Registration number:
Bouverie News (Folkestone) Limited
for the Year Ended 31 July 2024
Bouverie News (Folkestone) Limited
Contents
Company Information |
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Balance Sheet |
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Notes to the Financial Statements |
Bouverie News (Folkestone) Limited
Company Information
Director |
S Sood |
Company secretary |
N Sood |
Registered office |
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Bouverie News (Folkestone) Limited
(Registration number: 07448326)
Balance Sheet as at 31 July 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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|
- |
|
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Current assets |
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Stocks |
- |
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Debtors |
|
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Cash at bank and in hand |
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|
|
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Creditors: Amounts falling due within one year |
( |
( |
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Net current liabilities |
( |
( |
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Total assets less current liabilities |
( |
( |
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Creditors: Amounts falling due after more than one year |
( |
( |
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Net liabilities |
( |
( |
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Capital and reserves |
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Called up share capital |
100 |
100 |
|
Retained earnings |
(33,155) |
(136,091) |
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Shareholders' deficit |
(33,055) |
(135,991) |
Bouverie News (Folkestone) Limited
(Registration number: 07448326)
Balance Sheet as at 31 July 2024
For the financial year ending 31 July 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Director's responsibilities:
• |
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• |
The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts. |
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 director has not delivered to the registrar a copy of the Profit and Loss Account.
Approved and authorised by the
.........................................
Director
Bouverie News (Folkestone) Limited
Notes to the Financial Statements for the Year Ended 31 July 2024
General information |
The company is a private company limited by share capital, incorporated in England and Wales.
The address of its registered office is:
Before it ceased to trade on 18 June 2024, the company's principal place of business was:
One Stop Shop
1-5 Watling Street
Chatham
Kent
ME5 7EP
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 Section 1A of Financial Reporting Standard 102 - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.
Basis of preparation
These financial statements have been prepared using the historical cost convention.
The financial statements are presented in pounds sterling, which is the company’s functional currency, rounded to the nearest whole pound.
Going concern
The financial statements have been prepared on a non-going concern basis. The company ceased trading on 18 June 2024.
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 value added tax, returns, rebates and discounts.
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.
Goodwill
Purchased goodwill is initially recognised at cost at the date of acquisition and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is amortised over its useful life.
Intangible assets
Separately acquired intangible assets are stated in the balance sheet at cost less accumulated amortisation and accumulated impairment losses.
Bouverie News (Folkestone) Limited
Notes to the Financial Statements for the Year Ended 31 July 2024
Amortisation
Amortisation is charged on intangible assets so as to write off the cost, less any estimated residual value, over their expected useful life as follows:
Asset class |
Amortisation method and rate |
Goodwill |
20% per annum, straight line basis |
Franchise fees |
20% per annum, straight line basis |
Intangible assets are subject to an annual impairment review.
Tangible assets
Tangible assets are stated in the balance sheet at cost, less any accumulated depreciation and accumulated impairment losses.
Depreciation
Depreciation is charged on tangible fixed assets so as to write off the cost, less any estimated residual value, over their expected useful economic lives, as follows:
Asset class |
Depreciation method and rate |
Short leasehold property and improvements |
15% per annum, straight line basis |
Fixtures, fittings and equipment |
20% per annum, straight line basis |
Tangible assets are subject to an annual impairment review.
Taxation
When applicable, the tax expense for the accounting period will consist of current and deferred tax.
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.
Deferred tax is provided in full on timing differences which represent a liability at the balance sheet date, at rates expected to apply when they crystallise based on current tax rates and law. Timing differences arise from the inclusion of items of income and expenditure in tax computations in periods different from those in which they are included in the financial statements. Deferred tax assets are recognised only to the extent that it is likely that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax liabilities and, where recognised, assets are not discounted.
Operating leases
Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss as incurred.
Defined contribution pension obligation
A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.
Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.
Staff numbers |
The average number of persons employed by the company during the year, including the director, was
Bouverie News (Folkestone) Limited
Notes to the Financial Statements for the Year Ended 31 July 2024
Intangible assets |
Goodwill |
Franchise fee |
Total |
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Cost |
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At 1 August 2023 |
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|
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Disposals |
( |
( |
( |
At 31 July 2024 |
- |
- |
- |
Amortisation |
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At 1 August 2023 |
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Amortisation eliminated on disposals |
( |
( |
( |
At 31 July 2024 |
- |
- |
- |
Carrying amount |
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At 31 July 2024 |
- |
- |
- |
At 31 July 2023 |
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Tangible assets |
Short leasehold land, buildings and improvements |
Fixtures and fittings |
Total |
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Cost |
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At 1 August 2023 |
|
|
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Disposals |
( |
( |
( |
At 31 July 2024 |
- |
- |
- |
Depreciation |
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At 1 August 2023 |
|
|
|
Eliminated on disposals |
( |
( |
( |
At 31 July 2024 |
- |
- |
- |
Carrying amount |
|||
At 31 July 2024 |
- |
- |
- |
At 31 July 2023 |
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Bouverie News (Folkestone) Limited
Notes to the Financial Statements for the Year Ended 31 July 2024
Debtors |
Current |
2024 |
2023 |
Prepayments |
- |
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Other debtors |
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Other debtors includes £80,000 (2023 £nil) due after more than 1 year.
Creditors |
Creditors: amounts falling due within one year
Note |
2024 |
2023 |
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Due within one year |
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Loans and borrowings |
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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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Creditors falling due within one year include bank borrowings and other creditors amounting to £18,493 (2023 - £44,178) which are secured by charges over all of the company's assets and undertaking.
Creditors: amounts falling due after more than one year
Note |
2024 |
2023 |
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Due after one year |
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Loans and borrowings |
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Creditors falling due after more than one year include bank borrowings amounting to £15,569 (2023 - £32,919) which are secured by charges over all of the company's assets and undertaking.
Bouverie News (Folkestone) Limited
Notes to the Financial Statements for the Year Ended 31 July 2024
Loans and borrowings |
Non-current loans and borrowings
2024 |
2023 |
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Bank loan |
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Current loans and borrowings
2024 |
2023 |
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Bank loan |
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Bank overdraft |
- |
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Financial commitments, guarantees and contingencies |
Amounts not provided for in the balance sheet
The total amount of financial commitments in respect of operating leases not included in the balance sheet is £Nil (2023 - £
Related parties |
At the balance sheet date, bank loans of £32,954 (2023 - £55,572), bank overdraft facilities of £40,000 (2023 - £40,000) and other obligations to the company's bankers of £1,108 (2023 - £7,784) were personally guaranteed by the director, Mr S Sood. Also at the balance sheet date, Mr Sood had personally guaranteed other creditors amounting to £nil (2023 - £4,565).