KNOCK_NEWS_LIMITED - Accounts

KNOCK NEWS LIMITED - Company Information

Print Friendly Version

Company Registration No. SC429828 (Scotland)

KNOCK NEWS LIMITED

UNAUDITED ABBREVIATED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 AUGUST 2015

KNOCK NEWS LIMITED

CONTENTS

Page

Abbreviated balance sheet

1 - 2

Notes to the abbreviated accounts

3 - 4

KNOCK NEWS LIMITED

ABBREVIATED BALANCE SHEET

AS AT

31 AUGUST 2015

- 1 -

2015

2014

Notes

Fixed assets

Intangible assets

28,000

32,000

Tangible assets

3,541

2,999

31,541

34,999

Current assets

Debtors

21,521

14,615

Cash at bank and in hand

7,078

21,521

21,693

Creditors: amounts falling due within one year

(53,506)

(56,657)

Net current liabilities

(31,985)

(34,964)

Total assets less current liabilities

(444)

Creditors: amounts falling due after more than one year

(4,339)

Provisions for liabilities

(358)

(173)

(5,141)

(138)

Capital and reserves

Called up share capital

Profit and loss account

(5,142)

(139)

Shareholders' funds

(5,141)

(138)

KNOCK NEWS LIMITED

ABBREVIATED BALANCE SHEET (CONTINUED)

AS AT

31 AUGUST 2015

- 2 -

For the financial year ended 31 August 2015 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476;

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.

These abbreviated financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies' regime.

Approved by the Board for issue on 10 May 2016

Mr D Gordon

Director

Company Registration No. SC429828

KNOCK NEWS LIMITED

NOTES TO THE ABBREVIATED ACCOUNTS

FOR THE YEAR ENDED 31 AUGUST 2015

- 3 -

Accounting policies

1.1

Accounting convention

The financial statements are prepared under the historical cost convention and in accordance with the Financial Reporting Standard for Smaller Entities (effective April 2008).

1.2

Compliance with accounting standards

The financial statements are prepared in accordance with applicable United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).

1.3

Turnover

Turnover represents the value of sales to customers, net of discounts and other payments to customers and excludes VAT. Sales of goods are recognised when the company has delivered products to the customer, the customer has accepted the products and collectability of the related receivable is reasonably assured. Sales of services are recognised when the company has provided the service to the customer and collectability of the related receivable is reasonably assured.

1.4

Goodwill

Acquired goodwill is written off in equal annual instalments over its estimated useful economic life of 10 years as assessed by the directors . as assessed by the directors.

1.5

Tangible fixed assets and depreciation

Tangible fixed assets are stated at cost less depreciation. Depreciation is provided at rates calculated to write off the cost less estimated residual value of each asset over its expected useful life, as follows:

Plant and machinery

20% straight line

1.6

Deferred taxation

The charge for taxation takes into account taxation deferred as a result of timing differences between the treatment of certain items for taxation and accounting purposes. In general, deferred taxation is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date. Deferred taxation is measured on a non-discounted basis at the tax rates that are expected to apply in the periods in which the timing differences reverse, based on tax rates and the law enacted or substantively enacted at the balance sheet date.

KNOCK NEWS LIMITED

NOTES TO THE ABBREVIATED ACCOUNTS (CONTINUED)

FOR THE YEAR ENDED 31 AUGUST 2015

- 4 -

Fixed assets

Intangible assets

Tangible assets

Total

Cost

At 1 September 2014

40,000

5,648

45,648

Additions

2,202

At 31 August 2015

40,000

7,850

47,850

Depreciation

At 1 September 2014

8,000

2,650

10,650

Charge for the year

4,000

1,659

5,659

At 31 August 2015

12,000

4,309

16,309

Net book value

At 31 August 2015

28,000

3,541

31,541

At 31 August 2014

32,000

2,999

34,999

Creditors: amounts falling due within one year

The aggregate amount of creditors for which security has been given amounted to £3,423 (2014 - £12,269).

Creditors: amounts falling due after more than one year

The aggregate amount of creditors for which security has been given amounted to £4,339 (2014 - £0).