the company's accounting policies, the directors are required to make judgements estimates and assumptions about the carrying of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered relevant. Actual results may differ from these estimates.

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or the period of the revision and future periods where the revision affects both current and future periods.

Key sources of estimation uncertainty
The estimates and assumptions which have a significant risk of causing a material adjustment to the carrying amount of assets and liabilities are as follows:

Pension assumptions
The assumptions used by the actuary are chosen from a range of possible actuarial assumptions which, due to the timescale covered, may not necessarily be borne out in practice.

THE BARNSLEY CHRONICLE LIMITED (REGISTERED NUMBER: 00029043)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2023

2. ACCOUNTING POLICIES - continued

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Freehold property - 2% on cost
Plant and machinery - 33% on cost and 7.5% on cost
Motor vehicles - 25% on cost

Investment property
Investment property is shown at most recent valuation. Any aggregate surplus or deficit arising from changes in fair value is recognised in profit or loss.

Stocks
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

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 help 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 recognised in profit or loss.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

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.

Foreign currencies
Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result.

THE BARNSLEY CHRONICLE LIMITED (REGISTERED NUMBER: 00029043)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2023

2. ACCOUNTING POLICIES - continued

Hire purchase and leasing commitments
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

Pension costs and other post-retirement benefits

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

The defined benefit scheme details can be found at note 11.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 34 (2022 - 36 ) .

4. TANGIBLE FIXED ASSETS
Freehold Plant and Motor
property machinery vehicles Totals
£    £    £    £   
COST
At 1 January 2023 745,261 907,449 37,695 1,690,405
Additions - 22,411 10,150 32,561
Disposals - (306,893 ) (25,975 ) (332,868 )
At 31 December 2023 745,261 622,967 21,870 1,390,098
DEPRECIATION
At 1 January 2023 244,348 842,113 37,695 1,124,156
Charge for year 9,854 25,062 1,692 36,608
Eliminated on disposal - (306,484 ) (25,975 ) (332,459 )
At 31 December 2023 254,202 560,691 13,412 828,305
NET BOOK VALUE
At 31 December 2023 491,059 62,276 8,458 561,793
At 31 December 2022 500,913 65,336 - 566,249

Included in cost of freehold property is land of £204,994 (2022: £204,994) which is not depreciated.

5. FIXED ASSET INVESTMENTS

Information on investments other than loans is as follows:
Totals
£   
COST
At 1 January 2023
and 31 December 2023 617
NET BOOK VALUE
At 31 December 2023 617
At 31 December 2022 617

THE BARNSLEY CHRONICLE LIMITED (REGISTERED NUMBER: 00029043)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2023

6. INVESTMENT PROPERTY
Total
£   
FAIR VALUE
At 1 January 2023
and 31 December 2023 527,500
NET BOOK VALUE
At 31 December 2023 527,500
At 31 December 2022 527,500

Investment property comprises 39-51 Church Street, Barnsley, S70 2AS. The fair value of the investment property has been arrived at on the basis of a valuation carried out at 15 August 2020 by SM Commercial Chartered Surveyors, who are not connected with the company. The valuation was made on an open market value by reference to market evidence of transaction prices for similar properties.

7. LEASING AGREEMENTS

Minimum lease payments under non-cancellable operating leases fall due as follows:
2023 2022
£    £   
Within one year 8,171 -
Between one and five years 8,058 -
16,229 -

8. RESERVES
Retained
earnings
£   

At 1 January 2023 4,004,476
Profit for the year 3,259
Actuarial changes related to
obligations

(126,000

)

At 31 December 2023 3,881,735

9. DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006

The Report of the Auditors was unqualified.

Suzanne Harrison ACA (Senior Statutory Auditor)
for and on behalf of Harrison & Co Accountants Limited

10. EMPLOYEE BENEFIT OBLIGATIONS

The company operates a defined benefit scheme for qualifying employees. This is a separate trustee administered fund holding the pension scheme assets to meet long term liabilities.

The most recent actuarial valuation of plan assets and the present value of the defined benefit obligations were carried out at 31 December 2023 by Rob Dales of Atkin Pensions, Fellow of the Institute and Faculty of Actuaries. The present value of the defined benefit obligation, the related current service cost and past service cost were measured using the projected unit credit method.

THE BARNSLEY CHRONICLE LIMITED (REGISTERED NUMBER: 00029043)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2023

10. EMPLOYEE BENEFIT OBLIGATIONS - continued

The amounts recognised in profit or loss are as follows:

Defined benefit
pension plans
2023 2022
£    £   
Current service cost - -
Net interest from net defined benefit
asset/liability

(32,000

)

5,000
Past service cost - -
(32,000 ) 5,000

Actual return on plan assets 470,000 (1,307,000 )

Changes in the present value of the defined benefit obligation are as follows:

Defined benefit
pension plans
2023 2022
£    £   
Opening defined benefit obligation 5,560,000 8,065,000
Interest cost 272,000 142,000
Actuarial losses/(gains) 292,000 (2,273,000 )
Benefits paid (459,000 ) (374,000 )
5,665,000 5,560,000

Changes in the fair value of scheme assets are as follows:

Defined benefit
pension plans
2023 2022
£    £   
Opening fair value of scheme assets 6,163,000 7,709,000
Contributions by employer 61,000 135,000
Expected return 304,000 137,000
Actuarial gains/(losses) 166,000 (1,444,000 )
Benefits paid (459,000 ) (374,000 )
6,235,000 6,163,000

THE BARNSLEY CHRONICLE LIMITED (REGISTERED NUMBER: 00029043)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2023

10. EMPLOYEE BENEFIT OBLIGATIONS - continued

The amounts recognised in other comprehensive income are as follows:

Defined benefit
pension plans
2023 2022
£    £   
Return on scheme assets excluding interest
income

(166,000

)

1,444,000
Actuarial changes related to obligations 292,000 (2,273,000 )
126,000 (829,000 )

The major categories of scheme assets as amounts of total scheme assets are as follows:

Defined benefit
pension plans
2023 2022
£    £   
Equities 2,429,000 2,842,000
Debt instruments 3,580,000 2,979,000
Cash 226,000 342,000
6,235,000 6,163,000

Principal actuarial assumptions at the balance sheet date (expressed as weighted averages):

2023 2022
Discount rate 4.45% 5.10%
Future pension increases 2.75% 2.70%

Other assumptions:

Mortality 20232022
Assumed life expectations on retirement at age 65:YearsYears
Retiring today
- Males21.622.0
- Females23.824.2

Retiring in 20 years
- Males22.623.0
- Females24.925.3

11. ULTIMATE CONTROLLING PARTY

The company is a subsidiary of Acredula Group Limited which is the ultimate parent company incorporated in England and Wales.