Registration number:
Coalville Times Limited
for the Year Ended 31 January 2024
Coalville Times Limited
Contents
Company Information |
|
Directors' Report |
|
Accountants' Report |
|
Profit and Loss Account |
|
Statement of Comprehensive Income |
|
Balance Sheet |
|
Statement of Changes in Equity |
|
Notes to the Unaudited Financial Statements |
|
Detailed Profit and Loss Account |
Coalville Times Limited
Company Information
Directors |
Mr John Kuchlin Miss Amalia Victoria Kuchlin |
Registered office |
|
Accountants |
|
Coalville Times Limited
Directors' Report for the Year Ended 31 January 2024
The directors present their report and the financial statements for the year ended 31 January 2024.
Directors of the company
The directors who held office during the year were as follows:
Principal activity
The principal activity of the company is publishing
Small companies provision statement
This report has been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.
Approved and authorised by the
......................................... |
Accountants' Report to the Board of Directors on the Preparation of the Unaudited Statutory Accounts of
Coalville Times Limited
for the Year Ended 31 January 2024
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the accounts of Coalville Times Limited for the year ended 31 January 2024 as set out on pages 4 to 15 from the company's accounting records and from information and explanations you have given us.
This report is made solely to the Board of Directors of Coalville Times Limited , as a body, in accordance with the terms of our engagement letter. Our work has been undertaken solely to prepare for your approval the accounts of Coalville Times Limited and state those matters that we have agreed to state to the Board of Directors of Coalville Times Limited , . To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Coalville Times Limited and its Board of Directors as a body for our work or for this report.
It is your duty to ensure that Coalville Times Limited has kept adequate accounting records and to prepare statutory accounts that give a true and fair view of the assets, liabilities, financial position and profit of Coalville Times Limited . You consider that Coalville Times Limited is exempt from the statutory audit requirement for the year.
We have not been instructed to carry out an audit or a review of the accounts of Coalville Times Limited . For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory accounts.
......................................
Coalville
Leicestershire
LE67 3PH
Coalville Times Limited
Profit and Loss Account for the Year Ended 31 January 2024
Note |
2024 |
2023 |
|
Turnover |
|
|
|
Cost of sales |
( |
( |
|
Gross profit |
|
|
|
Distribution costs |
( |
( |
|
Administrative expenses |
( |
( |
|
Other operating income |
- |
|
|
Operating profit |
39,420 |
68,657 |
|
Income from other fixed assets investments |
|
- |
|
Other interest receivable and similar income |
|
|
|
78,539 |
1,044 |
||
Profit before tax |
|
|
|
Tax on profit |
( |
( |
|
Profit for the financial year |
|
|
The above results were derived from continuing operations.
The company has no recognised gains or losses for the year other than the results above.
Coalville Times Limited
Statement of Comprehensive Income for the Year Ended 31 January 2024
2024 |
2023 |
|
Profit for the year |
|
|
Surplus on property, plant and equipment revaluation |
- |
|
Total comprehensive income for the year |
|
|
Coalville Times Limited
(Registration number: 00392864)
Balance Sheet as at 31 January 2024
Note |
2024 |
2023 |
|
Fixed assets |
|||
Tangible assets |
|
|
|
Investment property |
|
|
|
Other financial assets |
622,984 |
545,050 |
|
|
|
||
Current assets |
|||
Debtors |
|
|
|
Cash at bank and in hand |
|
|
|
|
|
||
Creditors: Amounts falling due within one year |
( |
( |
|
Net current assets |
|
|
|
Total assets less current liabilities |
|
|
|
Provisions for liabilities |
( |
( |
|
Net assets |
|
|
|
Capital and reserves |
|||
Called up share capital |
6,000 |
6,000 |
|
Revaluation reserve |
311,875 |
311,875 |
|
Retained earnings |
1,658,874 |
1,564,879 |
|
Shareholders' funds |
1,976,749 |
1,882,754 |
For the financial year ending 31 January 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' responsibilities:
• |
|
• |
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts. |
These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.
Approved and authorised by the
Coalville Times Limited
(Registration number: 00392864)
Balance Sheet as at 31 January 2024
......................................... |
Coalville Times Limited
Statement of Changes in Equity for the Year Ended 31 January 2024
Share capital |
Revaluation reserve |
Retained earnings |
Total |
|
At 1 February 2023 |
|
|
|
|
Profit for the year |
- |
- |
|
|
At 31 January 2024 |
|
|
|
|
Share capital |
Revaluation reserve |
Retained earnings |
Total |
|
At 1 February 2022 |
|
|
|
|
Profit for the year |
- |
- |
|
|
Other comprehensive income |
- |
|
- |
|
Total comprehensive income |
- |
|
|
|
At 31 January 2023 |
6,000 |
311,875 |
1,564,879 |
1,882,754 |
Coalville Times Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 January 2024
General information |
The company is a private company limited by share capital, incorporated in England & Wales.
The address of its registered office is:
These financial statements were authorised for issue by the
Accounting policies |
Summary of significant accounting policies and key accounting estimates
The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.
Statement of compliance
These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).
Basis of preparation
These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.
Going concern
The financial statements have been prepared on a going concern basis.
Revenue recognition
Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.
The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.
Tax
The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.
Coalville Times Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 January 2024
The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.
Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.
Unrelieved tax losses and other deferred tax assets are recognised when it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.
Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference.
Tangible assets
Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.
The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.
Depreciation
Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:
Asset class |
Depreciation method and rate |
Freehold property |
2% on cost |
Fixtures and fittings |
15% on cost |
Motor vehicles |
20% on cost |
Computer equipment |
20% on cost |
Investment property
Business combinations
Business combinations are accounted for using the purchase method. The consideration for each acquisition is measured at the aggregate of the fair values at acquisition date of assets given, liabilities incurred or assumed, and equity instruments issued by the group in exchange for control of the acquired, plus any costs directly attributable to the business combination. When a business combination agreement provides for an adjustment to the cost of the combination contingent on future events, the group includes the estimated amount of that adjustment in the cost of the combination at the acquisition date if the adjustment is probable and can be measured reliably.
Coalville Times Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 January 2024
Investments
Investments in equity shares which are publicly traded or where the fair value can be measured reliably are initially measured at fair value, with changes in fair value recognised in profit or loss. Investments in equity shares which are not publicly traded and where fair value cannot be measured reliably are measured at cost less impairment.
Interest income on debt securities, where applicable, is recognised in income using the effective interest method. Dividends on equity securities are recognised in income when receivable.
Cash and cash equivalents
Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.
Trade debtors
Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.
Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.
Trade creditors
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.
Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.
Share capital
Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.
Defined contribution pension obligation
A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.
Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.
Coalville Times Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 January 2024
Staff numbers |
The average number of persons employed by the company (including directors) during the year, was
Profit before tax |
Arrived at after charging/(crediting)
2024 |
2023 |
|
Depreciation expense |
|
|
Impairment loss |
- |
|
Tangible assets |
Land and buildings |
Fixtures and fittings |
Motor vehicles |
Total |
|
Cost or valuation |
||||
At 1 February 2023 |
|
|
|
|
Disposals |
- |
( |
( |
( |
At 31 January 2024 |
|
- |
- |
|
Depreciation |
||||
At 1 February 2023 |
|
|
|
|
Charge for the year |
|
- |
- |
|
Eliminated on disposal |
- |
( |
( |
( |
At 31 January 2024 |
|
- |
- |
|
Carrying amount |
||||
At 31 January 2024 |
|
- |
- |
|
At 31 January 2023 |
|
- |
- |
|
Included within the net book value of land and buildings above is £57,400 (2023 - £58,800) in respect of freehold land and buildings.
Investment properties |
Coalville Times Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 January 2024
2024 |
|
At 1 February |
|
At 31 January |
|
There has been no valuation of investment property by an independent valuer.
Coalville Times Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 January 2024
Other financial assets (current and non-current) |
Financial assets at fair value through profit and loss |
Total |
|
Non-current financial assets |
||
Cost or valuation |
||
At 1 February 2023 |
622,984 |
622,984 |
At 31 January 2024 |
622,984 |
622,984 |
Impairment |
||
Carrying amount |
||
At 31 January 2024 |
|
622,984 |
Debtors |
Current |
2024 |
2023 |
Trade debtors |
|
|
Prepayments |
|
|
|
|
Creditors |
Creditors: amounts falling due within one year
2024 |
2023 |
|
Due within one year |
||
Trade creditors |
|
|
Taxation and social security |
|
|
Accruals and deferred income |
|
|
Other creditors |
|
|
|
|
Coalville Times Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 January 2024
Share capital |
Allotted, called up and fully paid shares
2024 |
2023 |
|||
No. |
£ |
No. |
£ |
|
|
|
2,000 |
|
2,000 |
|
|
4,000 |
|
4,000 |
|
|
|
|
Reserves |
The changes to each component of equity resulting from items of other comprehensive income for the prior year were as follows:
Revaluation reserve |
Total |
|
Surplus/deficit on property, plant and equipment revaluation |
|
|
|
Coalville Times Limited
Detailed Profit and Loss Account for the Year Ended 31 January 2024
2024 |
2023 |
|
Turnover (analysed below) |
333,275 |
312,179 |
Cost of sales (analysed below) |
193,101 |
181,815 |
Gross profit |
140,174 |
130,364 |
Gross profit (%) |
42.06% |
41.76% |
Distribution costs (analysed below) |
16,905 |
15,880 |
Administrative expenses |
||
Employment costs (analysed below) |
42,447 |
50,317 |
Establishment costs (analysed below) |
25,377 |
20,607 |
General administrative expenses (analysed below) |
12,375 |
17,864 |
Finance charges (analysed below) |
2,250 |
2,049 |
Depreciation costs (analysed below) |
1,400 |
9,384 |
Other expenses (analysed below) |
- |
(49,000) |
83,849 |
51,221 |
|
Other operating income (analysed below) |
- |
(5,394) |
Operating profit |
39,420 |
68,657 |
Income from other fixed assets investments (analysed below) |
(65,156) |
- |
Other interest receivable and similar income (analysed below) |
(13,383) |
(1,044) |
(78,539) |
(1,044) |
|
Profit before tax |
117,959 |
69,701 |
Coalville Times Limited
Detailed Profit and Loss Account for the Year Ended 31 January 2024
2024 |
2023 |
Turnover |
||
Sale of goods, UK |
288,203 |
278,858 |
Rental income from investment property |
31,800 |
32,700 |
Interest received |
13,272 |
621 |
333,275 |
312,179 |
Cost of sales |
||
Printing costs |
(36,710) |
(30,235) |
Editorial expenses |
- |
(540) |
Wages and salaries (excluding directors) |
(154,550) |
(150,524) |
Repairs and maintenance |
(1,841) |
(516) |
(193,101) |
(181,815) |
Distribution costs |
||
Distribution Costs |
(16,905) |
(15,880) |
Employment costs |
||
Staff NIC (Employers) |
(9,259) |
(4,037) |
Directors remuneration |
(30,000) |
(43,526) |
Staff pensions (Defined contribution) |
(3,188) |
(2,754) |
(42,447) |
(50,317) |
Establishment costs |
||
Rent and rates |
(9,421) |
(9,995) |
Light, heat and power |
(13,453) |
(8,300) |
Insurance |
(2,503) |
(2,312) |
(25,377) |
(20,607) |
General administrative expenses |
||
Telephone and fax |
(2,213) |
(2,200) |
Computer software and maintenance costs |
(1,194) |
(2,325) |
Printing, postage and stationery |
(1,612) |
(1,026) |
Trade subscriptions |
(24) |
- |
Hire of plant and machinery (Spot hire) |
(408) |
- |
Sundry expenses |
(495) |
(874) |
Cleaning |
(135) |
(210) |
Motor expenses |
(227) |
(1,725) |
Accountancy fees |
(7,084) |
(5,925) |
Legal and professional fees |
(4,014) |
(3,579) |
Coalville Times Limited
Detailed Profit and Loss Account for the Year Ended 31 January 2024
2024 |
2023 |
Bad debts written off |
5,031 |
- |
(12,375) |
(17,864) |
Finance charges |
||
Bank charges |
(2,250) |
(2,049) |
Depreciation costs |
||
Depreciation of freehold property |
1,400 |
1,400 |
Depreciation of motor vehicles (owned) |
- |
1,999 |
Impairment loss (reversal) on PPE |
- |
5,985 |
1,400 |
9,384 |
Other expenses |
||
Gain/(loss) from investment property |
- |
49,000 |
Other operating income |
||
Government grants receivable |
- |
5,394 |
Income from other fixed assets investments |
||
Income from other investments (listed) |
65,156 |
- |
Other interest receivable and similar income |
||
Listed investment interest receivable |
13,383 |
1,044 |