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REGISTERED NUMBER: 04514242 (England and Wales)














V M Gedney Newsagents Limited

Unaudited Financial Statements

for the Year Ended 30 September 2024






V M Gedney Newsagents Limited (Registered number: 04514242)

Contents of the Financial Statements
for the Year Ended 30 September 2024










Page

Company information 1

Chartered accountants' report 2

Statement of financial position 3

Notes to the financial statements 5


V M Gedney Newsagents Limited

Company Information
for the Year Ended 30 September 2024







Directors: Mrs T P Gedney
V M Gedney





Secretary: Mrs T P Gedney





Registered office: Chailey House
Chapelgate
Gedney
Spalding
Lincolnshire
PE12 0BJ





Business address: 54 - 56 Market Place
Long Sutton
Spalding
Lincolnshire
PE12 9JF





Registered number: 04514242 (England and Wales)





Accountants: Moore Thompson
Bank House
Broad Street
Spalding
Lincolnshire
PE11 1TB

Chartered Accountants' Report to the Board of Directors
on the Unaudited Financial Statements of
V M Gedney Newsagents Limited


The following reproduces the text of the report prepared for the directors in respect of the company's annual unaudited financial statements. In accordance with the Companies Act 2006, the company is only required to file a Statement of financial position. Readers are cautioned that the Income statement and certain other primary statements and the Directors' report are not required to be filed with the Registrar of Companies.

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of V M Gedney Newsagents Limited for the year ended 30 September 2024 which comprise the Statement of income and retained earnings, Statement of financial position and the related notes from the company's accounting records and from information and explanations you have given us.

As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed within the ICAEW's regulations and guidance at http://www.icaew.com/en/membership/regulations-standards-and-guidance.

This report is made solely to the Board of Directors of V M Gedney Newsagents Limited, as a body, in accordance with the terms of our engagement letter dated 4 March 2019. Our work has been undertaken solely to prepare for your approval the financial statements of V M Gedney Newsagents Limited and state those matters that we have agreed to state to the Board of Directors of V M Gedney Newsagents Limited, as a body, in this report in accordance with ICAEW Technical Release 07/16AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than V M Gedney Newsagents Limited and its Board of Directors, as a body, for our work or for this report.

It is your duty to ensure that V M Gedney Newsagents Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of V M Gedney Newsagents Limited. You consider that V M Gedney Newsagents Limited is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the financial statements of V M Gedney Newsagents Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.






Moore Thompson
Bank House
Broad Street
Spalding
Lincolnshire
PE11 1TB


24 June 2025

V M Gedney Newsagents Limited (Registered number: 04514242)

Statement of Financial Position
30 September 2024

2024 2023
Notes £    £    £   
Fixed assets
Intangible assets 5 - 750
Tangible assets 6 141,483 98,312
141,483 99,062

Current assets
Stocks 104,265 95,894
Debtors 7 45,852 42,810
Cash at bank and in hand 36,956 47,766
187,073 186,470
Creditors
Amounts falling due within one year 8 81,261 62,351
Net current assets 105,812 124,119
Total assets less current liabilities 247,295 223,181

Creditors
Amounts falling due after more than one
year

9

(9,135

)

(16,663

)

Provisions for liabilities (31,674 ) (18,927 )
Net assets 206,486 187,591

Capital and reserves
Called up share capital 10 100 100
Retained earnings 206,386 187,491
Shareholders' funds 206,486 187,591

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 September 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 30 September 2024 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

V M Gedney Newsagents Limited (Registered number: 04514242)

Statement of Financial Position - continued
30 September 2024


The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Statement of income and retained earnings has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 24 June 2025 and were signed on its behalf by:





V M Gedney - Director


V M Gedney Newsagents Limited (Registered number: 04514242)

Notes to the Financial Statements
for the Year Ended 30 September 2024


1. Statutory information

V M Gedney Newsagents Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

The presentation currency of the financial statements is the Pound Sterling (£).


2. Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006.

3. Accounting policies

Basis of preparing the financial statements
The financial statements have been prepared under the historical cost convention.

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Goodwill
Goodwill arises on business acquisitions and represents the excess of the cost of the acquisition over the company's interest in the net amount of the identifiable assets, liabilities and contingent liabilities of the acquired business.

Goodwill is measured at cost less accumulated amortisation and accumulated impairment losses. It is amortised on a straight line basis over its useful life. Where a reliable estimate of the useful life of goodwill cannot be made, the life is presumed not to exceed five years.

Amortisation
Amortisation is provided at the following annual rates in order to write off the cost of each respective asset, less its residual value over the useful life of that asset as follows:

Goodwill - over 20 years and over 5 years

If there is an indication that there has been a significant change in amortisation rate, useful life or residual value of an intangible asset, amortisation is revised going forward to reflect the new estimates.

Tangible fixed assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses.

Depreciation is provided so as to write off the cost or valuation of an asset, less its residual value, over its estimated useful life as follows:

Leasehold improvements - over 25 years
Equipment - 15% reducing balance
Motor vehicles - 20% reducing balance

Stocks
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.


V M Gedney Newsagents Limited (Registered number: 04514242)

Notes to the Financial Statements - continued
for the Year Ended 30 September 2024


3. Accounting policies - continued
Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Income and Retained Earnings, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the statement of financial position date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

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.

Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

4. Employees and directors

The average number of employees during the year was 16 (2023 - 15 ) .

5. Intangible fixed assets
Goodwill
£   
Cost
At 1 October 2023
and 30 September 2024 160,950
Amortisation
At 1 October 2023 160,200
Amortisation for year 750
At 30 September 2024 160,950
Net book value
At 30 September 2024 -
At 30 September 2023 750

V M Gedney Newsagents Limited (Registered number: 04514242)

Notes to the Financial Statements - continued
for the Year Ended 30 September 2024


6. Tangible fixed assets
Leasehold Motor
improvements Equipment vehicles Totals
£    £    £    £   
Cost
At 1 October 2023 50,298 97,048 114,783 262,129
Additions 1,331 5,967 66,713 74,011
Disposals - - (39,438 ) (39,438 )
At 30 September 2024 51,629 103,015 142,058 296,702
Depreciation
At 1 October 2023 38,589 73,713 51,515 163,817
Charge for year 2,038 4,184 18,001 24,223
Eliminated on disposal - - (32,821 ) (32,821 )
At 30 September 2024 40,627 77,897 36,695 155,219
Net book value
At 30 September 2024 11,002 25,118 105,363 141,483
At 30 September 2023 11,709 23,335 63,268 98,312

7. Debtors: amounts falling due within one year
2024 2023
£    £   
Trade debtors 23,057 17,593
Other debtors 11,154 16,892
Corporation tax 4,812 -
VAT - 7,363
Prepayments 6,829 962
45,852 42,810

8. Creditors: amounts falling due within one year
2024 2023
£    £   
Bank loans & overdrafts 10,000 10,000
Hire purchase contracts 5,018 -
Trade creditors 17,269 25,396
Corporation tax - 16,354
PAYE & NIC 2,710 3,030
VAT 1,648 -
Other creditors 6,163 2,763
Directors' loan accounts 32,890 205
Accruals & deferred income 5,563 4,603
81,261 62,351

Bank loans and overdrafts relate to a Bounce Back loan payable over six years. Interest is chargeable twelve months after the loan being drawn. This loan is 100% government backed.

V M Gedney Newsagents Limited (Registered number: 04514242)

Notes to the Financial Statements - continued
for the Year Ended 30 September 2024


9. Creditors: amounts falling due after more than one year
2024 2023
£    £   
Bank loans 6,662 16,663
Hire purchase contracts 2,473 -
9,135 16,663

Bank loans relate to a Bounce Back loan payable over six years. Interest is chargeable twelve months after the loan being drawn. This loan is 100% government backed.

10. Called up share capital

Allotted, issued and fully paid:
Number: Class: Nominal 2024 2023
value: £    £   
100 Ordinary £1 100 100

11. Directors' advances, credits and guarantees

The following advances and credits to directors subsisted during the years ended 30 September 2024 and 30 September 2023:

2024 2023
£    £   
Mrs T P Gedney and V M Gedney
Balance outstanding at start of year (205 ) 33,150
Amounts advanced 2,400 51,622
Amounts repaid (35,085 ) (84,977 )
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year (32,890 ) (205 )

The figures are aggregated. Interest between 2% and 2.25% has been charged to the overdrawn amounts.