COMPANY REGISTRATION NUMBER:
SC383489
Filleted Unaudited Financial Statements
|
|
Period from 1 September 2018 to 31 December 2019
Statement of financial position
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1
|
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Notes to the financial statements
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2 to 5
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|
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Statement of Financial Position
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31 December 2019
|
31 Dec 19
|
31 Aug 18
|
Note
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£
|
£
|
|
|
|
Current assets
Debtors
|
6
|
33,158
|
24,420
|
Cash at bank and in hand
|
5,593
|
2,691
|
|
--------
|
--------
|
|
38,751
|
27,111
|
|
|
|
|
Creditors: amounts falling due within one year
|
7
|
(
87,317)
|
(
102,523)
|
|
--------
|
---------
|
Net current liabilities
|
(
48,566)
|
(
75,412)
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|
--------
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--------
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Total assets less current liabilities
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(
48,566)
|
(
75,412)
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|
--------
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--------
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|
|
|
|
Capital and reserves
Called up share capital
|
8
|
100,000
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100,000
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Profit and loss account
|
(
148,566)
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(
175,412)
|
|
---------
|
---------
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Shareholders deficit
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(
48,566)
|
(
75,412)
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|
---------
|
---------
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|
|
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These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of comprehensive income has not been delivered.
For the period ending 31 December 2019 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Director's responsibilities:
-
The members have not required the company to obtain an audit of its financial statements for the period in question in accordance with section 476
;
-
The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements
.
These financial statements were approved by the
board of directors
and authorised for issue on
13 August 2020
, and are signed on behalf of the board by:
Company registration number:
SC383489
Notes to the Financial Statements
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|
Period from 1 September 2018 to 31 December 2019
1.
General information
The company is a private company limited by shares, registered in Scotland. The address of the registered office is 272 Bath Street, Glasgow, G2 4JR, Scotland.
2.
Statement of compliance
These financial statements have been prepared in accordance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland' and the Companies Act 2006.
3.
Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Going concern
Following the acquisiton of the company by Nation Broadcasting Limited on 6 September 2018, the company is dependent upon its parent company and fellow subsidiaries for financial support. The director has prepared cash flow forecasts for the forthcoming 12 months. The company has net current liabilities of £48,566 (2018 - £75,412). The board has received appropriate assurance from Nation Broadcasting Limited that it will continue to provide financial and other support to the company for the foreseeable future to enable it to meet its liabilities as they fall due. On this basis, the director considers it appropriate to prepare financial statements on a going concern basis.
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.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable and represents amounts receivable for goods supplied and services rendered, stated net of discounts and of Value Added Tax. Revenue from the sale of goods and services is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer, usually on despatch of the goods, the amount of revenue can be measured reliably, it is probable that the associated economic benefits will flow to the entity, and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
Taxation
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.
Intangible assets
Intangible assets are initially recorded at cost, and are subsequently stated at cost less any accumulated amortisation and impairment losses. Any intangible assets carried at revalued amounts, are recorded at the fair value at the date of revaluation, as determined by reference to an active market, less any subsequent accumulated amortisation and subsequent accumulated impairment losses. Intangible assets acquired as part of a business combination are recorded at the fair value at the acquisition date.
Amortisation
Amortisation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful life of that asset as follows:
|
Intangible assets
|
-
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At variable rates
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|
|
|
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If there is an indication that there has been a significant change in amortisation rate, useful life or residual value of an intangible asset, the amortisation is revised prospectively to reflect the new estimates.
Impairment of fixed assets
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. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets.
Financial instruments
A financial asset or a financial liability is recognised only when the entity becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Debt instruments are subsequently measured at amortised cost.
4.
Tax on profit/(loss)
Major components of tax expense
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Period from
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1 Sep 18 to
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Year to
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31 Dec 19
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31 Aug 18
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£
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£
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|
|
|
Current tax:
Adjustments in respect of prior periods
|
–
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6,625
|
|
----
|
-------
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Tax on profit/(loss)
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–
|
6,625
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|
----
|
-------
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|
|
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5.
Intangible assets
|
Intangible assets
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|
£
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Cost
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|
At 1 September 2018 and 31 December 2019
|
|
|
-------
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Amortisation
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|
At 1 September 2018 and 31 December 2019
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|
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-------
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Carrying amount
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|
At 31 December 2019
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–
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-------
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At 31 August 2018
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–
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-------
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|
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6.
Debtors
|
31 Dec 19
|
31 Aug 18
|
|
£
|
£
|
Trade debtors
|
200
|
7,351
|
Other debtors
|
32,958
|
17,069
|
|
--------
|
--------
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|
33,158
|
24,420
|
|
--------
|
--------
|
|
|
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Other debtors include an amount of £nil (2018 - £nil) falling due after more than one year.
7.
Creditors:
amounts falling due within one year
|
31 Dec 19
|
31 Aug 18
|
|
£
|
£
|
Trade creditors
|
3,623
|
74,734
|
Amounts owed to group undertakings and undertakings in which the company has a participating interest
|
73,346
|
–
|
Corporation tax
|
8,099
|
8,597
|
Social security and other taxes
|
705
|
161
|
Other creditors
|
1,544
|
19,031
|
|
--------
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---------
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87,317
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102,523
|
|
--------
|
---------
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8.
Called up share capital
Issued, called up and fully paid
|
31 Dec 19
|
31 Aug 18
|
|
No.
|
£
|
No.
|
£
|
Ordinary shares of £ 1 each
|
100,000
|
100,000
|
100,000
|
100,000
|
|
---------
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---------
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---------
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---------
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9.
Related party transactions
On 6 September 2018 the company was purchased from S. Pryor by Nation Broadcasting Limited, a company of which J.S. Bryant is executive chairman and majority shareholder. During the period the company has traded at an arms length basis with other subsidiaries of Nation Broadcasting Limited. The company has claimed the exemption under FRS 102 Section 33 not to disclose the value of intergroup transactions with other wholly owned subsidiaries.
10.
Controlling party
The company is a 100% subsidiary of Nation Broadcasting Limited, a company registered in England and Wales. Group acounts are not prepared because the group is small and is not an ineligible group as defined in Section 384 of the Companies Act 2006.