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Company No: 11923265 (England and Wales)

RADIO H-P LIMITED

Unaudited Financial Statements
For the financial year ended 30 April 2024
Pages for filing with the registrar

RADIO H-P LIMITED

Unaudited Financial Statements

For the financial year ended 30 April 2024

Contents

RADIO H-P LIMITED

BALANCE SHEET

As at 30 April 2024
RADIO H-P LIMITED

BALANCE SHEET (continued)

As at 30 April 2024
Note 2024 2023
£ £
Restated
Fixed assets
Intangible assets 4 250,000 300,000
Tangible assets 5 98,449 20,730
348,449 320,730
Current assets
Debtors 6 232,416 360,820
Cash at bank and in hand 94,584 144,349
327,000 505,169
Creditors: amounts falling due within one year 7 ( 173,581) ( 207,532)
Net current assets 153,419 297,637
Total assets less current liabilities 501,868 618,367
Provision for liabilities ( 22,693) ( 2,708)
Net assets 479,175 615,659
Capital and reserves
Called-up share capital 100 100
Share premium account 400,000 400,000
Profit and loss account 79,075 215,559
Total shareholders' funds 479,175 615,659

For the financial year ending 30 April 2024 the Company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

The financial statements of Radio H-P Limited (registered number: 11923265) were approved and authorised for issue by the Board of Directors on 02 January 2025. They were signed on its behalf by:

Mr N Hadden-Paton
Director
RADIO H-P LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 30 April 2024
RADIO H-P LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 30 April 2024
1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.

General information and basis of accounting

Radio H-P Limited (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of the Company's registered office is Leanne House, 6 Avon Close, Weymouth, DT4 9UX, United Kingdom.

The financial statements have been prepared under the historical cost convention, modified to include the revaluation of freehold properties and to include investment properties and certain items at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.

The financial statements are presented in pounds sterling which is the functional currency of the Company and rounded to the nearest £.

Change in accounting policies

This is the first year in which the financial statements have been prepared under FRS102 Section 1A. Restatements were required to the prior year as a result of transition to FRS102 Section 1A, and these are detailed in note 2.

Turnover

Turnover is stated net of VAT and trade discounts and is recognised when the significant risks and rewards are considered to have been transferred to the buyer. Turnover from the supply of services represents the value of services provided under contracts to the extent that there is a right to consideration and is recorded at the fair value of the consideration received or receivable.

Taxation

Current tax
Current tax is provided at amounts expected to be paid (or recoverable) using the tax rates and laws that have been enacted or substantively enacted at the Balance Sheet date. Tax is recognised in the profit and loss account, 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.

Deferred tax
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the Company's financial statements. Deferred tax is provided in full on timing differences which result in an obligation to pay more or less tax at a future date, at the tax rates and laws that have been enacted or substantively enacted by the Balance Sheet date that are expected to apply when the timing differences reverse. Deferred tax assets and liabilities are not discounted.

The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit. Deferred tax liabilities are presented within provisions for liabilities on the balance sheet.

Intangible assets

Intangible assets are stated at cost or valuation, net of amortisation and any provision for impairment. Amortisation is provided on all intangible assets at rates to write off the cost or valuation of each asset over its expected useful life as follows:

Goodwill 10 years straight line
Tangible fixed assets

Tangible fixed assets are stated at cost or valuation, net of depreciation and any provision for impairment. The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation. Depreciation is provided on all tangible fixed assets, other than investment property and freehold land, at rates calculated to write off the cost or valuation, less estimated residual value, of each asset on a straight-line or reducing balance basis over its expected useful life, as follows:

Land and buildings not depreciated
Plant and machinery 10 % reducing balance
Vehicles 25 % reducing balance
Office equipment 25 % reducing balance
Computer equipment 25 % reducing balance

Residual value represents the estimated amount which would currently be obtained from disposal of an asset, after deducting estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life.

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.

Trade and other debtors

Trade and other debtors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest method less impairment losses for bad and doubtful debts, except where the effect of discounting would be immaterial. In such cases the receivables are stated at cost less impairment losses for bad and doubtful debts.

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 creditors: amounts falling due within one year.

Trade and other creditors

Trade and other creditors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest rate method, unless the effect of discounting would be immaterial, in which case they are stated at cost. 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.

2.Transition to FRS102

The Company has adopted FRS 102 for the year ended 30 April 2024 and has restated the comparative year amounts.

Reconciliation of equity

01.05.2022 30.04.2023
£ £
Capital and reserves (as previously stated) 534,805 618,367
Deferred Tax Provision (906) (2,708)
Capital and reserves (as restated) 533,899 615,659

Reconciliation of profit or loss

30.04.2023
£
Profit for the year (as previously stated) 251,562
Deferred Tax Provision (1,802)
Profit for the year (as restated) 249,760

3. Employees

2024 2023
Number Number
Monthly average number of persons employed by the Company during the year, including directors 3 3

4. Intangible assets

Goodwill Total
£ £
Cost
At 01 May 2023 500,000 500,000
At 30 April 2024 500,000 500,000
Accumulated amortisation
At 01 May 2023 200,000 200,000
Charge for the financial year 50,000 50,000
At 30 April 2024 250,000 250,000
Net book value
At 30 April 2024 250,000 250,000
At 30 April 2023 300,000 300,000

5. Tangible assets

Land and buildings Plant and machinery Vehicles Office equipment Computer equipment Total
£ £ £ £ £ £
Cost
At 01 May 2023 6,477 0 0 4,460 15,231 26,168
Additions 0 1,464 87,025 0 4,328 92,817
Disposals 0 0 0 0 ( 248) ( 248)
At 30 April 2024 6,477 1,464 87,025 4,460 19,311 118,737
Accumulated depreciation
At 01 May 2023 0 0 0 2,917 2,521 5,438
Charge for the financial year 0 153 10,640 386 3,806 14,985
Disposals 0 0 0 0 ( 135) ( 135)
At 30 April 2024 0 153 10,640 3,303 6,192 20,288
Net book value
At 30 April 2024 6,477 1,311 76,385 1,157 13,119 98,449
At 30 April 2023 6,477 0 0 1,543 12,710 20,730

6. Debtors

2024 2023
£ £
Trade debtors 22,605 19,759
Amounts owed by related parties 0 60,000
Other debtors 209,811 281,061
232,416 360,820

7. Creditors: amounts falling due within one year

2024 2023
£ £
Trade creditors 11,762 17,137
Taxation and social security 156,075 184,971
Other creditors 5,744 5,424
173,581 207,532

8. Related party transactions

Transactions with the entity's directors

The Directors loan account is repayable on demand and interest is charged on overdrawn balances exceeding £10,000 at the official HMRC rates.

At 1 May 2023 the balance owed to the Company was £207,170. During the year, £209,279 was advanced and £283,350 was repaid. The balance owed to the Company as at 30 April 2024 was £133,099.

At 1 May 2022 the balance owed to the Company was £12,270. During the year, £206,294 was advanced and £11,394 was repaid. The balance owed to the Company as at 30 April 2023 was £207,170