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2020-12-31-accounts

Company registration number: 6067775

Northern Cross Trading as Northern Cross Company limited by guarantee

Unaudited financial statements

31 December 2020

Northern Cross Company limited by guarantee

Contents

Page
Directors and other information 1
Directors report 2
Statement of comprehensive income 3
Statement of financial position 4 - 5
Statement of changes in equity 6
Notes to the financial statements 7 - 9

Northern Cross Company limited by guarantee

Directors and other information

Directors Father Dennis Tindall Thomas Hoban Thomas Mackin Thomas Atkinson Francis David Sparks Relton Philip William Smith Mr Paul John Baker - appointed 20/09/18 Secretary Thomas Atkinson Company number 6067775 Registered office Collingwood House Church Square Hartlepool TS24 7EN Business address Collingwood House Church Square Hartlepool TS24 7EN Accountants Wm Fortune & Son Collingwood House Church Square Hartlepool TS24 7EN Bankers HSBC Bank plc 136 High Street Stockton on Tees TS18 1LR

Page 1

Northern Cross Company limited by guarantee

Directors report Year ended 31 December 2020

The directors present their report and the unaudited financial statements of the company for the year ended 31 December 2020.

Directors

The directors who served the company during the year were as follows:

Father Dennis Tindall Thomas Hoban Thomas Mackin Thomas Atkinson Francis David Sparks Relton Philip William Smith Mr Paul John Baker - appointed 20/09/18

Small company provisions

This report has been prepared in accordance with the provisions applicable to companies entitled to the small companies exemption.

This report was approved by the board of directors on 22 April 2021 and signed on behalf of the board by:

Thomas Atkinson Director

Page 2

Northern Cross Company limited by guarantee

Statement of comprehensive income Year ended 31 December 2020

2020 2019
Note £ £
Turnover 59,667 59,311
Cost of sales )
(34,180		 )
(38,505
Gross profit 25,487 20,806
Administrative expenses )
(27,173		 )
(26,867
Operating loss )
(1,686		 )
(6,061
Other interest receivable and similar income 398 -
Loss before taxation )
(1,288		 )
(6,061
Tax on loss - -
Loss for the financial year and total
comprehensive income )
(1,288		 )
(6,061

All the activities of the company are from continuing operations.

The notes on pages 7 to 9 form part of these financial statements.

Page 3

Northern Cross Company limited by guarantee

Statement of financial position 31 December 2020

Note
Current assets
Debtors
6
Cash at bank and in hand
Creditors: amounts falling due
within one year
7
Net current assets
Total assets less current liabilities
Creditors: amounts falling due
after more than one year
8
Net assets
Capital and reserves
Profit and loss account
Members funds		 2020
£
£
10,610
31,145
41,755
)
(7,269
34,486
34,486
)
(13,000
21,486
21,486
21,486		 2019
£
£
15,865
16,770
32,635
)
(9,861
22,774
22,774
-
22,774
22,774
22,774		 2019
£
£
15,865
16,770
32,635
)
(9,861
22,774
22,774
-
22,774
22,774
22,774
22,774
-
22,774
22,774
22,774

For the year ending 31 December 2020 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors responsibilities:

These financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.

The notes on pages 7 to 9 form part of these financial statements.

Page 4

Northern Cross Company limited by guarantee

Statement of financial position (continued) 31 December 2020

These financial statements were approved by the board of directors and authorised for issue on 22 April 2021, and are signed on behalf of the board by:

Thomas Atkinson Director

Company registration number: 6067775

The notes on pages 7 to 9 form part of these financial statements.

Page 5

Northern Cross Company limited by guarantee

Statement of changes in equity Year ended 31 December 2020

Profit and
loss
account
£
At 1 January 2019
28,835
Loss for the year
)
(6,061
Total comprehensive income for the year
)
(6,061
At 31 December 2019 and 1 January 2020
22,774
Loss for the year
)
(11,363
Total comprehensive income for the year
)
(11,363
At 31 December 2020
11,411		 Total
£
28,835
)
(6,061
)
(6,061
22,774
)
(11,363
)
(11,363
11,411

Page 6

Northern Cross Company limited by guarantee

Notes to the financial statements Year ended 31 December 2020

1. General information

The company is a private company limited by guarantee, registered in England. The address of the registered office is Collingwood House, Church Square, Hartlepool, TS24 7EN.

2. Statement of compliance

These financial statements have been prepared in compliance with the provisions of FRS 102, Section 1A, 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.

3. Accounting policies

Basis of preparation

The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.

The financial statements are prepared in sterling, which is the functional currency of the entity.

Turnover

Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax.

Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer, usually on despatch of the goods; the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity and the costs incurred or to be incurred in respect of the transactions can be measured reliably.

Taxation

The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in the statement of comprehensive income, except to the extent that it relates to items recognised in other comprehensive income or directly in capital and reserves. In this case, tax is recognised in other comprehensive income or directly in capital and reserves, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.

Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised 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 that are expected to apply to the reversal of the timing difference.

Page 7

Northern Cross Company limited by guarantee

Notes to the financial statements (continued) Year ended 31 December 2020

Financial instruments

A financial asset or a financial liability is recognised only when the company becomes a party to the contractual provisions of the instrument.

Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.

Debt instruments are subsequently measured at amortised cost.

Where investments in non-convertible preference shares and non-puttable ordinary shares or preference shares are publicly traded or their fair value can otherwise be measured reliably, the investment is subsequently measured at fair value with changes in fair value recognised in profit or loss. All other such investments are subsequently measured at cost less impairment.

Other financial instruments, including derivatives, are initially recognised at fair value, unless payment for an asset is deferred beyond normal business terms or financed at a rate of interest that is not a market rate, in which case the asset is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.

Other financial instruments are subsequently measured at fair value, with any changes recognised in profit or loss, with the exception of hedging instruments in a designated hedging relationship.

Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately.

For all equity instruments regardless of significance, and other financial assets that are individually significant, these are assessed individually for impairment. Other financial assets or either assessed individually or grouped on the basis of similar credit risk characteristics.

Any reversals of impairment are recognised in profit or loss immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised.

Defined contribution plans

Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund.

When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised in finance costs in profit or loss in the period in which it arises.

4. Limited by guarantee

In the event of a winding up each member is liable for a sum not exceeding £1.

5. Employee numbers

The average number of persons employed by the company during the year amounted to Nil (2019: 1).

6. Debtors

Debtors
2020 2019
£ £
Trade debtors 10,610 15,865

Page 8

Northern Cross Company limited by guarantee

Notes to the financial statements (continued) Year ended 31 December 2020

7. Creditors: amounts falling due within one year

7.
Creditors: amounts falling due within one year
Trade creditors
Social security and other taxes
Other creditors
8.
Creditors: amounts falling due after more than one year
Other creditors		 2020
£
1,288
5,981
-
7,269
2020
£
13,000		 2019
£
1,905
5,981
1,975
9,861
2019
£
-

Page 9

Northern Cross Company limited by guarantee

The following pages do not form part of the statutory accounts.

Northern Cross Company limited by guarantee

Detailed income statement Year ended 31 December 2020

Turnover
Newspaper sales
Annual subscriptions
Advertising
Covid insurance claim
Sundry income
Covid Grants
Donations
Cost of sales
Printing, compositing and editorial
Competitions
Gross profit
Gross profit percentage
Overheads
Administrative expenses
Operating loss
Operating loss percentage
Other interest receivable and similar income
Loss before taxation		 2020
£
11,900
2,530
21,423
10,075
-
4,534
9,205
59,667
)
(34,130
)
(50
)
(34,180
25,487
%
42.7
)
(27,173
)
(27,173
)
(1,686
%
2.8
398
)
(1,288		 2019
£
37,432
1,669
20,141
-
69
-
-
59,311
)
(38,325
)
(180
)
(38,505
20,806
%
35.1
)
(26,867
)
(26,867
)
(6,061
%
10.2
-
)
(6,061

Page 11

Northern Cross Company limited by guarantee

Detailed income statement (continued) Year ended 31 December 2020

Overheads
Administrative expenses
Wages and salaries
Pension costs
Rent payable
Insurance
Printing, postage and stationery
Advertising
Telephone
Website
Travelling and entertainment
Legal and professional
Write offs
General expenses		 2020
£
)
(10,028
)
(468
)
(1,200
)
(192
)
(1,364
)
(600
-
)
(3,411
)
(1,090
-
)
(8,820
-
)
(27,173		 2019
£
)
(15,645
)
(346
)
(2,400
)
(178
)
(3,278
)
(290
)
(881
)
(1,548
)
(2,261
)
(13
-
)
(27
)
(26,867

Page 12