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Registered number: 06161461
Edwards News Limited
Unaudited Financial Statements
For The Year Ended 30 June 2024
Bradburn & Co Accountants Ltd
19 Alton Road
Oxton
Wirral
CH43 6UB
Contents
Page
Statement of Financial Position 1—2
Notes to the Financial Statements 3—5
Page 1
Statement of Financial Position
Registered number: 06161461
2024 2023
Notes £ £ £ £
FIXED ASSETS
Tangible Assets 5 206,471 204,019
206,471 204,019
CURRENT ASSETS
Stocks 6 53,565 65,677
Debtors 7 3,594 3,950
Cash at bank and in hand 13,063 26,661
70,222 96,288
Creditors: Amounts Falling Due Within One Year 8 (149,261 ) (100,081 )
NET CURRENT ASSETS (LIABILITIES) (79,039 ) (3,793 )
TOTAL ASSETS LESS CURRENT LIABILITIES 127,432 200,226
Creditors: Amounts Falling Due After More Than One Year 9 (28,594 ) (33,883 )
PROVISIONS FOR LIABILITIES
Deferred Taxation (7,600 ) (7,600 )
NET ASSETS 91,238 158,743
CAPITAL AND RESERVES
Called up share capital 10 100 40
Income Statement 91,138 158,703
SHAREHOLDERS' FUNDS 91,238 158,743
Page 1
Page 2
For the year ending 30 June 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The company has taken advantage of section 444(1) of the Companies Act 2006 and opted not to deliver to the registrar a copy of the company's Income Statement.
On behalf of the board
Mr John Edwards
Director
31/08/2024
The notes on pages 3 to 5 form part of these financial statements.
Page 2
Page 3
Notes to the Financial Statements
1. General Information
Edwards News Limited is a private company, limited by shares, incorporated in England & Wales, registered number 06161461 . The registered office is Victoria House, Victoria Mount, C/o Bradburn & Co, Prenton, Merseyside, CH43 5TH.
2. Accounting Policies
2.1. Basis of Preparation of Financial Statements
The financial statements are prepared under the historical cost convention and in accordance with the Financial Reporting Standard for Smaller Entities (effective April 2008).
2.2. Turnover
Turnover comprises the invoiced value of goods and services supplied by the company, net of Value Added Tax and trade discounts.
2.3. Intangible Fixed Assets and Amortisation - Goodwill
Goodwill is the difference between amounts paid on the acquisition of a business and the fair value of the separable net assets. It is amortised to profit and loss account over ten years.
2.4. Tangible Fixed Assets and Depreciation
Tangible fixed assets are stated at cost less depreciation. Depreciation is provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives on the following bases:
Leasehold No depreciation
Motor Vehicles 25% reducing balance
Fixtures & Fittings 10% reducing balance
2.5. Leasing and Hire Purchase Contracts
Assets obtained under finance leases are capitalised as tangible fixed assets. Assets acquired under finance leases are depreciated over the shorter of the lease term and their useful lives. Assets acquired under hire purchase contracts are depreciated over their useful lives. Finance leases are those where substantially all of the benefits and risks of ownership are assumed by the company. Obligations under such agreements are included in the creditors net of the finance charge allocated to future periods. The finance element of the rental payment is charged to the income statement so as to produce a constant periodic rate of charge on the net obligation outstanding in each period.

Rentals applicable to operating leases where substantially all of the benefits and risks of ownership remain with the lessor are charged to income statement as incurred.
2.6. Stocks and Work in Progress
Stocks and work in progress are valued at the lower of cost and net realisable value after making due allowance for obsolete and slow-moving stocks. Cost includes all direct costs and an appropriate proportion of fixed and variable overheads. Work-in-progress is reflected in the accounts on a contract by contract basis by recording turnover and related costs as contract activity progresses.
2.7. Taxation
Income tax expense represents the sum of the tax currently payable and deferred tax.
The tax currently payable is based on taxable profit for the year. Taxable profit differs from profit as reported in the statement of comprehensive income because of items of income or expense that are taxable or deductible in other year and items that are never taxable or deductible. The company's liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the end of the reporting period.
Deferred tax is recognised on timing differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit. Deferred tax liabilities are generally recognised for all taxable timing differences. Deferred tax assets are generally recognised for all deductible temporary differences to the extent that it is probable that taxable profits will be available against which those deductible timing differences can be utilised. The carrying amount of deferred tax assets is reviewed at the end of each reporting period and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered.
Deferred tax assets and liabilities are measured at the tax rates that are expected to apply in the period in which the liability is settled or the asset realised, based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period. Deferred tax liabilities are presented within provisions for liabilities and deferred tax assets within debtors. The measurement of deferred tax liabilities and asset reflects the tax consequences that would follow from the manner in which the Company expects, at the end of the reporting period, to recover or settle the carrying amount of its assets and liabilities.
...CONTINUED
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2.7. Taxation - continued
Current or deferred tax for the year is recognised in profit or loss, except when they related to items that are recognised in other comprehensive income or directly in equity, in which case, the current and deferred tax is also recognised in other comprehensive income or directly in equity respectively.
3. Average Number of Employees
Average number of employees, including directors, during the year was: 12 (2023: 14)
12 14
4. Intangible Assets
Goodwill
£
Cost
As at 1 July 2023 138,300
As at 30 June 2024 138,300
Amortisation
As at 1 July 2023 138,300
As at 30 June 2024 138,300
Net Book Value
As at 30 June 2024 -
As at 1 July 2023 -
5. Tangible Assets
Land & Property
Leasehold Motor Vehicles Fixtures & Fittings Total
£ £ £ £
Cost
As at 1 July 2023 42,880 36,230 288,896 368,006
Additions - 41,695 1,651 43,346
Disposals - (36,230 ) - (36,230 )
As at 30 June 2024 42,880 41,695 290,547 375,122
Depreciation
As at 1 July 2023 - 20,278 143,709 163,987
Provided during the period - 10,424 14,518 24,942
Disposals - (20,278 ) - (20,278 )
As at 30 June 2024 - 10,424 158,227 168,651
Net Book Value
As at 30 June 2024 42,880 31,271 132,320 206,471
As at 1 July 2023 42,880 15,952 145,187 204,019
6. Stocks
2024 2023
£ £
Finished goods 53,565 65,677
Page 4
Page 5
7. Debtors
2024 2023
£ £
Due within one year
Trade debtors 2,594 2,320
Other debtors 1,000 1,000
Other debtors (2) - 630
3,594 3,950
8. Creditors: Amounts Falling Due Within One Year
2024 2023
£ £
Net obligations under finance lease and hire purchase contracts 19,409 -
Trade creditors 49,755 34,222
Bank loans and overdrafts 65,394 36,034
Corporation tax (252 ) 19,443
Other taxes and social security 3,783 1,345
VAT 8,303 6,395
Other creditors 443 2,625
Other creditors (2) 1,965 -
Directors' loan accounts 461 17
149,261 100,081
9. Creditors: Amounts Falling Due After More Than One Year
2024 2023
£ £
Bank loans 28,594 33,883
10. Share Capital
2024 2023
£ £
Allotted, Called up and fully paid 100 40
11. Directors Advances, Credits and Guarantees
Dividends paid to directors
2024 2023
£ £
Mr John Edwards 27,000 39,025
Mrs Kirsten Edwards 27,000 39,025
12. Ultimate Controlling Party
The company's ultimate controlling party is Mr & Mrs J Edwards by virtue of their ownership of 100% of the issued share capital in the company.
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