ANNANDALE OBSERVER LIMITED


Directors	Peter Foster Laidlaw
	Sara Jane Shannon


Company Secretary	Peter Foster Laidlaw


Registered Address	96-98 High Street
	Annan
	DG12 6EJ


Registered Number	SC062879 (Scotland)

Statement of Financial Position
31 December 2024

	Notes	2024		2023
		£	£	£	£
Fixed assets
Intangible assets	3		31,194		20,662
Tangible assets	4		46,390		52,545
			77,584		73,207
Current assets
Debtors	5	409,644		456,183
Cash at bank and on hand		124,224		187,211
		533,868		643,394
Creditors amounts falling due within one year	6	(513,551)		(534,464)
Net current assets (liabilities)			20,317		108,930
Total assets less current liabilities			97,901		182,137
Creditors amounts falling due after one year	7		(7,500)		(17,500)
Net assets			90,401		164,637
Capital and reserves
Called up share capital			1,000		1,000
Profit and loss account			89,401		163,637
Shareholders' funds			90,401		164,637

The company was entitled to exemption from audit for this reporting period under section 477 of the Companies Act 2006 relating to small companies.
The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The Directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared in accordance with the provisions applicable to companies subject to the small companies regime.
The directors have chosen to not file a copy of the company’s profit and loss account under section 444 (5A) Companies Act 2006.

The financial statements were approved and authorised for issue by the Board of Directors on 20 May 2025, and are signed on its behalf by:

Peter Foster Laidlaw
Director
Registered Company No. SC062879

ANNANDALE OBSERVER LIMITED

Notes to the Financial Statements
for the year ended 31 December 2024

1.	Accounting policies

	Statutory information
	The company is a private company limited by shares and registered in Scotland. The company's registered number and registered office address can be found on the Company Information page. The principal activity of the Company is that of the publishing of newspapers.

	Basis of preparation
	The financial statements have been prepared under the historical cost convention on a going concern basis unless otherwise specified within these accounting policies and in accordance with Section 1A of Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

	Functional and presentation currency
	The financial statements are presented in sterling and this is the functional currency of the company.

	Turnover policy
	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/or 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.

Turnover policy

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/or 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.

	Employee benefits
	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 obligation. Contributions to defined contribution plans are expensed in the period to which they relate. Amounts not paid are shown in accruals in the Statement of Financial Position. The assets of the plan are held separately from the company in independently administered funds.

Employee benefits

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 obligation. 

Contributions to defined contribution plans are expensed in the period to which they relate.  Amounts not paid are shown in accruals in the Statement of Financial Position.  The assets of the plan are held separately from the company in independently administered funds.

	Current taxation
	Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.

	Deferred tax
	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.

Deferred tax

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.

	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. At each reporting date the company assesses whether there is any indication of impairment. If such indication exists, the recoverable amount of the asset is determined which is the higher of its fair value less costs to sell and its value in use. An impairment loss is recognised where the carrying amount exceeds the recoverable amount. 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: Software - 10-15% reducing balance

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.

At each reporting date the company assesses whether there is any indication of impairment. If such indication exists, the recoverable amount of the asset is determined which is the higher of its fair value less costs to sell and its value in use. An impairment loss is recognised where the carrying amount exceeds the recoverable amount.

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:

                          Software    -     10-15% reducing balance

	Tangible fixed assets and depreciation
	Tangible fixed assets are stated at cost or valuation less depreciation. 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 disposal are determined by comparing the proceeds with the carrying amount and are recognised in the Income Statement

Tangible fixed assets and depreciation

Tangible fixed assets are stated at cost or valuation less depreciation. 

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 disposal are determined by comparing the proceeds with the carrying amount and are recognised in the Income Statement


		Reducing balance (%)
	Plant and machinery	15
	Fixtures and fittings	10
	Office Equipment	15

	Trade and other 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.

Trade and other 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.

	Trade and other 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.

	Financial instruments
	The company enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in ordinary shares.

2.	Average number of employees


		2024		2023
	Average number of employees during the year	12		14

3.	Intangible assets

	Other	Total
	£	£
Cost or valuation
At 01 January 24	60,525	60,525
Additions	16,037	16,037
At 31 December 24	76,562	76,562
Amortisation and impairment
At 01 January 24	39,863	39,863
Charge for year	5,505	5,505
At 31 December 24	45,368	45,368
Net book value
At 31 December 24	31,194	31,194
At 31 December 23	20,662	20,662

4.	Tangible fixed assets

	Plant & machinery	Fixtures & fittings	Office Equipment	Total
	£	£	£	£
Cost or valuation
At 01 January 24	103,209	88,417	172,062	363,688
Additions	146	-	1,387	1,533
At 31 December 24	103,355	88,417	173,449	365,221
Depreciation and impairment
At 01 January 24	94,293	79,978	136,872	311,143
Charge for year	1,358	844	5,486	7,688
At 31 December 24	95,651	80,822	142,358	318,831
Net book value
At 31 December 24	7,704	7,595	31,091	46,390
At 31 December 23	8,916	8,439	35,190	52,545

5.	Debtors: amounts due within one year

	2024	2023
	£	£
Trade debtors / trade receivables	78,108	109,587
Amounts owed by group undertakings	325,570	337,426
Prepayments and accrued income	5,966	9,170
Total	409,644	456,183

6.	Creditors: amounts due within one year

	2024	2023
	£	£
Trade creditors / trade payables	28,146	25,325
Bank borrowings and overdrafts	10,000	10,000
Amounts owed to related parties	455,731	462,840
Taxation and social security	13,374	19,509
Accrued liabilities and deferred income	6,300	16,790
Total	513,551	534,464

7.	Creditors: amounts due after one year

	2024	2023
	£	£
Bank borrowings and overdrafts	7,500	17,500
Total	7,500	17,500

8.	Pension commitments
	The company operates a defined contribution scheme for its employees. Outstanding contributions at the balance sheet date amounted to £1,237 (2023 - £1,261).

9.	Parent-subsidiary relationships
	The ultimate parent company is Medquest Group Limited, a company which is incorporated in Scotland. Its registered office is Wright, Johnston & Mackenzie LLP, The Capital Building, St. Andrew Square, Edinburgh, Scotland, EH2 2AF.