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Filleted
Registration number: 11159644

Pure West Radio Ltd

Unaudited Filleted Financial Statements

for the Year Ended 31 January 2024

 

Pure West Radio Ltd

Contents

Company Information

1

Balance Sheet

2

Notes to the Unaudited Financial Statements

3 to 9

 

Pure West Radio Ltd

Company Information

Directors

Mr T Ellis

Mr E W James

Mr M L Tierney

Mr B P Stone

Mrs J V Ellis

Registered office

1 St Marys Street
Haverfordwest
SA61 2DR

Accountants

LHP Haverfordwest
Chartered Certified Accountants
1st Floor
Agriculture House
Winch Lane
Haverfordwest
Pembrokeshire
SA61 1RW

 

Pure West Radio Ltd

(Registration number: 11159644)
Balance Sheet as at 31 January 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

4

120,463

121,172

Current assets

 

Debtors

5

13,068

6,580

Cash at bank and in hand

 

24,933

24,818

 

38,001

31,398

Creditors: Amounts falling due within one year

6

(153,234)

(152,682)

Net current liabilities

 

(115,233)

(121,284)

Total assets less current liabilities

 

5,230

(112)

Provisions for liabilities

(3,098)

-

Net assets/(liabilities)

 

2,132

(112)

Capital and reserves

 

Called up share capital

7

100

1

Retained earnings

2,032

(113)

Shareholders' funds/(deficit)

 

2,132

(112)

For the financial year ending 31 January 2024 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 accounts for the year in question in accordance with section 476; and

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the Board on 15 October 2024 and signed on its behalf by:
 

.........................................
Mr T Ellis
Director

   
     
 

Pure West Radio Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 January 2024

1

General information

The company is a private company limited by share capital, incorporated in UK.

The address of its registered office is:
1 St Marys Street
Haverfordwest
SA61 2DR

These financial statements were authorised for issue by the Board on 15 October 2024.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Going concern

The financial statements have been prepared on a going concern basis.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Tax

The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

 

Pure West Radio Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 January 2024

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when 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 and that are expected to apply to the reversal of the timing difference.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Freehold property

2% straight line

Plant and machinery

15% reducing balance

Fixtures and fittings

15% reducing balance

Motor vehicles

25% reducing balance

Office equipment

25% reducing balance

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Borrowings

 

Pure West Radio Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 January 2024

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Leases

Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 5 (2023 - 2).

 

Pure West Radio Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 January 2024

4

Tangible assets

Land and buildings
£

Fixtures and fittings
£

Plant and machinery
£

Office equipment
£

Cost or valuation

At 1 February 2023

110,807

250

5,101

25,617

Additions

-

-

-

5,277

Disposals

-

-

-

-

At 31 January 2024

110,807

250

5,101

30,894

Depreciation

At 1 February 2023

4,432

70

994

19,832

Charge for the year

2,216

27

616

1,659

Eliminated on disposal

-

-

-

-

At 31 January 2024

6,648

97

1,610

21,491

Carrying amount

At 31 January 2024

104,159

153

3,491

9,403

At 31 January 2023

106,375

180

4,107

5,785

Motor vehicles
 £

Total
£

Cost or valuation

At 1 February 2023

11,200

152,975

Additions

-

5,277

Disposals

(1,667)

(1,667)

At 31 January 2024

9,533

156,585

Depreciation

At 1 February 2023

6,475

31,803

Charge for the year

765

5,283

Eliminated on disposal

(964)

(964)

At 31 January 2024

6,276

36,122

Carrying amount

At 31 January 2024

3,257

120,463

At 31 January 2023

4,725

121,172

Included within the net book value of land and buildings above is £104,159 (2023 - £106,375) in respect of freehold land and buildings.
 

 

Pure West Radio Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 January 2024

5

Debtors

Current

2024
£

2023
£

Trade debtors

4,400

6,500

Other debtors

8,668

80

 

13,068

6,580

 

Pure West Radio Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 January 2024

6

Creditors

Creditors: amounts falling due within one year

Note

2024
£

2023
£

Due within one year

 

Bank loans and overdrafts

8

114,398

123,980

Trade creditors

 

32,667

16,606

Taxation and social security

 

56

33

Other related parties

 

3,399

1,566

Other creditors

 

1,847

8,946

Corporation tax liability

 

867

1,551

 

153,234

152,682

7

Share capital

Allotted, called up and fully paid shares

2024

2023

No.

£

No.

£

Ordinary shares of £1 each

100

100

1

1

       

8

Loans and borrowings

Current loans and borrowings

2024
£

2023
£

Bank borrowings

113,408

123,980

Other borrowings

990

-

114,398

123,980

9

Related party transactions

Transactions with directors

2024

At 1 February 2023
£

Repayments by director
£

At 31 January 2024
£

Mr T Ellis

Interest free loan with no fixed repayment term

(1,566)

(1,833)

(3,399)

 

Pure West Radio Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 January 2024

2023

At 1 February 2022
£

Repayments by director
£

At 31 January 2023
£

Mr T Ellis

Interest free loan with no fixed repayment term

(1,041)

(525)

(1,566)