Wellington Weekly News Limited - Accounts

Registered number

05950986

Wellington Weekly News Limited

Annual Report

31 March 2015

Wellington Weekly News Limited
Report and accounts
Contents
Page
Company information	1
Directors' report	2
Independent auditors' report	4
Profit and loss account	5
Balance sheet	6
Notes to the accounts	7

Wellington Weekly News Limited

Company Information

Directors

Sir Ray Tindle CBE, DL, FCIS

W.D. Craig

Secretary

A.J. Pusey FCA

Auditors

David Pinder & Co Limited

23 Lockyer Street

Plymouth

Devon

PL1 2QZ

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

05950986

Wellington Weekly News Limited
Directors' Report
The directors present their report and accounts for the year ended 31 March 2015.
Principal activities
During the year to 31 March 2015 the company's principal activity has been the publication of newspapers.
Review of the business
The results for the year and the financial position at the year end were considered satisfactory by the directors.
Financial instrument risk
The company uses as its key performance indicators the revenue, operating profit and net profit amounts. The principal challenges facing the company arise from the vagaries of the economy in the United Kingdom leading to fluctuations in the advertising market. A full assessment of risk is disclosed in the accounts of the company's parent undertaking.
Directors
The following persons served as directors during the year:
	Sir Ray Tindle CBE, DL, FCIS
	W.D. Craig
	B.G. Doel			(Retired 30 April 2014)
	K.L. Fyfield			(Appointed 13 June 2014 and Resigned 07 July 2015)
	S.R. Yates			(Resigned 12 June 2014)
Directors' responsibilities

The directors are responsible for preparing the report and accounts in accordance with applicable law and regulations.
Company law requires the directors to prepare accounts for each financial year. Under that law the directors have elected to prepare the accounts 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 accounts 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 accounts, the directors are required to:
●	select suitable accounting policies and then apply them consistently;
●	make judgements and estimates that are reasonable and prudent;
●	state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the accounts;
●	prepare the accounts 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 accounts 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 they are aware, there is no relevant audit information of which the company's auditor is unaware; and
●	they have taken all the steps that they ought to have taken as a director in order to make themselves aware of any relevant audit information and to establish that the company's auditor is aware of that information.

Auditor
David Pinder & Co Limited are deemed to be reappointed as auditors under section 487(2) of the Companies Act 2006.
This report was approved by the board on 16 December 2015 and signed by its order.
A.J. Pusey FCA
Secretary
Registered number:			05950986

Wellington Weekly News Limited

Independent auditor's report

to the members of Wellington Weekly News Limited

We have audited the financial statements of Wellington Weekly News Limited for the year ended 31 March 2015 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 United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).

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, 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 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

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 2015 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 audit; or
●	the directors were not entitled to take advantage of the small companies exemption from the requirement to prepare a strategic report.
David Pinder
Senior Statutory Auditor		23 Lockyer Street
for and on behalf of		Plymouth
David Pinder & Co Limited		Devon
Statutory Auditor, Chartered Accountants		PL1 2QZ
21 December 2015

Wellington Weekly News Limited
Profit and Loss Account
for the year ended 31 March 2015
Notes						2015		2014
£							£
Turnover				2		226,173		215,689
Cost of sales						(134,321)		(138,714)
Gross profit						91,852		76,975
Distribution costs						(666)		(677)
Administrative expenses						(43,822)		(42,232)
Other operating income						2,123		1,777
Operating profit				3		49,487		35,843
Interest receivable						-		-
Profit on ordinary activities before taxation						49,487		35,843
Tax on profit on ordinary activities				5		(10,810)		(8,309)
Profit for the financial year						38,677		27,534
Continuing operations
None of the company's activities were acquired or discontinued during the above two financial years.
Statement of total recognised gains and losses
The company has no recognised gains or losses other than the profit for the above two financial years.

Wellington Weekly News Limited
Balance Sheet
as at 31 March 2015
Notes				2015			2014
£					£
Fixed assets
Intangible assets	6			266,701			266,701
Tangible assets	7			109,448			111,239
				376,149			377,940
Current assets
Debtors	8		94,352			65,998
Cash at bank and in hand			47,464			35,793
			141,816			101,791
Creditors: amounts falling due within one year	9		(51,896)			(52,339)
Net current assets				89,920			49,452
Net assets				466,069			427,392
Capital and reserves
Called up share capital	10			755			755
Share premium	11			376,995			376,995
Profit and loss account	12			88,319			49,642
Shareholders' funds	13			466,069			427,392
W.D. Craig
Director
Approved by the board on 16 December 2015

Wellington Weekly News Limited
Notes to the Accounts
for the year ended 31 March 2015
1	Accounting policies
	Basis of preparation
	The accounts have been prepared under the historical cost convention and in accordance with applicable United Kingdom Accounting Standards. The company has taken advantage of the exemption in Financial Reporting Standard No 1 from the requirement to produce a cash flow statement on the grounds that it is a wholly-owned subsidiary whose results are included in the publicly available consolidated accounts of the ultimate parent company.
	Turnover
	Turnover represents amounts receivable for goods and services net of VAT and trade discounts. Turnover 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 assets and depreciation
	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:
	Freehold land and buildings			straight line over 80 years
	Fixtures, fittings and equipment			over 5 years
	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.
	Newspapers titles
	Publishing rights and titles acquired after 31 March 1998 are included in the balance sheet at their fair value on acquisition. Titles acquired prior to this date are included at their book value at that date. No amortisation is charged on publishing rights and titles as the group has demonstrated through its publishing policy that such titles do not have a finite life. Impairment tests are undertaken each year to determine whether any diminution in value should be brought into the accounts.
	Leasing and hire purchase commitments
	Rentals paid under operating leases are charged to income on a straight line basis over the lease term.
	Deferred taxation
	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 tax is calculated at the tax rates which are expected to apply in the periods when the timing differences will reverse, and discounted to reflect the time value of money using rates based on the post-tax yields to maturity that could be obtained at the balance sheet date on government bonds with similar maturity dates.
2	Analysis of turnover					2015		2014
£							£
	By activity:
	Newspaper publishing					226,173		215,689
	By geographical market:
	UK					226,173		215,689
3	Operating profit					2015		2014
£							£
	This is stated after charging:
	Depreciation of owned fixed assets					1,791		1,791
	Operating lease rentals - other assets					3,761		3,380
	Auditor's remuneration for audit services					1,300		1,250
4	Staff costs					2015		2014
£							£
	Wages and salaries					50,672		56,158
	Social security costs					3,794		4,011
						54,466		60,169
	Average number of employees during the year					Number	Number
	Management and administration					4		5
	Editorial and production					1		2
	Sales and marketing					1		1
						6		8
	Directors' remuneration is borne by another group undertaking.
5	Taxation					2015		2014
£							£
	Analysis of charge in period
	Current tax:
	UK corporation tax on profits of the period					10,900		8,700
	Adjustments in respect of previous periods					(90)		(391)
						10,810		8,309
	Tax on profit on ordinary activities					10,810		8,309
	Factors affecting tax charge for period
	The differences between the tax assessed for the period and the standard rate of corporation tax are explained as follows:
						2015		2014
£							£
	Profit on ordinary activities before tax					49,487		35,843
	Standard rate of corporation tax in the UK					21%		23%
£							£
	Profit on ordinary activities multiplied by the standard rate of corporation tax					10,392		8,244
	Effects of:
	Capital allowances for period in excess of depreciation					342		366
	Provision based tax charge					166		90
	Adjustments to tax charge in respect of previous periods					(90)		(391)
	Current tax charge for period					10,810		8,309
	Factors that may affect future tax charges
	There are no known factors that would affect the future tax charges.
6	Intangible fixed assets							£
								Publishing rights
	Cost
	At 1 April 2014							266,701
	At 31 March 2015							266,701
	Amortisation
	At 31 March 2015							-
	Net book value
	At 31 March 2015							266,701
	At 31 March 2014							266,701
	Publishing rights are not seen as having a finite life and are subject to annual impairment assessments.
7	Tangible fixed assets
				Short leasehold land and buildings		Fixtures, fittings and equipment		Total
£					£		£
	Cost
	At 1 April 2014			121,691		6,342		128,033
	At 31 March 2015			121,691		6,342		128,033
	Depreciation
	At 1 April 2014			11,281		5,513		16,794
	Charge for the year			1,521		270		1,791
	At 31 March 2015			12,802		5,783		18,585
	Net book value
	At 31 March 2015			108,889		559		109,448
	At 31 March 2014			110,410		829		111,239
8	Debtors					2015		2014
£							£
	Trade debtors					27,434		37,453
	Amounts owed by parent and fellow subsidiary undertakings					64,101		27,383
	Other debtors					466		-
	Prepayments and accrued income					2,351		1,162
						94,352		65,998
9	Creditors: amounts falling due within one year					2015		2014
£							£
	Trade creditors					6,787		7,398
	Amounts owed to parent and fellow subsidiary undertakings					21,701		23,080
	Corporation tax					10,900		8,700
	Other taxes and social security costs					7,046		5,578
	Accruals and deferred income					5,462		7,583
						51,896		52,339
10	Share capital	Nominal		2015		2015		2014
value			Number		£		£
	Allotted, called up and fully paid:
	Ordinary shares	10p each		7,555		755		755
11	Share premium					2015
£
	At 1 April 2014					376,995
	Shares issued					-
	At 31 March 2015					376,995
12	Profit and loss account					2015
£
	At 1 April 2014					49,642
	Profit for the financial year					38,677
	At 31 March 2015					88,319
13	Reconciliation of movement in shareholders' funds					2015		2014
£							£
	At 1 April					427,392		399,858
	Profit for the financial year					38,677		27,534
	At 31 March					466,069		427,392
14	Financial commitments
	At the year end the company had annual commitments under non-cancellable operating leases as set out below:
		Land and buildings		Land and buildings		Other		Other
		2015		2014		2015		2014
£			£		£		£
	Operating leases which expire:
	within one year	-		-		2,793		1,612
	within two to five years	-		-		173		240
		-		-		2,966		1,852
15	Related party transactions					2015		2014
£							£
	Devon & Cornwall Newspapers Limited
	Fellow subsidiary
	Contract Setting £604 (2014 - £577)
	Amount due from the related party					(197)		(154)
	Harmsworth Printing (Staverton) Limited
	Subsidiary of Northcliffe Media Limited (shareholder)
	Printing services £Nil (2014 - £1,756)
	Amount due to the related party					-		-
	LDDS Limited
	Fellow subsidiary
	Net group advertising £902 (2014 - £(243))
	Amount due from the related party					-		(36)
	Tavy Typesetting Limited
	Fellow subsidiary
	Computer consumables £633 (2014 - £249)
	Amount due to the related party					-		-
	The Sunday Independent Limited
	Fellow subsidiary
	Net group advertising £(Nil) (2014 - £(699))
	Amount due from the related party					-		(73)
	Tindle Newspapers Limited
	Parent company
	Audit fees £1,250 (2014 - £ 1,000) Payroll services £546 (2014 - £ 546) Insurance £1,094 (2014 - £ 1,084) Subscriptions £229 (2014 - £ 440) Corporation tax paid £8,610 (2014 - £ 6,109) Management charges £6,843 (2014 - £ 6,544) Computer running costs £1,025 (2014 - £ 350)
	Amount due to the related party					64,101		27,383
	West Country Community Newspapers Limited
	Fellow subsidiary
	Book-keeping services £5,200 (2014 - £5,200) Postage £1,512 (2014 - £1,584)
	Amount due from the related party					-		(543)
	West Somerset Free Press Limited
	Fellow subsidiary
	Net group advertising £2,070 (2014 - £( 5,333)) Contract setting £15,070 (2014 - £14,162)
	Amount due from the related party					(1,468)		(2,325)
16	Ultimate controlling party
	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. The parent company is Tindle Newspapers Limited, a company registered in England and Wales. Tindle Press Holdings Limited and Tindle Newspapers Limited prepare group financial statements, copies of which can be obtained from the Registrar of Companies, Companies House, Crown Way, Maindy, Cardiff, CF14 3UZ.