LDDS Series of Newspapers Limited
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Directors' Report |
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The directors present their report and financial statements for the year ended 31 March 2016. |
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Principal activities |
On 15 January 2016, the parent company Tindle Newspapers Limited sold the title this company was publishing to Capital News Media Limited. The Company also disposed of it's fixed assets as part of this transaction. The company ceased to trade from this date.
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Directors |
The following persons served as directors during the year: |
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Sir Ray Tindle CBE, DL, FCIS
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W.D. Craig
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K.L. Fyfield
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(Resigned 07 July 2015) |
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Directors' responsibilities statements |
The directors are responsible for preparing the directors' report and financial statements in accordance with applicable law and regulations. |
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Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period. In preparing these financial statements, the directors are required to: |
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select suitable accounting policies and then apply them consistently; |
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make judgements and estimates that are reasonable and prudent; |
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state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements; |
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prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business. |
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The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. |
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Disclosure of information to auditor |
LDDS Series of Newspapers Limited
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Independent auditor's report |
to the member of LDDS Series of Newspapers Limited |
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We have audited the financial statements of LDDS Series of Newspapers Limited for the year ended 31 March 2016 which comprise the Profit and Loss Account, the Balance Sheet and the related notes. The financial reporting framework that has been applied in their preparation is applicable law and the Financial Reporting Standard For Smaller Entities (effective January 2015) (United Kingdom Generally Accepted Accounting Practice applicable to Smaller Entities). |
This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in an auditors' report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members as a body, for our audit work, for this report, or for the opinions we have formed. |
Respective responsibilities of directors and auditor |
As explained more fully in the Directors' Responsibilities Statement set out on page 2, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view. Our responsibility is to audit and express an opinion on the financial statements in accordance with applicable law and International Standards on Auditing (UK and Ireland). Those standards require us to comply with the Auditing Practices Board's (APB's) Ethical Standards for Auditors. |
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Scope of the audit of the financial statements |
A description of the scope of an audit of financial statements is provided on the Financial Reporting Council's website at www.frc.org.uk/auditscopeukprivate |
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Opinion on other matters prescribed by the Companies Act 2006 |
In our opinion the information given in the Directors' Report for the financial year for which the financial statements are prepared is consistent with the financial statements. |
Matters on which we are required to report by exception |
We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion: |
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adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or |
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the financial statements are not in agreement with the accounting records and returns; or |
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certain disclosures of directors’ remuneration specified by law are not made; or |
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we have not received all the information and explanations we require for our audit; or |
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the directors were not entitled to prepare the financial statements in accordance with the small companies regime and take advantage of the small companies’ exemption in preparing the directors’ report and take advantage of the small companies exemption from the requirement to prepare a strategic report. |
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David Pinder
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Senior Statutory Auditor |
23 Lockyer Street
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for and on behalf of |
Plymouth
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David Pinder & Co Limited
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Devon
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Statutory Auditor, Chartered Accountants |
PL1 2QZ
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24 January 2017
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LDDS Series of Newspapers Limited
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Notes to the Accounts |
for the year ended 31 March 2016
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1 |
Accounting policies |
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Basis of preparation |
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The accounts have been prepared under the historical cost convention and in accordance with Financial Reporting Standard for Smaller Entities (effective January 2015). The company has taken advantage of the Financial Reporting Standard for Smaller Entities (effective January 2015) from the requirement to disclose a cash flow statement.
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Turnover |
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Turnover represents amounts receivable for goods and services net of VAT and trade discounts. Turnover arises in the United Kingdom and is attributable to the company's main activity, the publication of weekly newspapers and is comprised mainly of advertising and circulation income. Advertising revenue is recognised upon publication and circulation revenue is recognised at the time of sale.
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Tangible assets and depreciation |
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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: |
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Fixtures, fittings and equipment |
over 5 years
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The charge to depreciation commences in the month following the month of acquisition. Where there is evidence of impairment, fixed assets are written down to the recoverable amount and fair value adjustments are made on acquisitions as required. |
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Deferred taxation |
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Full provision is made for deferred taxation resulting from timing differences between the recognition of gains and losses in the accounts and their recognition for tax purposes. Deferred taxation is calculated on an un-discounted basis at the tax rates which are expected to apply in the periods when the timing differences will reverse. |
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Leasing and hire purchase commitments |
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Rentals paid under operating leases are charged to income on a straight line basis over the lease term. |
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Pensions |
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The company operates a defined contribution pension scheme. Contributions are charged to the profit and loss account as they become payable in accordance with the rules of the scheme. The company is also a member of the Farnham Castle Newspapers Limited Pension and Life Assurance Scheme, a defined benefit scheme operated by Tindle Newspapers Limited. The company has continued to account for the defined benefit scheme as if it were a defined contribution scheme as this scheme is a multi-employer scheme where the assets of the scheme, relating to this company, cannot be separately identified on a reasonable basis. |
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2 |
Operating loss |
2016 |
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2015 |
£ |
£ |
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This is stated after charging: |
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Depreciation of owned fixed assets |
2,344 |
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1,986 |
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Pension costs |
1,926 |
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1,129 |
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Auditors' remuneration |
1,800 |
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1,700 |
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Directors' remuneration is borne by another group undertaking. |
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3 |
Taxation |
2016 |
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2015 |
£ |
£ |
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UK corporation tax |
(50,255) |
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(19,174) |
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Origination and reversal of timing differences |
- |
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611 |
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(50,255) |
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(18,563) |
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4 |
Tangible fixed assets |
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Fixtures, fittings and equipment |
£ |
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Cost |
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At 1 April 2015 |
16,557 |
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Additions |
2,415 |
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Disposals |
(18,972) |
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At 31 March 2016 |
- |
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Depreciation |
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At 1 April 2015 |
6,314 |
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Charge for the year |
2,344 |
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On disposals |
(8,658) |
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At 31 March 2016 |
- |
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Net book value |
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At 31 March 2016 |
- |
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At 31 March 2015 |
10,243 |
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5 |
Debtors |
2016 |
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2015 |
£ |
£ |
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Trade debtors |
10,771 |
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138,957 |
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Amounts owed by group and associated undertakings |
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1,061 |
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5,944 |
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Other debtors and prepayments |
48,955 |
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25,229 |
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60,787 |
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170,130 |
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6 |
Creditors: amounts falling due within one year |
2016 |
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2015 |
£ |
£ |
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Trade creditors |
675 |
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41,657 |
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Amounts owed to group and associated undertakings |
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1,162,060 |
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987,799 |
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Other taxes and social security costs |
6,661 |
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47,667 |
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Other creditors and accruals |
19,218 |
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22,318 |
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1,188,614 |
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1,099,441 |
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7 |
Deferred taxation |
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2016 |
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2015 |
£ |
£ |
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Accelerated capital allowances |
1,330 |
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1,330 |
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2016 |
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2015 |
£ |
£ |
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At 1 April |
1,330 |
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719 |
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Deferred tax charge in profit and loss account |
- |
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611 |
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At 31 March |
1,330 |
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1,330 |
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8 |
Share capital |
Nominal |
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2016 |
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2016 |
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2015 |
value |
Number |
£ |
£ |
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Allotted, called up and fully paid: |
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Ordinary shares
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£1 each |
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1 |
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1 |
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1 |
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9 |
Profit and loss account |
2016 |
£ |
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At 1 April 2015 |
(882,696) |
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Loss for the year |
(200,834) |
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At 31 March 2016 |
(1,083,530) |
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10 |
Other financial commitments |
2016 |
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2015 |
£ |
£ |
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At the year end the company had annual commitments under non-cancellable operating leases as set out below: |
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Operating leases which expire: |
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within two to five years |
10,255 |
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24,686 |
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11 |
Related party transactions |
2016 |
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2015 |
£ |
£ |
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Tindle Press Holdings Limited Group
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Group company
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The company has taken advantage of the exemption in Financial Reporting Standard for Smaller Entities (effective January 2015) from the requirement to disclose transactions with wholly owned group undertakings.
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2016 |
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2015 |
£ |
£ |
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Wellington Weekly News Limited
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Fellow subsidiary
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Net group advertising £4,120 (2015 - £902)
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Amount due to the related party |
- |
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- |
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Philip Evans Media
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Philip Evans (Managing Editor) had a beneficial interest
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Computer and other equipment £804 (2015 - £197) Travel costs £698 (2015 - £1,000) Mobile phone costs £160 (2015 - £Nil)
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Amount due to the related party |
- |
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- |
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12 |
Ultimate controlling party |
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The parent company is Tindle Newspapers Limited, a company registered in England and Wales. The ultimate parent company is Tindle Press Holdings Limited, a company registered in England and Wales. The ultimate controlling party of that company is Sir Ray Tindle by virtue of his 100% interest, direct and indirect, in the ordinary shares of that company. Tindle Press Holdings Limited prepare group financial statements, copies of which can be obtained from the Registrar of Companies, Companies House, Crown Way, Maindy, Cardiff, CF14 3UZ.
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