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Registration number: 00392864

Coalville Times Limited

Annual Report and Unaudited Financial Statements

for the Year Ended 31 January 2024

 

Coalville Times Limited

Contents

Company Information

1

Directors' Report

2

Accountants' Report

3

Profit and Loss Account

4

Statement of Comprehensive Income

5

Balance Sheet

6 to 7

Statement of Changes in Equity

8

Notes to the Unaudited Financial Statements

9 to 15

Detailed Profit and Loss Account

16 to 18

 

Coalville Times Limited

Company Information

Directors

Mr John Kuchlin

Miss Amalia Victoria Kuchlin

Registered office

Bridge Road
Coalville
Leicestershire
LE67 3QP

Accountants

Smart Accountants (Small Business Centre) Limited
113-115 Belvoir Road
Coalville
Leicestershire
LE67 3PH

 

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:

Mr John Kuchlin

Miss Amalia Victoria Kuchlin

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 Board on 30 October 2024 and signed on its behalf by:
 

.........................................
Miss Amalia Victoria Kuchlin
Director

 

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.

......................................

Smart Accountants (Small Business Centre) Limited
113-115 Belvoir Road
Coalville
Leicestershire
LE67 3PH

30 October 2024

 

Coalville Times Limited

Profit and Loss Account for the Year Ended 31 January 2024

Note

2024
£

2023
£

Turnover

 

333,275

312,179

Cost of sales

 

(193,101)

(181,815)

Gross profit

 

140,174

130,364

Distribution costs

 

(16,905)

(15,880)

Administrative expenses

 

(83,849)

(51,221)

Other operating income

 

-

5,394

Operating profit

 

39,420

68,657

Income from other fixed assets investments

 

65,156

-

Other interest receivable and similar income

 

13,383

1,044

   

78,539

1,044

Profit before tax

4

117,959

69,701

Tax on profit

 

(23,964)

(23,397)

Profit for the financial year

 

93,995

46,304

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

93,995

46,304

Surplus on property, plant and equipment revaluation

-

30,780

Total comprehensive income for the year

93,995

77,084

 

Coalville Times Limited

(Registration number: 00392864)
Balance Sheet as at 31 January 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

5

57,400

58,800

Investment property

6

421,760

421,760

Other financial assets

7

622,984

545,050

 

1,102,144

1,025,610

Current assets

 

Debtors

8

24,500

23,958

Cash at bank and in hand

 

938,743

909,591

 

963,243

933,549

Creditors: Amounts falling due within one year

9

(52,264)

(40,197)

Net current assets

 

910,979

893,352

Total assets less current liabilities

 

2,013,123

1,918,962

Provisions for liabilities

(36,374)

(36,208)

Net assets

 

1,976,749

1,882,754

Capital and reserves

 

Called up share capital

10

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 members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

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 Board on 30 October 2024 and signed on its behalf by:
 

 

Coalville Times Limited

(Registration number: 00392864)
Balance Sheet as at 31 January 2024

.........................................
Miss Amalia Victoria Kuchlin
Director

 

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

6,000

311,875

1,564,879

1,882,754

Profit for the year

-

-

93,995

93,995

At 31 January 2024

6,000

311,875

1,658,874

1,976,749

Share capital
£

Revaluation reserve
£

Retained earnings
£

Total
£

At 1 February 2022

6,000

281,095

1,518,575

1,805,670

Profit for the year

-

-

46,304

46,304

Other comprehensive income

-

30,780

-

30,780

Total comprehensive income

-

30,780

46,304

77,084

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

1

General information

The company is a private company limited by share capital, incorporated in England & Wales.

The address of its registered office is:
Bridge Road
Coalville
Leicestershire
LE67 3QP

These financial statements were authorised for issue by the Board on 30 October 2024.

2

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

Investment property is carried at fair value, derived from the current market prices for comparable real estate determined annually by external valuers. The valuers use observable market prices, adjusted if necessary for any difference in the nature, location or condition of the specific asset. Changes in fair value are recognised in profit or loss.

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

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 11 (2023 - 12).

4

Profit before tax

Arrived at after charging/(crediting)

2024
£

2023
£

Depreciation expense

1,400

3,399

Impairment loss

-

5,985

5

Tangible assets

Land and buildings
£

Fixtures and fittings
£

Motor vehicles
 £

Total
£

Cost or valuation

At 1 February 2023

70,000

521

9,995

80,516

Disposals

-

(521)

(9,995)

(10,516)

At 31 January 2024

70,000

-

-

70,000

Depreciation

At 1 February 2023

11,200

521

9,995

21,716

Charge for the year

1,400

-

-

1,400

Eliminated on disposal

-

(521)

(9,995)

(10,516)

At 31 January 2024

12,600

-

-

12,600

Carrying amount

At 31 January 2024

57,400

-

-

57,400

At 31 January 2023

58,800

-

-

58,800

Included within the net book value of land and buildings above is £57,400 (2023 - £58,800) in respect of freehold land and buildings.
 

6

Investment properties

 

Coalville Times Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 January 2024

2024
£

At 1 February

421,760

At 31 January

421,760

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

7

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

622,984

8

Debtors

Current

2024
£

2023
£

Trade debtors

20,717

20,175

Prepayments

3,783

3,783

 

24,500

23,958

9

Creditors

Creditors: amounts falling due within one year

2024
£

2023
£

Due within one year

Trade creditors

11,264

17,495

Taxation and social security

31,452

12,024

Accruals and deferred income

8,800

10,500

Other creditors

748

178

52,264

40,197

 

Coalville Times Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 January 2024

10

Share capital

Allotted, called up and fully paid shares

2024

2023

No.

£

No.

£

Founders of £0.05 each

40,000

2,000

40,000

2,000

Ordinary of £1 each

4,000

4,000

4,000

4,000

44,000

6,000

44,000

6,000

11

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

30,780

30,780

 

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