Nation Radio Limited Filleted accounts for Companies House (small and micro)
Nation Radio Limited Filleted accounts for Companies House (small and micro)
COMPANY REGISTRATION NUMBER:
4041838
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Financial Statements |
Year ended 31 December 2019
Contents |
Pages |
Statement of financial position |
1 to 2 |
Notes to the financial statements |
3 to 7 |
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Statement of Financial Position |
2019 |
2018 |
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Note |
£ |
£ |
Fixed assets
Tangible assets |
6 |
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Current assets
Debtors |
7 |
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Cash at bank and in hand |
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Creditors: amounts falling due within one year |
8 |
(
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(
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Net current liabilities |
(
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(
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------------ |
--------- |
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Total assets less current liabilities |
(
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(
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Provisions
Taxation including deferred tax |
9 |
(
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(
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--------- |
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Net liabilities |
(
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(
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--------- |
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Capital and reserves
Called up share capital |
11 |
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Share premium account |
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Profit and loss account |
(
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(
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Shareholders deficit |
(
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(
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In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.
Director's 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
;
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The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements
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Statement of Financial Position (continued) |
These financial statements were approved by the
board of directors
and authorised for issue on
13 August 2020
, and are signed on behalf of the board by:
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Director |
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Company registration number:
4041838
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Notes to the Financial Statements |
Year ended 31 December 2019
1.
General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is St Hilary Transmitter, St Hilary, Cowbridge, Vale of Glamorgan, CF71 7DP, Wales.
2.
Statement of compliance
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.
Going concern
Judgements and key sources of estimation uncertainty
The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.
Revenue recognition
Pension costs
The company operates a defined contribution scheme plan for its employees. A defined contribution plan is a pension plan under which the company pays fixed contributions into a separate entity. Once the contributions have been paid the company has no further payment obligations.
The contributions are recognised as an expense in the statement of comprehensive income when they fall due. Amounts not paid are shown in accruals as a liability in the statement of financial position. The assets of the plan are held separately from the company in independently administered funds.
Taxation
Tangible assets
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Fixtures & Fittings |
- |
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Technical Equipment |
- |
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Studio Computer Equipment |
- |
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Office & Computer Equipment |
- |
25% reducing balance |
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Impairment of fixed assets
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets.
Provisions
Financial instruments
A financial asset or a financial liability is recognised only when the entity 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.
4.
Employee numbers
The average number of persons employed by the company during the year amounted to Nil
(2018:
10
).
5.
Tax on loss
Major components of tax income
2019 |
2018 |
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£ |
£ |
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Deferred tax:
Origination and reversal of timing differences |
(
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(
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------- |
------- |
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Tax on loss |
(
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(
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------- |
------- |
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6.
Tangible assets
Fixtures & Fittings |
Technical Equipment |
Studio Computer Equipment |
Office & Computer Equipment |
Total |
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£ |
£ |
£ |
£ |
£ |
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Cost |
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At 1 January 2019 |
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47,582 |
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Additions |
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– |
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8,677 |
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At 31 December 2019 |
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56,259 |
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Depreciation |
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At 1 January 2019 |
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25,103 |
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Charge for the year |
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6,672 |
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At 31 December 2019 |
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31,775 |
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Carrying amount |
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At 31 December 2019 |
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24,484 |
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At 31 December 2018 |
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22,479 |
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7.
Debtors
2019 |
2018 |
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£ |
£ |
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Trade debtors |
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Amounts owed by group undertakings and undertakings in which the company has a participating interest |
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Other debtors |
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Other debtors include an amount of £nil (2018 - £nil) falling due after more than one year.
8.
Creditors:
amounts falling due within one year
2019 |
2018 |
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£ |
£ |
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Trade creditors |
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Amounts owed to group undertakings and undertakings in which the company has a participating interest |
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Other creditors |
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9.
Provisions
Deferred tax (note 10) |
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£ |
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At 1 January 2019 |
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Charge against provision |
(
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------- |
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At 31 December 2019 |
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------- |
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10.
Deferred tax
The deferred tax included in the statement of financial position is as follows:
2019 |
2018 |
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£ |
£ |
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Included in provisions (note 9) |
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------- |
------- |
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The deferred tax account consists of the tax effect of timing differences in respect of:
2019 |
2018 |
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£ |
£ |
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Accelerated capital allowances |
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Provisions |
(
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(
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7,031 |
9,368 |
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11.
Called up share capital
Issued, called up and fully paid
2019 |
2018 |
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No. |
£ |
No. |
£ |
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100 |
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100 |
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12.
Contingencies
Contingent liabilities as at the balance sheet date were as follows: a) The Company is a member of a group for VAT purposes, resulting in a joint and several liability for amounts owing by other group companies for unpaid VAT.
13.
Related party transactions
During the year the company was under the control of Nation Broadcasting Limited a company of which
J.S. Bryant
is executive chairman and majority shareholder. During the year the company has traded at an arms length basis with other subsidiaries of Nation Broadcasting Limited. The company has claimed the exemption under FRS 102 Section 33 not to disclose the value of intergroup transactions with other wholly owned subsidiaries.
14.
Controlling party
The company is a 100% subsidiary of Nation Broadcasting Limited, a company registered in England and Wales. Group accounts are not prepared because the group is small and is not an ineligible group as defined in Section 384 of the Companies Act 2006.