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REGISTERED NUMBER: SC686181 (Scotland)















Unaudited Financial Statements For The Year Ended 31 January 2024

for

SALS NEWS LTD

SALS NEWS LTD (Registered number: SC686181)






Contents of the Financial Statements
For The Year Ended 31 January 2024




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 3


SALS NEWS LTD

Company Information
For The Year Ended 31 January 2024







DIRECTOR: S K B Ali





REGISTERED OFFICE: 22 Knightsbridge Street
Glasgow
G13 2YN





REGISTERED NUMBER: SC686181 (Scotland)





ACCOUNTANTS: Ahmad & Nabi Mcmullan
95-107 Lancefield Street
Glasgow
Lanarkshire
G3 8HZ

SALS NEWS LTD (Registered number: SC686181)

Balance Sheet
31 January 2024

31.1.24 31.1.23
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 4 40,000 40,000
Tangible assets 5 12,830 11,793
52,830 51,793

CURRENT ASSETS
Stocks 59,675 41,450
Cash in hand 1,121 1,095
60,796 42,545
CREDITORS
Amounts falling due within one year 6 112,714 86,812
NET CURRENT LIABILITIES (51,918 ) (44,267 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

912

7,526

CAPITAL AND RESERVES
Called up share capital 7 100 100
Retained earnings 8 812 7,426
SHAREHOLDERS' FUNDS 912 7,526

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

The members have not required the company to obtain an audit of its financial statements for the year ended 31 January 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.

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 17 October 2024 and were signed by:





S K B Ali - Director


SALS NEWS LTD (Registered number: SC686181)

Notes to the Financial Statements
For The Year Ended 31 January 2024

1. STATUTORY INFORMATION

SALS NEWS 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 2021, 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.
Fixtures and fittings - 15% on reducing balance

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.

Hire purchase and leasing commitments
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

SALS NEWS LTD (Registered number: SC686181)

Notes to the Financial Statements - continued
For The Year Ended 31 January 2024

2. ACCOUNTING POLICIES - continued

Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

3. EMPLOYEES AND DIRECTORS

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

4. INTANGIBLE FIXED ASSETS
Goodwill
£   
COST
At 1 February 2023
and 31 January 2024 40,000
NET BOOK VALUE
At 31 January 2024 40,000
At 31 January 2023 40,000

5. TANGIBLE FIXED ASSETS
Fixtures
and
fittings
£   
COST
At 1 February 2023 16,808
Additions 4,245
At 31 January 2024 21,053
DEPRECIATION
At 1 February 2023 5,015
Charge for year 3,208
At 31 January 2024 8,223
NET BOOK VALUE
At 31 January 2024 12,830
At 31 January 2023 11,793

SALS NEWS LTD (Registered number: SC686181)

Notes to the Financial Statements - continued
For The Year Ended 31 January 2024

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.1.24 31.1.23
£    £   
Bank loans and overdrafts 5,650 627
Trade creditors 39,558 20,254
Tax - 1,561
PAYE 332 -
Pensions 27 -
VAT 549 594
Directors' loan accounts 61,904 61,904
Accrued expenses 4,694 1,872
112,714 86,812

7. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 31.1.24 31.1.23
value: £    £   
100 Ordinary shares 1.00 100 100

8. RESERVES
Retained
earnings
£   

At 1 February 2023 7,426
Deficit for the year (6,614 )
At 31 January 2024 812