Abergavenny Chronicle Limited

Registered number

01746135

Annual Report

31 March 2017

Abergavenny Chronicle Limited
Report and financial statements
Contents




Page

Company information	1
Directors' report	2
Independent auditor's report	3
Profit and loss account	4
Balance sheet	5
Statement of changes in equity	6
Notes to the financial statements	7

Abergavenny Chronicle Limited

Company Information

Directors

Sir Ray Tindle CBE, DL, FCIS

W.D. Craig

Secretary

A. J. Pusey FCA

Auditors

Wilkins Kennedy LLP

Mount Manor House

16 The Mount

Guildford

Surrey

GU2 4HN

Bankers

Lloyds Bank plc

147 High Street

Guildford

Surrey

GU1 3AG

Solicitors

TWM Solicitors LLP

65 Woodbridge Road

Guildford

Surrey

GU1 4RD

Registered office

The Old Court House

Union Road

Farnham

Surrey

GU9 7PT

Registered number

01746135

Abergavenny Chronicle Limited
Directors' Report

The directors present their report and financial statements for the year ended 31 March 2017.

Principal activities
The company's principal activity during the year continued to be the publication of newspapers.

Directors
The following persons served as directors during the year:

	Sir Ray Tindle CBE, DL, FCIS
	W.D. Craig

In accordance with the company's Articles of Association, W.D. Craig retires by rotation and, being eligible, offers to stand for re-election.

Directors' responsibilities

The directors are responsible for preparing the report and financial statements in accordance with applicable law and regulations.

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:
●	select suitable accounting policies and then apply them consistently;
●	make judgements and estimates that are reasonable and prudent;
●	prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.

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.


Disclosure of information to auditors

Each person who was a director at the time this report was approved confirms that:
●	so far as the director is aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the company's auditors are unaware; and
●	the director has taken all the steps that he ought to have taken as a director in order to make themself aware of any relevant audit information and to establish that the company's auditor is aware of that information.


Small company provisions
This report has been prepared in accordance with the provisions in Part 15 of the Companies Act 2006 applicable to companies subject to the small companies regime.

This report was approved by the board on 12 December 2017 and signed by its order.



A. J. Pusey FCA
Secretary

Registered number:		01746135

Abergavenny Chronicle Limited
Independent auditors' report
to the member of Abergavenny Chronicle Limited

We have audited the financial statements of Abergavenny Chronicle Limited for the year ended 31 March 2017 which comprise the Profit and Loss Account, the Balance Sheet, the Statement of Changes in Equity and the related notes. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including FRS 102 section 1A 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
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 a Report of the Auditors 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 auditors

As explained more fully in the Statement of Directors' Responsibilities set out on page two, 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.

Scope of the audit of the accounts
A description of the scope of an audit of financial statements is provided on the FRC’s website at www.frc.org.uk/ auditscopeukprivate.
Opinion on the financial statements

In our opinion the financial statements:
●	give a true and fair view of the state of the company's affairs as at 31 March 2017 and of its profit for the year then ended;
●	have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
●	have been prepared in accordance with the requirements of the Companies Act 2006.


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:
●	adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or
●	the financial statements are not in agreement with the accounting records and returns; or
●	certain disclosures of directors’ remuneration specified by law are not made; or
●	we have not received all the information and explanations we require for our audit; or
●	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 a Directors’ Report or a Strategic Report.



Robert Southey (Senior Statutory Auditor)
for and on behalf of		Mount Manor House
Wilkins Kennedy LLP		16 The Mount
Statutory Auditor		Guildford
Chartered Accountants		Surrey
18 December 2017		GU2 4HN

Abergavenny Chronicle Limited
Profit and Loss Account
for the year ended 31 March 2017


	2017		2016
£		£

Turnover	562,713		656,563

Cost of sales	(305,174)		(315,693)

Gross profit	257,539		340,870

Distribution costs	(13,606)		(16,920)
Administrative expenses	(184,115)		(184,996)
Other operating income	3,222		3,253

Operating profit	63,040		142,207

Interest receivable	-		-

Profit on ordinary activities before taxation	63,040		142,207

Tax on profit on ordinary activities	(13,713)		(26,880)

Profit for the financial year	49,327		115,327

Abergavenny Chronicle Limited
Balance Sheet
as at 31 March 2017

Notes			2017			2016
£				£
Fixed assets
Tangible assets	3		4,642			6,232

Current assets
Debtors	4	181,555			180,431
Cash at bank and in hand		42,407			70,158
		223,962			250,589

Creditors: amounts falling due within one year	5	(47,916)			(66,135)

Net current assets			176,046			184,454

Total assets less current liabilities			180,688			190,686


Provisions for liabilities			(675)			-


Net assets			180,013			190,686

Capital and reserves
Called up share capital			2			2
Profit and loss account			180,011			190,684

Shareholder's funds			180,013			190,686

The financial statements have been prepared in accordance with the provisions in Part 15 of the Companies Act 2006 applicable to companies subject to the small companies regime.




W. D Craig
Director
Approved by the board on 12 December 2017

Registered number:	01746135

Abergavenny Chronicle Limited
Statement of Changes in Equity
for the year ended 31 March 2017

Share		Retained		Total
capital		earnings

£		£		£

At 1 April 2015	2		175,357		175,359

Profit for the financial year			115,327		115,327

Dividends			(100,000)		(100,000)

At 31 March 2016	2		190,684		190,686



At 1 April 2016	2		190,684		190,686

Profit for the financial year			49,327		49,327

Dividends			(60,000)		(60,000)

At 31 March 2017	2		180,011		180,013



Share capital is issued, allotted and fully paid

Abergavenny Chronicle Limited
Notes to the Financial Statements
for the year ended 31 March 2017


1	Accounting policies

	Basis of preparation
	The financial statements have been prepared under the historical cost convention, on a going concern basis and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).

	Turnover
	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.

	Tangible fixed assets
	Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses which are reviewed on an annual basis. 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:

	Fixtures, fittings, tools and equipment	over 5 years

	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.

	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.

	Taxation
	A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. 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.

	Provisions
	Provisions (ie liabilities of uncertain timing or amount) are recognised when there is an obligation at the reporting date as a result of a past event, it is probable that economic benefit will be transferred to settle the obligation and the amount of the obligation can be estimated reliably.

	Leased assets
	A lease is classified as a finance lease if it transfers substantially all the risks and rewards incidental to ownership. All other leases are classified as operating leases. Operating lease payments are recognised as an expense on a straight line basis over the lease term.

	Pensions
	The company operates a defined contribution pension schemes. Contributions are charged to the profit and loss account as they become payable in accordance with the rules of the particular 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.


2	Employees		2017		2016
Number				Number

	Average number of persons employed by the company		12		11


3	Tangible fixed assets
					Fixtures, fittings and equipment
£
	Cost
	At 1 April 2016				18,844
	Disposals				(1,470)
	At 31 March 2017				17,374

	Depreciation
	At 1 April 2016				12,612
	Charge for the year				1,590
	On disposals				(1,470)
	At 31 March 2017				12,732

	Net book value
	At 31 March 2017				4,642
	At 31 March 2016				6,232


4	Debtors		2017		2016
£				£

	Trade debtors		67,359		85,297
	Amounts owed by group undertakings		111,020		91,481
	Other debtors		3,176		3,653
			181,555		180,431


5	Creditors: amounts falling due within one year		2017		2016
£				£

	Trade creditors		11,490		10,521
	Amounts owed to group undertakings		3,551		3,468
	Corporation tax		13,000		28,000
	Other taxes and social security costs		12,232		15,545
	Other creditors		7,643		8,601
			47,916		66,135


6	Other financial commitments		2017		2016
£				£
	At the year end the company had commitments under non-cancellable operating leases as set out below:

	Operating leases which expire:
	within one year		-		3,644
	within two to five years		27,567		20,707
			27,567		24,351


7	Related party transactions

	Tindle Press Holdings Limited Group
	Group company
	The company has taken advantage of the exemption in FRS 102 not to disclose related party transactions with wholly owned group undertakings.


8	Controlling party

	The ultimate parent company is Tindle Press Holdings Limited, a company registered in England and Wales. 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. Tindle Press Holdings Limited registered office is The Old Court House, Union Road, Farnham, Surrey GU9 7PT.


9	Other information

	Abergavenny Chronicle Limited is a private company limited by shares and incorporated in England and Wales. Its registered office is:

	The Old Court House
	Union Road
	Farnham
	Surrey
	GU9 7PT

	The financial statements are presented in Sterling, which is the functional currency of the company.


10	Transition to FRS 102

	The company transitioned to FRS 102 from previously extant UK GAAP as at 1 April 2015. No financial measurement changes have taken place as a result of the transition and accordingly there are no differences in the equity position as at 1 April 2015 or 31 March 2016 and no changes to the profit or loss determined under the previous GAAP.