2 false false false false false false false false false true false false false false false false No description of principal activity 2023-01-01 Sage Accounts Production Advanced 2021 - FRS102_2021 xbrli:pure xbrli:shares iso4217:GBP 05990038 2023-01-01 2023-12-31 05990038 2023-12-31 05990038 2022-12-31 05990038 2022-01-01 2022-12-31 05990038 2022-12-31 05990038 core:MotorVehicles 2023-01-01 2023-12-31 05990038 bus:Director1 2023-01-01 2023-12-31 05990038 core:MotorVehicles 2022-12-31 05990038 core:MotorVehicles 2023-12-31 05990038 core:WithinOneYear 2023-12-31 05990038 core:WithinOneYear 2022-12-31 05990038 core:ShareCapital 2023-12-31 05990038 core:ShareCapital 2022-12-31 05990038 core:RetainedEarningsAccumulatedLosses 2023-12-31 05990038 core:RetainedEarningsAccumulatedLosses 2022-12-31 05990038 core:BetweenOneFiveYears 2023-12-31 05990038 core:MotorVehicles 2022-12-31 05990038 bus:SmallEntities 2023-01-01 2023-12-31 05990038 bus:AuditExemptWithAccountantsReport 2023-01-01 2023-12-31 05990038 bus:FullAccounts 2023-01-01 2023-12-31 05990038 bus:SmallCompaniesRegimeForAccounts 2023-01-01 2023-12-31 05990038 bus:PrivateLimitedCompanyLtd 2023-01-01 2023-12-31
COMPANY REGISTRATION NUMBER: 05990038
News First Limited
Filleted Unaudited Financial Statements
31 December 2023
News First Limited
Statement of Financial Position
31 December 2023
2023
2022
Note
£
£
£
Fixed assets
Tangible assets
5
20,237
23,430
Current assets
Debtors
6
1,712,384
1,032,578
Cash at bank and in hand
384,871
1,485,847
----------
----------
2,097,255
2,518,425
Creditors: amounts falling due within one year
7
248,021
864,546
----------
----------
Net current assets
1,849,234
1,653,879
----------
----------
Total assets less current liabilities
1,869,471
1,677,309
Provisions
Taxation including deferred tax
5,059
5,858
----------
----------
Net assets
1,864,412
1,671,451
----------
----------
Capital and reserves
Called up share capital
100
100
Profit and loss account
1,864,312
1,671,351
----------
----------
Shareholders funds
1,864,412
1,671,451
----------
----------
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.
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.
Director's 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 director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
These financial statements were approved by the board of directors and authorised for issue on 11 June 2024 , and are signed on behalf of the board by:
C McShane
Director
Company registration number: 05990038
News First 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 5-11 Mortimer Street, London, W1T 3HS, United Kingdom.
2. Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. Accounting policies
(a) Basis of preparation
The financial statements have been prepared on the historical cost basis. The financial statements are prepared in sterling, which is the functional currency of the entity.
(b) Revenue recognition
The turnover shown in the profit and loss account represents amounts receivable for work and services undertaken during the year, exclusive of Value Added Tax.
(c) Taxation
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.
(d) Foreign currencies
Foreign currency transactions are initially recorded in the functional currency, by applying the spot exchange rate as at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are translated at the exchange rate ruling at the reporting date, with any gains or losses being taken to the profit and loss account.
(e) Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses.
(f) Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Motor Vehicles
-
25% reducing balance
Equipment
-
25% straight line
(g) Financial instruments
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the entity after deducting all of its financial liabilities.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 2 (2022: 2 ).
5. Tangible assets
Motor vehicles
Equipment
Total
£
£
£
Cost
At 1 January 2023
32,835
11,884
44,719
Additions
5,397
5,397
Disposals
( 2,540)
( 2,540)
-------
-------
-------
At 31 December 2023
32,835
14,741
47,576
-------
-------
-------
Depreciation
At 1 January 2023
14,748
6,541
21,289
Charge for the year
4,522
3,946
8,468
Disposals
( 2,418)
( 2,418)
-------
-------
-------
At 31 December 2023
19,270
8,069
27,339
-------
-------
-------
Carrying amount
At 31 December 2023
13,565
6,672
20,237
-------
-------
-------
At 31 December 2022
18,087
5,343
23,430
-------
-------
-------
6. Debtors
2023
2022
£
£
Trade debtors
208,937
303,654
Amounts owed by group undertakings
1,491,496
703,367
Other debtors
11,951
25,557
----------
----------
1,712,384
1,032,578
----------
----------
7. Creditors: amounts falling due within one year
2023
2022
£
£
Trade creditors
107,511
99,931
Corporation tax
40,011
168,558
Social security and other taxes
12,433
Other creditors
100,499
583,624
--------
--------
248,021
864,546
--------
--------
8. Operating leases
The total future minimum lease payments under non-cancellable operating leases are as follows:
2023
2022
£
£
Not later than 1 year
16,704
Later than 1 year and not later than 5 years
30,624
-------
---
47,328
-------
---
9. Controlling party
The company's ultimate parent company is Hillcress Holdings Limited, a company incorporated in England.