County Magazines Limited

Contents

Balance Sheet	1 to 2
Notes to the Unaudited Financial Statements	3 to 7

County Magazines Limited

Balance Sheet

31 December 2024

	Note	2024 £	2023 £
Fixed assets
Tangible assets	4	1,280	1,709
Current assets
Debtors	5	34,085	69,958
Cash at bank and in hand		28,155	26,200
		62,240	96,158
Creditors: Amounts falling due within one year	6	(87,146)	(90,398)
Net current (liabilities)/assets		(24,906)	5,760
Total assets less current liabilities		(23,626)	7,469
Creditors: Amounts falling due after more than one year	6	(2,243)	(6,088)
Provisions for liabilities		(243)	(325)
Net (liabilities)/assets		(26,112)	1,056
Capital and reserves
Called up share capital		4	4
Profit and loss account		(26,116)	1,052
Shareholders' (deficit)/funds		(26,112)	1,056

County Magazines Limited

Balance Sheet

31 December 2024

For the financial year ending 31 December 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

•	The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and
•	The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared and delivered in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006 and the option not to file the Profit and Loss Account has been taken.

Approved and authorised by the Board on 11 March 2025 and signed on its behalf by:
 

......................................... M J Snow Director

Company Registration Number: 03896914

County Magazines Limited

Notes to the Unaudited Financial Statements

Year Ended 31 December 2024

1	General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
Sigma House
Oak View Close
Edginswell Park
Torquay
Devon
TQ2 7FF

The principal place of business is:
The Grange
Stokeinteignhead
Newton Abbot
Devon
TQ12 4QH

2	Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

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 Section 1A, and the Companies Act 2006.

Basis of preparation

These financial statements have been prepared using the historical cost convention except that, as disclosed in the accounting policies, certain items are shown at fair value.

The functional and presentational currency is pounds sterling.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of value added tax and discounts.

The company recognises revenue when it can be reliably measured and it is probable that future economic benefits will flow to the entity.

Tax

Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

County Magazines Limited

Notes to the Unaudited Financial Statements

Year Ended 31 December 2024

The current corporation tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date.

Deferred tax is recognised on all timing differences at the balance sheet date unless indicated below. Timing differences are differences between taxable profits and the results as stated in the profit and loss account and other comprehensive income. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.

Tangible assets

Tangible assets are stated at cost, less any subsequent accumulated depreciation.

Depreciation

Depreciation is charged so as to write off the cost of assets over their estimated useful lives, as follows:

Asset class	Depreciation method and rate
Office equipment	25% reducing balance

Financial instruments

Classification
The company holds the following financial instruments:

• Short term trade and other debtors and creditors;
• Bank loans; and
• Cash and bank balances.

All financial instruments are classified as basic.

 Recognition and measurement
The company has chosen to apply the recognition and measurement principles in FRS102.

Financial instruments are recognised when the company becomes party to the contractual provisions of the instrument and derecognised when in the case of assets, the contractual rights to cash flows from the assets expire or substantially all the risks and rewards of ownership are transferred to another party, or in the case of liabilities, when the company’s obligations are discharged, expire or are cancelled.

Except for bank loans, such instruments are initially measured at transaction price, including transaction costs, and are subsequently carried at the undiscounted amount of the cash or other consideration expected to be paid or received, after taking account of impairment adjustments.

Bank loans are initially measured at transaction price, including transaction costs, and are subsequently carried at amortised cost using the effective interest method.


 

3	Staff numbers

The average number of persons employed by the company (including directors) during the year, was 2 (2023 - 2).

County Magazines Limited

Notes to the Unaudited Financial Statements

Year Ended 31 December 2024

4	Tangible assets

	Office equipment  £
Cost or valuation
At 1 January 2024	7,249
At 31 December 2024	7,249
Depreciation
At 1 January 2024	5,540
Charge for the year	429
At 31 December 2024	5,969
Carrying amount
At 31 December 2024	1,280
At 31 December 2023	1,709

5

Debtors

	2024 £	2023 £
Trade debtors	16,583	39,944
Prepayments	17,502	14,480
Other debtors	-	15,534
	34,085	69,958

County Magazines Limited

Notes to the Unaudited Financial Statements

Year Ended 31 December 2024

6

Creditors

Creditors: amounts falling due within one year

	2024  £	2023  £
Due within one year
Loans and borrowings	3,845	3,845
Trade creditors	4,790	7,624
Social security and other taxes	7,231	8,518
Other creditors	3,704	-
Accrued expenses	62,139	69,742
Corporation tax	5,437	669
	87,146	90,398

Creditors: amounts falling due after more than one year

	Note	2024 £	2023 £
Due after one year
Loans and borrowings	8	2,243	6,088

7	Share capital

Allotted, called up and fully paid shares

	2024		2023
	No.	£	No.	£
Ordinary shares of £1 each	4	4	4	4

County Magazines Limited

Notes to the Unaudited Financial Statements

Year Ended 31 December 2024

8	Loans and borrowings

Non-current loans and borrowings

	2024 £	2023 £
Bank borrowings	2,243	6,088

Current loans and borrowings

	2024 £	2023 £
Bank borrowings	3,845	3,845

9	Related party transactions

Transactions with directors

2024	At 1 January 2024 £	Advances to director £	Repayments by director £	At 31 December 2024 £
M J Snow
Loan, repayable on demand, with interest at the official rate	6,949	15,374	(22,323)	-
H M Johnson
Loan, repayable on demand, with interest at the official rate	8,585	15,389	(23,974)	-