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

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

SUN FM LIMITED - Company Information

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0 false false false false false false false false false true false false false false false false 2022-01-01 Sage Accounts Production Advanced 2021 - FRS102_2021 3,652 3,652 320 320 3,332 xbrli:pure xbrli:shares iso4217:GBP 2955400 2022-01-01 2022-12-31 2955400 2022-12-31 2955400 2021-01-01 2021-12-31 2955400 2021-12-31 2955400 bus:OrdinaryShareClass1 2022-01-01 2022-12-31 2955400 bus:Director1 2022-01-01 2022-12-31 2955400 core:WithinOneYear 2022-12-31 2955400 core:WithinOneYear 2021-12-31 2955400 core:UKTax 2021-01-01 2021-12-31 2955400 core:ShareCapital 2022-12-31 2955400 core:ShareCapital 2021-12-31 2955400 core:RetainedEarningsAccumulatedLosses 2022-12-31 2955400 core:RetainedEarningsAccumulatedLosses 2021-12-31 2955400 core:ProvisionsDeferredTax 2022-12-31 2955400 core:ProvisionsDeferredTax 2021-12-31 2955400 bus:SmallEntities 2022-01-01 2022-12-31 2955400 bus:AuditExemptWithAccountantsReport 2022-01-01 2022-12-31 2955400 bus:FullAccounts 2022-01-01 2022-12-31 2955400 bus:SmallCompaniesRegimeForAccounts 2022-01-01 2022-12-31 2955400 bus:PrivateLimitedCompanyLtd 2022-01-01 2022-12-31 2955400 bus:OrdinaryShareClass1 2022-12-31 2955400 bus:OrdinaryShareClass1 2021-12-31 2955400 core:OfficeEquipment 2022-01-01 2022-12-31 2955400 core:OfficeEquipment 2022-12-31
COMPANY REGISTRATION NUMBER: 2955400
Sun FM Limited
Filleted Unaudited Financial Statements
31 December 2022
Sun FM Limited
Financial Statements
Year ended 31 December 2022
Contents
Pages
Statement of financial position
1
Notes to the financial statements
2 to 5
Sun FM Limited
Statement of Financial Position
31 December 2022
2022
2021
Note
£
£
Fixed assets
Tangible assets
5
3,332
–
Current assets
Debtors
6
916,052
736,484
Cash at bank and in hand
29,824
24,697
---------
---------
945,876
761,181
Creditors: amounts falling due within one year
7
( 421,803)
( 303,874)
---------
---------
Net current assets
524,073
457,307
---------
---------
Total assets less current liabilities
527,405
457,307
---------
---------
Capital and reserves
Called up share capital
9
2
2
Profit and loss account
527,403
457,305
---------
---------
Shareholders funds
527,405
457,307
---------
---------
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 2022 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 21 August 2023 , 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 2022
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:
Equipment
-
15% 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.
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
2022
2021
£
£
Current tax:
UK current tax expense
–
12,131
Deferred tax:
Origination and reversal of timing differences
1,520
1,406
-------
--------
Tax on profit
1,520
13,537
-------
--------
5. Tangible assets
Equipment
£
Cost
At 1 January 2022
–
Additions
3,652
-------
At 31 December 2022
3,652
-------
Depreciation
At 1 January 2022
–
Charge for the year
320
-------
At 31 December 2022
320
-------
Carrying amount
At 31 December 2022
3,332
-------
At 31 December 2021
–
-------
6. Debtors
2022
2021
£
£
Trade debtors
47,768
60,073
Amounts owed by group undertakings and undertakings in which the company has a participating interest
846,509
655,955
Other debtors
21,775
20,456
---------
---------
916,052
736,484
---------
---------
Other debtors include an amount of £nil (2021 - £nil) falling due after more than one year.
7. Creditors: amounts falling due within one year
2022
2021
£
£
Trade creditors
40,555
25,215
Amounts owed to group undertakings and undertakings in which the company has a participating interest
316,586
190,603
Corporation tax
–
12,131
Social security and other taxes
7,262
13,367
Other creditors
57,400
62,558
---------
---------
421,803
303,874
---------
---------
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:
2022
2021
£
£
Included in debtors (note 6)
7,683
9,203
-------
-------
The deferred tax account consists of the tax effect of timing differences in respect of:
2022
2021
£
£
Provisions
( 7,683)
( 9,203)
-------
-------
9. Called up share capital
Issued, called up and fully paid
2022
2021
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 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.