Pennine Radio Limited 00607458 false 2022-07-01 2023-06-30 2023-06-30 The principal activity of the company is is that of manufacturing electrical equipment. Digita Accounts Production Advanced 6.30.9574.0 true true 00607458 2022-07-01 2023-06-30 00607458 2023-06-30 00607458 core:CurrentFinancialInstruments 2023-06-30 00607458 core:CurrentFinancialInstruments core:WithinOneYear 2023-06-30 00607458 core:Non-currentFinancialInstruments 2023-06-30 00607458 core:Non-currentFinancialInstruments core:AfterOneYear 2023-06-30 00607458 core:FurnitureFittings 2023-06-30 00607458 core:LandBuildings core:OwnedOrFreeholdAssets 2023-06-30 00607458 core:MotorVehicles 2023-06-30 00607458 core:PlantMachinery 2023-06-30 00607458 bus:SmallEntities 2022-07-01 2023-06-30 00607458 bus:AuditExemptWithAccountantsReport 2022-07-01 2023-06-30 00607458 bus:FullAccounts 2022-07-01 2023-06-30 00607458 bus:SmallCompaniesRegimeForAccounts 2022-07-01 2023-06-30 00607458 bus:RegisteredOffice 2022-07-01 2023-06-30 00607458 bus:CompanySecretaryDirector1 2022-07-01 2023-06-30 00607458 bus:PrivateLimitedCompanyLtd 2022-07-01 2023-06-30 00607458 core:Buildings 2022-07-01 2023-06-30 00607458 core:FurnitureFittings 2022-07-01 2023-06-30 00607458 core:LandBuildings core:OwnedOrFreeholdAssets 2022-07-01 2023-06-30 00607458 core:MotorVehicles 2022-07-01 2023-06-30 00607458 core:PlantMachinery 2022-07-01 2023-06-30 00607458 countries:AllCountries 2022-07-01 2023-06-30 00607458 2022-06-30 00607458 core:FurnitureFittings 2022-06-30 00607458 core:LandBuildings core:OwnedOrFreeholdAssets 2022-06-30 00607458 core:MotorVehicles 2022-06-30 00607458 core:PlantMachinery 2022-06-30 00607458 2021-07-01 2022-06-30 00607458 2022-06-30 00607458 core:CurrentFinancialInstruments 2022-06-30 00607458 core:CurrentFinancialInstruments core:WithinOneYear 2022-06-30 00607458 core:Non-currentFinancialInstruments 2022-06-30 00607458 core:Non-currentFinancialInstruments core:AfterOneYear 2022-06-30 00607458 core:FurnitureFittings 2022-06-30 00607458 core:LandBuildings core:OwnedOrFreeholdAssets 2022-06-30 00607458 core:MotorVehicles 2022-06-30 00607458 core:PlantMachinery 2022-06-30 iso4217:GBP xbrli:pure

Registration number: 00607458

Pennine Radio Limited

Unaudited Filleted Financial Statements

for the Year Ended 30 June 2023

 

Pennine Radio Limited

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Unaudited Financial Statements

4 to 10

 

Pennine Radio Limited

Company Information

Director

Mr J E Taylor

Company secretary

Mr J E Taylor

Registered office

82 Fitzwilliam Street
Huddersfield
West Yorkshire
HD1 5BE

Accountants

Walker & Sutcliffe
Chartered Accountants
12 Greenhead Road
Huddersfield
West Yorkshire
HD1 4EN

 

Pennine Radio Limited

(Registration number: 00607458)
Balance Sheet as at 30 June 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

4

76,337

62,406

Current assets

 

Stocks

5

42,899

26,839

Debtors

6

87,702

80,583

Cash at bank and in hand

 

39,137

123,816

 

169,738

231,238

Creditors: Amounts falling due within one year

7

(128,275)

(129,377)

Net current assets

 

41,463

101,861

Total assets less current liabilities

 

117,800

164,267

Creditors: Amounts falling due after more than one year

7

(12,272)

(24,621)

Provisions for liabilities

8,940

2,443

Net assets

 

114,468

142,089

Capital and reserves

 

Called up share capital

10,002

10,002

Revaluation reserve

61,289

61,289

Retained earnings

43,177

70,798

Shareholders' funds

 

114,468

142,089

For the financial year ending 30 June 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's responsibilities:

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

The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the director on 18 January 2024
 

 

Pennine Radio Limited

(Registration number: 00607458)
Balance Sheet as at 30 June 2023

.........................................
Mr J E Taylor
Company secretary and director

 

Pennine Radio Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2023

1

General information

The company is a private company limited by share capital, incorporated in England & Wales.

The address of its registered office is:
82 Fitzwilliam Street
Huddersfield
West Yorkshire
HD1 5BE
England

These financial statements were authorised for issue by the director on 18 January 2024.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

The presentational currency used is £ sterling.

Going concern

The financial statements have been prepared on a going concern basis.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

 

Pennine Radio Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2023

Government grants

Government grants, including non-monetary grants are not recognised until there is reasonable assurance that:
The company will comply with the conditions attaching to them; and
The grants will be received.

The company recognises grants either based on the performance model or the accrual model. This policy choice is applied on a class-by-class basis.
The company measures grants at the fair value of the asset received or receivable.
Where a grant becomes repayable it is recognised as a liability when the repayment meets the definition of a liability.

Performance model
The performance model recognises grants as follows:
A grant that does not impose specified future performance-related conditions on the company is recognised in income when the grant proceeds are received or receivable.
A grant that imposes specified future performance-related conditions on the company is recognised in income only when the performance-related conditions are met.
Grants received before the revenue recognition criteria are satisfied are recognised as a liability.

Accrual model
The accrual model classifies grants either as a grant relating to revenue or a grant relating to assets.
Grants relating to revenue are recognised in income on a systematic basis over the periods in which the company recognises the related costs for which the grant is intended to compensate.
A grant that becomes receivable as compensation for expenses or losses already incurred or for the purpose of giving immediate financial support to the company with no future related costs is recognised in income in the period in which it becomes receivable.
Grants relating to assets are recognised in income on a systematic basis over the expected useful life of the asset.
Where part of a grant relating to an asset is deferred it is recognised as deferred income and not deducted from the carrying amount of the asset.

Tax

The tax expense for the period comprises deferred tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when 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.

 

Pennine Radio Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2023

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Freehold Property

2% Straight line

Plant & Machinery

15% Reducing balance

Fixtures and fittings

15% Reducing balance

Motor Vehicles

25% Reducing balance

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

 

Pennine Radio Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2023

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

3

Staff numbers

The average number of persons employed by the company (including the director) during the year, was 9 (2022 - 10).

 

Pennine Radio Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2023

4

tangible assets

Land and buildings
£

Fixtures and fittings
£

Plant and machinery
£

Motor vehicles
 £

Cost or valuation

At 1 July 2022

75,000

1,015

327,286

54,620

Additions

-

-

-

30,000

Disposals

-

-

-

(19,562)

At 30 June 2023

75,000

1,015

327,286

65,058

Depreciation

At 1 July 2022

41,500

950

314,928

38,137

Charge for the year

1,500

10

1,836

11,254

Eliminated on disposal

-

-

-

(18,093)

At 30 June 2023

43,000

960

316,764

31,298

Carrying amount

At 30 June 2023

32,000

55

10,522

33,760

At 30 June 2022

33,500

65

12,358

16,483

Total
£

Cost or valuation

At 1 July 2022

457,921

Additions

30,000

Disposals

(19,562)

At 30 June 2023

468,359

Depreciation

At 1 July 2022

395,515

Charge for the year

14,600

Eliminated on disposal

(18,093)

At 30 June 2023

392,022

Carrying amount

At 30 June 2023

76,337

At 30 June 2022

62,406

Included within the net book value of land and buildings above is £32,000 (2022 - £33,500) in respect of freehold land and buildings.
 

 

Pennine Radio Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2023

5

Stocks

2023
£

2022
£

Raw materials and consumables

42,899

26,839

6

Debtors

Current

2023
£

2022
£

Trade debtors

86,235

79,679

Prepayments

1,467

904

 

87,702

80,583

 

Pennine Radio Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2023

7

Creditors

Creditors: amounts falling due within one year

Note

2023
£

2022
£

Due within one year

 

Loans and borrowings

8

12,272

12,362

Trade creditors

 

20,032

34,655

Taxation and social security

 

23,240

26,489

Accruals and deferred income

 

6,407

6,400

Other creditors

 

66,324

49,471

 

128,275

129,377

Creditors: amounts falling due after more than one year

Note

2023
£

2022
£

Due after one year

 

Loans and borrowings

8

12,272

24,621

8

Loans and borrowings

2023
£

2022
£

Non-current loans and borrowings

Bank borrowings

12,272

24,621

2023
£

2022
£

Current loans and borrowings

Bank borrowings

12,272

12,362

Hire purchase contracts are secured on the asset to which they relate.

The bank overdraft is secured on the business premises.