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Registered number
00367544
South Hams Newspapers Limited
Annual Report
31 March 2017
South Hams Newspapers 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
South Hams Newspapers 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
00367544
South Hams Newspapers 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
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: 00367544
South Hams Newspapers Limited
Independent auditors' report
to the member of South Hams Newspapers Limited
We have audited the financial statements of South Hams Newspapers 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
South Hams Newspapers Limited
Profit and Loss Account
for the year ended 31 March 2017
2017 2016
£ £
Turnover 1,310,458 1,363,175
Cost of sales (637,308) (660,698)
Gross profit 673,150 702,477
Distribution costs (118,117) (109,573)
Administrative expenses (304,284) (298,598)
Other operating income 85,040 89,440
Operating profit 335,789 383,746
Interest receivable - -
Profit on ordinary activities before taxation 335,789 383,746
Tax on profit on ordinary activities (68,054) (76,639)
Profit for the financial year 267,735 307,107
South Hams Newspapers Limited
Balance Sheet
as at 31 March 2017
Notes 2017 2016
£ £
Fixed assets
Tangible assets 3 14,453 14,587
Current assets
Debtors 4 283,810 223,874
Cash at bank and in hand 46,648 149,491
330,458 373,365
Creditors: amounts falling due within one year 5 (162,167) (207,943)
Net current assets 168,291 165,422
Total assets less current liabilities 182,744 180,009
Provisions for liabilities (2,182) (2,182)
Net assets 180,562 177,827
Capital and reserves
Called up share capital 100 100
Profit and loss account 180,462 177,727
Shareholder's funds 180,562 177,827
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: 00367544
South Hams Newspapers Limited
Statement of Changes in Equity
for the year ended 31 March 2017
Share Retained Total
capital earnings
£ £ £
At 1 April 2015 100 160,620 160,720
Profit for the financial year 307,107 307,107
Dividends (290,000) (290,000)
At 31 March 2016 100 177,727 177,827
At 1 April 2016 100 177,727 177,827
Profit for the financial year 267,735 267,735
Dividends (265,000) (265,000)
At 31 March 2017 100 180,462 180,562
Share capital is issued, allotted and fully paid
South Hams Newspapers 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.
2 Employees 2017 2016
Number Number
Average number of persons employed by the company 29 30
3 Tangible fixed assets
Fixtures, fittings and equipment
£
Cost
At 1 April 2016 48,272
Additions 4,148
Disposals (1,558)
At 31 March 2017 50,862
Depreciation
At 1 April 2016 33,685
Charge for the year 4,279
On disposals (1,555)
At 31 March 2017 36,409
Net book value
At 31 March 2017 14,453
At 31 March 2016 14,587
4 Debtors 2017 2016
£ £
Trade debtors 153,106 173,502
Amounts owed by group undertakings 115,113 22,164
Other debtors 15,591 28,208
283,810 223,874
5 Creditors: amounts falling due within one year 2017 2016
£ £
Trade creditors 27,187 53,891
Amounts owed to group undertakings - 2,672
Corporation tax 68,000 75,000
Other taxes and social security costs 49,477 57,416
Other creditors 17,503 18,964
162,167 207,943
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 - 93
within two to five years 9,692 16,463
in over five years 34,675 38,475
44,367 55,031
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
South Hams Newspapers 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.
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