Able Radio 31/10/2021 iXBRL

Able Radio 31/10/2021 iXBRL

ABLE RADIO - Company Information

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Company registration number: 06730986
Able Radio
Company limited by guarantee
Unaudited filleted financial statements
31 October 2021
Able Radio
Company limited by guarantee
Contents
Directors and other information
Statement of financial position
Notes to the financial statements
Able Radio
Company limited by guarantee
Directors and other information
Directors
R J C Symons (Resigned 24 October 2021)
M D Wainwright
M Greenwood
S J O'Dwyer
L C Pocock
L Williams
Company number 06730986
Registered office Nant Bran Upper Cwmbran Road
Cwmbran
Torfaen
Wales
NP44 1SN
Accountants Beverley & Williams Accountants Ltd
Unit A, St David's House
Feeder Row
Cwmcarn
Newport, Gwent
NP11 7ED
Able Radio
Company limited by guarantee
Statement of financial position
31 October 2021
2021 2020
Note £ £ £ £
Fixed assets
Tangible assets 6 286,265 302,635
_______ _______
286,265 302,635
Current assets
Stock and work in progress 10,534 10,095
Debtors 7 22,185 6,021
Cash at bank and in hand 44,897 99,275
_______ _______
77,616 115,391
Creditors: amounts falling due
within one year 8 ( 29,207) ( 53,418)
_______ _______
Net current assets 48,409 61,973
_______ _______
Total assets less current liabilities 334,674 364,608
Creditors: amounts falling due
after more than one year 9 ( 265,345) ( 283,676)
Provisions for liabilities ( 976) ( 2,866)
_______ _______
Net assets 68,353 78,066
_______ _______
Capital and reserves
Profit and loss account 68,353 78,066
_______ _______
Members funds 68,353 78,066
_______ _______
For the year ending 31 October 2021 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.
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 comprehensive income has not been delivered.
These financial statements were approved by the board of directors and authorised for issue on 09 February 2022 , and are signed on behalf of the board by:
M D Wainwright
Director
Company registration number: 06730986
Able Radio
Company limited by guarantee
Notes to the financial statements
Year ended 31 October 2021
1. General information
The company is a private company limited by guarantee, registered in England and Wales. The address of the registered office is Nant Bran Upper Cwmbran Road, Cwmbran, Torfaen, Wales, NP44 1SN.
2. Statement of compliance
These financial statements have been prepared in compliance with the provisions of FRS 102, Section 1A, 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'. The Triennial review 2017 amendments to the standard have been early adopted.
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.
Turnover
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax.
Revenue from the sale of goods is recognised when the significant risks and rewards of ownership 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 the statement of comprehensive income, except to the extent that it relates to items recognised in other comprehensive income or directly in capital and reserves. In this case, tax is recognised in other comprehensive income or directly in capital and reserves, 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 are 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. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in capital and reserves, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in capital and reserves in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in capital and reserves in respect of that asset, the excess shall be recognised in profit or loss.
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:
Long leasehold improvements - Straight line over the term of the lease
Fittings fixtures and equipment - 20 % straight line
Office equipment - 20 % straight line
If there is an indication that there has been a significant change in depreciation rate, useful life or residual value of tangible assets, the depreciation is revised prospectively to reflect the new estimates.
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stocks to their present location and condition.
Government grants
Government grants are recognised at the fair value of the asset received or receivable. Grants are not recognised until there is reasonable assurance that the company will comply with the conditions attaching to them and the grants will be received. Government grants are recognised using the accrual model and the performance model. Under the accrual model, government grants relating to revenue are recognised on a systematic basis over the periods in which the company recognises the related costs for which the grant is intended to compensate. Grants that are receivable as compensation for expenses or losses already incurred or for the purpose of giving immediate financial support to the entity with no future related costs are recognised in income in the period in which it becomes receivable. Grants relating to assets are recognised in income on a systematic basis over the expected useful life of the asset. Where part of a grant relating to an asset is deferred, it is recognised as deferred income and not deducted from the carrying amount of the asset. Under the performance model, where the grant does not impose specified future performance-related conditions on the recipient, it is recognised in income when the grant proceeds are received or receivable. Where the grant does impose specified future performance-related conditions on the recipient, it is recognised in income only when the performance-related conditions have been met. Where grants received are prior to satisfying the revenue recognition criteria, they are recognised as a liability.
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 in finance costs in profit or loss in the period it arises.
Financial instruments
A financial asset or a financial liability is recognised only when the company 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. Where investments in non-convertible preference shares and non-puttable ordinary shares or preference shares are publicly traded or their fair value can otherwise be measured reliably, the investment is subsequently measured at fair value with changes in fair value recognised in profit or loss. All other such investments are subsequently measured at cost less impairment. Other financial instruments, including derivatives, are initially recognised at fair value, unless payment for an asset is deferred beyond normal business terms or financed at a rate of interest that is not a market rate, in which case the asset is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Other financial instruments are subsequently measured at fair value, with any changes recognised in profit or loss, with the exception of hedging instruments in a designated hedging relationship.
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. For all equity instruments regardless of significance, and other financial assets that are individually significant, these are assessed individually for impairment. Other financial assets or either assessed individually or grouped on the basis of similar credit risk characteristics. Any reversals of impairment are recognised in profit or loss immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised.
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. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised in finance costs in profit or loss in the period in which it arises.
4. Limited by guarantee
The company is limited by guarantee and does not have a share capital. The liability of the members in the event of the company being liquidated is limited to one pound per member.
5. Employee numbers
The average number of persons employed by the company during the year amounted to 9 (2020: 8 ).
6. Tangible assets
Long leasehold improvements Fixtures, fittings and equipment Office equipment Total
£ £ £ £
Cost
At 1 November 2020 367,086 65,210 11,159 443,455
Additions - 2,489 404 2,893
_______ _______ _______ _______
At 31 October 2021 367,086 67,699 11,563 446,348
_______ _______ _______ _______
Depreciation
At 1 November 2020 79,533 51,744 9,543 140,820
Charge for the year 14,683 4,050 530 19,263
_______ _______ _______ _______
At 31 October 2021 94,216 55,794 10,073 160,083
_______ _______ _______ _______
Carrying amount
At 31 October 2021 272,870 11,905 1,490 286,265
_______ _______ _______ _______
At 31 October 2020 287,553 13,466 1,616 302,635
_______ _______ _______ _______
7. Debtors
2021 2020
£ £
Trade debtors 22,185 3,946
Other debtors - 2,075
_______ _______
22,185 6,021
_______ _______
8. Creditors: amounts falling due within one year
2021 2020
£ £
Loan 2,688 2,688
Trade creditors 2,504 3,590
Corporation tax ( 94) 1,901
Social security and other taxes 3,514 14,189
Other creditors 20,595 31,050
_______ _______
29,207 53,418
_______ _______
9. Creditors: amounts falling due after more than one year
2021 2020
£ £
Other creditors 265,345 283,676
_______ _______
10. Government grants
2021 2020
£ £
At start of year 291,479 303,985
Grants received or receivable (-) 2,614
Released to the profit or loss (15,643) (15,120)
_______ _______
At end of year 275,836 291,479
_______ _______
The amounts recognised in the for government grants are as follows:
2021 2020
£ £
Recognised in creditors:
Deferred government grants due within one year 15,643 15,643
Deferred government grants due after more than one year 260,193 275,836
_______ _______
275,836 291,479
_______ _______
Recognised in other operating income:
Government grants recognised directly in income 15,643 15,120
_______ _______
Able Radio has received a government grant for leasehold improvements that is being released to the profit and loss account over the term of the 25 year lease. Able Radio has also received grants that are being released to the profit and loss account over a five year period.
11. Pension commitments
The company operates a defined contribution pension scheme for the employees of the company. At the balance sheet date there were no unpaid contributions due to the fund.
12. Other financial commitments
As at 31 October 2021 the company had an annual rent commitment under a 25 year lease of a £1 peppercorn rent due per annum.