1 April 2023 v2024.61.1 limited_company_frs_102_section_1a_v1_1_2 companies_houseSoftwarefalsetruetruetrueNo description of principal activityfalsetruexbrli:purexbrli:sharesiso4217:GBPSC0221872023-04-012024-03-31SC0221872024-03-31SC0221872023-03-31SC022187core:WithinOneYear2024-03-31SC022187core:WithinOneYear2023-03-31SC022187core:AfterOneYear2024-03-31SC022187core:AfterOneYear2023-03-31SC022187core:ShareCapital2024-03-31SC022187core:ShareCapital2023-03-31SC022187core:OtherReservesSubtotal2024-03-31SC022187core:OtherReservesSubtotal2023-03-31SC022187core:RetainedEarningsAccumulatedLosses2024-03-31SC022187core:RetainedEarningsAccumulatedLosses2023-03-31SC022187bus:Director12023-04-012024-03-31SC022187core:LandBuildings2023-04-012024-03-31SC022187core:PlantMachinery2023-04-012024-03-31SC022187core:FurnitureFittingsToolsEquipment2023-04-012024-03-31SC022187core:MotorVehicles2023-04-012024-03-31SC0221872022-04-012023-03-31SC022187core:LandBuildings2023-04-01SC022187core:PlantMachinery2023-04-01SC0221872023-04-01SC022187core:LandBuildings2024-03-31SC022187core:PlantMachinery2024-03-31SC022187core:LandBuildings2023-03-31SC022187core:PlantMachinery2023-03-31SC02218712023-04-012024-03-31SC022187countries:Scotland2023-04-012024-03-31SC022187bus:AuditExemptWithAccountantsReport2023-04-012024-03-31SC022187bus:PrivateLimitedCompanyLtd2023-04-012024-03-31SC022187bus:SmallEntities2023-04-012024-03-31SC022187bus:FullAccounts2023-04-012024-03-31
Company registration number:
SC022187
The Shetland Times Ltd
Unaudited Filleted Financial Statements for the year ended
31 March 2024
The Shetland Times Ltd
Report to the board of directors on the preparation of the unaudited statutory financial statements of The Shetland Times Ltd
Year ended
31 March 2024
As described on the statement of financial position, the Board of Directors of
The Shetland Times Ltd
are responsible for the preparation of the
financial statements
for the year ended
31 March 2024
, which comprise the income statement, statement of financial position and related notes.
You consider that the company is exempt from an audit under the Companies Act 2006.
In accordance with your instructions I have compiled these unaudited financial statements in order to assist you to fulfil your statutory responsibilities, from the accounting records and from information and explanations supplied to me.
NGR Accountancy Ltd
Top Floor, The Garret
Esplanade
Lerwick
Shetland
ZE1 0LL
United Kingdom
Date:
20 November 2024
The Shetland Times Ltd
Statement of Financial Position
31 March 2024
20242023
Note££
Fixed assets    
Tangible assets 5
249,393
 
280,377
 
Current assets    
Stocks
247,134
 
216,212
 
Debtors 6
196,102
 
165,647
 
Cash at bank and in hand
4,996
 
3,833
 
448,232
 
385,692
 
Creditors: amounts falling due within one year 7
(386,591
)
(274,001
)
Net current assets
61,641
 
111,691
 
Total assets less current liabilities 311,034   392,068  
Creditors: amounts falling due after more than one year 8
(37,062
)
(48,921
)
Net assets
273,972
 
343,147
 
Capital and reserves    
Called up share capital
99,000
 
99,000
 
Other reserves
2,612
 
2,612
 
Profit and loss account
172,360
 
241,535
 
Shareholders funds
273,972
 
343,147
 
For the year ending
31 March 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 financial statements for the year in question in accordance with section 476;
  • The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.
These
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.
These
financial statements
were approved by the board of directors and authorised for issue on
20 November 2024
, and are signed on behalf of the board by:
B.R.J. Wishart
Director
Company registration number:
SC022187
The Shetland Times Ltd
Notes to the Financial Statements
Year ended
31 March 2024

1 General information

2 Statement of compliance

These
financial statements
have been prepared in compliance with FRS 102 Section 1A, 'The Financial Reporting Standard applicable to the UK and Republic of Ireland'.

3 Accounting policies

Basis of preparation

The
financial statements
have been prepared on the historical cost basis, as modified by the revaluation of certain assets.
The
financial statements
are prepared in sterling, which is the functional currency of the company.

Turnover

Turnover is measured at the fair value of the consideration received or receivable for goods supplied, net of discounts and Value Added Tax.
Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer, usually on despatch of the goods; the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.

Tangible assets

Tangible assets are initially measured at cost, and are subsequently measured at cost less any accumulated depreciation and accumulated impairment losses or at a revalued amount.
Any tangible assets carried at a revalued amount are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses.
An increase in the carrying amount of an asset as a result of a revaluation is recognised in other comprehensive income and accumulated in capital and reserves. However, the increase is recognised in profit or loss to the extent that it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in capital and reserves. If a revaluation decrease exceeds the accumulated revaluation gains accumulated in capital and reserves in respect of that asset, the excess is recognised in profit or loss.
Depreciation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful economic life of that asset as follows:
Land and buildings
0% to 3.33%
Plant and machinery
6.67% to 20%
Fixtures, fittings and equipment
15%
Motor vehicles
25%

Impairment

A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date.

Stocks

Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stocks to their present location and condition.

Finance leases and hire purchase contracts

Assets held under finance leases are recognised in the statement of financial position as assets and liabilities at the lower of the fair value of the assets and the present value of the minimum lease payments, which is determined at the inception of the lease term. Any initial direct costs of the lease are added to the amount recognised as an asset.
Lease payments are apportioned between the finance charges and reduction of the outstanding lease liability using the effective interest method. Finance charges are allocated to each period so as to produce a constant rate of interest on the remaining balance of the liability.

Government grants

Government grants are recognised at the fair value of the asset received or receivable. Grants are not recognised until there is reasonable assurance that the entity will comply with the conditions attaching to them and the grants will be received.
Government grants are recognised using the accrual model and the performance model.
Under the accrual model, government grants relating to revenue are recognised on a systematic basis over the periods in which the entity recognises the related costs for which the grant is intended to compensate. Grants that are receivable as compensation for expenses or losses already incurred or for the purpose of giving immediate financial support to the entity with no future related costs are recognised in income in the period in which it becomes receivable.
Grants relating to assets are recognised in income on a systematic basis over the expected useful life of the asset. Where part of a grant relating to an asset is deferred, it is recognised as deferred income and not deducted from the carrying amount of the asset.
Under the performance model, where the grant does not impose specified future performance-related conditions on the recipient, it is recognised in income when the grant proceeds are received or receivable. Where the grant does impose specified future performance-related conditions on the recipient, it is recognised in income only when the performance-related conditions have been met. Where grants received are prior to satisfying the revenue recognition criteria, they are recognised as a liability.

Financial instruments

A financial asset or a financial liability is recognised only when the entity becomes a party to the contractual provisions of the instrument.
Basic financial instruments are initially recognised at the transaction price and are subsequently measured as follows: Debt instruments are subsequently measured at amortised cost and commitments to receive a loan and to make a loan to another entity are subsequently measured at amortised cost. Where investments in non-convertible preference shares and non-puttable ordinary shares or preference shares are publicly traded or their fair value can otherwise be measured reliably, the investment is subsequently measured at fair value with changes in fair value recognised in profit or loss. All other such investments are subsequently measured at cost less impairment.
All other financial instruments, including derivatives, are initially recognised at fair value, which is normally the transaction price and are subsequently measured at fair value, with any changes recognised in profit or loss.
Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately.
All equity instruments regardless of significance, and other financial assets that are individually significant, are assessed individually for impairment. Other financial assets or either assessed individually or grouped on the basis of similar credit risk characteristics.
Any reversals of impairment are recognised in profit or loss immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is more likely than not that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured on an undiscounted basis at the tax rates that would apply in the periods in which timing differences are expected to reverse, based on tax rates and laws enacted at the statement of financial position date.

Defined contribution pension plan

Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund.

4 Average number of employees

The average number of persons employed by the company during the year was
37
(2023:
35
).

5 Tangible assets

Land and buildingsPlant and machinery etc.Total
£££
Cost      
At
1 April 2023
649,469
 
2,053,682
 
2,703,151
 
Additions -  
35,250
 
35,250
 
At
31 March 2024
649,469
 
2,088,932
 
2,738,401
 
Depreciation      
At
1 April 2023
450,709
 
1,972,065
 
2,422,774
 
Charge
18,624
 
47,610
 
66,234
 
At
31 March 2024
469,333
 
2,019,675
 
2,489,008
 
Carrying amount      
At
31 March 2024
180,136
 
69,257
 
249,393
 
At 31 March 2023
198,760
 
81,617
 
280,377
 
The net book value of other tangible fixed assets includes £29,969 in respect of assets held under finance leases or hire purchase contracts (2023 - £10,000). The depreciation charge in respect of such assets amounted to £14,281 (2023 - £10,000).

6 Debtors

20242023
££
Trade debtors
152,045
 
142,846
 
Other debtors
44,057
 
22,801
 
196,102
 
165,647
 

7 Creditors: amounts falling due within one year

20242023
££
Bank loans and overdrafts
154,341
 
60,457
 
Trade creditors
75,526
 
59,806
 
Taxation and social security
39,214
 
37,828
 
Other creditors
117,510
 
115,910
 
386,591
 
274,001
 
The following liabilities disclosed under creditors falling due within one year are secured by the company:
Bank loans and overdrafts: £154,341 (2023 - £60,457)

8 Creditors: amounts falling due after more than one year

20242023
££
Bank loans and overdrafts
16,514
 
37,016
 
Other creditors
20,548
 
11,905
 
37,062
 
48,921
 
The following liabilities disclosed under creditors falling due after more than one year are secured by the company:
Bank loans and overdrafts: £16,514 (2023 - £37,016).
The bank loans and overdrafts are secured by a bond and floating charge over all the property and assets present and future of the company including uncalled capital and a standard security over the premises.