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COMPANY REGISTRATION NUMBER: 3707801
Nation Broadcasting Limited
Filleted Unaudited Financial Statements
31 December 2023
Nation Broadcasting Limited
Financial Statements
Year ended 31 December 2023
Contents
Pages
Statement of financial position
1 to 2
Notes to the financial statements
3 to 8
Nation Broadcasting Limited
Statement of Financial Position
31 December 2023
2023
2022
Note
£
£
Fixed assets
Tangible assets
6
6,341
3,974
Investments
7
3,879,382
3,698,789
------------
------------
3,885,723
3,702,763
Current assets
Debtors
8
7,388,448
6,543,793
Cash at bank and in hand
1,849,523
136,619
------------
------------
9,237,971
6,680,412
Creditors: amounts falling due within one year
9
( 10,211,264)
( 9,032,979)
-------------
------------
Net current liabilities
( 973,293)
( 2,352,567)
------------
------------
Total assets less current liabilities
2,912,430
1,350,196
Provisions
Taxation including deferred tax
10
( 1,205)
( 755)
------------
------------
Net assets
2,911,225
1,349,441
------------
------------
Capital and reserves
Called up share capital
12
100
100
Profit and loss account
2,911,125
1,349,341
------------
------------
Shareholders funds
2,911,225
1,349,441
------------
------------
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.
For the year ending 31 December 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 financial statements for the year in question in accordance with section 476 ;
- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
Nation Broadcasting Limited
Statement of Financial Position (continued)
31 December 2023
These financial statements were approved by the board of directors and authorised for issue on 11 July 2024 , and are signed on behalf of the board by:
J.S. Bryant
Director
Company registration number: 3707801
Nation Broadcasting Limited
Notes to the Financial Statements
Year ended 31 December 2023
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
These financial statements have been prepared in accordance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland' and the Companies Act 2006.
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
The company is dependent upon its subsidiaries for financial support. The directors have prepared cash flow forecasts for the forthcoming 12 months. The company has net current liabilities of £973,293 (2022 - £2,352,567). The board has received appropriate assurance from its subsidiaries that it will continue to provide financial support to the company for the foreseeable future to enable it to meet its liabilities as they fall due. On this basis, the directors consider it appropriate to prepare the financial statements on a going concern basis.
Consolidation
The entity has taken advantage of the option not to prepare consolidated financial statements contained in Section 399(2A) of the Companies Act 2006 on the basis that the entity and its subsidiary undertakings comprise a small group.
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
Turnover is measured at the fair value of the consideration received or receivable and represents amounts receivable for goods supplied and services rendered, stated net of discounts and of Value Added Tax. Revenue from the sale of goods and services is recognised when the significant risks and rewards of ownership of the goods 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.
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
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, 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.
Foreign currencies
Foreign currency transactions are initially recorded in the functional currency, by applying the spot exchange rate as at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are translated at the exchange rate ruling at the reporting date, with any gains or losses being taken to the profit and loss account.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses.
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:
Technical Equipment
-
15% reducing balance
Computer Equipment
-
25% reducing balance
Investments
Fixed asset investments are initially recorded at cost, and subsequently stated at cost less any accumulated impairment losses.
Investments in associates
Investments in associates accounted for in accordance with the cost model are recorded at cost less any accumulated impairment losses. Investments in associates accounted for in accordance with the fair value model are initially recorded at the transaction price. At each reporting date, the investments are measured at fair value, with changes in fair value recognised in other comprehensive income/profit or loss. Where it is impracticable to measure fair value reliably without undue cost or effort, the cost model will be adopted. Dividends and other distributions received from the investment are recognised as income without regard to whether the distributions are from accumulated profits of the associate arising before or after the date of acquisition.
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
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised as a finance cost in profit or loss in the period it arises.
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.
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 as a finance cost in profit or loss in the period in which it arises.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 3 (2022: 3 ).
5. Tax on profit
Major components of tax expense
2023
2022
£
£
Current tax:
UK current tax expense
76,954
Adjustments in respect of prior periods
6,079
-------
--------
Total current tax
6,079
76,954
-------
--------
Deferred tax:
Origination and reversal of timing differences
450
( 2,212)
-------
--------
Tax on profit
6,529
74,742
-------
--------
6. Tangible assets
Computer Equipment
Total
£
£
Cost
At 1 January 2023
10,788
10,788
Additions
3,390
3,390
--------
--------
At 31 December 2023
14,178
14,178
--------
--------
Depreciation
At 1 January 2023
6,814
6,814
Charge for the year
1,023
1,023
--------
--------
At 31 December 2023
7,837
7,837
--------
--------
Carrying amount
At 31 December 2023
6,341
6,341
--------
--------
At 31 December 2022
3,974
3,974
--------
--------
7. Investments
Shares in group undertakings
£
Cost
At 1 January 2023
3,698,789
Additions
230,694
Disposals
( 50,101)
------------
At 31 December 2023
3,879,382
------------
Impairment
At 1 January 2023 and 31 December 2023
------------
Carrying amount
At 31 December 2023
3,879,382
------------
At 31 December 2022
3,698,789
------------
Included within investments is £1 for the cost of shares held in Nation Broadcasting Investments Limited.
Bauer Radio Limited has fixed charges, dated 28 February 2019 and 15 July 2020, over the shares held in Nation Broadcasting Investments Limited and its subsidiaries.
8. Debtors
2023
2022
£
£
Trade debtors
111,781
155,111
Amounts owed by group undertakings and undertakings in which the company has a participating interest
7,250,164
6,330,887
Other debtors
26,503
57,795
------------
------------
7,388,448
6,543,793
------------
------------
Other debtors include an amount of £nil (2022 - £25,000) falling due after more than one year.
9. Creditors: amounts falling due within one year
2023
2022
£
£
Bank loans and overdrafts (secured)
33,293
116,667
Trade creditors
54,571
64,451
Amounts owed to group undertakings and undertakings in which the company has a participating interest
10,105,320
8,751,332
Corporation tax
76,943
Social security and other taxes
4,305
3,897
Other creditors
13,775
19,689
-------------
------------
10,211,264
9,032,979
-------------
------------
The Barclays Bank PLC bank facilities are secured by fixed and floating charges, dated 29 September 2020 and 14 October 2020, over the assets of the company.
10. Provisions
Deferred tax (note 11)
£
At 1 January 2023
755
Additions
450
-------
At 31 December 2023
1,205
-------
11. Deferred tax
The deferred tax included in the statement of financial position is as follows:
2023
2022
£
£
Included in provisions (note 10)
1,205
755
-------
----
The deferred tax account consists of the tax effect of timing differences in respect of:
2023
2022
£
£
Accelerated capital allowances
1,205
755
-------
----
12. Called up share capital
Issued, called up and fully paid
2023
2022
No.
£
No.
£
Ordinary shares of £ 0.01 each
10,000
100
10,000
100
--------
----
--------
----
13. Contingencies
Contingent liabilities as at the balance sheet date were as follows: 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.
14. Related party transactions
The company was under the control of J.S. Bryant throughout the current and previous year. J.S. Bryant is the executive chairman and director. During the year the company traded at an arms length basis with its subsidiaries. The company has claimed the exemption under FRS 102 Section 33 not to disclose the value of the intergroup transactions with its wholly owned subsidiaries. During the year the company paid dividends of £225,000 (2022 - £450,000) to J.S. Bryant , executive chairman and director and to his wife C.D. Bryant, director. During the year the company received dividends of £nil (2022 - £122,500) from Digital Broadcast Technologies Limited, a company which is 70% owned by Nation Broadcasting Limited .