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REGISTERED NUMBER: 03974481 (England and Wales)









Unaudited Financial Statements

for the Year Ended 30 June 2024

for

Newstime UK Limited

Newstime UK Limited (Registered number: 03974481)






Contents of the Financial Statements
for the Year Ended 30 June 2024




Page

Balance Sheet 1

Notes to the Financial Statements 3


Newstime UK Limited (Registered number: 03974481)

Balance Sheet
30 June 2024

2024 2023
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 4 - -
Tangible assets 5 59,784 79,236
59,784 79,236

CURRENT ASSETS
Stocks 12,000 15,500
Debtors 6 713,218 603,299
Cash at bank 48,306 18
773,524 618,817
CREDITORS
Amounts falling due within one year 7 439,932 439,112
NET CURRENT ASSETS 333,592 179,705
TOTAL ASSETS LESS CURRENT
LIABILITIES

393,376

258,941

CREDITORS
Amounts falling due after more than one
year

8

(223,578

)

(70,328

)

PROVISIONS FOR LIABILITIES (14,892 ) (15,016 )
NET ASSETS 154,906 173,597

CAPITAL AND RESERVES
Called up share capital 11 3 3
Retained earnings 154,903 173,594
154,906 173,597

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 June 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 30 June 2024 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges his 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.

Newstime UK Limited (Registered number: 03974481)

Balance Sheet - continued
30 June 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 Profit and Loss Account has not been delivered.

The financial statements were approved by the director and authorised for issue on 14 March 2025 and were signed by:





N T N McHale - Director


Newstime UK Limited (Registered number: 03974481)

Notes to the Financial Statements
for the Year Ended 30 June 2024

1. STATUTORY INFORMATION

Newstime UK Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address are as below:

Registered number: 03974481

Registered office: Unit 4 The Moorings
Waterside Industrial Park
Stourton
Leeds
West Yorkshire
LS10 1DG

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 UK and Republic of Ireland" and the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The financial statements have been prepared under the historical cost convention.

Turnover
Turnover is stated net of VAT and trade discounts and is recognised when the significant risks and rewards are considered to have been transferred to the buyer. Turnover from the sale of goods is recognised on delivery.

Goodwill
Goodwill, being the amount paid in connection with the acquisition of a business in 2000, is being amortised evenly over its estimated useful life of twenty years.

Goodwill arising on the acquisition of subsidiary undertakings and businesses, representing any excess of fair value of the consideration given over the fair value of the identifiable assets and liabilities acquired, is capitalised and written off on a straight line basis over its economic life, which is twenty years. Provision is made for any impairment.

Tangible fixed assets
Tangible fixed assets are stated at purchase cost together with any incidental expenses of acquisition, net of depreciation and any provision for impairment.

Depreciation is provided on all tangible assets at rates calculated to write off the cost less estimated residual value of each asset over its expected useful life as follows:

Fixtures and fittings- 25% on reducing balance
Motor vehicles- 25% on reducing balance
Computer equipment- 25% on reducing balance

Residual value represents the estimated amount which would currently be obtained from disposal of an asset after deducting estimated costs of disposal, if the asset were already at an age and in the condition expected at the end of its estimated useful life.

The gain or loss arising on the disposal of an asset is determined on the difference between the sale proceeds and the carrying value of the asset, and is recognised in the profit and loss account.

Newstime UK Limited (Registered number: 03974481)

Notes to the Financial Statements - continued
for the Year Ended 30 June 2024

2. ACCOUNTING POLICIES - continued

Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to sell, which is equivalent to the net realisable value. Provision is made for obsolete, slow-moving or defective items where appropriate.

Taxation
Current tax, including UK corporation tax is provided at amounts expected to be paid (or recovered) using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date where transactions or events that result in an obligation to pay more tax in the future or a right to pay less tax in the future have occurred at the balance sheet date. Timing differences are differences between the company's taxable profits and its results as stated in the financial statements that arise from the inclusion of gains and losses in tax assessments in periods different from those in which they are recognised in the financial statements. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date and are expected to apply to the reversal of the timing difference.

Hire purchase and leasing commitments
Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability.

Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

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.

Dividends
Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an Annual General Meeting.

Newstime UK Limited (Registered number: 03974481)

Notes to the Financial Statements - continued
for the Year Ended 30 June 2024

2. ACCOUNTING POLICIES - continued

Financial instruments
Financial assets and financial liabilities are recognised when the company becomes a party to the contractual provisions of the instrument.

Financial assets, 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 company after deducting all of its liabilities.

All financial assets and liabilities are initially measured at transaction price (including transaction costs), unless the arrangement constitutes a financing transaction. If an arrangement constitutes a financing transaction, the financial asset or financial liability is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.

The following assets and liabilities are classified as basic financial instruments - trade debtors, other debtors, cash and bank balances, trade creditors, other creditors, bank loans and inter-company balances, and are all measured at the amortised cost equivalent to the undiscounted amount of cash or other consideration expected to be paid or received.

Bank loans are initially measured at the present value of future payments, discounted at a market rate of interest and subsequently measured at amortised cost using the effective interest method.

Hire purchase contracts/finance leases are initially measured at the present value of future payments, discounted at a market rate of interest and subsequently measured at amortised cost using the effective interest method.

Impairment of assets
Assets, other than those measured at fair value, are assessed for indicators of impairment at each balance sheet date. If there is objective evidence of impairment, an impairment loss is recognised in profit and loss as described below.

Non financial assets
An asset is impaired when there is objective evidence that, as a result of one or more events that occurred after initial recognition, the estimated recoverable value of the asset has been reduced. The recoverable amount of an asset is the higher of its fair value less costs to sell and its value in use.

Financial assets
For financial assets carried at cost less impairment, the impairment loss is the difference between the asset's carrying amount and the best estimate of the amount that would be received for the asset if it were sold at the reporting date.

Where indicators exist for a decrease in impairment loss, and the decrease can be related objectively to an event occurring after the impairment was recognised, the prior impairment loss is tested to determine reversal. An impairment loss is reversed on an individual impaired financial asset to the extent that the revised recoverable value does not lead to a revised carrying amount higher than the carrying value had the impairment loss not been recognised.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 8 (2023 - 8 ) .

Newstime UK Limited (Registered number: 03974481)

Notes to the Financial Statements - continued
for the Year Ended 30 June 2024

4. INTANGIBLE FIXED ASSETS
Goodwill
£   
COST
At 1 July 2023
and 30 June 2024 118,438
AMORTISATION
At 1 July 2023
and 30 June 2024 118,438
NET BOOK VALUE
At 30 June 2024 -
At 30 June 2023 -

5. TANGIBLE FIXED ASSETS
Plant and
machinery
etc
£   
COST
At 1 July 2023 346,393
Additions 2,007
Disposals (36,951 )
At 30 June 2024 311,449
DEPRECIATION
At 1 July 2023 267,157
Charge for year 19,855
Eliminated on disposal (35,347 )
At 30 June 2024 251,665
NET BOOK VALUE
At 30 June 2024 59,784
At 30 June 2023 79,236

The net book value of tangible fixed assets includes £ 44,284 (2023 - £ 59,046 ) in respect of assets held under hire purchase contracts.

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade debtors 135,575 124,412
Amounts owed by group undertakings 44,000 44,000
Other debtors 533,643 434,887
713,218 603,299

Newstime UK Limited (Registered number: 03974481)

Notes to the Financial Statements - continued
for the Year Ended 30 June 2024

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Bank loans and overdrafts 42,778 67,454
Hire purchase contracts (see note 9) 23,971 23,971
Trade creditors 103,334 78,267
Taxation and social security 133,255 132,735
Other creditors 136,594 136,685
439,932 439,112

8. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
2024 2023
£    £   
Bank loans - 35,649
Hire purchase contracts (see note 9) 10,708 34,679
Other creditors 212,870 -
223,578 70,328

9. LEASING AGREEMENTS

Minimum lease payments fall due as follows:

Hire purchase contracts
2024 2023
£    £   
Net obligations repayable:
Within one year 23,971 23,971
Between one and five years 10,708 34,679
34,679 58,650

Non-cancellable operating leases
2024 2023
£    £   
Within one year 50,461 29,486
Between one and five years 113,884 88,457
164,345 117,943

Newstime UK Limited (Registered number: 03974481)

Notes to the Financial Statements - continued
for the Year Ended 30 June 2024

10. SECURED DEBTS

The following secured debts are included within creditors:

2024 2023
£    £   
Bank overdraft - 28,566
Bank loans 42,778 74,537
Hire purchase contracts 34,679 58,650
77,457 161,753

Bank overdraft and bank loans are secured by way of a fixed and floating charge.

Hire purchase contracts are secured against the fixed asset to which they relate.

11. CALLED UP SHARE CAPITAL

2024 2023
£ £
Allotted, issued and fully paid 3 3

12. DIRECTOR'S ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to a director subsisted during the years ended 30 June 2024 and 30 June 2023:

2024 2023
£    £   
N T N McHale
Balance outstanding at start of year 307,414 299,454
Amounts advanced 304,750 187,392
Amounts repaid (193,203 ) (179,432 )
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year 418,961 307,414