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REGISTERED NUMBER: SC275014 (Scotland)















Unaudited Financial Statements for the Year Ended 31 July 2024

for

Good News (Cowdenbeath) Ltd

Good News (Cowdenbeath) Ltd (Registered number: SC275014)






Contents of the Financial Statements
for the Year Ended 31 July 2024




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


Good News (Cowdenbeath) Ltd

Company Information
for the Year Ended 31 July 2024







DIRECTOR: M Idrees





SECRETARY: Mrs S Idrees





REGISTERED OFFICE: 101 Broad Street
Cowdenbeath
Fife
KY4 8JR





REGISTERED NUMBER: SC275014 (Scotland)





ACCOUNTANTS: akb Chartered Accountants
86 Albert Road
Glasgow
Lanarkshire
G42 8DR

Good News (Cowdenbeath) Ltd (Registered number: SC275014)

Balance Sheet
31 July 2024

31.7.24 31.7.23
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 4 - -
Tangible assets 5 777,827 212,880
777,827 212,880

CURRENT ASSETS
Stocks 22,326 22,627
Debtors 6 80,000 -
Cash at bank and in hand 79,709 610,454
182,035 633,081
CREDITORS
Amounts falling due within one year 7 70,643 48,763
NET CURRENT ASSETS 111,392 584,318
TOTAL ASSETS LESS CURRENT
LIABILITIES

889,219

797,198

PROVISIONS FOR LIABILITIES 1,090 1,105
NET ASSETS 888,129 796,093

CAPITAL AND RESERVES
Called up share capital 2 2
Retained earnings 888,127 796,091
SHAREHOLDERS' FUNDS 888,129 796,093

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 July 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 July 2024 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges his responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

Good News (Cowdenbeath) Ltd (Registered number: SC275014)

Balance Sheet - continued
31 July 2024


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

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

The financial statements were approved by the director and authorised for issue on 27 September 2024 and were signed by:





M Idrees - Director


Good News (Cowdenbeath) Ltd (Registered number: SC275014)

Notes to the Financial Statements
for the Year Ended 31 July 2024

1. STATUTORY INFORMATION

Good News (Cowdenbeath) Ltd is a private company, limited by shares , registered in Scotland. The company's registered number and registered office address can be found on the Company Information page.

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.

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

Goodwill
Goodwill, being the amount paid in connection with the acquisition of a business in 0, is being amortised evenly over its estimated useful life of nil years.

Intangible assets
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

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

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.

Good News (Cowdenbeath) Ltd (Registered number: SC275014)

Notes to the Financial Statements - continued
for the Year Ended 31 July 2024

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 4 (2023 - 4 ) .

4. INTANGIBLE FIXED ASSETS
Goodwill
£   
COST
At 1 August 2023
and 31 July 2024 60,000
AMORTISATION
At 1 August 2023
and 31 July 2024 60,000
NET BOOK VALUE
At 31 July 2024 -
At 31 July 2023 -

5. TANGIBLE FIXED ASSETS
Plant and
Land and machinery
buildings etc Totals
£    £    £   
COST
At 1 August 2023 207,063 31,506 238,569
Additions 566,402 - 566,402
At 31 July 2024 773,465 31,506 804,971
DEPRECIATION
At 1 August 2023 - 25,689 25,689
Charge for year - 1,455 1,455
At 31 July 2024 - 27,144 27,144
NET BOOK VALUE
At 31 July 2024 773,465 4,362 777,827
At 31 July 2023 207,063 5,817 212,880

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.7.24 31.7.23
£    £   
Other debtors 80,000 -

Good News (Cowdenbeath) Ltd (Registered number: SC275014)

Notes to the Financial Statements - continued
for the Year Ended 31 July 2024

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.7.24 31.7.23
£    £   
Taxation and social security 34,435 29,227
Other creditors 36,208 19,536
70,643 48,763

8. ULTIMATE CONTROLLING PARTY

Mr M Idrees is the sole director and 50% shareholder in the company. Mrs S Idrees is the company secretary and 50% shareholder in the company.