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REGISTERED NUMBER: 06719221 (England and Wales)













Financial Statements

for the Year Ended 31 August 2024

for

Penny's News Limited

Penny's News Limited (Registered number: 06719221)






Contents of the Financial Statements
for the year ended 31 August 2024




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


Penny's News Limited

Company Information
for the year ended 31 August 2024







DIRECTORS: S R Duthie
W P L Edwards





REGISTERED OFFICE: 371/373 Grimsby Road
Cleethorpes
DN35 7JR





REGISTERED NUMBER: 06719221 (England and Wales)





ACCOUNTANTS: Nicholsons
Chartered Accountants
Newland House
The Point
Weaver Road
LINCOLN
Lincolnshire
LN6 3QN

Penny's News Limited (Registered number: 06719221)

Balance Sheet
31 August 2024

2024 2023
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 8,205 10,256

CURRENT ASSETS
Stocks 28,500 37,976
Debtors 5 99,848 99,132
Cash at bank and in hand 58,730 45,564
187,078 182,672
CREDITORS
Amounts falling due within one year 6 105,988 108,743
NET CURRENT ASSETS 81,090 73,929
TOTAL ASSETS LESS CURRENT
LIABILITIES

89,295

84,185

CREDITORS
Amounts falling due after more than
one year

7

(26,466

)

(31,986

)

PROVISIONS FOR LIABILITIES (1,559 ) (1,949 )
NET ASSETS 61,270 50,250

CAPITAL AND RESERVES
Called up share capital 100 100
Retained earnings 61,170 50,150
61,270 50,250

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

The members have not required the company to obtain an audit of its financial statements for the year ended 31 August 2024 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their 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.

Penny's News Limited (Registered number: 06719221)

Balance Sheet - continued
31 August 2024


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 Board of Directors and authorised for issue on 30 January 2025 and were signed on its behalf by:





W P L Edwards - Director


Penny's News Limited (Registered number: 06719221)

Notes to the Financial Statements
for the year ended 31 August 2024

1. STATUTORY INFORMATION

Penny's News Limited is a private company, limited by shares , registered in England and Wales. 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.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Plant and machinery etc - 20% 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.

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.

Penny's News Limited (Registered number: 06719221)

Notes to the Financial Statements - continued
for the year ended 31 August 2024

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 5 (2023 - 4 ) .

4. TANGIBLE FIXED ASSETS
Plant and
machinery
etc
£   
COST
At 1 September 2023
and 31 August 2024 27,245
DEPRECIATION
At 1 September 2023 16,989
Charge for year 2,051
At 31 August 2024 19,040
NET BOOK VALUE
At 31 August 2024 8,205
At 31 August 2023 10,256

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Amounts owed by associates 99,132 99,132
Other debtors 716 -
99,848 99,132

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Bank loans and overdrafts 5,501 5,482
Trade creditors 38,330 41,712
Amounts owed to associates 6,508 1,072
Taxation and social security 4,859 8,199
Other creditors 50,790 52,278
105,988 108,743

7. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN
ONE YEAR
2024 2023
£    £   
Bank loans 26,466 31,986

Penny's News Limited (Registered number: 06719221)

Notes to the Financial Statements - continued
for the year ended 31 August 2024

8. DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to directors subsisted during the years ended 31 August 2024 and 31 August 2023:

2024 2023
£    £   
S R Duthie
Balance outstanding at start of year - 37,075
Amounts repaid - (37,075 )
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year - -

W P L Edwards
Balance outstanding at start of year - 37,075
Amounts repaid - (37,075 )
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year - -

9. RELATED PARTY DISCLOSURES

Mr WPL Edwards and Mr SR Duthie, directors of Penny's News Limited, are also directors of Brereton News (Grimsby) Limited and Farebrother Street News Limited. Included in debtors is a balance owed by Brereton News (Grimsby) Limited of £99,131 (2023 £99,131) and in creditors a balance due to Farebrother Street News Limited of £6,508 (2023 £1,072). The loans are interest free and payable on demand.