Company registration number 01824104 (England and Wales)
MAYNEWS LIMITED
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 27 MARCH 2024
PAGES FOR FILING WITH REGISTRAR
MAYNEWS LIMITED
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 7
MAYNEWS LIMITED
BALANCE SHEET
AS AT 27 MARCH 2024
27 March 2024
- 1 -
2024
2023
Notes
£000
£000
£000
£000
Fixed assets
Intangible assets
3
7
23
Tangible assets
4
10
18
17
41
Current assets
Stocks
69
127
Debtors
5
7
69
134
Creditors: amounts falling due within one year
6
(809)
(791)
Net current liabilities
(740)
(657)
Net liabilities
(723)
(616)
Capital and reserves
Called up share capital
7
60
60
Profit and loss reserves
(783)
(676)
Total equity
(723)
(616)
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true
The financial statements were approved by the board of directors and authorised for issue on 26 March 2025 and are signed on its behalf by:
J M James
Director
Company registration number 01824104 (England and Wales)
MAYNEWS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 27 MARCH 2024
- 2 -
1
Accounting policies
Company information
Maynews Limited is a private company limited by shares incorporated in England and Wales. The registered office is Hazel Court, Midland Way, Barlborough, Chesterfield, Derbyshire, England, S43 4FD.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of 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 are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £000.
The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
1.2
Going concern
These accounts have not been prepared on a going concern basis however the underlying trade of the business remains a going concern and as a result, no significant adjustments were required in the preparation of these financial statements to account for the change in basis.true
1.3
Turnover
Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.
Maynews Limited has various other income streams which are complementary to operating convenience store such as commissions, rental income and news delivery charges. News delivery charges are shown net of expenses.
1.4
Intangible fixed assets - goodwill
Goodwill represents the excess of the cost of acquisition of unincorporated businesses over the fair value of net assets acquired. It is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is considered to have a finite useful life and is amortised on a systematic basis over its expected life, which 20 years.
1.5
Tangible fixed assets
Tangible fixed assets are initially measured at cost and subsequently measured at cost, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost of assets less their residual values over their useful lives on the following bases:
Leasehold improvements
20% straight line
Fixture, fittings and motor vehicles
5 years straight line
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.
MAYNEWS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 27 MARCH 2024
1
Accounting policies
(Continued)
- 3 -
1.6
Impairment of fixed assets
At each reporting period end date, the company reviews the carrying amounts of its tangible and intangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any).
1.7
Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials.
At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.
1.8
Financial instruments
The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
Basic financial assets
Basic financial assets, which include debtors, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.
Classification of financial liabilities
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 company after deducting all of its liabilities.
Basic financial liabilities
Basic financial liabilities, including creditors and loans from fellow group companies are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.
1.9
Equity instruments
Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.
1.10
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
MAYNEWS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 27 MARCH 2024
1
Accounting policies
(Continued)
- 4 -
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes 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 reporting end date.
Deferred tax
Deferred tax liabilities are generally recognised for all timing differences and 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. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.
The carrying amount of deferred tax assets is reviewed at each reporting end date 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 is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity.
1.11
Employee benefits
The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.
Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.
1.12
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
1.13
Leases
Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leases asset are consumed.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2024
2023
Number
Number
Total
11
21
MAYNEWS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 27 MARCH 2024
- 5 -
3
Intangible fixed assets
Trademarks and franchise agreements
£000
Cost
At 28 March 2023
124
Transfers
(29)
At 27 March 2024
95
Amortisation and impairment
At 28 March 2023
101
Amortisation charged for the year
1
Transfers
(14)
At 27 March 2024
88
Carrying amount
At 27 March 2024
7
At 27 March 2023
23
4
Tangible fixed assets
Leasehold improvements
Fixture, fittings and motor vehicles
Total
£000
£000
£000
Cost
At 28 March 2023
46
29
75
Transfers
(19)
(19)
At 27 March 2024
46
10
56
Depreciation and impairment
At 28 March 2023
35
22
57
Depreciation charged in the year
4
2
6
Transfers
(17)
(17)
At 27 March 2024
39
7
46
Carrying amount
At 27 March 2024
7
3
10
At 27 March 2023
11
7
18
MAYNEWS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 27 MARCH 2024
- 6 -
5
Debtors
2024
2023
Amounts falling due within one year:
£000
£000
Deferred tax asset
7
6
Creditors: amounts falling due within one year
2024
2023
£000
£000
Amounts owed to group undertakings
808
791
Other creditors
1
809
791
Amounts owed to group undertakings are shown as falling due within one year as there is no set repayment date and there is no formal agreement in place. Commercially there are no plans for these amounts to be recalled within the next 12 months by the other group company.
Central costs and associated liabilities are borne by other group companies and recharged as appropriate.
7
Called up share capital
2024
2023
2024
2023
Ordinary share capital
Number
Number
£000
£000
Issued and fully paid
Ordinary shares of £1 each
60,000
60,000
60
60
8
Audit report information
As the income statement has been omitted from the filing copy of the financial statements, the following information in relation to the audit report on the statutory financial statements is provided in accordance with s444(5B) of the Companies Act 2006.
The auditor's report is unqualified and includes the following:
Opinion
In our opinion the financial statements:
give a true and fair view of the state of the company's affairs as at 27 March 2024 and of its loss for the year then ended;
have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
have been prepared in accordance with the requirements of the Companies Act 2006.
Senior Statutory Auditor:
Paul Winwood
Statutory Auditor:
BHP LLP
Date of audit report:
26 March 2025
MAYNEWS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 27 MARCH 2024
- 7 -
9
Financial commitments, guarantees and contingent liabilities
The company is party to an omnibus guarantee covering the bank borrowings of the wider group. As at 27 March 2024 these borrowings totalled 1,575,866 (2023: £nil).
10
Operating lease commitments
Lessee
At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, as follows:
2024
2023
£000
£000
20
105
11
Related party transactions
As the company is a wholly-owned subsidiary of a company whose consolidated accounts include the results of the subsidiary and are publicly available, the company has taken advantage of FRS 102 Section 33.1A exemption from disclosing transactions with group undertakings where 100% of the voting rights are within the group.
12
Parent company
The company's immediate parent company is First Stop News Limited. The ultimate parent company is James Convenience Retail Limited.
Both First Stop News Limited and James Convenience Retail Limited are incorporated in England and Wales and share the registered office of the company as detailed on the company information page.
The smallest and largest group for which group financial statements are prepared is James Convenience Retail Limited. Consolidated accounts are available from Companies House, Cardiff, CF14 3UZ.
James Convenience Retail Limited is controlled by J M James.