Nation Radio Limited Company Accounts

NATION RADIO LIMITED - Company Information

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COMPANY REGISTRATION NUMBER: 4041838

Nation Radio Limited

Filleted Unaudited Financial Statements

31 December 2016

Nation Radio Limited

Financial Statements

Year ended 31 December 2016

Contents	Pages

Officers and professional advisers	1

Chartered accountants report to the director on the preparation of the unaudited statutory financial statements	2

Statement of financial position	3

Notes to the financial statements	4 to 8

Nation Radio Limited

Officers and Professional Advisers

Director	J.S. Bryant

Company secretary	M.S. Mumford

Registered office	14 The Old School Estate
	Station Road
	Narberth
	Pembrokeshire
	Wales
	SA67 7DU

Accountants	Evens & Co Ltd
	Chartered Accountants
	Hamilton House
	Hamilton Terrace
	Milford Haven
	Pembrokeshire
	SA73 3JP

Nation Radio Limited

Chartered Accountants Report to the Director on the Preparation of the Unaudited Statutory Financial Statements of Nation Radio Limited

Year ended 31 December 2016

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Nation Radio Limited for the year ended 31 December 2016, which comprise the statement of financial position and the related notes from the company's accounting records and from information and explanations you have given us. As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed at www.icaew.com/en/membership/regulations-standards-and-guidance. This report is made solely to the director of Nation Radio Limited in accordance with the terms of our engagement letter dated 30 March 2016. Our work has been undertaken solely to prepare for your approval the financial statements of Nation Radio Limited and state those matters that we have agreed to state to you in this report in accordance with ICAEW Technical Release 07/16 AAF as detailed at www.icaew.com/compilation. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Nation Radio Limited and its director for our work or for this report.

It is your duty to ensure that Nation Radio Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and loss of Nation Radio Limited. You consider that Nation Radio Limited is exempt from the statutory audit requirement for the year. We have not been instructed to carry out an audit or a review of the financial statements of Nation Radio Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.

Evens & Co Ltd Chartered Accountants

Hamilton House Hamilton Terrace Milford Haven Pembrokeshire SA73 3JP

22 August 2017

Nation Radio Limited

Statement of Financial Position

31 December 2016

	2016	2015
Note	£	£

Fixed assets

Tangible assets	6	151,759	155,964

Current assets

Debtors	7	735,550	602,904
Cash at bank and in hand		49,564	20,481
		---------	---------
		785,114	623,385

Creditors: amounts falling due within one year	8	( 1,333,107)	( 1,166,494)
		------------	------------
Net current liabilities		( 547,993)	( 543,109)
		---------	---------
Total assets less current liabilities		( 396,234)	( 387,145)

Provisions

Taxation including deferred tax	( 20,440)	( 24,184)
	---------	---------
Net liabilities	( 416,674)	( 411,329)
	---------	---------

Capital and reserves

Called up share capital	10	100	100
Share premium account		605,901	605,901
Profit and loss account		( 1,022,675)	( 1,017,330)
		------------	------------
Members deficit		( 416,674)	( 411,329)
		------------	------------

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 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 2016 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 22 August 2017 , and are signed on behalf of the board by:

J.S. Bryant
Director

Company registration number: 4041838

Nation Radio Limited

Notes to the Financial Statements

Year ended 31 December 2016

1. General information

The company is a private company limited by shares, registered in England and Wales. The address of the registered office is 14 The Old School Estate, Station Road, Narberth, Pembrokeshire, SA67 7DU, Wales.

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 the Republic of Ireland'.

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. The company is dependent upon its parent company and fellow subsidiaries for financial support. The director has prepared cash flow forecasts for the forthcoming 12 months. The company has net current liabilities of £547,993 (2015 - £543,109). The board has received appropriate assurance from Nation Broadcasting Limited that it will continue to provide financial support to the company for the foreseeable future to enable it to meet its liabilities as they fall due. On this basis, the director considers it appropriate to prepare the financial statements on a going concern basis.

Transition to FRS 102

The entity transitioned from previous UK GAAP to FRS 102 as at 1 January 2015. Details of how FRS 102 has affected the reported financial position and financial performance is given in note 14.

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.

Pension costs

The company operates a defined contribution scheme plan for its employees. A defined contribution plan is a pension plan under which the company pays fixed contributions into a separate entity. Once the contributions have been paid the company has no further payment obligations.

The contributions are recognised as an expense in the statement of comprehensive income when they fall due. Amounts not paid are shown in accruals as a liability in the statement of financial position. The assets of the plan are held separately from the company in independently administered funds.

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:

Fixtures & Fittings	-	25% straight line
Technical Equipment	-	15% straight line
Studio Computer Equipment	-	15% reducing balance
Office & Computer 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.

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. Employee numbers

The average number of persons employed by the company during the year amounted to 10 (2015: 8 ).

5. Tax on (loss)/profit

Major components of tax (income)/expense

	2016	2015
	£	£

Current tax:

UK current tax expense	–	4,000

Deferred tax:

Origination and reversal of timing differences	( 3,744)	( 535)
	-------	-------
Tax on (loss)/profit	( 3,744)	3,465
	-------	-------

6. Tangible assets

	Fixtures & Fittings	Technical Equipment	Studio Computer Equipment	Office & Computer Equipment	Total
	£	£	£	£	£
Cost
At 1 January 2016	1,331	207,174	34,675	22,673	265,853
Additions	1,776	11,852	14,353	10,603	38,584
	-------	---------	--------	--------	---------
At 31 December 2016	3,107	219,026	49,028	33,276	304,437
	-------	---------	--------	--------	---------
Depreciation
At 1 January 2016	526	91,363	9,141	8,859	109,889
Charge for the year	593	32,656	4,847	4,693	42,789
	-------	---------	--------	--------	---------
At 31 December 2016	1,119	124,019	13,988	13,552	152,678
	-------	---------	--------	--------	---------
Carrying amount
At 31 December 2016	1,988	95,007	35,040	19,724	151,759
	-------	---------	--------	--------	---------
At 31 December 2015	805	115,811	25,534	13,814	155,964
	-------	---------	--------	--------	---------

7. Debtors

	2016	2015
	£	£
Trade debtors	152,872	195,712
Amounts owed by group undertakings and undertakings in which the company has a participating interest	516,138	363,735
Other debtors	66,540	43,457
	---------	---------
	735,550	602,904
	---------	---------

Other debtors include an amount of £nil (2015 - £nil) falling due after more than one year.

8. Creditors: amounts falling due within one year

	2016	2015
	£	£
Trade creditors	165,621	162,759
Amounts owed to group undertakings and undertakings in which the company has a participating interest	1,058,124	885,253
Corporation tax	–	4,000
Social security and other taxes	7,086	17,714
Other creditors	102,276	96,768
	------------	------------
	1,333,107	1,166,494
	------------	------------

The bank facilities of the group companies are secured by a debenture and guarantee dated 23 November 2011, and a fixed and floating charge over the assets of the company.

9. Deferred tax

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

	2016	2015
	£	£
Included in provisions	20,440	24,184
	--------	--------

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

	2016	2015
	£	£
Accelerated capital allowances	24,604	24,184
Provisions	( 4,164)	–
	--------	--------
	20,440	24,184
	--------	--------

10. Called up share capital

Issued, called up and fully paid

	2016		2015
	No.	£	No.	£
Ordinary shares of £ 1 each	100	100	100	100
	----	----	----	----

11. Contingencies

Contingent liabilities as at the balance sheet date were as follows: a) The Company provides a guarantee to other group companies by way of a cross guarantee, debenture and charge held by Barclays Bank PLC. b) 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 purchased services of £324,752 (2015 - £243,078) from Nation Resources Limited, a company which was under the control of J.S. Bryant during the year as executive chairman and majority shareholder. These transactions were made at an arms length basis. At the year end date, the company owed Nation Resources Limited, £77,590 (2015 - £59,166). 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.

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.

14. Transition to FRS 102

These are the first financial statements that comply with FRS 102. The company transitioned to FRS 102 on 1 January 2015.

No transitional adjustments were required in equity or profit or loss for the year.