A & F Newsagents Limited - Accounts to registrar

REGISTERED NUMBER: 06594532 (England and Wales)

FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2017

FOR

A & F NEWSAGENTS LIMITED

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTOR:

A A Patel

REGISTERED OFFICE:

31-33 King Street West

Manchester

M3 2PW

REGISTERED NUMBER:

06594532 (England and Wales)

ACCOUNTANTS:

P B Syddall & Co

Chartered Accountants

Grafton House

81 Chorley Old Road

Bolton

Lancashire

BL1 3AJ

FIXED ASSETS

Intangible assets

5

-

18,000

Tangible assets

6

-

7,000

-

25,000

CURRENT ASSETS

Stocks

-

44,108

Debtors

7

9,178

3,435

Cash in hand

11,220

43,472

20,398

91,015

CREDITORS

Amounts falling due within one year

8

19,725

167,820

NET CURRENT ASSETS/(LIABILITIES)

673

(76,805

)

TOTAL ASSETS LESS CURRENT
LIABILITIES

673

(51,805

)

CAPITAL AND RESERVES

Called up share capital

100

Retained earnings

573

(51,905

)

SHAREHOLDERS' FUNDS

673

(51,805

)

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 June 2017.

The members have not required the company to obtain an audit of its financial statements for the year ended 30 June 2017 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges his 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.

The financial statements have been prepared and delivered in accordance with the provisions of Part 15 of the Companies Act 2006 relating to small companies.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the director on 2 October 2017 and were signed by:

A A Patel - Director

1.	STATUTORY INFORMATION

A & F 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 the provisions of Section 1A "Small Entities" of Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" 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.

The significant accounting policies applied in the preparation of these financial statements are set out below. These

policies have been consistently applied to all years presented unless otherwise stated. The company adopted FRS102 in

the current year and an explanation of how the transition to FRS102 has affected the reported financial position and

performance can be found in the notes to the accounts.

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, being the amount paid in connection with the acquisition of a business in 0, is being amortised evenly over its estimated useful life of nil years.

Intangible assets

Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any

accumulated amortisation and any accumulated impairment losses.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Fixtures and fittings

-

15% on 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.

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, 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 balance sheet date.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet

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.

4.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 5 .

5.	INTANGIBLE FIXED ASSETS

Goodwill

£

COST

At 1 July 2016

90,000

Disposals

(90,000

)

At 30 June 2017

-

AMORTISATION

At 1 July 2016

72,000

Eliminated on disposal

(72,000

)

At 30 June 2017

-

NET BOOK VALUE

At 30 June 2017

-

At 30 June 2016

18,000

6.	TANGIBLE FIXED ASSETS

Fixtures

and

fittings

£

COST

At 1 July 2016

37,749

Disposals

(37,749

)

At 30 June 2017

-

DEPRECIATION

At 1 July 2016

30,749

Eliminated on disposal

(30,749

)

At 30 June 2017

-

NET BOOK VALUE

At 30 June 2017

-

At 30 June 2016

7,000

7.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2017

2016

£

Other debtors

4,200

-

Tax

3,435

Prepayments and accrued income

1,543

-

9,178

3,435

8.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2017

2016

£

Bank loans and overdrafts

3,646

3,867

Trade creditors

1,520

9,314

VAT

10,924

14,051

Other creditors

-

4,718

Directors current account

1,932

133,955

Accruals and deferred income

1,703

1,915

19,725

167,820

9.	FIRST YEAR ADOPTION

The company's financial statements have been prepared in compliance with Section 1A "Small Entities" of Financial

Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" for the first

time. The company transitioned from UK GAAP to FRS 102 as at 1 July 2015.

The transition to FRS 102 has not required any restatement to the reported financial position.