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Registered number: 7292504
Todmorden News Centre Limited
Financial Statements
For The Year Ended 31 October 2023
Patel & Co. Accountants
362 Derby Street
Bolton
BL3 6LS
Contents
Page
Balance Sheet 1—2
Notes to the Financial Statements 3—5
Page 1
Balance Sheet
Registered number: 7292504
2023 2022
Notes £ £ £ £
FIXED ASSETS
Intangible Assets 4 135,000 135,000
Tangible Assets 5 56,860 54,195
191,860 189,195
CURRENT ASSETS
Stocks 6 19,467 13,259
Debtors 7 22,760 29,720
Cash at bank and in hand 1,249 2,788
43,476 45,767
Creditors: Amounts Falling Due Within One Year 8 (47,802 ) (35,532 )
NET CURRENT ASSETS (LIABILITIES) (4,326 ) 10,235
TOTAL ASSETS LESS CURRENT LIABILITIES 187,534 199,430
Creditors: Amounts Falling Due After More Than One Year 9 (62,647 ) (75,130 )
NET ASSETS 124,887 124,300
CAPITAL AND RESERVES
Called up share capital 10 1 1
Other reserves (1 ) -
Profit and Loss Account 124,887 124,299
SHAREHOLDERS' FUNDS 124,887 124,300
Page 1
Page 2
For the year ending 31 October 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.
The company has taken advantage of section 444(1) of the Companies Act 2006 and opted not to deliver to the registrar a copy of the company's Profit and Loss Account.
On behalf of the board
Mr Muntazir Dipoti
Director
8th August 2024
The notes on pages 3 to 5 form part of these financial statements.
Page 2
Page 3
Notes to the Financial Statements
1. General Information
Todmorden News Centre Limited is a private company, limited by shares, incorporated in England & Wales, registered number 7292504 . The registered office is 15 Bridge Street, Todmorden, Lancashire, United Kingdom, OL14 5AQ.
2. Accounting Policies
2.1. Basis of Preparation of Financial Statements
The financial statements have been prepared under the historical cost convention and in accordance with Financial Reporting Standard 102 section 1A Small Entities "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006.
2.2. 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 is reduced for estimated customer returns, rebates and other similar allowances.
Sale of goods
Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods has transferred to the buyer. This is usually at the point that the customer has signed for the delivery of the goods.
Rendering of services
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. Turnover is only recognised to the extent of recoverable expenses when the outcome of a contract cannot be estimated reliably.
2.3. Intangible Fixed Assets and Amortisation - Goodwill
Goodwill is the difference between amounts paid on the acquisition of a business and the fair value of the separable net assets. It is amortised to profit and loss account over its estimated economic life of .... years.
2.4. Tangible Fixed Assets and Depreciation
Tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. Depreciation is provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives on the following bases:
Motor Vehicles 20 % ON WDV
Fixtures & Fittings 20 % ON WDV
2.5. Stocks and Work in Progress
Stocks and work in progress are valued at the lower of cost and net realisable value after making due allowance for obsolete and slow-moving stocks. Cost includes all direct costs and an appropriate proportion of fixed and variable overheads. Work-in-progress is reflected in the accounts on a contract by contract basis by recording turnover and related costs as contract activity progresses.
3. Average Number of Employees
Average number of employees, including directors, during the year was: 4 (2022: 2)
4 2
4. Intangible Assets
Goodwill
£
Cost
As at 1 November 2022 135,000
As at 31 October 2023 135,000
Net Book Value
As at 31 October 2023 135,000
As at 1 November 2022 135,000
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5. Tangible Assets
Motor Vehicles Fixtures & Fittings Total
£ £ £
Cost
As at 1 November 2022 103,604 53,792 157,396
Additions 16,879 - 16,879
As at 31 October 2023 120,483 53,792 174,275
Depreciation
As at 1 November 2022 57,501 45,700 103,201
Provided during the period 12,596 1,618 14,214
As at 31 October 2023 70,097 47,318 117,415
Net Book Value
As at 31 October 2023 50,386 6,474 56,860
As at 1 November 2022 46,103 8,092 54,195
6. Stocks
2023 2022
£ £
Finished goods 19,467 13,259
7. Debtors
2023 2022
£ £
Due within one year
Other debtors (1) 500 500
VAT - 7,377
Other taxes and social security 990 573
1,490 8,450
Due after more than one year
Rent deposit 21,270 21,270
22,760 29,720
8. Creditors: Amounts Falling Due Within One Year
2023 2022
£ £
Trade creditors 9,193 7,920
Bank loans and overdrafts 7,104 14,627
Corporation tax (13,726 ) (3,352 )
VAT 1,598 -
Other creditors 5,021 3,055
Directors' loan accounts 38,612 13,282
47,802 35,532
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9. Creditors: Amounts Falling Due After More Than One Year
2023 2022
£ £
Bank loans 25,828 35,828
Other loans 36,819 39,302
62,647 75,130
10. Share Capital
2023 2022
£ £
Allotted, Called up and fully paid 1 1
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