Haven FM (Pembrokeshire) Limited Filleted accounts for Companies House (small and micro)

HAVEN FM (PEMBROKESHIRE) LIMITED - Company Information

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COMPANY REGISTRATION NUMBER: 4115826

Haven FM (Pembrokeshire) Limited

Filleted Unaudited Financial Statements

31 December 2021

Haven FM (Pembrokeshire) Limited

Financial Statements

Year ended 31 December 2021

Contents	Pages

Statement of financial position	1 to 2

Notes to the financial statements	3 to 7

Haven FM (Pembrokeshire) Limited

Statement of Financial Position

31 December 2021

	2021	2020
Note	£	£

Fixed assets

Tangible assets	5	2,141	2,756

Current assets

Debtors	6	3,232,920	3,320,092
Cash at bank and in hand		17,626	17,143
		------------	------------
		3,250,546	3,337,235

Creditors: amounts falling due within one year	7	( 1,973,981)	( 2,186,726)
		------------	------------
Net current assets		1,276,565	1,150,509
		------------	------------
Total assets less current liabilities		1,278,706	1,153,265

Provisions

Taxation including deferred tax	8	( 144)	( 209)
		------------	------------
Net assets		1,278,562	1,153,056
		------------	------------

Capital and reserves

Called up share capital	10	15,000	15,000
Share premium account		27,475	27,475
Profit and loss account		1,236,087	1,110,581
		------------	------------
Shareholders funds		1,278,562	1,153,056
		------------	------------

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 2021 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 .

Haven FM (Pembrokeshire) Limited

Statement of Financial Position (continued)

31 December 2021

These financial statements were approved by the board of directors and authorised for issue on 22 June 2022 , and are signed on behalf of the board by:

J.S. Bryant
Director

Company registration number: 4115826

Haven FM (Pembrokeshire) Limited

Notes to the Financial Statements

Year ended 31 December 2021

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.

Tangible assets

Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated 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:

Studio Build	-	15% reducing balance
Computer Equipment	-	25% reducing balance
Fixtures, Fittings & Equipment	-	25% reducing balance

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.

Provisions

Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised as a finance cost in profit or loss in the period it arises.

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

	2021	2020
	£	£

Current tax:

UK current tax expense	16,498	27,864

Deferred tax:

Origination and reversal of timing differences	( 65)	1,784
	--------	--------
Tax on profit	16,433	29,648
	--------	--------

5. Tangible assets

	Computer Equipment	Total
	£	£
Cost
At 1 January 2021 and 31 December 2021	7,218	7,218
	-------	-------
Depreciation
At 1 January 2021	4,462	4,462
Charge for the year	615	615
	-------	-------
At 31 December 2021	5,077	5,077
	-------	-------
Carrying amount
At 31 December 2021	2,141	2,141
	-------	-------
At 31 December 2020	2,756	2,756
	-------	-------

6. Debtors

	2021	2020
	£	£
Trade debtors	–	479
Amounts owed by group undertakings and undertakings in which the company has a participating interest	3,194,902	3,241,317
Other debtors	38,018	78,296
	------------	------------
	3,232,920	3,320,092
	------------	------------

Other debtors include an amount of £nil (2020 - £nil) falling due after more than one year.

7. Creditors: amounts falling due within one year

	2021	2020
	£	£
Trade creditors	35,079	92,870
Amounts owed to group undertakings and undertakings in which the company has a participating interest	1,877,153	2,008,093
Corporation tax	16,498	27,864
Other creditors	45,251	57,899
	------------	------------
	1,973,981	2,186,726
	------------	------------

The Barclays Bank PLC bank facilities are secured by a fixed and floating charge, dated 14 October 2020, over the assets of the company.

8. Provisions

	Deferred tax (note 9)
	£
At 1 January 2021	209
Charge against provision	( 65)
	----
At 31 December 2021	144
	----

9. Deferred tax

The deferred tax included in the statement of financial position is as follows:

	2021	2020
	£	£
Included in provisions (note 8)	144	209
	----	----

The deferred tax account consists of the tax effect of timing differences in respect of:

	2021	2020
	£	£
Accelerated capital allowances	144	209
	----	----

10. Called up share capital

Issued, called up and fully paid

	2021		2020
	No.	£	No.	£
Ordinary shares of £ 1 each	15,000	15,000	15,000	15,000
	--------	--------	--------	--------

11. Contingencies

Contingent liabilities as at the balance sheet date were as follows: The Company is a member of a group for VAT purposes, resulting in a joint and several liability for amounts owing by other group companies for unpaid VAT.

12. 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 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.

13. 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.