Registration number:
Newtrade Media Limited
for the Year Ended 31 December 2024
Newtrade Media Limited
Contents
Company Information |
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Balance Sheet |
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Notes to the Financial Statements |
Newtrade Media Limited
Company Information
Chairman |
Neil Hilton Jagger |
Directors |
Andrew Patrick Taylor Stephanie Rice Muntazir Dipoti Vincent Scott Malone |
Company secretary |
Parin Gohil |
Registered office |
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Auditors |
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Newtrade Media Limited
(Registration number: 00454555)
Balance Sheet as at 31 December 2024
Note |
2024 |
2023 |
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Fixed assets |
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Intangible assets |
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Tangible assets |
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Investments |
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Other financial assets |
1 |
1 |
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Current assets |
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Debtors |
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Cash at bank and in hand |
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Creditors: Amounts falling due within one year |
( |
( |
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Net current assets |
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Total assets less current liabilities |
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Provisions for liabilities |
( |
( |
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Net assets |
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Capital and reserves |
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Called up share capital |
150,000 |
150,000 |
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Share premium reserve |
6,000 |
6,000 |
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Retained earnings |
1,142,279 |
1,284,809 |
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Shareholders' funds |
1,298,279 |
1,440,809 |
These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.
These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Profit and Loss Account.
Approved and authorised by the
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Newtrade Media Limited
Notes to the Financial Statements for the Year Ended 31 December 2024
General information |
The company is a private company limited by share capital, incorporated in England.
The address of its registered office is:
These financial statements were authorised for issue by the
Accounting policies |
Summary of significant accounting policies and key accounting estimates
The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.
Statement of compliance
These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).
Basis of preparation
These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.
Going concern
The financial statements have been prepared on a going concern basis.
Audit report
Revenue recognition
Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.
Other operating income represents the company’ share of collective licensing revenues from Publishers Licensing Services as per the Rights Valuation 2015 conducted by the Copyright Licensing Agency Limited and NLA Media Access Limited.
The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.
Newtrade Media Limited
Notes to the Financial Statements for the Year Ended 31 December 2024
Tax
The tax expense for the period comprises deferred tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.
The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.
Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.
Unrelieved tax losses and other deferred tax assets are recognised when 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 and that are expected to apply to the reversal of the timing difference.
Tangible assets
Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.
The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.
Depreciation
Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:
Asset class |
Depreciation method and rate |
Land and Building leasehold |
2% straight line basis |
Fixtures, fittings and equipments |
10% straight line basis |
Computer equipment |
33.33% straight line basis |
Business combinations
Business combinations are accounted for using the purchase method. The consideration for each acquisition is measured at the aggregate of the fair values at acquisition date of assets given, liabilities incurred or assumed, and equity instruments issued by the group in exchange for control of the acquired, plus any costs directly attributable to the business combination. When a business combination agreement provides for an adjustment to the cost of the combination contingent on future events, the group includes the estimated amount of that adjustment in the cost of the combination at the acquisition date if the adjustment is probable and can be measured reliably.
Intangible assets
Intangible assets are stated in the balance sheet at cost, less any subsequent accumulated amortisation and subsequent accumulated impairment losses.
Amortisation
Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:
Asset class |
Amortisation method and rate |
Online market place |
33% straight line basis |
Newtrade Media Limited
Notes to the Financial Statements for the Year Ended 31 December 2024
Investments
Investments in equity shares which are publicly traded or where the fair value can be measured reliably are initially measured at fair value, with changes in fair value recognised in profit or loss. Investments in equity shares which are not publicly traded and where fair value cannot be measured reliably are measured at cost less impairment.
Interest income on debt securities, where applicable, is recognised in income using the effective interest method. Dividends on equity securities are recognised in income when receivable.
Cash and cash equivalents
Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.
Trade debtors
Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.
Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.
Trade creditors
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.
Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.
Provisions
Provisions are recognised when the company has an obligation at the reporting date as a result of a past event, it is probable that the company will be required to settle that obligation and a reliable estimate can be made of the amount of the obligation.
Share capital
Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.
Dividends
Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.
Newtrade Media Limited
Notes to the Financial Statements for the Year Ended 31 December 2024
Defined benefit pension obligation
Typically defined benefit plans define an amount of pension benefit that an employee will receive on retirement, usually dependent on one or more factors such as age, years of service and compensation.
The liability recognised in the balance sheet in respect of defined benefit pension plans is the present value of the defined benefit obligation at the reporting date minus the fair value of plan assets. The defined benefit obligation is measured using the projected unit credit method. The present value of the defined benefit obligation is determined by discounting the estimated future payments by reference to market yields at the reporting date on high-quality corporate bonds that are denominated in the currency in which the benefits will be paid, and that have terms to maturity approximating to the terms of the related pension liability.
Actuarial gains and losses are charged or credited to other comprehensive income in the period in which they arise.
Staff numbers |
The average number of persons employed by the company (excluding directors) during the year, was
Auditors' remuneration |
2024 |
2023 |
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Audit of the financial statements |
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Other fees to auditors |
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All other non-audit services |
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Newtrade Media Limited
Notes to the Financial Statements for the Year Ended 31 December 2024
Intangible assets |
Online market place |
Total |
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Cost or valuation |
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At 1 January 2024 |
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Additions internally developed |
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At 31 December 2024 |
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Amortisation |
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At 1 January 2024 |
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Amortisation charge |
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At 31 December 2024 |
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Carrying amount |
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At 31 December 2024 |
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At 31 December 2023 |
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Newtrade Media Limited
Notes to the Financial Statements for the Year Ended 31 December 2024
Tangible assets |
Long leasehold land and buildings |
Other tangible assets |
Total |
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Cost or valuation |
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At 1 January 2024 |
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Additions |
- |
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At 31 December 2024 |
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Depreciation |
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At 1 January 2024 |
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Charge for the year |
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At 31 December 2024 |
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Carrying amount |
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At 31 December 2024 |
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At 31 December 2023 |
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HSBC holds a fixed and floating charge over the assets of the company, including the property. The balance outstanding at the year end was £Nil (2023: £Nil).
Trustees of the Benefits Fund of the National Federation of Retail Newsagents hold a fixed and floating charge over the assets of the company, including the property. At the balance sheet date the amount outstanding with the Benefits Fund was £Nil (2023 - £Nil).
Newtrade Media Limited
Notes to the Financial Statements for the Year Ended 31 December 2024
Investments |
2024 |
2023 |
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Investments in subsidiaries |
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Subsidiaries |
£ |
Cost or valuation |
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At 1 January 2024 |
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Provision |
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Carrying amount |
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At 31 December 2024 |
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At 31 December 2023 |
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Details of undertakings
Details of the investments (including principal place of business of unincorporated entities) in which the company holds 20% or more of the nominal value of any class of share capital are as follows:
Undertaking |
Registered office |
Holding |
Proportion of voting rights and shares held |
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2024 |
2023 |
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Subsidiary undertakings |
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UK |
Ordinary shares |
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The subsidiary undertaking remained dormant during the year.
Newtrade Media Limited
Notes to the Financial Statements for the Year Ended 31 December 2024
Other financial assets (current and non-current) |
Financial assets at fair value through profit and loss |
Total |
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Non-current financial assets |
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Cost or valuation |
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At 1 January 2024 |
1 |
1 |
At 31 December 2024 |
1 |
1 |
Impairment |
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Carrying amount |
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At 31 December 2024 |
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1 |
The above investment relates to Angel Gate Management Company Limited, the freeholders of the property held on long lease. Angel Gate Management Limited manages the freehold and common parts of the property. The Company owns one ordinary share of the 17 ordinary shares in issue.
Debtors |
Current |
Note |
2024 |
2023 |
Trade debtors |
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Amounts owed by related parties |
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Prepayments |
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Other debtors |
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Amount owed by related parties includes £280,000 (2023 - £350,000) receivable after more than one year.
Newtrade Media Limited
Notes to the Financial Statements for the Year Ended 31 December 2024
Creditors |
Creditors: amounts falling due within one year
2024 |
2023 |
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Due within one year |
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Trade creditors |
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Taxation and social security |
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Accruals and deferred income |
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Other creditors |
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Share capital |
Allotted, called up and fully paid shares
2024 |
2023 |
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No. |
£ |
No. |
£ |
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150,000 |
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150,000 |
Dividends |
2024 |
2023 |
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£ |
£ |
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Interim dividend of £ |
70,000 |
70,000 |
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Deferred tax |
2024 |
2023 |
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£ |
£ |
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Accelerated capital allowances - brought forward |
18,310 |
9,958 |
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Charged/(released) to the P&L |
(1,612) |
8,352 |
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Total deferred tax liability |
16,698 |
18,310 |
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Newtrade Media Limited
Notes to the Financial Statements for the Year Ended 31 December 2024
Pension and other schemes |
Defined benefit
Historically the company contributed to a defined benefit pension scheme for its active members.
The scheme is operated by the National Federation of Retail Newsagents, providing benefits based on final pensionable salaries.
The scheme was closed to new entrants at 31 March 2002 and as at 31 August 2018 the last active Newtrade Media Ltd member left the company. The Scheme subsequently closed on 06/08/2020 to all future accrual for all members.
The assets of the scheme are held separately from those of the company. Contributions to the scheme are charged to the profit and loss account. However, as a consequence of the 2022 valuation the Employer has agreed to an overall contribution of £75,000 p.a. to be paid over 7 years, the first contribution being on or before March 2023, although this will be reviewed at each triennial valuation. Newtrade Media Limited's share of this deficit is 30.809% i.e., £23,106.75. By the year ended 31.12.2024, Newtrade Media had made 2 payments of £23,107. Including interest, this leaves a provision for pension liability for £97,333 in the accounts to reflect the PV of future payments.
The contributions were determined by a qualified actuary on the basis of triennial valuations using the Attained Age Method.
The date of the most recent comprehensive actuarial valuation was 31 March 2022. The assumptions which have the most significant effects on the results of the valuation are those relating to the rate of return on investment and the rate of increase in pensions. It was assumed that the investment returns would be 2.9% per annum. Salary increases are now irrelevant with future accrual ceasing for all since August 2020.
The 2022 actuarial valuation showed that the actuarial value of the scheme's assets represented 94.7% of the benefits that have accrued to members.
This last actuarial valuation showed assets of the scheme of £8,590,000 and liabilities on an ongoing valuation basis of £9,072,000 (a deficit of £482,000), which resulted in the Employer agreeing with the Trustees to address this immediately with the payment outlined above.
The total cost relating to defined benefit schemes for the year recognised in profit or loss as an expense was £6,549 (2023 - £8,507).
Defined contribution
The company operates a defined contribution pension scheme. The assets of the scheme are held separately from those of the company in an independently administered fund.
The total cost relating to defined contribution schemes for the year recognised in profit or loss as an expense was £37,692 (2023 - £41,942).
Newtrade Media Limited
Notes to the Financial Statements for the Year Ended 31 December 2024
Reserves |
The changes to each component of equity resulting from items of other comprehensive income for the prior year were as follows:
Retained earnings |
Total |
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Remeasurement gain/loss on defined benefit pension schemes |
( |
( |
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Related party transactions |
Other related party transactions:
During the year the company made the following related party transactions:
General Fund of National Federation of Retail Newsagents (General Fund)
(Common Trustees with the Benefits Fund)
During the year sales made to the General Fund amounted to £10,504 (2023: £12,104) and purchases from the General Fund amounted to £179,656 (2023: £217,746). At the balance sheet date the amount due from/(to) the General Fund was £10,354 (2023 - £12,104).
Benefits Fund of NFRN
(Ultimate holding entity)
During the year the Company lent money to the Trustees of the Benefits Fund of NFRN. The loan carries annual interest charge of 2.5% and is repayable over 10 years. At the balance sheet date the amount due from Trustees of the Benefits Fund of NFRN was £350,000.
Parent and ultimate parent undertaking |
The company's immediate parent is
The ultimate controlling party is