Registered number
08205595
MIDDAY NEWS LIMITED
Filleted Accounts
30 September 2024
MIDDAY NEWS LIMITED
Registered number: 08205595
Balance Sheet
as at 30 September 2024
Notes 2024 2023
£ £
Fixed assets
Tangible assets 3 15,350 19,187
15,350 19,187
Current assets
Stocks 109,775 100,207
Cash at bank and in hand 25,779 36,015
135,554 136,222
Creditors: amounts falling due within one year 4 (130,067) (119,387)
Net current assets 5,487 16,835
Total assets less current liabilities 20,837 36,022
Creditors: amounts falling due after more than one year 5 (24,999) (34,999)
Net (liabilities)/assets (4,162) 1,023
Capital and reserves
Called up share capital 1 1
Share premium - -
Revaluation reserve - -
Profit and loss account (4,163) 1,022
Shareholder's funds (4,162) 1,023
The director is satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The member has not required the company to obtain an audit in accordance with section 476 of the Act.
The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
Sedat Yildiz
Director
Approved by the board on 2 May 2025
MIDDAY NEWS LIMITED
Notes to the Accounts
for the year ended 30 September 2024
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).
Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Freehold buildings over 50 years
Leasehold land and buildings over the lease term
Plant and machinery over 5 years
Fixtures, fittings, tools and equipment over 5 years
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first in first out method. The carrying amount of stock sold is recognised as an expense in the period in which the related revenue is recognised.
Creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. Unrelieved tax losses and other deferred tax assets are recognised only to the extent that 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, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
2 Employees 2024 2023
Number Number
Average number of persons employed by the company 3 3
3 Tangible fixed assets
Land and buildings Plant and machinery etc Motor vehicles Total
£ £ £ £
Cost
At 1 October 2023 - 6,500 23,158 29,658
Additions - - - -
Surplus on revaluation - - - -
Disposals - - - -
At 30 September 2024 - 6,500 23,158 29,658
Depreciation
At 1 October 2023 - 4,458 6,013 10,471
Charge for the year - 408 3,429 3,837
Surplus on revaluation - - - -
On disposals - - - -
At 30 September 2024 - 4,866 9,442 14,308
Net book value
At 30 September 2024 - 1,634 13,716 15,350
At 30 September 2023 - 2,042 17,145 19,187
4 Creditors: amounts falling due within one year 2024 2023
£ £
Trade creditors 3,030 72
Taxation and social security costs (94) 1,249
Director's accounts 127,131 118,066
130,067 119,387
5 Creditors: amounts falling due after one year 2024 2023
£ £
Bank loans 24,999 34,999
24,999 34,999
6 Controlling party
Sedat Yildiz
7 Other information
MIDDAY NEWS LIMITED is a private company limited by shares and incorporated in England. Its registered office is:
33 Blackstock Road
London
N4 2JF
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