Company registration number 1624756 (England and Wales)
NEW JOURNAL ENTERPRISES LIMITED
(COMPANY LIMITED BY GUARANTEE AND NOT HAVING A SHARE CAPITAL)
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
PAGES FOR FILING WITH REGISTRAR
NEW JOURNAL ENTERPRISES LIMITED
(COMPANY LIMITED BY GUARANTEE AND NOT HAVING A SHARE CAPITAL)
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 7
NEW JOURNAL ENTERPRISES LIMITED
(COMPANY LIMITED BY GUARANTEE AND NOT HAVING A SHARE CAPITAL)
BALANCE SHEET
AS AT
31 MARCH 2024
31 March 2024
- 1 -
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
3
20,441
29,690
Investment properties
4
700,000
700,000
720,441
729,690
Current assets
Debtors
5
160,337
180,921
Cash at bank and in hand
292,839
421,457
453,176
602,378
Creditors: amounts falling due within one year
6
(100,203)
(125,244)
Net current assets
352,973
477,134
Total assets less current liabilities
1,073,414
1,206,824
Creditors: amounts falling due after more than one year
7
(20,755)
(30,745)
Provisions for liabilities
8
(121,652)
(122,061)
Net assets
931,007
1,054,018
Reserves
Profit and loss account
931,007
1,054,018

The directors of the company have elected not to include a copy of the income and expenditure account within the financial statements.true

For the financial year ended 31 March 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

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.

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

The financial statements were approved by the board of directors and authorised for issue on 19 July 2024 and are signed on its behalf by:
Ali Reza Haidari
Director
Company Registration No. 1624756
NEW JOURNAL ENTERPRISES LIMITED
(COMPANY LIMITED BY GUARANTEE AND NOT HAVING A SHARE CAPITAL)
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
- 2 -
1
Accounting policies
Company information

NEW JOURNAL ENTERPRISES LIMITED is a private company limited by guarantee incorporated in England and Wales. The principal place of business and registered office is 38 - 40 Camden Road, London, NW1 9DR.

1.1
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention, [modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value. The principal accounting policies adopted are set out below.

1.2
Turnover

Turnover represents the value of services rendered under contracts, net of VAT and trade discounts. To the extent that there is a right to consideration, turnover is recorded at the value of the consideration due. Where payments are received from customers in advance of services provided, the amounts are recorded as deferred income and included as part of creditors due within one year.

1.3
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Land and buildings Leasehold
straight line over the life of the lease
Fixtures, fittings & equipment
25%  Reducing balance
Computer equipment
20% Straight line

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to surplus or deficit.

1.4
Investment property

Investment property, which is property held to earn rentals and/or for capital appreciation, is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value at the reporting end date. The surplus or deficit on revaluation is recognised in the profit and loss account.

 

NEW JOURNAL ENTERPRISES LIMITED
(COMPANY LIMITED BY GUARANTEE AND NOT HAVING A SHARE CAPITAL)
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
1
Accounting policies
(Continued)
- 3 -
1.5
Financial instruments

The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ of FRS 102 to all of its financial instruments.

 

Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.

 

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

 

 

1.6
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

Deferred tax

Deferred tax liabilities are generally recognised for all timing differences and 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. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

 

The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.

 

 

1.7
Employee benefits

The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.

 

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

 

Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

1.8
Retirement benefits

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

NEW JOURNAL ENTERPRISES LIMITED
(COMPANY LIMITED BY GUARANTEE AND NOT HAVING A SHARE CAPITAL)
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
1
Accounting policies
(Continued)
- 4 -
1.9
Leases

Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except, where another more systematic basis is more representative of the time pattern in which economic benefits from the leased asset are consumed.

Rental income from operating leases is recognised on a straight line basis over the term of the relevant lease. Initial direct costs incurred in negotiating and arranging an operating lease are added to the carrying amount of the leased asset and recognised on a straight line basis over the lease term.

2
Employees

The average monthly number of persons (including directors) employed by the company during the year was:

2024
2023
Number
Number
Total
19
20
3
Tangible fixed assets
Land and buildings
Plant and machinery etc
Total
£
£
£
Cost
At 1 April 2023
137,353
54,876
192,229
Additions
-
0
258
258
At 31 March 2024
137,353
55,134
192,487
Depreciation and impairment
At 1 April 2023
117,244
45,295
162,539
Depreciation charged in the year
7,047
2,460
9,507
At 31 March 2024
124,291
47,755
172,046
Carrying amount
At 31 March 2024
13,062
7,379
20,441
At 31 March 2023
20,109
9,581
29,690
4
Investment property
2024
£
Fair value
At 1 April 2023 and 31 March 2024
700,000
NEW JOURNAL ENTERPRISES LIMITED
(COMPANY LIMITED BY GUARANTEE AND NOT HAVING A SHARE CAPITAL)
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
4
Investment property
(Continued)
- 5 -

Investment property comprised of a property located at 5D Platts Lane, Hampstead, London. The fair value of the investment properties had been arrived at on the basis of valuations carried out on 10 June 2016 by Alexanders Property Consultants, who are not connected with the company. The valuations were made on an open market value basis by reference to market evidence of transaction prices for similar properties.

 

In the directors' opinion the current market value of the the investment property is not significantly different from the valuation shown above.

5
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
98,176
112,722
Corporation tax recoverable
11
8,291
Staff loans
5,845
4,585
Other debtors
3,351
5,148
Prepayments and accrued income
6,389
6,277
113,772
137,023
Amounts falling due after more than one year:
Other debtors
46,565
43,898
Total debtors
160,337
180,921

The company paid to one of the directors £50,000 on 28th November 2022, with a further £8,000 advanced on 29th January 2024. This is due to be repaid to the company over a period of 10 years at HMRC's official rate of interest, being 2.25%.

 

6
Creditors: amounts falling due within one year
2024
2023
£
£
Bank loans
10,815
9,747
Trade creditors
21,775
30,096
Taxation and social security
55,337
69,682
Other creditors
3,910
-
0
Accruals and deferred income
8,366
15,719
100,203
125,244
NEW JOURNAL ENTERPRISES LIMITED
(COMPANY LIMITED BY GUARANTEE AND NOT HAVING A SHARE CAPITAL)
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 6 -
7
Creditors: amounts falling due after more than one year
2024
2023
Notes
£
£
Bank loans and overdrafts
20,755
30,745

The bank loan represents borrowing under the Bounce Back Loan Scheme introduced by the UK government. The government guarantees 100% of the loan.

8
Provisions for liabilities
2024
2023
£
£
Deferred tax liabilities
Accelerated capital allowances
1,044
1,453
Investment property
120,608
120,608
121,652
122,061
9
Retirement benefit schemes
2024
2023
Defined contribution schemes
£
£
Charge to profit or loss in respect of defined contribution schemes
14,421
13,964

The company operates two separate defined contribution pension schemes for all qualifying employees. The assets of the schemes are held separately from those of the company in an independently administered fund.

10
Members' liability

The company is limited by guarantee, not having a share capital and consequently the liability of the only previous member, Mr Eric Gordon (now deceased) was limited. The current members undertake to contribute to the net assets or liabilities of the company on winding up an amount not exceeding £1.

 

11
Operating lease commitments
Lessee

At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, as follows:

2024
2023
£
£
114,000
142,500
NEW JOURNAL ENTERPRISES LIMITED
(COMPANY LIMITED BY GUARANTEE AND NOT HAVING A SHARE CAPITAL)
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 7 -
12
Related party transactions

The Property currently occupied by the company is owned by The Camden New Journal Pension Fund. The directors and certain other key employees of the company are the only members of this pension fund and they also act with another as trustees. The rent paid to the pension fund during the year amounts to £28,500 (2023 : £28,500), which is considered to represent a fair market rent.

13
Controlling party

The company was controlled, during the current and previous year, by the directors, who are senior members of the management committee.

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