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Registered number:
FOR THE PERIOD ENDED 28 DECEMBER 2024
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NEWSTEAM GROUP LTD
COMPANY INFORMATION
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NEWSTEAM GROUP LTD
CONTENTS
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NEWSTEAM GROUP LTD
STRATEGIC REPORT
FOR THE PERIOD ENDED 28 DECEMBER 2024
The directors present their strategic report for Newsteam Group Ltd (NTG) for the period ended 28 December 2024.
The company provides a national delivery service, predominantly for newspapers, to individual customers, newsagents, national chains and publishers across the UK. In 2024, the company continued to acquire rounds, and other news distribution businesses, to extend its coverage across the UK and cement its position as the largest daily news media distribution network in the country. This represents a key USP as publishers contract with the NTG to directly distribute their titles to end users.
NTG increased its turnover by 15% to £67.7m (2023: £58.7m) and returned to a net assets position, reflecting the company’s robust operational performance and effective cost management. With operating profits rising sharply to £4.25m (2023: £1.1m), the company was also able to fully repay the £3.14m loan to Kinton Technology within the period.
Future Developments
The directors remain focused on consolidating the company’s market position and driving further growth in home delivery and retail distribution. The purchase of NTG’s logistics software supplier in 2023 by NTG’s parent company, Suonal Ltd, has enabled NTG to focus the software development on making further operational efficiencies and adapt to new markets. It has also continued to diversify its home delivery options to include other products and the board are actively looking at new service offerings to diversify revenue streams. Market Outlook and Strategic Positioning The board recognises that the UK newspaper distribution sector is undergoing significant consolidation and transformation. Looking ahead, the board believes that market dynamics will ultimately lead to a single major distributor serving both home delivery and retail channels. This anticipated shift is expected to streamline the supply chain, enhance operational efficiencies and provide a unified service to both consumer and retail customers. Within this evolving landscape, the board is confident that NTG is well positioned to capitalise on emerging opportunities. In particular, the board expects to see substantial growth in the sub-retail segment, as more news retailers seek to source their supplies directly from NTG rather than relying on the established wholesale network. This trend is underpinned by NTG’s expanding capabilities and reliable service offering. The board’s strategy is to leverage these strengths to increase market share in both home delivery and retail distribution, further consolidating NTG’s position as a leading supplier to the sector. The company will continue to invest in technology, logistics and customer service to support this growth and ensure the company remains at the forefront of industry developments.
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NEWSTEAM GROUP LTD
STRATEGIC REPORT (CONTINUED)
FOR THE PERIOD ENDED 28 DECEMBER 2024
The directors regularly review the risks facing the business and have established procedures and controls to mitigate these where possible. The principal risks and uncertainties include:
• Market Risk: The printed news market has been in decline for some time and the directors believe this trend will continue. The customer base is increasingly mature. The digital channel is distributing an increased proportion of news media. In 2024, publishers continued to protect their profitability by pricing actions well above inflation. In recent years there has been a very significant reduction in the number of newsagents as volumes have declined and margins have been squeezed. The board view this as an opportunity for NTG to acquire home delivery rounds of newsagents looking to exit the category. • Operational Risk: Fuel price volatility, or labour shortages, could result in above inflation increases which would have a significant impact on gross margin. NTG would recover any impact through pricing action which could increase customer attrition. NTG is mitigating this risk by making software improvements to maximise the number of drops per round which will lead to greater earning potential for its driver base. In addition, our acquisition strategy is targeted in areas of lower density amongst our existing customer base which will help achieve the same objective. • Credit Risk: The company is exposed to the risk of non-payment by customers. Credit control procedures are in place to monitor and manage this risk. • Regulatory Risk: There are no expected upcoming regulatory or legislative changes to be enacted or debated in the current parliament that pose a material risk to NTG's business model. NTG has already mitigated any future impact relating to the cost or availability of labour by: (1) further improvements to route optimisation; and (2) taking running costs and the “Real Living Wage” (as published annually by the Living Wage Foundation) into account when setting Contracted Service Provider drop rates. • Financial Risk: The company manages its exposure to interest rate and liquidity risks through regular forecasting and cash management. The directors are satisfied that the company’s risk management processes are appropriate for its size and complexity.
The directors use a range of financial KPIs to monitor and assess the company’s performance:
KPI 2024 2023 Commentary Turnover £67.7m £58.7m 15% growth, driven by home delivery Gross profit margin 20.17% 15.03% Margin improvement through operational efficiencies Operating profit £4.25m £1.10m Net assets/(liabilities) £413k (£2.57m) Return to positive net assets
In addition to the key financial indicators, we monitor on a daily basis key customer service and operating performance indicators. These indicators measure our re-delivery rates and conduct a root cause analysis of all communications with our contact centre.
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NEWSTEAM GROUP LTD
STRATEGIC REPORT (CONTINUED)
FOR THE PERIOD ENDED 28 DECEMBER 2024
The directors have had regard to the matters set out in section 172(1) of the Companies Act 2006 when performing their duties. The Company’s key stakeholders include employees, customers, suppliers, and the wider community. The directors consider the likely consequences of decisions for these groups and for the long-term success of the Company.
Going concern
The company generated a profit before tax of £4.13m and closed the year with net assets of £413k. The directors have reviewed trading and cash flow forecasts for at least 12 months from the date of approval of these accounts and are satisfied that the Company will have sufficient resources to meet its liabilities as they fall due. Accordingly, the financial statements have been prepared on a going concern basis.
This report was approved by the board and signed on its behalf.
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NEWSTEAM GROUP LTD
DIRECTORS' REPORT
FOR THE PERIOD ENDED 28 DECEMBER 2024
The directors present their report and the financial statements for the period ended 28 December 2024.
The directors are responsible for preparing the Strategic Report, the Directors' Report and the financial statements in accordance with applicable law and regulations.
In preparing these financial statements, the directors are required to:
∙select suitable accounting policies for the Company's financial statements and then apply them consistently;
∙make judgments and accounting estimates that are reasonable and prudent;
∙prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Company will continue in business.
The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the Company's transactions and disclose with reasonable accuracy at any time the financial position of the Company and to enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the Company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
The profit for the period, after taxation, amounted to £2,987,493 (2023 - £1,995,200).
No dividend declared or paid during the year.
The directors who served during the period were:
As permitted by section 414C of the Companies Act 2006, certain information required to be included in the Directors’ Report has been included in the Strategic Report. Specifically, this relates to future developments.
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NEWSTEAM GROUP LTD
DIRECTORS' REPORT (CONTINUED)
FOR THE PERIOD ENDED 28 DECEMBER 2024
There have been no significant events affecting the Company since the year end.
The auditors, Pure Audit Limited, will be proposed for reappointment in accordance with section 485 of the Companies Act 2006.
This report was approved by the board and signed on its behalf.
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NEWSTEAM GROUP LTD
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF NEWSTEAM GROUP LTD
We have audited the financial statements of Newsteam Group Ltd (the 'Company') for the period ended 28 December 2024, which comprise the Statement of Comprehensive Income, the Statement of Financial Position, the Statement of Cash Flows, the Statement of Changes in Equity and the related notes, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the Company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the United Kingdom, including the Financial Reporting Council's Ethical Standard and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.
Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the Company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.
Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.
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NEWSTEAM GROUP LTD
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF NEWSTEAM GROUP LTD (CONTINUED)
The other information comprises the information included in the Annual Report other than the financial statements and our Auditors' Report thereon. The directors are responsible for the other information contained within the Annual Report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.
We have nothing to report in this regard.
In our opinion, based on the work undertaken in the course of the audit:
∙the information given in the Strategic Report and the Directors' Report for the financial period for which the financial statements are prepared is consistent with the financial statements; and
∙the Strategic Report and the Directors' Report have been prepared in accordance with applicable legal requirements.
In the light of the knowledge and understanding of the Company and its environment obtained in the course of the audit, we have not identified material misstatements in the Strategic Report or the Directors' Report.
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NEWSTEAM GROUP LTD
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF NEWSTEAM GROUP LTD (CONTINUED)
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an Auditors' Report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.
Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:
Extent to which the audit was considered capable of detecting irregularities, including fraud
We identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, and then design and perform audit procedures responsive to those risks, including obtaining audit evidence that is sufficient and appropriate to provide a basis for our opinion. Identifying and assessing potential risks related to irregularities In identifying and assessing risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, we considered the following: • The nature of the industry and sector, control environment and business performance including the design of the Company’s remuneration policies, key drivers for directors’ remuneration, bonus levels and performance targets; • results of our enquiries of management about their own identification and assessment of the risks of irregularities and any matters we identified having reviewed the Company’s policies and procedures; • the matters discussed among the audit engagement team regarding how and where fraud might occur in the financial statements and any potential indicators of fraud. As a result of these procedures, we considered the opportunities and incentives that may exist within the organisation for fraud and identified the greatest potential for fraud in relation to revenue recognition. In common with all audits under ISAs (UK), we are also required to perform specific procedures to respond to the risk of management override. We also obtained an understanding of the legal and regulatory frameworks that the Company operates in and focused on those laws and regulations that had a direct effect on the determination of material amounts and disclosures in the financial statements. The key laws and regulations we considered in this context included the Companies Act 2006 and local tax legislation. In addition, we considered provisions of other laws and regulations that do not have a direct effect on the financial statements but compliance with which may be fundamental to the Company’s ability to operate or to avoid a material fine or penalty. Audit response to risks identified As a result of performing the above, we identified revenue recognition as a key audit matter related to the potential risk of fraud. Our procedures to respond to risks identified included the following: • reviewing the financial statement disclosures and testing to supporting documentation to assess compliance with provisions of relevant laws and regulations described as having a direct effect on the financial statements; • enquiring of management, concerning actual and potential litigation and claims;
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NEWSTEAM GROUP LTD
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF NEWSTEAM GROUP LTD (CONTINUED)
• performing analytical procedures to identify any unusual or unexpected relationships that may indicate risks of material misstatement due to fraud;
• reading minutes of meetings of those charged with governance; • obtaining an understanding of provisions and discussing with management to understand the basis of recognition or non-recognition of tax provisions; and • in addressing the risk of fraud through management override of controls, testing the appropriateness of journal entries and other adjustments; assessing whether the judgements made in making accounting estimates are indicative of a potential bias; and evaluating the business rationale of any significant transactions that are unusual or outside the normal course of business. We also communicated relevant identified laws and regulations and potential fraud risks to all engagement team members and remained alert to any indications of fraud or noncompliance with laws and regulations throughout the audit.
Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.
A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our Auditors' Report.
The financial statements for the period ended 30 December 2023 were audited by Price Bailey LLP, who expressed an unmodified opinion on those financial statements on 22 May 2024.
This report is made solely to the Company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the Company's members those matters we are required to state to them in an Auditors' Report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the Company and the Company's members, as a body, for our audit work, for this report, or for the opinions we have formed.
for and on behalf of
Chartered Certified Accountants & Statutory Auditors
76 Canterbury Innovation Centre
University Road
Kent
CT2 7FG
19 May 2025
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NEWSTEAM GROUP LTD
STATEMENT OF COMPREHENSIVE INCOME
FOR THE PERIOD ENDED 28 DECEMBER 2024
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NEWSTEAM GROUP LTD
REGISTERED NUMBER: 09340207
STATEMENT OF FINANCIAL POSITION
AS AT 28 DECEMBER 2024
The financial statements were approved and authorised for issue by the board and were signed on its behalf by:
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NEWSTEAM GROUP LTD
REGISTERED NUMBER: 09340207
STATEMENT OF FINANCIAL POSITION (CONTINUED)
AS AT 28 DECEMBER 2024
The notes on pages 18 to 38 form part of these financial statements.
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NEWSTEAM GROUP LTD
STATEMENT OF CHANGES IN EQUITY
FOR THE PERIOD ENDED 28 DECEMBER 2024
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NEWSTEAM GROUP LTD
STATEMENT OF CHANGES IN EQUITY
FOR THE PERIOD ENDED 30 DECEMBER 2023
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NEWSTEAM GROUP LTD
STATEMENT OF CASH FLOWS
FOR THE PERIOD ENDED 28 DECEMBER 2024
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NEWSTEAM GROUP LTD
STATEMENT OF CASH FLOWS (CONTINUED)
FOR THE PERIOD ENDED 28 DECEMBER 2024
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NEWSTEAM GROUP LTD
ANALYSIS OF NET DEBT
FOR THE PERIOD ENDED 28 DECEMBER 2024
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NEWSTEAM GROUP LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 28 DECEMBER 2024
The Company is a private company limited by shares, incorporated in England and Wales.
The address of the registered office is: Cauldon Locks, Shelton New Road, Stoke-On-Trent, England, ST4 7AA. The Company’s registration number is 09340207.
2.Accounting policies
The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.
The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgment in applying the Company's accounting policies (see note 3).
The following principal accounting policies have been applied:
The Company has generated a profit before tax of £4,132,453 during the year. At the year end, the Company had a net assets position of £413,291 (2023: net liabilities of £2,574,202).
The Directors have considered the trading and cash flow forecasts for a period of at least 12 months from the date of approval of the financial statements and are satisfied that the Company will have sufficient resources to meet its liabilities as they fall due. The Company is expected to remain profitable in the next accounting period. For these reasons, the Directors do not consider that there is a material uncertainty related to going concern and have prepared the financial statements on a going concern basis.
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NEWSTEAM GROUP LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 28 DECEMBER 2024
2.Accounting policies (continued)
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NEWSTEAM GROUP LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 28 DECEMBER 2024
2.Accounting policies (continued)
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NEWSTEAM GROUP LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 28 DECEMBER 2024
2.Accounting policies (continued)
Goodwill
Other intangible assets
All intangible assets are considered to have a finite useful life. If a reliable estimate of the useful life cannot be made, the useful life shall not exceed ten years.
The estimated useful lives range as follows:
Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, .
Depreciation is provided on the following basis:
The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.
Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.
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NEWSTEAM GROUP LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 28 DECEMBER 2024
2.Accounting policies (continued)
Provisions are measured as the best estimate of the amount required to settle the obligation, taking into account the related risks and uncertainties.
The Company has elected to apply the provisions of Section 11 “Basic Financial Instruments” of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the Company's Statement of Financial Position 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.
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NEWSTEAM GROUP LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 28 DECEMBER 2024
2.Accounting policies (continued)
Basic financial assets
Basic financial assets, which include trade and other debtors, cash and bank balances, are initially measured at their transaction price (adjusted for transaction costs except in the initial measurement of financial assets that are subsequently measured at fair value through profit and loss) and are subsequently carried at their amortised cost using the effective interest method, less any provision for impairment, 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.
Discounting is omitted where the effect of discounting is immaterial. The Company's cash and cash equivalents, trade and most other debtors due with the operating cycle fall into this category of financial instruments.
Basic 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 the deduction of all its liabilities.
Basic financial liabilities, which include trade and other creditors, bank loans and other loans are initially measured at their transaction price (adjusting for transaction costs except in the initial measurement of financial liabilities that are subsequently measured at fair value through profit and loss). When this constitutes a financing transaction, whereby the debt instrument is measured at the present value of the future payments discounted at a market rate of interest, discounting is omitted where the effect of discounting is immaterial.
Debt instruments are subsequently carried at their amortised cost using the effective interest rate method.
Trade creditors are obligations to pay for goods and services that have been acquired in the ordinary course of business from suppliers. Trade creditors are classified as current liabilities if the payment is due within one year. If not, they represent non-current liabilities. Trade creditors are initially recognised at their transaction price and subsequently are measured at amortised cost using the effective interest method. Discounting is omitted where the effect of discounting is immaterial.
Derecognition of financial instruments
Derecognition of financial assets
Financial assets are derecognised when their contractual right to future cash flow expire, or are settled, or when the Company transfers the asset and substantially all the risks and rewards of ownership to another party. If significant risks and rewards of ownership are retained after the transfer to another party, then the Company will continue to recognise the value of the portion of the risks and rewards retained.
Derecognition of financial liabilities
Financial liabilities are derecognised when the Company's contractual obligations expire or are discharged or cancelled.
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NEWSTEAM GROUP LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 28 DECEMBER 2024
2.Accounting policies (continued)
During the year, the company reviewed the classification of certain expenses in the prior year. As a result, IT costs totalling £293,224 were reclassified from cost of sales (previously included as direct costs) to administrative expenses. This reclassification has been made to better reflect the nature of the costs and ensure consistency with the current year’s presentation.
This change has no impact on the reported operating profit or net assets. Critical accounting judgements The Directors do not consider that there are any critical accounting judgements in these accounts. Key sources of estimation uncertainty Goodwill amortisation Goodwill on customer round acquisitions is being amortised over a five year period. The Directors review this annually and still consider that it is reasonable. Doubtful debt provision The Company makes allowance for doubtful debts based on an assessment of the recoverability of receivables. Allowances are applied to receivables where events or changes in circumstances indicate that the carrying amounts may not be recoverable. Management specifically analysed historical bad debts, customer creditworthiness, current economic trends and changes in customer payment terms when making a judgement to evaluate the adequacy of the allowance of doubtful debts of receivables. Where the expectation is different from the original estimate, such difference will impact the carrying value of receivables.
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NEWSTEAM GROUP LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 28 DECEMBER 2024
Analysis of turnover by country of destination:
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NEWSTEAM GROUP LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 28 DECEMBER 2024
Page 26
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NEWSTEAM GROUP LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 28 DECEMBER 2024
Page 27
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NEWSTEAM GROUP LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 28 DECEMBER 2024
Page 28
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NEWSTEAM GROUP LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 28 DECEMBER 2024
11.Taxation (continued)
The Company has estimated losses of £Nil (2023: £3,303,498) available to carry forward against future trading profits.
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NEWSTEAM GROUP LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 28 DECEMBER 2024
Page 30
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NEWSTEAM GROUP LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 28 DECEMBER 2024
Page 31
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NEWSTEAM GROUP LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 28 DECEMBER 2024
Page 32
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NEWSTEAM GROUP LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 28 DECEMBER 2024
Page 33
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NEWSTEAM GROUP LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 28 DECEMBER 2024
Page 34
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NEWSTEAM GROUP LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 28 DECEMBER 2024
Page 35
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NEWSTEAM GROUP LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 28 DECEMBER 2024
Page 36
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NEWSTEAM GROUP LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 28 DECEMBER 2024
Share premium account
Capital redemption reserve
Profit and loss account
The Company operates a defined contribution pension scheme. The assets of the scheme are held separately from those of the Company in an administered fund. The pension cost charge represents contributions payable by the Company to the fund and amounted to £97,592 (2023: £87,337). Contributions totalling £44,012 (2023: £48,952) were payable to the fund at the balance sheet date and are included in other creditors.
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NEWSTEAM GROUP LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 28 DECEMBER 2024
The parent company is Suonal Ltd, a company incorporated in Cyprus.
Copies of the group financial statements of Suonal Ltd may be obtained from 3rd floor Onisiforou Centre, Neof. Nikolaides Avenue & Th. Kolokotroni Street, Paphos, 8011, Cyprus. There is no controlling party as no individual shareholder has a majority shareholding in Suonal Ltd.
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