ACCOUNTS - Final Accounts

Company Registration Number 01106594

	NEWSPRESS LIMITED

	FINANCIAL STATEMENTS

	31 DECEMBER 2024

NEWSPRESS LIMITED

REGISTERED NUMBER: 01106594

STATEMENT OF FINANCIAL POSITION

AS AT 31 DECEMBER 2024

		2024		2023
Note		£		£

Fixed assets
Intangible assets	5		202,012		319,238
Tangible assets	6		6,834		20,830
Investments	7		1,006		1,006
			209,852		341,074
Current assets
Debtors: amounts falling due within one year	8	1,893,300		1,582,402
Cash at bank and in hand	9	204,365		393,678
		2,097,665		1,976,080
Creditors: amounts falling due within one year	10	(472,364)		(468,003)
Net current assets			1,625,301		1,508,077
Total assets less current liabilities			1,835,153		1,849,151

Net assets			1,835,153		1,849,151

Capital and reserves
Called up share capital	12	130,000	130,000
Profit and loss account		1,705,153	1,719,151
		1,835,153	1,849,151

The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

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

The Company has opted not to file the statement of income and retained earnings in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf by:

................................................

F Bailie

Director

Date: 2 April 2025

The notes on pages 2 to 12 form part of these financial statements.

Page 1

NEWSPRESS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

1.	General information

Newspress Limited is a private company limited by shares registered in England and Wales. The address of the registered office is Riverside House, 7 Canal Wharf, Leeds, LS11 5AS.
The principal activity of the company is a technology and communications agency connecting automotive PR manufacturers with journalists.
These financial statements have been presented in Pound Sterling as this is the currency of the primary economic environment in which the company operates.

2.Accounting policies

2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland' and the requirements of the Companies Act 2006. The disclosure requirements of Section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The following principal accounting policies have been applied:

2.2

Financial Reporting Standard 102 - reduced disclosure exemptions

The Company has taken advantage of the following disclosure exemptions in preparing these financial statements, as permitted by the FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland":

∙the requirements of Section 33 Related Party Disclosures paragraph 33.7.

This information is included in the consolidated financial statements of Bailie Group Limited as at 31 December 2024 and these financial statements may be obtained from Newpark Industrial Estate, Greystone Road, Antrim, BT41 2RS.

2.3

Going concern

The directors of Newspress Limited have prepared forecasts for a period to 31 March 2026 and have reviewed the resources available, including those from the wider Bailie Group, and believe that the Company has adequate resources to continue in operational existence for the foreseeable future.
The directors, therefore, believe that it is appropriate to continue to adopt the going concern basis in
preparing the financial statements.

2.4

Exemption from preparing consolidated financial statements

The Company, and the Group headed by it, qualify as small as set out in section 383 of the Companies Act 2006 and the parent and Group are considered eligible for the exemption to prepare consolidated accounts.

Page 2

NEWSPRESS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

2.Accounting policies (continued)

2.5

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Rendering of services

Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:

∙the amount of revenue can be measured reliably;

∙it is probable that the Company will receive the consideration due under the contract;

∙the stage of completion of the contract at the end of the reporting period can be measured reliably; and

∙the costs incurred and the costs to complete the contract can be measured reliably.

2.6

Operating leases: the Company as lessee

Rentals paid under operating leases are charged to profit or loss on a straight-line basis over the lease term.

2.7

Government grants

Grants are accounted under the accruals model as permitted by FRS 102. Grants relating to expenditure on tangible fixed assets are credited to profit or loss at the same rate as the depreciation on the assets to which the grant relates. The deferred element of grants is included in creditors as deferred income.
Grants of a revenue nature are recognised in the Statement of income and retained earnings in the same period as the related expenditure.

2.8

Interest income

Interest income is recognised in profit or loss using the effective interest method.

2.9

Finance costs

Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

2.10

Pensions

Defined contribution pension plan

The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations.

The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Statement of financial position. The assets of the plan are held separately from the Company in independently administered funds.

Page 3

NEWSPRESS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

2.Accounting policies (continued)

2.11

Current and deferred taxation

The tax expense for the year comprises current and deferred tax. Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

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 in the countries where the Company operates and generates income.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the reporting date, except that:

∙The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and

∙Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.

2.12

Intangible assets

Goodwill

Goodwill represents the difference between amounts paid on the cost of a business combination and the acquirer’s interest in the fair value of its identifiable assets and liabilities of the acquiree at the date of acquisition. Subsequent to initial recognition, goodwill is measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is amortised on a straight-line basis to the Statement of income and retained earnings over its useful economic life.

Other intangible assets

Intangible assets are initially recognised at cost. After recognition, under the cost model, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

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.

Page 4

NEWSPRESS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

2.Accounting policies (continued)

2.13

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.

Depreciation is provided on the following basis:

Short-term leasehold property	-	in accordance with the lease
Motor vehicles	-	20% straight line basis
Fixtures and fittings	-	20%, 33% and 40% straight line basis
Computer equipment	-	25% and 33% straight line 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.

2.14

Valuation of investments

Investments in subsidiaries are measured at cost less accumulated impairment.

2.15

Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

2.16

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

2.17

Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

Page 5

NEWSPRESS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

2.Accounting policies (continued)

2.18

Provisions for liabilities

Provisions are made where an event has taken place that gives the Company a legal or constructive obligation that probably requires settlement by a transfer of economic benefit, and a reliable estimate can be made of the amount of the obligation.
Provisions are charged as an expense to profit or loss in the year that the Company becomes aware of the obligation, and are measured at the best estimate at the reporting date of the expenditure required to settle the obligation, taking into account relevant risks and uncertainties.
When payments are eventually made, they are charged to the provision carried in the Statement of financial position.

Page 6

NEWSPRESS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

2.Accounting policies (continued)

2.19

Financial instruments

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.

Basic financial assets

Basic financial assets, which include trade and other receivables, cash and bank balances, are initially measured at their transaction price including transaction costs 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 receivables due with the operating cycle fall into this category of financial instruments.

Financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instruments 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 payables, bank loans and other loans are initially measured at their transaction price after transaction costs. When this constitutes a financing transaction, whereby the debt instrument 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.
Debt instruments are subsequently carried at their amortised cost using the effective interest rate method.
Trade payables are obligations to pay for goods and services that have been acquired in the ordinary course of business from suppliers. Trade payables are classified as current liabilities if the payment is due within one year. If not, they represent non-current liabilities. Trade payables 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.

Page 7

NEWSPRESS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

3.	Judgements in applying accounting policies and key sources of estimation uncertainty

The preparation of these financial statements requires management to make judgements, estimates and assumptions that effect the application of policies and report amounts of assets and liabilities, income and expenses.
Judgements and estimates are continually evaluated and are based on historical experiences and other factors, including expectations of future events that are believed to be reasonable under the circumstances.
The company makes estimates and assumptions concerning the future. The resulting accounting estimates will be, by definition, seldom equal to the related actual results.
The key source of estimation uncertainty in applying the accounting policies is the recoverability of trade debtors and intercompany debtors. The bad debt provision included in the financial statements is calculated based on post year end cash receipts and past knowledge and experience of the company's customers. The recoverability of intercompany debtors is assessed based on the trading position and net assets of the related group companies.

Employees

The average monthly number of employees, including directors, during the year was 25 (2023 - 23).

5.	Intangible assets

	Software	Goodwill	Total
	£	£	£
Cost
At 1 January 2024	329,158	178,403	507,561
At 31 December 2024	329,158	178,403	507,561
Amortisation
At 1 January 2024	44,444	143,879	188,323
Charge for the year on owned assets	88,078	29,148	117,226
At 31 December 2024	132,522	173,027	305,549
Net book value
At 31 December 2024	196,636	5,376	202,012
At 31 December 2023	284,714	34,524	319,238

Page 8

NEWSPRESS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

6.	Tangible fixed assets

	Short-term leasehold property	Fixtures and fittings	Computer equipment	Total
	£	£	£	£
Cost or valuation
At 1 January 2024	25,950	8,107	109,948	144,005
Additions	-	-	3,714	3,714
Disposals	-	(4,517)	(39,259)	(43,776)
At 31 December 2024	25,950	3,590	74,403	103,943
Depreciation
At 1 January 2024	25,950	7,644	89,581	123,175
Charge for the year on owned assets	-	464	17,247	17,711
Disposals	-	(4,518)	(39,259)	(43,777)
At 31 December 2024	25,950	3,590	67,569	97,109
Net book value
At 31 December 2024	-	-	6,834	6,834
At 31 December 2023	-	464	20,366	20,830

7.	Fixed asset investments

		Investments in subsidiary companies
		£
	Cost or valuation
	At 1 January 2024	1,006
	At 31 December 2024	1,006

The company owns 100% of the Share Capital of Newspress USA Inc. Its registered office is C/O Riverside House, 7 Canal Wharf, Leeds, LS11 5AS.

Page 9

NEWSPRESS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

Debtors

					2024	2023
					£	£


Trade debtors	312,477	459,599
Amounts owed by group undertakings	1,376,419	744,691
Other debtors	56,048	123,660
Prepayments and accrued income	133,122	238,060
Deferred taxation	15,234	16,392
	1,893,300	1,582,402

9.	Cash and cash equivalents
		2024	2023
		£	£

	Cash at bank and in hand	204,365	393,678

10.	Creditors: Amounts falling due within one year
		2024	2023
		£	£

Trade creditors	122,764	52,123
Amounts owed to related parties	152,869	143,738
Other taxation and social security	95,772	89,901
Other creditors	9,037	8,863
Accruals and deferred income	91,922	173,378
	472,364	468,003

Page 10

NEWSPRESS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

11.	Deferred taxation

	2024	2023
	£	£

At beginning of year	16,392	12,458
Charged to profit or loss	-	3,934
Utilised in year	(1,158)	-
At end of year	15,234	16,392

The deferred tax asset is made up as follows:
	2024	2023
	£	£

	Accelerated capital allowances	15,234	16,392
		15,234	16,392

12.	Share capital
		2024	2023
		£	£

Allotted, called up and fully paid

130,000 (2023 - 130,000) Ordinary shares of £1.00 each	130,000	130,000

13.	Pension commitments

The Company operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the Company in an independently administered fund. The pension cost charge represents contributions payable by the Company to the fund and amounted to £54,696 (2023: £50,096). Contributions totalling £9,037 (2023: £8,863) were payable to the fund at the balance sheet date and are included in creditors.

14.	Related party transactions
	The company has taken advantage of the exemption contained in Section 33 of FRS 102 'Related Party Disclosures' from disclosing transactions with entities which are part of the group, since 100% of the voting rights in the company are controlled within the group and the company is included within the group accounts which are publicly available.

Page 11

NEWSPRESS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

15.	Controlling party

The immediate parent undertaking is Graphic Plates Limited, a company incorporated in Northern Ireland. The ultimate parent undertaking is Bailie Group Limited, a company incorporated in Northern Ireland.
The Group continues to be controlled by the Bailie family throughout the current and previous year.

16.	Auditor's information

The auditor's report on the financial statements for the year ended 31 December 2024 was unqualified.

The audit report was signed on 2 April 2025 by Simon Turner (Senior Statutory Auditor) on behalf of Armstong Watson Audit Limited.

Page 12