Company registration number 01588593 (England and Wales)
ALBANY RADIO (ENFIELD) LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024
PAGES FOR FILING WITH REGISTRAR
ALBANY RADIO (ENFIELD) LIMITED
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 8
ALBANY RADIO (ENFIELD) LIMITED
BALANCE SHEET
AS AT 30 APRIL 2024
30 April 2024
- 1 -
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
4
466,754
376,187
Investments
5
85,158
76,542
551,912
452,729
Current assets
Stocks
241,663
246,582
Debtors
6
23,404
22,502
Cash at bank and in hand
65,928
60,723
330,995
329,807
Creditors: amounts falling due within one year
7
(176,814)
(174,108)
Net current assets
154,181
155,699
Total assets less current liabilities
706,093
608,428
Creditors: amounts falling due after more than one year
8
(172,950)
(189,457)
Provisions for liabilities
(22,293)
(703)
Net assets
510,850
418,268
Capital and reserves
Called up share capital
10,000
10,000
Revaluation reserve
9
368,983
281,004
Profit and loss reserves
131,867
127,264
Total equity
510,850
418,268
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true
For the financial year ended 30 April 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
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.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
ALBANY RADIO (ENFIELD) LIMITED
BALANCE SHEET (CONTINUED)
AS AT 30 APRIL 2024
30 April 2024
- 2 -
The financial statements were approved by the board of directors and authorised for issue on 6 September 2024 and are signed on its behalf by:
R Millwood
Director
Company Registration No. 01588593
ALBANY RADIO (ENFIELD) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024
- 3 -
1
Accounting policies
Company information
Albany Radio (Enfield) Limited is a private company limited by shares incorporated in England and Wales. The registered office is 545-547 Hertford Road, Enfield, Middlesex, United Kingdom, EN3 5UQ.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention.The principal accounting policies adopted are set out below.
1.2
Going concern
Atruet the time of approving the financial statements, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements.
1.3
Turnover
Turnover represents sales of goods and income arising from the rental of electrical appliances, excluding value added tax.
Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods has transferred to the buyer. This is usually at the point that the customer has signed for the delivery of the goods.
1.4
Tangible fixed assets
Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Freehold land and buildings
2% on cost
Plant and equipment
20% on cost
Fixtures and fittings
20% on cost
Motor vehicles
20% on cost
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.
Investments are initially measured at cost, then subsequently revalued each year, with any unrealised gain or loss passing through the revaluation reserve.
ALBANY RADIO (ENFIELD) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
1
Accounting policies
(Continued)
- 4 -
1.5
Stocks
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.
At each reporting date, stock is assessed for impairment, if stock is impaired, the carrying amount is reduced to it's selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.
1.6
Cash and cash equivalents
Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
1.7
Financial instruments
Trade and other debtors
Trade and other debtors are measured at transaction price less any impairment unless the arrangement constitutes a financing transaction in which case the transaction is measured at the present value of the future receipts discounted at the prevailing market rate of interest, Loans are initially measured at fair value and are subsequently measured at amortised cost using the effective interest method less any impairment.
Trade and other creditors
Trade and other creditors are measured at their transaction price unless the arrangement constitutes a financing transaction in which case the transaction is measured at present value of future payments discounted at prevailing market rate of interest. Other financial liabilities are initially measured at fair value net of their transaction costs. They are subsequently measured at amortised cost using the effective interest method.
1.8
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
Deferred tax
Deferred tax liabilities are generally recognised for all timing differences and 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. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.
The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.
ALBANY RADIO (ENFIELD) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
1
Accounting policies
(Continued)
- 5 -
1.9
Employee benefits
The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.
Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.
1.10
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
2
Judgements and key sources of estimation uncertainty
In the application of the company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.
The directors consider that there are no significant judgements and estimates in the preparation of these accounts.
3
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2024
2023
Number
Number
Total
9
11
ALBANY RADIO (ENFIELD) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
- 6 -
4
Tangible fixed assets
Land and buildings
Plant and machinery etc
Total
£
£
£
Cost
At 1 May 2023
350,000
60,897
410,897
Revaluation
100,000
100,000
At 30 April 2024
450,000
60,897
510,897
Depreciation and impairment
At 1 May 2023
34,710
34,710
Depreciation charged in the year
9,433
9,433
At 30 April 2024
44,143
44,143
Carrying amount
At 30 April 2024
450,000
16,754
466,754
At 30 April 2023
350,000
26,187
376,187
Included in tangible fixed assets are assets with a net book value at 30 April 2024 of £1,298.71 (2023: £2,841.40) for use under operating lease hire.
5
Fixed asset investments
2024
2023
£
£
Other investments other than loans
85,158
76,542
Movements in fixed asset investments
Investments
£
Cost or valuation
At 1 May 2023
76,542
Revaluations
8,616
At 30 April 2024
85,158
Carrying amount
At 30 April 2024
85,158
At 30 April 2023
76,542
ALBANY RADIO (ENFIELD) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
- 7 -
6
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
20,387
20,088
Other debtors
3,029
2,414
23,416
22,502
Deferred tax asset
(12)
23,404
22,502
7
Creditors: amounts falling due within one year
2024
2023
£
£
Bank loans and overdrafts
5,686
5,544
Trade creditors
121,793
97,856
Taxation and social security
29,486
45,011
Other creditors
19,849
25,697
176,814
174,108
The bank overdraft is secured by a fixed and floating charge and no security has been provided in respect of other loans
8
Creditors: amounts falling due after more than one year
2024
2023
£
£
Bank loans and overdrafts
11,302
17,047
Other creditors
161,648
172,410
172,950
189,457
9
Revaluation reserve
2024
2023
£
£
At the beginning of the year
281,004
274,607
Revaluation surplus arising in the year
108,616
7,898
Deferred tax on revaluation of tangible assets
(20,637)
(1,501)
At the end of the year
368,983
281,004
ALBANY RADIO (ENFIELD) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
- 8 -
10
Pension commitments
The Company operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the Company in and independently administered fund. Contributions totalling £498 (2023: £427) were payable to the fund at the balance sheet date.
11
Operating lease commitments
At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, as follows:
2024
2023
£
£
Within one year
35,000
35,000
Between two and five years
75,834
110,834
110,834
145,834
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