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Company Registration No. 09891065 (England and Wales)
Good News NWK Ltd Unaudited accounts for the year ended 30 November 2023
Good News NWK Ltd Statement of financial position as at 30 November 2023
2023 
2022 
Notes
£ 
£ 
Fixed assets
Tangible assets
114,328 
115,259 
Current assets
Debtors
496,696 
370,391 
Cash at bank and in hand
3,610 
7,170 
500,306 
377,561 
Creditors: amounts falling due within one year
(286,657)
(280,580)
Net current assets
213,649 
96,981 
Total assets less current liabilities
327,977 
212,240 
Creditors: amounts falling due after more than one year
(56,299)
(93,000)
Net assets
271,678 
119,240 
Capital and reserves
Called up share capital
5 
5 
Profit and loss account
271,673 
119,235 
Shareholders' funds
271,678 
119,240 
For the year ending 30 November 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies. The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with the provisions of FRS 102 Section 1A - Small Entities. The profit and loss account has not been delivered to the Registrar of Companies.
The financial statements were approved by the Board of Directors and authorised for issue on 31 July 2024 and were signed on its behalf by
Kingsley Tiribabi Director Company Registration No. 09891065
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Good News NWK Ltd Notes to the Accounts for the year ended 30 November 2023
1
Statutory information
Good News NWK Ltd is a private company, limited by shares, registered in England and Wales, registration number 09891065. The registered office is First Floor Offices, 25 Sanders Road, Wellingborough, Northamptonshire, NN8 4NL, United Kingdom.
2
Compliance with accounting standards
The accounts have been prepared in accordance with the provisions of FRS 102 Section 1A Small Entities. There were no material departures from that standard.
3
Accounting policies
The principal accounting policies adopted in the preparation of the financial statements are set out below and have remained unchanged from the previous year, and also have been consistently applied within the same accounts.
Basis of preparation
The accounts have been prepared under the historical cost convention as modified by the revaluation of certain fixed assets.
Presentation currency
The accounts are presented in £ sterling.
Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates and other sales taxes. 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 and depreciation
Tangible assets are included at cost less depreciation and impairment. Depreciation has been provided at the following rates in order to write off the assets over their estimated useful lives:
Land & buildings
Straight line over 10 years
Motor vehicles
25% reducing balance
Fixtures & fittings
25% reducing balance
Computer equipment
25% reducing balance
Pension costs
The company operates a defined contribution scheme for the benefit of its employees. Contributions payable are recognised in the profit and loss account when due.
Research and development
Expenditure on research and development is written off in the year in which it is incurred.
Leased assets
Rentals applicable to operating leases where substantially all of the benefits and risks of ownership remain with the lessor are charged against profit on a straight line basis over the lease term. Assets held under finance leases and hire purchase contracts are capitalised and depreciated over their useful lives. The corresponding lease or hire purchase obligation is treated in the balance sheet as a liability. The interest element of rental obligations is charged to the profit and loss account over the period of the lease at a constant proportion of the outstanding balance of capital repayments.
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Good News NWK Ltd Notes to the Accounts for the year ended 30 November 2023
4
Tangible fixed assets
Land & buildings 
Motor vehicles 
Fixtures & fittings 
Computer equipment 
Total 
£ 
£ 
£ 
£ 
£ 
Cost or valuation
At cost 
At cost 
At cost 
At cost 
At 1 December 2022
85,673 
25,869 
59,756 
7,649 
178,947 
Additions
- 
17,999 
3,392 
3,017 
24,408 
Disposals
- 
(7,039)
- 
- 
(7,039)
At 30 November 2023
85,673 
36,829 
63,148 
10,666 
196,316 
Depreciation
At 1 December 2022
16,632 
12,826 
30,224 
4,006 
63,688 
Charge for the year
8,568 
6,319 
7,619 
1,089 
23,595 
On disposals
- 
(5,295)
- 
- 
(5,295)
At 30 November 2023
25,200 
13,850 
37,843 
5,095 
81,988 
Net book value
At 30 November 2023
60,473 
22,979 
25,305 
5,571 
114,328 
At 30 November 2022
69,041 
13,043 
29,532 
3,643 
115,259 
2023 
2022 
Carrying values included above held under finance leases and hire purchase contracts:
£ 
£ 
- Motor vehicles
20,386 
7,683 
5
Debtors
2023 
2022 
£ 
£ 
Amounts falling due within one year
Trade debtors
160,884 
162,344 
Accrued income and prepayments
6,312 
6,631 
Other debtors
329,500 
201,416 
496,696 
370,391 
6
Creditors: amounts falling due within one year
2023 
2022 
£ 
£ 
Bank loans and overdrafts
50,412 
50,441 
Obligations under finance leases and hire purchase contracts
4,601 
3,498 
Trade creditors
12,215 
2,097 
Taxes and social security
211,745 
208,393 
Other creditors
6,184 
14,651 
Accruals
1,500 
1,500 
286,657 
280,580 
7
Creditors: amounts falling due after more than one year
2023 
2022 
£ 
£ 
Bank loans
46,478 
91,138 
Obligations under finance leases and hire purchase contracts
9,821 
1,862 
56,299 
93,000 
- 4 -
Good News NWK Ltd Notes to the Accounts for the year ended 30 November 2023
8
Share capital
2023 
2022 
£ 
£ 
Allotted, called up and fully paid:
3 Ordinary A Shares of £1 each
3 
3 
2 Ordinary B Shares of £1 each
2 
2 
5 
5 
9
Loans to directors
Brought Forward 
Advance/ credit 
Repaid 
Carried Forward 
£ 
£ 
£ 
£ 
Directors loan
160,832 
127,846 
- 
288,678 
160,832 
127,846 
- 
288,678 
During the year, the company made advances to the directors. Interest was charged on these loans at the official rate and the loans had no fixed repayment terms. These loans were repaid in full by the 31 August 2024
10
Average number of employees
During the year the average number of employees was 44 (2022: 41).
- 5 -