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COMPANY REGISTRATION NUMBER: 11705720
Nation Broadcasting Investments (East) Ltd
Filleted Unaudited Financial Statements
31 December 2023
Nation Broadcasting Investments (East) Ltd
Financial Statements
Year ended 31 December 2023
Contents
Pages
Statement of financial position
1
Notes to the financial statements
2 to 5
Nation Broadcasting Investments (East) Ltd
Statement of Financial Position
31 December 2023
2023
2022
Note
£
£
Current assets
Debtors
5
632,387
537,904
Cash at bank and in hand
120,842
181,649
---------
---------
753,229
719,553
Creditors: amounts falling due within one year
6
( 103,491)
( 240,203)
---------
---------
Net current assets
649,738
479,350
---------
---------
Total assets less current liabilities
649,738
479,350
---------
---------
Net assets
649,738
479,350
---------
---------
Capital and reserves
Called up share capital
8
1
1
Profit and loss account
649,737
479,349
---------
---------
Shareholders funds
649,738
479,350
---------
---------
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 .
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: 11705720
Nation Broadcasting Investments (East) Ltd
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 directors have a reasonable expectation that the company has adequate resources to continue operational existence for the foreseeable future. For this reason, the directors continue to adopt the going concern basis of accounting in preparing the annual financial statements.
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 for goods supplied and services rendered, net of discounts and Value Added Tax. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership 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.
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.
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 & Equipment
-
25% reducing balance
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. Tax on profit
Major components of tax (income)/expense
2023
2022
£
£
Current tax:
UK current tax expense
12,817
Deferred tax:
Origination and reversal of timing differences
( 903)
( 1,166)
----
--------
Tax on profit
( 903)
11,651
----
--------
5. Debtors
2023
2022
£
£
Trade debtors
44,226
75,113
Amounts owed by group undertakings and undertakings in which the company has a participating interest
548,049
412,675
Other debtors
40,112
50,116
---------
---------
632,387
537,904
---------
---------
Other debtors include an amount of £nil (2022 - £nil) falling due after more than one year.
6. Creditors: amounts falling due within one year
2023
2022
£
£
Trade creditors
22,670
21,299
Amounts owed to group undertakings and undertakings in which the company has a participating interest
503
122,386
Accruals and deferred income
70,122
64,096
Corporation tax
12,817
Social security and other taxes
10,073
17,807
Other creditors
123
1,798
---------
---------
103,491
240,203
---------
---------
Bauer Radio Limited has a fixed and floating charges, dated 28 February 2019 and 2 July 2020, over all the properties and undertakings of the company. The Barclays Bank PLC bank facilities are secured by a fixed and floating charge, dated 29 September 2020, over the assets of the company.
7. Deferred tax
The deferred tax included in the statement of financial position is as follows:
2023
2022
£
£
Included in debtors (note 5)
3,109
2,206
-------
-------
The deferred tax account consists of the tax effect of timing differences in respect of:
2023
2022
£
£
Provisions
( 3,109)
( 2,206)
-------
-------
8. Called up share capital
Issued, called up and fully paid
2023
2022
No.
£
No.
£
Ordinary shares of £ 1 each
1
1
1
1
----
----
----
----
9. 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.
10. Related party transactions
During the year the company was under the control of Nation Broadcasting Investments 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 Investments 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.
11. Controlling party
The company is a 100% subsidiary of Nation Broadcasting Investments 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.