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Company registration number: 02990041







FINANCIAL STATEMENTS
FOR THE YEAR ENDED
31 MARCH 2024


JOINT RADIO COMPANY LIMITED






































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JOINT RADIO COMPANY LIMITED
 



CONTENTS



Page
Statement of Financial Position
1
Statement of Changes in Equity
2
Notes to the Financial Statements
3 - 7

 


JOINT RADIO COMPANY LIMITED
REGISTERED NUMBER:02990041



STATEMENT OF FINANCIAL POSITION
AS AT 31 MARCH 2024

2024
2023
Note
£
£

Fixed assets
  

Tangible assets
 4 
4,187
15,683

Investments
  
961,243
-

  
965,430
15,683

Current assets
  

Debtors: amounts falling due within one year
 6 
1,096,093
1,039,469

Cash at bank and in hand
  
2,019,782
2,652,972

  
3,115,875
3,692,441

Creditors: amounts falling due within one year
 7 
(1,516,949)
(1,561,460)

Net current assets
  
 
 
1,598,926
 
 
2,130,981

Total assets less current liabilities
  
2,564,356
2,146,664

  

Net assets
  
2,564,356
2,146,664


Capital and reserves
  

Called up share capital 
  
2
2

Contributors fund
  
1,864,723
1,605,850

Profit and loss account
  
699,631
540,812

  
2,564,356
2,146,664


The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

The financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The Company has opted not to file the income statement in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf by: 



................................................
R Murphy
Director

Date: 25 July 2024

The notes on pages 3 to 7 form part of these financial statements.
Page 1

 


JOINT RADIO COMPANY LIMITED
 



STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 MARCH 2024


Called up share capital
Contributors fund
Profit and loss account
Total equity

£
£
£
£


At 1 April 2022
2
1,402,349
477,172
1,879,523



Profit for the year
-
-
267,141
267,141

Transfer to/from profit and loss account
-
203,501
(203,501)
-



At 1 April 2023
2
1,605,850
540,812
2,146,664



Profit for the year
-
-
417,692
417,692

Transfer to/from profit and loss account
-
258,873
(258,873)
-


At 31 March 2024
2
1,864,723
699,631
2,564,356


The notes on pages 3 to 7 form part of these financial statements.
Page 2

 


JOINT RADIO COMPANY LIMITED
 


 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

1.


General information

Joint Radio Company Limited is a private company limited by shares, incorporated and domiciled in England & Wales. Details of its registered office can be found on the company information page of the financial statements.

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Section 1A of Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

The following principal accounting policies have been applied:

 
2.2

Turnover

The turnover shown in the Income Statement represents amounts receivable for member subscriptions, radio license fee income and the provision of various consultancy and other services, net of VAT. 
All income is matched to the period to which it relates based on the period to which the member subscriptions and radio license fees run and the date on which the consultancy and other services are completed. 

 
2.3

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.

Depreciation is provided on the following basis:

Equipment
-
33% on cost

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

 
2.4

Financial instruments

The Company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in ordinary shares.

Page 3

 


JOINT RADIO COMPANY LIMITED
 


 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

2.Accounting policies (continued)

 
2.5

Foreign currency translation

Functional and presentation currency

The Company's functional and presentational currency is GBP.

Transactions and balances

Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions.

At each period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined.

 
2.6

Operating leases

Rentals paid under operating leases are charged to profit or loss on a straight-line basis over the lease term.

 
2.7

Pensions

Defined contribution pension plan

The Company operates a defined contribution 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 profit or loss 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.

 
2.8

Valuation of investments

Investments in listed company shares are remeasured to market value at each reporting date. Gains and losses on remeasurement are recognised in profit or loss for the period.


3.


Employees

The average monthly number of employees, including directors, during the year was 18 (2023 - 17).

Page 4

 


JOINT RADIO COMPANY LIMITED
 


 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

4.


Tangible fixed assets





Equipment

£



Cost or valuation


At 1 April 2023
69,962


Additions
1,880



At 31 March 2024

71,842



Depreciation


At 1 April 2023
54,279


Charge for the year on owned assets
13,376



At 31 March 2024

67,655



Net book value



At 31 March 2024
4,187



At 31 March 2023
15,683


5.


Fixed asset investments





Listed investments

£



Cost or valuation


Additions
900,000


Disposals
(18,178)


Revaluations
55,494


Other movements
23,927



At 31 March 2024
961,243




Page 5

 


JOINT RADIO COMPANY LIMITED
 


 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

6.


Debtors

2024
2023
£
£


Trade debtors
43,320
105,066

Prepayments and accrued income
1,037,394
934,403

VAT recoverable
15,379
-

1,096,093
1,039,469



7.


Creditors: Amounts falling due within one year

2024
2023
£
£

Trade creditors
506,825
604,821

Corporation tax
26,187
-

Other taxation and social security
14,465
18,355

Other creditors
3,723
5,776

Accruals and deferred income
965,749
932,508

1,516,949
1,561,460



8.


Commitments under operating leases

At 31 March 2024 the Company had future minimum lease payments due under non-cancellable operating leases for each of the following periods:

2024
2023
£
£


Not later than 1 year
11,684
11,517

11,684
11,517


9.


Contributors fund

A special resolution was passed on 13 March 2008 to alter the company's Articles of Association in order to establish a 'Contributors Fund' for members subscribing to the Company's Services ('contributors'). The Contributors Fund is solely owned and operated by the contributors to the fund and the surplus is only payable to the contributors on winding up, accordingly it is a non distributable reserve. 
The profit or loss attributable to members for each accounting period is to be transferred to the Contributors Fund. 

Page 6

 


JOINT RADIO COMPANY LIMITED
 


 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

10.


Auditors' information

The auditors' report on the financial statements for the year ended 31 March 2024 was unqualified.

The audit report was signed on 25 July 2024 by Sophie Said FCA (Senior Statutory Auditor) on behalf of Menzies LLP.

 
Page 7