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COMPANY REGISTRATION NUMBER: 11582777
Nation Broadcasting Investments Limited
Filleted Unaudited Financial Statements
31 December 2023
Nation Broadcasting Investments 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 Investments Limited
Statement of Financial Position
31 December 2023
2023
2022
Note
£
£
Fixed assets
Intangible assets
5
1,484,781
1,781,737
Tangible assets
6
7,224
9,631
Investments
7
2
2
------------
------------
1,492,007
1,791,370
Current assets
Cash at bank and in hand
1,323,376
1,711,695
Creditors: amounts falling due within one year
8
( 1,935,428)
( 1,905,862)
------------
------------
Net current liabilities
( 612,052)
( 194,167)
------------
------------
Total assets less current liabilities
879,955
1,597,203
Creditors: amounts falling due after more than one year
9
( 2,867,500)
( 3,212,000)
Provisions
10
( 1,372)
( 1,830)
------------
------------
Net liabilities
( 1,988,917)
( 1,616,627)
------------
------------
Capital and reserves
Called up share capital
12
1
1
Profit and loss account
( 1,988,918)
( 1,616,628)
------------
------------
Shareholders deficit
( 1,988,917)
( 1,616,627)
------------
------------
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.
Director's 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 director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
Nation Broadcasting Investments 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: 11582777
Nation Broadcasting Investments 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 parent company and fellow subsidiaries for financial support. The director has prepared cash flow forecasts for the forthcoming 12 months. The company has net current liabilities of £612,052 (2022 - £194,167). The board has received appropriate assurance from Nation Broadcasting Limited that it will continue to provide financial and other support to the company for the foreseeable future to enable it to meet its liabilities as they fall due. On this basis, the director considers it appropriate to prepare 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.
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.
Goodwill
Goodwill arises on business acquisitions and represents the excess of the cost of the acquisition over the company's interest in the net amount of the identifiable assets, liabilities and contingent liabilities of the acquired business. Goodwill is measured at cost less accumulated amortisation and accumulated impairment losses. It is amortised on a straight-line basis over its useful life. Where a reliable estimate of the useful life of goodwill or intangible assets cannot be made, the life is presumed not to exceed ten years.
Intangible assets
Intangible assets are initially recorded at cost, and are subsequently stated at cost less any accumulated amortisation and impairment losses. Any intangible assets carried at revalued amounts, are recorded at the fair value at the date of revaluation, as determined by reference to an active market, less any subsequent accumulated amortisation and subsequent accumulated impairment losses. Intangible assets acquired as part of a business combination are only recognised separately from goodwill when they arise from contractual or other legal rights, are separable, the expected future economic benefits are probable and the cost or value can be measured reliably.
Amortisation
Amortisation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful life of that asset as follows:
Patents, trademarks and licences
-
Over 10 years
If there is an indication that there has been a significant change in amortisation rate, useful life or residual value of an intangible asset, the amortisation is revised prospectively to reflect the new estimates.
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:
Fixtures and fittings
-
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. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the company are assigned to those units.
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.
4. Tax on loss
Major components of tax income
2023
2022
£
£
Deferred tax:
Origination and reversal of timing differences
( 458)
( 610)
----
----
Tax on loss
( 458)
( 610)
----
----
5. Intangible assets
Goodwill
Patents, trademarks and licences
Total
£
£
£
Cost
At 1 January 2023 and 31 December 2023
2
2,969,558
2,969,560
----
------------
------------
Amortisation
At 1 January 2023
1,187,823
1,187,823
Charge for the year
296,956
296,956
----
------------
------------
At 31 December 2023
1,484,779
1,484,779
----
------------
------------
Carrying amount
At 31 December 2023
2
1,484,779
1,484,781
----
------------
------------
At 31 December 2022
2
1,781,735
1,781,737
----
------------
------------
6. Tangible assets
Fixtures and fittings
£
Cost
At 1 January 2023 and 31 December 2023
30,440
--------
Depreciation
At 1 January 2023
20,809
Charge for the year
2,407
--------
At 31 December 2023
23,216
--------
Carrying amount
At 31 December 2023
7,224
--------
At 31 December 2022
9,631
--------
7. Investments
Shares in group undertakings
£
Cost
At 1 January 2023 and 31 December 2023
2
----
Impairment
At 1 January 2023 and 31 December 2023
----
Carrying amount
At 31 December 2023
2
----
At 31 December 2022
2
----
8. Creditors: amounts falling due within one year
2023
2022
£
£
Amounts owed to group undertakings and undertakings in which the company has a participating interest
1,826,004
1,770,886
Accruals and deferred income
109,424
134,976
------------
------------
1,935,428
1,905,862
------------
------------
Bauer Radio Limited has 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 floating charge, dated 29 September 2020, over the assets of the company.
9. Creditors: amounts falling due after more than one year
2023
2022
£
£
Debenture loans
2,867,500
3,212,000
------------
------------
On 1 March 2019 the company received debentures of £3,282,000 secured by a fixed and floating charge over the assets owned by the company. The loan notes are repayable thirteen years from the date of issue and carry interest at a variable rate. During the year the company repaid £406,250 (2022 - £325,000), leaving a balance of £2,268,750 On 1 March 2020 the company received debentures of £382,000 secured by a fixed and floating charge over the assets owned by the company. The loan notes are interest free. On 28 February 2022 the company received additional debentures of £155,000, secured by a fixed and floating charge over the assets owned by the company. The loan notes are interest free. On 28 February 2023 the company received additional debentures of £61,750, secured by a fixed and floating charge over the assets owned by the company. The loan notes are interest free.
10. Provisions
Deferred tax (note 11)
£
At 1 January 2023
1,830
Charge against provision
( 458)
-------
At 31 December 2023
1,372
-------
11. Deferred tax
The deferred tax included in the statement of financial position is as follows:
2023
2022
£
£
Included in provisions (note 10)
1,372
1,830
-------
-------
The deferred tax account consists of the tax effect of timing differences in respect of:
2023
2022
£
£
Accelerated capital allowances
1,372
1,830
-------
-------
12. Called up share capital
Issued, called up and fully paid
2023
2022
No.
£
No.
£
Ordinary shares of £ 1 each
1
1
1
1
----
----
----
----
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
During the year the company was under the control of Nation Broadcasting 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 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.
15. Controlling party
The company is a 100% subsidiary of Nation Broadcasting 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.