1 April 2023 v2025.15.1 limited_company_frs_102_section_1a_v1_1_2 companies_houseSoftwarefalsetruetruetrueNo description of principal activityfalsetruexbrli:purexbrli:sharesiso4217:GBP047822102023-04-012024-03-31047822102024-03-31047822102023-03-3104782210core:WithinOneYear2024-03-3104782210core:WithinOneYear2023-03-3104782210core:AfterOneYear2024-03-3104782210core:AfterOneYear2023-03-3104782210core:ShareCapital2024-03-3104782210core:ShareCapital2023-03-3104782210core:RetainedEarningsAccumulatedLosses2024-03-3104782210core:RetainedEarningsAccumulatedLosses2023-03-3104782210bus:Director12023-04-012024-03-3104782210bus:RegisteredOffice2023-04-012024-03-3104782210core:NetGoodwill2023-04-012024-03-3104782210core:Goodwill2023-04-012024-03-3104782210core:OfficeEquipment2023-04-012024-03-3104782210core:FurnitureFittings2023-04-012024-03-3104782210core:MotorVehicles2023-04-012024-03-3104782210core:PlantMachinery2023-04-012024-03-31047822102022-04-012023-03-3104782210core:NetGoodwill2024-03-3104782210core:PlantMachinery2023-04-0104782210core:PlantMachinery2024-03-3104782210core:PlantMachinery2023-03-3104782210core:CostValuation2023-04-0104782210core:CostValuation2024-03-310478221012023-04-012024-03-3104782210countries:EnglandWales2023-04-012024-03-3104782210bus:AuditExemptWithAccountantsReport2023-04-012024-03-3104782210bus:PrivateLimitedCompanyLtd2023-04-012024-03-3104782210bus:SmallEntities2023-04-012024-03-3104782210bus:FullAccounts2023-04-012024-03-31
Company registration number:
04782210
Radioworld Limited
Unaudited Filleted Financial Statements for the year ended
31 March 2024
Radioworld Limited
Chartered accountant's report to the board of directors on the preparation of the unaudited statutory financial statements of Radioworld Limited
Year ended
31 March 2024
In order to assist you to fulfil your duties under the Companies Act 2006, I have prepared for your approval the
financial statements
of
Radioworld Limited
for the year ended
31 March 2024
which comprise the income statement, statement of income and retained earnings, statement of financial position and related notes from the company’s accounting records and from information and explanations you have given me.
As a practising member of the Institute of Chartered Accountants in England and Wales (ICAEW), I am subject to its ethical and other professional requirements which are detailed at icaew.com/​regulations.
This report is made solely to the Board of Directors of
Radioworld Limited
, as a body, in accordance with the terms of my engagement letter dated 1 November 2017. My work has been undertaken solely to prepare for your approval the
financial statements
of
Radioworld Limited
and state those matters that I have agreed to state to the Board of Directors of
Radioworld Limited
, as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF. To the fullest extent permitted by law, I do not accept or assume responsibility to anyone other than
Radioworld Limited
and its Board of Directors, as a body, for my work or for this report.
It is your duty to ensure that
Radioworld Limited
has kept adequate accounting records and to prepare statutory
financial statements
that give a true and fair view of the assets, liabilities, financial position and loss of
Radioworld Limited
. You consider that
Radioworld Limited
is exempt from the statutory audit requirement for the year.
I have not been instructed to carry out an audit or a review of the financial statements of Radioworld Limited. For this reason, I have not verified the accuracy or completeness of the accounting records or information and explanations you have given to me and I do not, therefore, express any opinion on the statutory financial statements.
Gordon & Co
Chartered Accountant and Business Advisors
25/27 Station Street
Cheslyn Hay
Walsall
West Midlands
WS6 7ED
United Kingdom
Date:
11 December 2024
Radioworld Limited
Statement of Financial Position
31 March 2024
20242023
Note££
Fixed assets    
Tangible assets 6
57,977
 
99,942
 
Investments 7
266,120
 
266,120
 
324,097
 
366,062
 
Current assets    
Stocks
68,500
 
68,500
 
Debtors 8
49,483
 
53,109
 
Cash at bank and in hand
82,660
 
134,846
 
200,643
 
256,455
 
Creditors: amounts falling due within one year 9
(243,118
)
(274,777
)
Net current liabilities
(42,475
)
(18,322
)
Total assets less current liabilities 281,622   347,740  
Creditors: amounts falling due after more than one year 10
(103,969
)
(120,784
)
Net assets
177,653
 
226,956
 
Capital and reserves    
Called up share capital
100
 
100
 
Profit and loss account
177,553
 
226,856
 
Shareholders funds
177,653
 
226,956
 
For the year ending
31 March 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 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
have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies’ regime.
In accordance with Section 444 of the Companies Act 2006, the income statement has not been delivered.
These
financial statements
were approved by the board of directors and authorised for issue on
11 December 2024
, and are signed on behalf of the board by:
Annette Hayward
Director
Company registration number:
04782210
Radioworld Limited
Notes to the Financial Statements
Year ended
31 March 2024

1 General information

The company is a private company limited by shares and is registered in England and Wales. The address of the registered office is
42 Brook Lane
,
Great Wyrley
,
Walsall
,
West Midlands
,
WS6 6BQ
, United Kingdom.

2 Statement of compliance

These
financial statements
have been prepared in compliance with FRS 102 Section 1A, 'The Financial Reporting Standard applicable to the UK and Republic of Ireland'.

3 Accounting policies

Basis of preparation

The
financial statements
have been prepared on the historical cost basis, as modified by the revaluation of certain assets.
The
financial statements
are prepared in sterling, which is the functional currency of the company.

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.

Turnover

Turnover is measured at the fair value of the consideration received or receivable for goods and services supplied, net of discounts and Value Added Tax.

Goodwill

Purchased goodwill arises on business acquisitions and represents the difference between the cost of acquisition and the fair values of the identifiable assets and liabilities acquired.
Goodwill is initially recorded at cost, and is subsequently stated at cost less any accumulated amortisation and accumulated impairment losses. It is amortised on a straight-line basis over the useful economic life of the asset. Where a reliable estimate of the useful life of goodwill cannot be made, the life is presumed not to exceed five years.

Intangible assets

Intangible assets are initially measured at cost, and are subsequently measured at cost less any accumulated amortisation and accumulated impairment losses or at a revalued amount. However, Intangible assets acquired as part of a business combination are measured at the fair value at the acquisition date.
Amortisation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful economic life of that asset as follows:
Goodwill
Over 20 years

Tangible assets

Tangible assets are initially measured at cost, and are subsequently measured at cost less any accumulated depreciation and accumulated impairment losses or at a revalued amount.
Any tangible assets carried at a revalued amount are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses.
Depreciation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful economic life of that asset as follows:
Office equipment
25% reducing balance
Fixtures and fittings
25% reducing balance
Motor vehicles
25% reducing balance
Plant and machinery
25% reducing balance

Impairment

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.

Stocks

Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stocks to their present location and condition.

Finance leases and hire purchase contracts

Assets held under finance leases are recognised in the statement of financial position as assets and liabilities at the lower of the fair value of the assets and the present value of the minimum lease payments, which is determined at the inception of the lease term. Any initial direct costs of the lease are added to the amount recognised as an asset.
Lease payments are apportioned between the finance charges and reduction of the outstanding lease liability using the effective interest method. Finance charges are allocated to each period so as to produce a constant rate of interest on the remaining balance of the liability.

Financial instruments

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the entity after deducting all of its financial liabilities.

Defined contribution pension plan

Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund.

4 Average number of employees

The average number of persons employed by the company during the year was
7
(2023:
7
).

5 Intangible assets

Goodwill
£
Cost  
At
1 April 2023
and
31 March 2024
63,200
 
Amortisation  
At
1 April 2023
and
31 March 2024
63,200
 
Carrying amount  
At
31 March 2024
-  
At 31 March 2023 -  

6 Tangible assets

Plant and machinery etc.
£
Cost  
At
1 April 2023
268,875
 
Disposals
(53,667
)
At
31 March 2024
215,208
 
Depreciation  
At
1 April 2023
168,933
 
Charge
24,984
 
Disposals
(36,686
)
At
31 March 2024
157,231
 
Carrying amount  
At
31 March 2024
57,977
 
At 31 March 2023
99,942
 

7 Investments

Other investments other than loans
£
Cost  
At
1 April 2023
266,120
 
At
31 March 2024
266,120
 
Impairment  
At
1 April 2023
and
31 March 2024
-  
Carrying amount  
At
31 March 2024
266,120
 
At 31 March 2023
266,120
 

Investments held at valuation

In respect of fixed asset investments held at valuation, the comparable amounts that would have been recognised if the assets had been carried under the historical cost model are as follows:
20242023
Other investmentsOther investments
££
Aggregate historical cost 266,120   266,120  
Carrying amount 266,120   266,120  

8 Debtors

20242023
££
Trade debtors -  
3,809
 
Other debtors
49,483
 
49,300
 
49,483
 
53,109
 

9 Creditors: amounts falling due within one year

20242023
££
Bank loans and overdrafts
5,961
 
5,961
 
Trade creditors
197,552
 
237,681
 
Taxation and social security
26,539
 
18,507
 
Other creditors
13,066
 
12,628
 
243,118
 
274,777
 

10 Creditors: amounts falling due after more than one year

20242023
££
Bank loans and overdrafts
103,969
 
120,784