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Registration number: 02520557

Contact Radio Communications Limited

Unaudited Filleted Financial Statements

for the Year Ended 31 July 2023

 

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Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Financial Statements

4 to 9

 

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Company Information

Directors

Mrs C A Body

Mr T C G Body

Mr M Body

Registered office

19 Leeway Court
Leeway Industrial Estate
Newport
Gwent
NP19 4SJ

Accountants

Sterling Grove Accountants Limited
Chartered Certified Accountant
Fawley House
2 Regatta Place
Marlow Road
Bourne End
Bucks
SL8 5TD

 

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(Registration number: 02520557)
Balance Sheet as at 31 July 2023

Note

2023
£

2022
£

Fixed assets

 

Intangible assets

4

54,167

66,667

Tangible assets

5

310,793

262,666

 

364,960

329,333

Current assets

 

Stocks

6

2,500

2,500

Debtors

7

176,444

167,982

Cash at bank and in hand

 

1,057,612

974,657

 

1,236,556

1,145,139

Creditors: Amounts falling due within one year

8

(179,978)

(193,476)

Net current assets

 

1,056,578

951,663

Total assets less current liabilities

 

1,421,538

1,280,996

Provisions for liabilities

(78,000)

(50,000)

Net assets

 

1,343,538

1,230,996

Capital and reserves

 

Called up share capital

50

50

Capital redemption reserve

50

50

Retained earnings

1,343,438

1,230,896

Shareholders' funds

 

1,343,538

1,230,996

For the financial year ending 31 July 2023 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 accounts for the year in question in accordance with section 476; and

The directors acknowledge their 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.

 

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(Registration number: 02520557)
Balance Sheet as at 31 July 2023

Approved and authorised by the Board on 2 February 2024 and signed on its behalf by:
 

.........................................
Mr T C G Body
Director

 

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Notes to the Financial Statements for the Year Ended 31 July 2023

1

General information

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

The address of its registered office is:
19 Leeway Court
Leeway Industrial Estate
Newport
Gwent
NP19 4SJ
United Kingdom

These financial statements were authorised for issue by the Board on 2 February 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.

 

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Notes to the Financial Statements for the Year Ended 31 July 2023

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.

Government grants

Government grants are recognised under the accrual model of grant recognition. This model requires the grant to be classified as either a revenue-based grant or a capital-based grant.

Government grants are recognised in profit or loss on a systematic basis over the periods in which the entity recognises expenses for the related costs for which the grants are intended to compensate.

Grants relating to assets are recognised in income on a systematic basis over the expected useful life of the asset.

Tax

The tax expense for the period comprises current and 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.

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:

 

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Notes to the Financial Statements for the Year Ended 31 July 2023

Asset class

Depreciation method and rate

Plant and machinery

15% on reducing balance

Furniture, fittings and equipment

15% on reducing balance

Motor vehicles

25% on reducing balance

Rental stock

20% on reducing balance

Goodwill

Goodwill arising on the acquisition of an entity represents the excess of the cost of acquisition over the company’s interest in the net fair value of the identifiable assets, liabilities and contingent liabilities of the entity recognised at the date of acquisition. Goodwill is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is amortised over its useful life, which shall not exceed ten years if a reliable estimate of the useful life cannot be made.

Amortisation

Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:

Asset class

Amortisation method and rate

Goodwill

evenly over 20 years

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 at the transaction price 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 at the transaction price.

Share capital

Ordinary shares are classified as equity.

 

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Notes to the Financial Statements for the Year Ended 31 July 2023

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

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 directors) during the year, was 8 (2022 - 8).

4

Intangible assets

Goodwill
 £

Total
£

Cost or valuation

At 1 August 2022

250,000

250,000

At 31 July 2023

250,000

250,000

Amortisation

At 1 August 2022

183,333

183,333

Amortisation charge

12,500

12,500

At 31 July 2023

195,833

195,833

Carrying amount

At 31 July 2023

54,167

54,167

At 31 July 2022

66,667

66,667

 

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Notes to the Financial Statements for the Year Ended 31 July 2023

5

Tangible assets

Furniture, fittings and equipment
 £

Motor vehicles
 £

Rental stock
£

Plant and machinery
£

Total
£

Cost or valuation

At 1 August 2022

3,537

52,899

644,620

28,736

729,792

Additions

2,389

-

110,516

1,499

114,404

Disposals

(226)

-

(32,095)

-

(32,321)

At 31 July 2023

5,700

52,899

723,041

30,235

811,875

Depreciation

At 1 August 2022

2,961

39,107

403,034

22,024

467,126

Charge for the year

236

3,448

48,317

1,110

53,111

Eliminated on disposal

(154)

-

(19,001)

-

(19,155)

At 31 July 2023

3,043

42,555

432,350

23,134

501,082

Carrying amount

At 31 July 2023

2,657

10,344

290,691

7,101

310,793

At 31 July 2022

576

13,792

241,586

6,712

262,666

 

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Notes to the Financial Statements for the Year Ended 31 July 2023

6

Stocks

2023
£

2022
£

Other inventories

2,500

2,500

7

Debtors

2023
£

2022
£

Trade debtors

154,650

160,134

Prepayments

21,794

7,848

176,444

167,982

8

Creditors

Creditors: amounts falling due within one year

Note

2023
£

2022
£

Due within one year

 

Trade creditors

 

59,641

74,558

Amounts owed to related parties

29,995

26,973

Taxation and social security

 

27,909

24,578

Accruals and deferred income

 

3,258

3,227

Other creditors

 

175

140

Corporation tax

 

59,000

64,000

 

179,978

193,476

9

Financial commitments, guarantees and contingencies

Amounts disclosed in the balance sheet

Included in the balance sheet are financial commitments of £22,445 (2022 - £2,126).