Anglian Broadcasting Company (Holdings) Limited
Financial Statements
For Filing with Registrar
For the year ended 30 September 2019
Company Registration No. 07252533 (England and Wales)
Anglian Broadcasting Company (Holdings) Limited
Company Information
Directors
D Ford
(Appointed 25 February 2019)
P Keenan
(Appointed 25 February 2019)
S Vickery
(Appointed 25 February 2019)
Secretary
Bauer Group Secretariat Limited
Company number
07252533
Registered office
Media House
Lynch Wood
Peterborough
PE2 6EA
Auditor
Moore Kingston Smith LLP
Charlotte Building
17 Gresse Street
London
W1T 1QL
Anglian Broadcasting Company (Holdings) Limited
Contents
Page
Balance sheet
1
Notes to the financial statements
2 - 6
Anglian Broadcasting Company (Holdings) Limited
Balance Sheet
As at 30 September 2019
Page 1
2019
2018
Notes
£
£
£
£
Fixed assets
Investments
3
1,520,092
1,520,092
Current assets
Debtors
5
312,526
312,526
Cash at bank and in hand
-
60
312,526
312,586
Creditors: amounts falling due within one year
6
-
(1,320)
Net current assets
312,526
311,266
Total assets less current liabilities
1,832,618
1,831,358
Creditors: amounts falling due after more than one year
7
(1,400,000)
(1,400,000)
Net assets
432,618
431,358
Capital and reserves
Called up share capital
8
180,000
180,000
Profit and loss reserves
252,618
251,358
Total equity
432,618
431,358
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.
true
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime.
The financial statements were approved by the board of directors and authorised for issue on 15 October 2020 and are signed on its behalf by:
S Vickery
Director
Company Registration No. 07252533
Anglian Broadcasting Company (Holdings) Limited
Notes to the Financial Statements
For the year ended 30 September 2019
Page 2
1
Accounting policies
Company information
Anglian Broadcasting Company (Holdings) Limited is a
private
company
limited by shares
incorporated in England and Wales.
The registered office is
Roman Landing, Kingsway, Southampton, SO14 1BN.
1.1
Accounting convention
These financial statements have been prepared in accordance with Section 1A of 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 financial statements are prepared in
sterling
, which is the functional currency of the company.
Monetary a
mounts
in these financial statements are
rounded to the nearest pound.
The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
The company has taken advantage of the exemption in section 398 of the Companies Act 2006 from the requirement to prepare consolidated financial statements, on the grounds that it is a small sized group.
The financial statements present information about the company as an individual entity and not about its group
.
1.2
Going concern
As at the balance sheet date the company had net assets at of £432,618 (2018: £431,358).
The directors have prepared cash flow forecasts for a period of 12 months from the date of approval of these financial statements which indicate that, taking account of reasonably possible downsides, the Company will have sufficient funds to meet its liabilities as they fall due for that period.
The company's parent subscribed
£
3,495,000
cash for
3,495,000
ordinary shares of £1 each
on 14 September 2020.
Consequently, the directors are confident that the Company will have sufficient funds to continue to meet its liabilities as they fall due for at least 12 months from the date of approval of the financial statements and therefore have prepared the financial statements on a going concern basis.
1.3
Fixed asset investments
Interests in subsidiaries, associates and jointly controlled entities are initially measured at cost and subsequently measured at cost less any accumulated impairment losses.
The investments are assessed for impairment at each reporting date
and
any
impairment
losses or reversals of impairment losses are recognised immediately in profit or loss.
A subsidiary is an entity controlled by the company
. Control is
the power to govern the financial and operating policies of
the
entity so as to obtain benefits from its activities.
An associate is an entity, being neither a subsidiary nor a joint venture, in which the company holds a long-term interest and where the company has significant influence. The company considers that it has significant influence where it has the power to participate in the financial and operating decisions of the associate.
Entities in which the company has a long term interest and shares control under a contractual arrangement are classified as jointly controlled entities
.
Anglian Broadcasting Company (Holdings) Limited
Notes to the Financial Statements (Continued)
For the year ended 30 September 2019
1
Accounting policies
(Continued)
Page 3
1.4
Cash at bank and in hand
Cash at bank and in hand
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.
1.5
Financial instruments
The company only has basic financial instruments measured at amortised cost with no financial instrument classified as other or basic instruments at fair value.
1.6
Equity instruments
Equity instruments issued by the company are recorded at the proceeds received, net of direct issue costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.
2
Employees
The average monthly number of persons (including directors) employed by the company during the was 3
(2018: 2).
3
Fixed asset investments
2019
2018
£
£
Investments
1,520,092
1,520,092
Movements in fixed asset investments
Shares in group undertakings
£
Cost or valuation
At 1 October 2018 & 30 September 2019
1,520,092
Carrying amount
At 30 September 2019
1,520,092
At 30 September 2018
1,520,092
Anglian Broadcasting Company (Holdings) Limited
Notes to the Financial Statements (Continued)
For the year ended 30 September 2019
Page 4
4
Subsidiaries
Details of the company's subsidiaries at 30 September 2019 are as follows:
Name of undertaking
Registered
Nature of business
Class of
% Held
office
shares held
Direct
Indirect
99.9 Radio Norwich Limited
Roman Landing Kingsway, Southampton, United Kingdom, SO14 1BN
Non-trading
Ordinary
0
100.00
Anglian Radio Limited
Roman Landing Kingsway, Southampton, United Kingdom, SO14 1BN
Radio Broadcaster
Ordinary
100.00
0
East Coast Radio (The Beach) Limited
Roman Landing Kingsway, Southampton, United Kingdom, SO14 1BN
Non-trading
Ordinary
0
100.00
Mellow 1557 Limited
Roman Landing Kingsway, Southampton, United Kingdom, SO14 1BN
Non-trading
Ordinary
0
100.00
North Norfolk Radio Limited
Roman Landing Kingsway, Southampton, United Kingdom, SO14 1BN
Non-trading
Ordinary
0
100.00
Town FM Limited
Roman Landing Kingsway, Southampton, United Kingdom, SO14 1BN
Non-trading
Ordinary
0
100.00
On 1 October 2017, the trade and assets of the subsidiaries of Anglian Radio were transferred to the parent company and these companies ceased to trade.
5
Debtors
2019
2018
Amounts falling due within one year:
£
£
Amounts due from group undertakings
312,526
312,526
Anglian Broadcasting Company (Holdings) Limited
Notes to the Financial Statements (Continued)
For the year ended 30 September 2019
Page 5
6
Creditors: amounts falling due within one year
2019
2018
£
£
Trade creditors
-
1,320
7
Creditors: amounts falling due after more than one year
2019
2018
£
£
Amounts due to group undertakings
1,400,000
1,400,000
8
Called up share capital
2019
2018
£
£
Ordinary share capital
Issued and fully paid
180,000 Ordinary shares of £1 each
180,000
180,000
180,000
180,000
9
Audit report information
As the income statement has been omitted from the filing copy of the financial statements the following information in relation to the audit report on the statutory financial statements is provided in accordance with s444(5B) of the Companies Act 2006
:
The auditor's report was unqualified.
The senior statutory auditor was Francesca Robe.
The auditor was Moore Kingston Smith LLP.
10
Events after the reporting date
Subsequent to the year end, there has been the global impact of the Coronavirus (COVID-19) pandemic. Although it is too early to foresee the full effect of COVID 19 on the UK economy, a significant downturn in advertising is already being felt. However, the Company is taking action to mitigate the impact and has taken steps to manage the cost base during the crisis.
On 14th September 2020 the Company's parent,
CRB Audio Group Limited
subscribed
£
3,495,000
cash for
3,495,000
ordinary shares of £1 each
in the company.
The company then subsequently subscribed
£
2,399,999
cash for
2,399,999
ordinary shares of £1 each
in its subsidiary, Anglian Radio Limited.
On 15th September 2020 the board approved the reduction of the Company's share capital to 1 ordinary share of £1 each.
Anglian Broadcasting Company (Holdings) Limited
Notes to the Financial Statements (Continued)
For the year ended 30 September 2019
Page 6
11
Parent company
The immediate parent undertaking is Celador Radio Broadcasting Limited, registered at Media House, Peterborough Business Park, Lynch Wood, Peterborough, PE2 6EA. On 31 January 2019, the Company’s entire share capital was acquired by Bauer Radio Limited. Following the announcement of this acquisition, the Competitions and Markets Authority (‘CMA’) issued a hold separate order. At 30 September 2019, the Company was not controlled by its sole shareholder. On 14 April 2020, the CMA lifted the hold separate order and from this date Heinrich Bauer Verlag KG, established at Burchardstraße 11, 20095 Hamburg, Germany, is regarded by the directors as the Company's ultimate controlling party. The only parent undertaking for which Group accounts are drawn up is Heinrich Bauer Verlag Beteiligungs GmbH, registered in Germany. Copies of Heinrich Bauer Verlag Beteiligungs GmbH accounts are publicly available from Burchardstraße 11, 20095 Hamburg, Germany.