REGISTERED NUMBER: 07328876 (England and Wales)

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 SEPTEMBER 2017

FOR

A & K NEWS LIMITED

Page

Company Information

1

Abridged Balance Sheet

2

Notes to the Financial Statements

4

DIRECTORS:

J D Turner

K L Turner

G Turner

K H Turner

SECRETARY:

K L Turner

REGISTERED OFFICE:

14a Main Street

Cockermouth

Cumbria

CA13 9LQ

REGISTERED NUMBER:

07328876 (England and Wales)

ACCOUNTANTS:

Tattersall Bailey

Chartered Accountants

14A Main Street

Cockermouth

Cumbria

CA13 9LQ

FIXED ASSETS

Intangible assets

4

17,600

26,400

Tangible assets

5

201,306

206,662

218,906

233,062

CURRENT ASSETS

Stocks

10,217

9,920

Debtors

174

-

Cash in hand

1,199

887

11,590

10,807

CREDITORS

Amounts falling due within one year

175,940

143,591

NET CURRENT LIABILITIES

(164,350

)

(132,784

)

TOTAL ASSETS LESS CURRENT LIABILITIES

54,556

100,278

CREDITORS

Amounts falling due after more than one year

6

(107,878

)

(121,247

)

PROVISIONS FOR LIABILITIES

(26

)

(184

)

NET LIABILITIES

(53,348

)

(21,153

)

CAPITAL AND RESERVES

Called up share capital

100

100

Retained earnings

(53,448

)

(21,253

)

SHAREHOLDERS' FUNDS

(53,348

)

(21,153

)

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

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

The directors acknowledge their 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.

All the members have consented to the preparation of an abridged Balance Sheet for the year ended 30 September 2017 in accordance with Section 444(2A) of the Companies Act 2006.

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

The financial statements were approved by the Board of Directors on 29 June 2018 and were signed on its behalf by:

J D Turner - Director

1.	STATUTORY INFORMATION

A & K News 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.

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

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. The financial statements have been prepared under the historical cost convention.

At the balance sheet date the company had net liabilities of £53,348 (2016: £21,153).

The company has the continued support of the directors and shareholders and on that basis the financial

statements have been prepared on the going concern basis.

Undertakings have been made by the directors not to substantially draw upon their loan accounts with the

company if doing so would endanger the company's liquidity or ability to pay its other creditors as they fall due.

Turnover

Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates,

value added tax and other sales taxes.

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.

Freehold property

-

2% on cost

Plant and machinery

-

20% on reducing balance

Fixtures and fittings

-

15% on cost

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.

Hire purchase and leasing commitments

Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the

lease.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 3 (2016 - 3 ) .

4.	INTANGIBLE FIXED ASSETS

Totals

£

COST

At 1 October 2016

and 30 September 2017

60,000

AMORTISATION

At 1 October 2016

33,600

Amortisation for year

8,800

At 30 September 2017

42,400

NET BOOK VALUE

At 30 September 2017

17,600

At 30 September 2016

26,400

5.	TANGIBLE FIXED ASSETS

Totals

£

COST

At 1 October 2016

and 30 September 2017

236,368

DEPRECIATION

At 1 October 2016

29,706

Charge for year

5,356

At 30 September 2017

35,062

NET BOOK VALUE

At 30 September 2017

201,306

At 30 September 2016

206,662

6.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN FIVE YEARS

30.9.17

30.9.16

£

£

Repayable by instalments

Bank loans more 5 years

57,139

73,131

7.	SECURED DEBTS

The following secured debts are included within creditors:

30.9.17

30.9.16

£

£

Bank overdrafts

3,561

2,651

Bank loans

122,018

133,276

125,579

135,927

The company's bankers Lloyds Bank PLC hold a first legal charge over the company's freehold property in

addition to a second legal charge over the home address of Mr G Turner and Mrs K H Turner, directors of the

company.

Lloyds Bank PLC also hold security over the company's assets with regard to the overdraft facility which has

been extended to the company. This facility was successfully renewed at 31 March 2016.

In addition, Mrs K Turner has provided an all monies guarantee for a principal amount of £40,000 plus interest

and other costs.