9
false
false
false
false
false
false
false
false
false
false
true
false
false
false
false
false
false
No description of principal activity
2023-06-01
Sage Accounts Production Advanced 2023 - FRS102_2023
10,600
6,360
530
6,890
3,710
4,240
xbrli:pure
xbrli:shares
iso4217:GBP
NI607331
2023-06-01
2024-05-31
NI607331
2024-05-31
NI607331
2023-05-31
NI607331
2022-06-01
2023-05-31
NI607331
2023-05-31
NI607331
2022-05-31
NI607331
core:NetGoodwill
2023-06-01
2024-05-31
NI607331
core:PlantMachinery
2023-06-01
2024-05-31
NI607331
core:FurnitureFittings
2023-06-01
2024-05-31
NI607331
core:MotorVehicles
2023-06-01
2024-05-31
NI607331
bus:LeadAgentIfApplicable
2023-06-01
2024-05-31
NI607331
bus:Director1
2023-06-01
2024-05-31
NI607331
bus:Director2
2023-06-01
2024-05-31
NI607331
core:NetGoodwill
2023-05-31
NI607331
core:NetGoodwill
2024-05-31
NI607331
core:LandBuildings
2023-05-31
NI607331
core:PlantMachinery
2023-05-31
NI607331
core:FurnitureFittings
2023-05-31
NI607331
core:MotorVehicles
2023-05-31
NI607331
core:LandBuildings
2024-05-31
NI607331
core:PlantMachinery
2024-05-31
NI607331
core:FurnitureFittings
2024-05-31
NI607331
core:MotorVehicles
2024-05-31
NI607331
core:WithinOneYear
2024-05-31
NI607331
core:WithinOneYear
2023-05-31
NI607331
core:ShareCapital
2024-05-31
NI607331
core:ShareCapital
2023-05-31
NI607331
core:RetainedEarningsAccumulatedLosses
2024-05-31
NI607331
core:RetainedEarningsAccumulatedLosses
2023-05-31
NI607331
core:NetGoodwill
2023-05-31
NI607331
core:LandBuildings
2023-05-31
NI607331
core:PlantMachinery
2023-05-31
NI607331
core:FurnitureFittings
2023-05-31
NI607331
core:MotorVehicles
2023-05-31
NI607331
bus:SmallEntities
2023-06-01
2024-05-31
NI607331
bus:AuditExemptWithAccountantsReport
2023-06-01
2024-05-31
NI607331
bus:SmallCompaniesRegimeForAccounts
2023-06-01
2024-05-31
NI607331
bus:PrivateLimitedCompanyLtd
2023-06-01
2024-05-31
NI607331
bus:FullAccounts
2023-06-01
2024-05-31
NI607331
core:OfficeEquipment
2023-06-01
2024-05-31
NI607331
core:OfficeEquipment
2023-05-31
NI607331
core:OfficeEquipment
2024-05-31
NI607331
core:AllAssociates
2023-06-01
2024-05-31
COMPANY REGISTRATION NUMBER:
NI607331
Newspaper Trade Services Ltd |
|
Filleted Unaudited Financial Statements |
|
Newspaper Trade Services Ltd |
|
Year ended 31 May 2024
Report to the board of directors on the preparation of the unaudited statutory financial statements |
1 |
|
|
Statement of financial position |
2 |
|
|
Notes to the financial statements |
4 |
|
|
Newspaper Trade Services Ltd |
|
Report to the Board of Directors on the Preparation of the Unaudited Statutory Financial Statements of
Newspaper Trade Services Ltd |
|
Year ended 31 May 2024
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Newspaper Trade Services Ltd for the year ended 31 May 2024, which comprise the statement of financial position and the related notes from the company's accounting records and from information and explanations you have given us. As a practising member firm of Chartered Accountants Ireland, we are subject to its ethical and other professional requirements which are detailed at www.charteredaccountants.ie. This report is made solely to the Board of Directors of Newspaper Trade Services Ltd, as a body. Our work has been undertaken solely to prepare for your approval the financial statements of Newspaper Trade Services Ltd and state those matters that we have agreed to state to you, as a body, in this report in accordance with the requirements of Chartered Accountants Ireland as detailed at www.charteredaccountants.ie. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Newspaper Trade Services Ltd and its Board of Directors, as a body, for our work or for this report.
It is your duty to ensure that Newspaper Trade Services Ltd has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of Newspaper Trade Services Ltd. You consider that Newspaper Trade Services Ltd 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 financial statements of Newspaper Trade Services Ltd. 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 financial statements.
CLAREMOUNT
Chartered accountants
1b Brookmount Crescent
Omagh
Co Tyrone
BT78 5HG
20 February 2025
Newspaper Trade Services Ltd |
|
Statement of Financial Position |
|
31 May 2024
Fixed assets
Intangible assets |
5 |
|
3,710 |
4,240 |
Tangible assets |
6 |
|
124,828 |
84,453 |
|
|
--------- |
-------- |
|
|
128,538 |
88,693 |
|
|
|
|
|
Current assets
Stocks |
12,576 |
|
13,271 |
Debtors |
7 |
252,514 |
|
246,152 |
Cash at bank and in hand |
27,001 |
|
– |
|
--------- |
|
--------- |
|
292,091 |
|
259,423 |
|
|
|
|
|
Creditors: amounts falling due within one year |
8 |
114,501 |
|
109,387 |
|
--------- |
|
--------- |
Net current assets |
|
177,590 |
150,036 |
|
|
--------- |
--------- |
Total assets less current liabilities |
|
306,128 |
238,729 |
|
|
--------- |
--------- |
Net assets |
|
306,128 |
238,729 |
|
|
--------- |
--------- |
|
|
|
|
|
Capital and reserves
Called up share capital |
|
1 |
1 |
Profit and loss account |
|
306,127 |
238,728 |
|
|
--------- |
--------- |
Shareholders funds |
|
306,128 |
238,729 |
|
|
--------- |
--------- |
|
|
|
|
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.
For the year ending 31 May 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
.
Newspaper Trade Services Ltd |
|
Statement of Financial Position (continued) |
|
31 May 2024
These financial statements were approved by the
board of directors
and authorised for issue on
20 February 2025
, and are signed on behalf of the board by:
Mr K McAteer |
Mrs R McAteer |
Director |
Director |
|
|
Company registration number:
NI607331
Newspaper Trade Services Ltd |
|
Notes to the Financial Statements |
|
Year ended 31 May 2024
1.
General information
The company is a private company limited by shares, registered in N Ireland. The address of the registered office is 15 Mill Road, Drumsurn, Limavady, Co Derry, BT49 0PL.
2.
Statement of compliance
These financial statements have been prepared in compliance with Section 1A of 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.
Amortisation
Amortisation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful life of that asset as follows:
|
Goodwill |
- |
5% straight line |
|
|
|
|
If there is an indication that there has been a significant change in amortisation rate, useful life or residual value of an intangible asset, the amortisation is revised prospectively to reflect the new estimates.
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:
|
Plant & Machinery |
- |
20% reducing balance |
|
Fixtures & Fittings |
- |
15% reducing balance |
|
Motor vehicles |
- |
20% reducing balance |
|
Equipment |
- |
15% 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.
Finance leases and hire purchase contracts
Assets held under finance leases and hire purchase contracts 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.
Financial instruments
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the entity after deducting all of its financial liabilities.
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.
Employee numbers
The average number of persons employed by the company during the year amounted to
9
(2023:
10
).
5.
Intangible assets
|
Goodwill |
|
£ |
Cost |
|
At 1 June 2023 and 31 May 2024 |
10,600 |
|
-------- |
Amortisation |
|
At 1 June 2023 |
6,360 |
Charge for the year |
530 |
|
-------- |
At 31 May 2024 |
6,890 |
|
-------- |
Carrying amount |
|
At 31 May 2024 |
3,710 |
|
-------- |
At 31 May 2023 |
4,240 |
|
-------- |
|
|
6.
Tangible assets
|
Land and buildings |
Plant and machinery |
Fixtures and fittings |
Motor vehicles |
Equipment |
Total |
|
£ |
£ |
£ |
£ |
£ |
£ |
Cost |
|
|
|
|
|
|
At 1 Jun 2023 |
47,007 |
136,616 |
9,050 |
6,300 |
3,127 |
202,100 |
Additions |
– |
57,341 |
– |
– |
1,666 |
59,007 |
|
-------- |
--------- |
------- |
------- |
------- |
--------- |
At 31 May 2024 |
47,007 |
193,957 |
9,050 |
6,300 |
4,793 |
261,107 |
|
-------- |
--------- |
------- |
------- |
------- |
--------- |
Depreciation |
|
|
|
|
|
|
At 1 Jun 2023 |
– |
105,521 |
6,428 |
3,719 |
1,979 |
117,647 |
Charge for the year |
– |
17,294 |
– |
516 |
822 |
18,632 |
|
-------- |
--------- |
------- |
------- |
------- |
--------- |
At 31 May 2024 |
– |
122,815 |
6,428 |
4,235 |
2,801 |
136,279 |
|
-------- |
--------- |
------- |
------- |
------- |
--------- |
Carrying amount |
|
|
|
|
|
|
At 31 May 2024 |
47,007 |
71,142 |
2,622 |
2,065 |
1,992 |
124,828 |
|
-------- |
--------- |
------- |
------- |
------- |
--------- |
At 31 May 2023 |
47,007 |
31,095 |
2,622 |
2,581 |
1,148 |
84,453 |
|
-------- |
--------- |
------- |
------- |
------- |
--------- |
|
|
|
|
|
|
|
7.
Debtors
|
2024 |
2023 |
|
£ |
£ |
Trade debtors |
25,152 |
27,585 |
Other debtors |
227,362 |
218,567 |
|
--------- |
--------- |
|
252,514 |
246,152 |
|
--------- |
--------- |
|
|
|
8.
Creditors:
amounts falling due within one year
|
2024 |
2023 |
|
£ |
£ |
Bank loans and overdrafts |
22,386 |
40,810 |
Corporation tax |
25,852 |
37,069 |
Social security and other taxes |
37,195 |
23,932 |
Other creditors |
29,068 |
7,576 |
|
--------- |
--------- |
|
114,501 |
109,387 |
|
--------- |
--------- |
|
|
|
9.
Related party transactions
The company was under the control of Mr Kevin & Mrs Ruth McAteer throughout the current period. Mr McAteer is the sole share holder of the Company.