Muxco Wales Ltd Filleted accounts for Companies House (small and micro)

0 false false false false false false false false false true false false false false false false No description of principal activity 2019-01-01 Sage Accounts Production Advanced 2020 - FRS102_2019 xbrli:pure xbrli:shares iso4217:GBP 5937209 2019-01-01 2019-12-31 5937209 2019-12-31 5937209 2018-12-31 5937209 bus:OrdinaryShareClass1 2019-01-01 2019-12-31 5937209 bus:Director1 2019-01-01 2019-12-31 5937209 core:WithinOneYear 2019-12-31 5937209 core:WithinOneYear 2018-12-31 5937209 core:UKTax 2019-01-01 2019-12-31 5937209 core:ShareCapital 2019-12-31 5937209 core:ShareCapital 2018-12-31 5937209 core:RetainedEarningsAccumulatedLosses 2019-12-31 5937209 core:RetainedEarningsAccumulatedLosses 2018-12-31 5937209 bus:SmallEntities 2019-01-01 2019-12-31 5937209 bus:AuditExemptWithAccountantsReport 2019-01-01 2019-12-31 5937209 bus:FullAccounts 2019-01-01 2019-12-31 5937209 bus:SmallCompaniesRegimeForAccounts 2019-01-01 2019-12-31 5937209 bus:PrivateLimitedCompanyLtd 2019-01-01 2019-12-31 5937209 bus:OrdinaryShareClass1 2019-12-31 5937209 bus:OrdinaryShareClass1 2018-12-31

COMPANY REGISTRATION NUMBER: 5937209

Muxco Wales Ltd

Filleted Unaudited Financial Statements

31 December 2019

Muxco Wales Ltd

Financial Statements

Year ended 31 December 2019

Contents	Pages

Statement of financial position	1

Notes to the financial statements	2 to 4

Muxco Wales Ltd

Statement of Financial Position

31 December 2019

	2019	2018
Note	£	£

Current assets

Debtors	5	1,502,015	1,162,880
Cash at bank and in hand		36,833	25,964
		------------	------------
		1,538,848	1,188,844

Creditors: amounts falling due within one year	6	( 1,154,475)	( 875,824)
		------------	------------
Net current assets		384,373	313,020
		---------	---------
Total assets less current liabilities		384,373	313,020
		---------	---------

Capital and reserves

Called up share capital	7	1	1
Profit and loss account		384,372	313,019
		---------	---------
Shareholders funds		384,373	313,020
		---------	---------

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 Section 1A of 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 income and retained earnings has not been delivered.

For the year 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 year 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:

J.S. Bryant
Director

Company registration number: 5937209

Muxco Wales Ltd

Notes to the Financial Statements

Year ended 31 December 2019

1. General information

The company is a private company limited by shares, registered in England and Wales. The address of the registered office is St Hilary Transmitter, St Hilary, Cowbridge, Vale of Glamorgan, CF71 7DP, Wales.

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

The director has a reasonable expectation that the company has adequate resources to continue operational existence for the foreseeable future. For this reason, the director continues to adopt the going concern basis of accounting in preparing the annual financial statements.

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.

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

Major components of tax expense

	2019	2018
	£	£

Current tax:

UK current tax expense	3,320	–
	-------	----
Tax on profit	3,320	–
	-------	----

5. Debtors

	2019	2018
	£	£
Trade debtors	111,133	46,849
Amounts owed by group undertakings and undertakings in which the company has a participating interest	1,367,572	1,093,259
Other debtors	23,310	22,772
	------------	------------
	1,502,015	1,162,880
	------------	------------

Other debtors include an amount of £nil (2018 - £nil) falling due after more than one year.

6. Creditors: amounts falling due within one year

	2019	2018
	£	£
Trade creditors	105,746	108,797
Amounts owed to group undertakings and undertakings in which the company has a participating interest	960,274	683,112
Corporation tax	3,320	–
Social security and other taxes	19,758	18,779
Other creditors	65,377	65,136
	------------	---------
	1,154,475	875,824
	------------	---------

7. Called up share capital

Issued, called up and fully paid

	2019		2018
	No.	£	No.	£
Ordinary shares of £ 1 each	1	1	1	1
	----	----	----	----

8. Related party transactions

During the year the company was under the control of Nation Broadcasting Limited a company of which J.S. Bryant is executive chairman and majority shareholder. During the year the company 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.

9. Controlling party

The company is a 100% subsidiary of Nation Broadcasting Limited, a company registered in England and Wales. Group accounts are not prepared because the group is small and is not an ineligible group as defined in Section 384 of the Companies Act 2006.