Fix Radio Limited Filleted accounts for Companies House (small and micro)

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COMPANY REGISTRATION NUMBER: 09804949

Fix Radio Limited

Filleted Unaudited Financial Statements

30 September 2018

Fix Radio Limited

Statement of Financial Position

30 September 2018

	2018	2017
Note	£	£

Fixed assets

Intangible assets	5	83,810	–
Tangible assets	6	26,752	3,298
		---------	-------
		110,562	3,298

Current assets

Debtors	7	186,520	19,531
Cash at bank and in hand		35,268	27,960
		---------	--------
		221,788	47,491

Creditors: amounts falling due within one year	8	( 325,723)	( 70,208)
		---------	--------
Net current liabilities		( 103,935)	( 22,717)
		---------	--------
Total assets less current liabilities		6,627	( 19,419)
		-------	--------
Net assets/(liabilities)		6,627	( 19,419)
		-------	--------

Capital and reserves

Called up share capital	1,677	1,393
Share premium account	911,384	443,607
Profit and loss account	( 906,434)	( 464,419)
	---------	---------
Shareholders funds/(deficit)	6,627	( 19,419)
	---------	---------

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 year ending 30 September 2018 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 .

Fix Radio Limited

Statement of Financial Position (continued)

30 September 2018

These financial statements were approved by the board of directors and authorised for issue on 6 June 2019 , and are signed on behalf of the board by:

L A Timpany

Director

Company registration number: 09804949

Fix Radio Limited

Notes to the Financial Statements

Year ended 30 September 2018

1. General information

The company is a private company limited by shares, registered in England and Wales. The address of the registered office is 115 Southwark Street, London, SE1 0JF.

2. Statement of compliance

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

The accounts have been prepared under the going concern basis as the directors believe that sufficient funding with be made available by certain shareholders to enable the company to continue as a going concern and to settle its liabilities as they fall due for a period of at least 12 months from the date the accounts are approved.

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. Advertising revenue is recognised on transmission or display of the advertisement. Sponsorship revenue is recognised on transmission or display of the sponsored programme or web page.

Intangible assets

Intangible assets are initially recorded at cost, and are subsequently stated at cost less any accumulated amortisation and impairment losses.

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 asset	-	Over 7 years

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.

Tangible assets

Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses.

Depreciation

Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:

Fixtures and fittings	-	25% and 33% straight line
Motor vehicles	-	25% straight line
Equipment	-	33% straight line

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 .

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. Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately.

Defined contribution plans

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. Employee numbers

The average number of persons employed by the company during the year amounted to 8 (2017: 6 ).

5. Intangible assets

	Intangible assets
	£
Cost
Additions	88,000
	--------
At 30 September 2018	88,000
	--------
Amortisation
Charge for the year	4,190
	--------
At 30 September 2018	4,190
	--------
Carrying amount
At 30 September 2018	83,810
	--------
At 30 September 2017	–
	--------

6. Tangible assets

	Fixtures and fittings	Motor vehicles	Equipment	Total
	£	£	£	£
Cost
At 1 October 2017	4,045	–	427	4,472
Additions	20,595	4,520	7,584	32,699
Disposals	–	( 4,520)	–	( 4,520)
	--------	-------	-------	--------
At 30 September 2018	24,640	–	8,011	32,651
	--------	-------	-------	--------
Depreciation
At 1 October 2017	1,018	–	156	1,174
Charge for the year	3,233	72	1,492	4,797
Disposals	–	( 72)	–	( 72)
	--------	-------	-------	--------
At 30 September 2018	4,251	–	1,648	5,899
	--------	-------	-------	--------
Carrying amount
At 30 September 2018	20,389	–	6,363	26,752
	--------	-------	-------	--------
At 30 September 2017	3,027	–	271	3,298
	--------	-------	-------	--------

7. Debtors

	2018	2017
	£	£
Trade debtors	144,458	19,120
Other debtors	42,062	411
	---------	--------
	186,520	19,531
	---------	--------

8. Creditors: amounts falling due within one year

	2018	2017
	£	£
Trade creditors	90,897	15,441
Social security and other taxes	23,414	8,007
Other creditors	211,412	46,760
	---------	--------
	325,723	70,208
	---------	--------

9. Related party transactions

Other creditors include short term loans from certain shareholders of £144,042 (2017: £45,800).