Registered number
08186687
Undercurrent News Limited
Unaudited Filleted Accounts
31 August 2024
Undercurrent News Limited
Registered number: 08186687
Balance Sheet
as at 31 August 2024
Notes 2024 2023
£ £
Fixed assets
Tangible assets 3 7,042 5,524
Current assets
Debtors 4 143,955 173,509
Cash at bank and in hand 703,211 648,610
847,166 822,119
Creditors: amounts falling due within one year 5 (787,640) (760,867)
Net current assets 59,526 61,252
Total assets less current liabilities 66,568 66,776
Creditors: amounts falling due after more than one year 6 (18,333) (28,333)
Net assets 48,235 38,443
Capital and reserves
Called up share capital 100 100
Share premium 14,995 14,995
Profit and loss account 33,140 23,348
Shareholders' funds 48,235 38,443
The directors are satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The members have not required the company to obtain an audit in accordance with section 476 of the Act.
The directors acknowledge their 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.
T Seaman
Director
Approved by the board on 27 November 2024
Undercurrent News Limited
Notes to the Accounts
for the year ended 31 August 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:
Plant and machinery Between 4 years straight line and 5 years
reducing balance
Debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
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.
Foreign currency translation
Transactions in foreign currencies are initially recognised at the rate of exchange ruling at the date of the transaction. At the end of each reporting period foreign currency monetary items are translated at the closing rate of exchange. Non-monetary items that are measured at historical cost are translated at the rate ruling at the date of the transaction. All differences are charged to profit or loss.
Pensions
Contributions to defined contribution plans are expensed in the period to which they relate.
2 Employees 2024 2023
Number Number
Average number of persons employed by the company 12 13
3 Tangible fixed assets
Plant and machinery etc Web site Total
£ £ £
Cost
At 1 September 2023 17,132 7,472 24,604
Additions 3,803 - 3,803
Disposals (654) - (654)
At 31 August 2024 20,281 7,472 27,753
Depreciation
At 1 September 2023 11,608 7,472 19,080
Charge for the year 1,704 - 1,704
On disposals (73) - (73)
At 31 August 2024 13,239 7,472 20,711
Net book value
At 31 August 2024 7,042 - 7,042
At 31 August 2023 5,524 - 5,524
4 Debtors 2024 2023
£ £
Amounts owed by group undertakings and undertakings in which the company has a participating interest 29,260 29,260
Other debtors and trade receivables 114,695 144,249
143,955 173,509
5 Creditors: amounts falling due within one year 2024 2023
£ £
Trade creditors 35,081 24,420
Taxation and social security costs 46,906 77,112
Other creditors 705,653 659,335
787,640 760,867
6 Creditors: amounts falling due after one year 2024 2023
£ £
Bank loan unsecured 18,333 28,333
7 Controlling party
The company is a wholly owned subsidiary of UCN Holdings Limited.
8 Other information
Undercurrent News Limited is a private company limited by shares and incorporated in England. Its registered office is:
1 Sudley Terrace
High Street
Bognor Regis
West Sussex
PO21 1EY
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