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

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COMPANY REGISTRATION NUMBER: 2955400

Sun FM Limited

Filleted Unaudited Financial Statements

31 December 2020

Sun FM Limited

Financial Statements

Year ended 31 December 2020

Contents	Pages

Statement of financial position	1

Notes to the financial statements	2 to 5

Sun FM Limited

Statement of Financial Position

31 December 2020

	2020	2019
Note	£	£

Fixed assets

Tangible assets	5	–	21,621

Current assets

Debtors	6	559,472	499,907
Cash at bank and in hand		29,565	18,538
		---------	---------
		589,037	518,445

Creditors: amounts falling due within one year	7	( 187,799)	( 204,029)
		---------	---------
Net current assets		401,238	314,416
		---------	---------
Total assets less current liabilities		401,238	336,037
		---------	---------

Capital and reserves

Called up share capital	9	2	2
Profit and loss account		401,236	336,035
		---------	---------
Shareholders funds		401,238	336,037
		---------	---------

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 2020 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 25 June 2021 , and are signed on behalf of the board by:

J.S. Bryant
Director

Company registration number: 2955400

Sun FM Limited

Notes to the Financial Statements

Year ended 31 December 2020

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
Furniture, fittings and 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 .

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.

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 income

	2020	2019
	£	£

Deferred tax:

Origination and reversal of timing differences	( 3,390)	( 7,219)
	-------	-------
Tax on profit	( 3,390)	( 7,219)
	-------	-------

5. Tangible assets

	Studio build	Furniture, fittings and equipment	Total
	£	£	£
Cost
At 1 January 2020	4,412	336,841	341,253
Additions	–	11,186	11,186
Disposals	( 4,412)	( 348,027)	( 352,439)
	-------	---------	---------
At 31 December 2020	–	–	–
	-------	---------	---------
Depreciation
At 1 January 2020	3,261	316,371	319,632
Charge for the year	173	7,451	7,624
Disposals	( 3,434)	( 323,822)	( 327,256)
	-------	---------	---------
At 31 December 2020	–	–	–
	-------	---------	---------
Carrying amount
At 31 December 2020	–	–	–
	-------	---------	---------
At 31 December 2019	1,151	20,470	21,621
	-------	---------	---------

6. Debtors

	2020	2019
	£	£
Trade debtors	70,925	173,990
Amounts owed by group undertakings and undertakings in which the company has a participating interest	448,960	277,671
Other debtors	39,587	48,246
	---------	---------
	559,472	499,907
	---------	---------

Other debtors include an amount of £nil (2019 - £nil) falling due after more than one year.

7. Creditors: amounts falling due within one year

	2020	2019
	£	£
Trade creditors	79,430	79,546
Amounts owed to group undertakings and undertakings in which the company has a participating interest	40,530	28,411
Social security and other taxes	10,543	11,438
Other creditors	57,296	84,634
	---------	---------
	187,799	204,029
	---------	---------

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. Deferred tax

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

	2020	2019
	£	£
Included in debtors (note 6)	10,609	7,219
	--------	-------

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

	2020	2019
	£	£
Accelerated capital allowances	( 9,433)	( 5,460)
Provisions	( 1,176)	( 1,759)
	--------	-------
	(10,609)	(7,219)
	--------	-------

9. Called up share capital

Issued, called up and fully paid

	2020		2019
	No.	£	No.	£
Ordinary shares of £ 1 each	2	2	2	2
	----	----	----	----

10. 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.

11. 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.

12. 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.