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COMPANY REGISTRATION NUMBER: 10020671
Nice Price News Ltd
Unaudited Financial Statements
29 February 2024
Nice Price News Ltd
Strategic Report
Year ended 29 February 2024
This report was approved by the board of directors on 6 April 2024 and signed on behalf of the board by:
Mr G A M PRICE
Director
Registered office:
95 Rhosmaen Street
LLANDEILO
Carmarthenshire
Wales
SA19 6HA
Nice Price News Ltd
Director's Report
Year ended 29 February 2024
The director presents his report and the unaudited financial statements of the company for the year ended 29 February 2024 .
Director
The director who served the company during the year was as follows:
Mr G A M PRICE
Dividends
The director does not recommend the payment of a dividend.
This report was approved by the board of directors on 6 April 2024 and signed on behalf of the board by:
Mr G A M PRICE
Director
Registered office:
95 Rhosmaen Street
LLANDEILO
Carmarthenshire
Wales
SA19 6HA
Nice Price News Ltd
Statement of Income and Retained Earnings
Year ended 29 February 2024
2024
2023
Note
£
£
Turnover
4
314,537
295,836
Cost of sales
259,918
246,898
---------
---------
Gross profit
54,619
48,938
Distribution costs
3,363
3,299
Administrative expenses
36,106
42,162
--------
--------
Operating profit
5
15,150
3,477
--------
--------
Profit before taxation
15,150
3,477
Tax on profit
8
2,251
--------
-------
Profit for the financial year and total comprehensive income
15,150
1,226
--------
-------
All the activities of the company are from continuing operations.
Nice Price News Ltd
Statement of Financial Position
29 February 2024
2024
2023
Note
£
£
Fixed assets
Tangible assets
9
48,332
60,415
Current assets
Stocks
10
26,500
3,500
Cash at bank and in hand
61,577
61,533
--------
--------
88,077
65,033
Creditors: amounts falling due within one year
11
7,533
11,722
--------
--------
Net current assets
80,544
53,311
---------
---------
Total assets less current liabilities
128,876
113,726
---------
---------
Capital and reserves
Called up share capital
13
1
1
Profit and loss account
128,875
113,725
---------
---------
Shareholders funds
128,876
113,726
---------
---------
For the year ending 29 February 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Director's 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 director acknowledges his 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 in accordance with the provisions applicable to companies subject to the small companies' regime.
These financial statements were approved by the board of directors and authorised for issue on 6 April 2024 , and are signed on behalf of the board by:
Mr G A M PRICE
Director
Company registration number: 10020671
Nice Price News Ltd
Statement of Cash Flows
Year ended 29 February 2024
2024
2023
£
£
Cash flows from operating activities
Profit for the financial year
15,150
1,226
Adjustments for:
Depreciation of tangible assets
12,083
15,104
Tax on profit
2,251
Accrued income
( 525)
Changes in:
Stocks
( 23,000)
( 500)
Trade and other debtors
85
Trade and other creditors
( 1,938)
4,100
--------
--------
Cash generated from operations
2,295
21,741
Tax paid
( 2,251)
( 5,163)
-------
--------
Net cash from operating activities
44
16,578
-------
--------
Net increase in cash and cash equivalents
44
16,578
Cash and cash equivalents at beginning of year
61,533
44,955
--------
--------
Cash and cash equivalents at end of year
61,577
61,533
--------
--------
Nice Price News Ltd
Notes to the Financial Statements
Year ended 29 February 2024
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is 95 Rhosmaen Street, LLANDEILO, Carmarthenshire, SA19 6HA, Wales.
2. Statement of compliance
These financial statements have been prepared in compliance with FRS 102, 'The Financial Reporting Standard applicable in the UK and the 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 financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, 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.
Income tax
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts 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 equity, except to the extent 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 equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Fixtures and fittings
-
20% reducing balance
Impairment of fixed assets
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. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the company are assigned to those units.
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 stock to its present location and condition.
Financial instruments
A financial asset or a financial liability is recognised only when the company becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Debt instruments 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. Other financial instruments, including derivatives, are initially recognised at fair value, unless payment for an asset is deferred beyond normal business terms or financed at a rate of interest that is not a market rate, in which case the asset is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Other financial instruments are subsequently measured at fair value, with any changes recognised in profit or loss, with the exception of hedging instruments in a designated hedging relationship.
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. For all equity instruments regardless of significance, and other financial assets that are individually significant, these are assessed individually for impairment. Other financial assets are 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.
Defined contribution plans
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. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.
4. Turnover
Turnover arises from:
2024
2023
£
£
Sale of goods
295,836
----
---------
The whole of the turnover is attributable to the principal activity of the company wholly undertaken in the United Kingdom.
5. Operating profit
Operating profit or loss is stated after charging:
2024
2023
£
£
Depreciation of tangible assets
12,083
15,104
--------
--------
6. Staff costs
The average number of persons employed by the company during the year, including the director, amounted to:
2024
2023
No.
No.
Production staff
5
----
----
The aggregate payroll costs incurred during the year, relating to the above, were:
2024
2023
£
£
Wages and salaries
86,495
53,077
Social security costs
4,642
2,190
Other pension costs
1,036
668
--------
--------
92,173
55,935
--------
--------
7. Director's remuneration
The director's aggregate remuneration in respect of qualifying services was:
2024
2023
£
£
Remuneration
8,788
----
-------
8. Tax on profit
Major components of tax expense
2024
2023
£
£
Current tax:
UK current tax expense
2,251
----
-------
Tax on profit
2,251
----
-------
9. Tangible assets
Fixtures and fittings
£
Cost
At 1 March 2023 and 29 February 2024
89,924
--------
Depreciation
At 1 March 2023
29,509
Charge for the year
12,083
--------
At 29 February 2024
41,592
--------
Carrying amount
At 29 February 2024
48,332
--------
At 28 February 2023
60,415
--------
10. Stocks
2024
2023
£
£
Raw materials and consumables
26,500
3,500
--------
-------
11. Creditors: amounts falling due within one year
2024
2023
£
£
Trade creditors
4,850
6,478
Corporation tax
2,251
Social security and other taxes
2,659
2,984
Pension Creditor
24
9
-------
--------
7,533
11,722
-------
--------
12. Employee benefits
Defined contribution plans
The amount recognised in profit or loss as an expense in relation to defined contribution plans was £ 536 (2023: £ 218 ).
13. Called up share capital
Issued and called up
2024
2023
No.
£
No.
£
Ordinary shares of £ 1 each
1
1
1
1
----
----
----
----
Shares issued and partly paid
2024
2023
No.
£
No.
£
Ordinary shares - £– paid of £ 1 each
1
1
----
----
----
----
14. Analysis of changes in net debt
At 1 Mar 2023
Cash flows
At 29 Feb 2024
£
£
£
Cash at bank and in hand
61,533
44
61,577
--------
----
--------