Company registration number 04104532 (England and Wales)
UK DIGITAL RADIO LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 30 JUNE 2022
PAGES FOR FILING WITH REGISTRAR
UK DIGITAL RADIO LIMITED
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 6
UK DIGITAL RADIO LIMITED
BALANCE SHEET
AS AT
30 JUNE 2022
30 June 2022
- 1 -
2022
2021
Notes
£
£
£
£
Fixed assets
Tangible assets
4
2,222
3,414
Current assets
Debtors
5
17,034
115,132
Cash at bank and in hand
116,638
583,664
133,672
698,796
Creditors: amounts falling due within one year
6
(193,730)
(699,739)
Net current liabilities
(60,058)
(943)
Net (liabilities)/assets
(57,836)
2,471
Reserves
Income and expenditure account
(57,836)
2,471
Members' funds
(57,836)
2,471
The directors of the company have elected not to include a copy of the income and expenditure account within the financial statements.
true
For the financial period ended 30 June 2022 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
T
he members have not required the company to obtain an audit of its financial statements for the period in question in accordance with section 476
.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The financial statements were approved by the board of directors and authorised for issue on
11 November 2022
and are signed on its behalf by:
JM Wall
Director
Company Registration No. 04104532
UK DIGITAL RADIO LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 30 JUNE 2022
- 2 -
1
Accounting policies
Company information
UK Digital Radio Limited is a
private
company
limited by guarantee
incorporated in
England and Wales
.
The registered office is
15 Alfred Place, London, WC1E 7EB.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
The financial statements are prepared in
sterling
, which is the functional currency of the company.
Monetary a
mounts
in these financial statements are
rounded to the nearest £.
The financial statements have been prepared under the historical cost convention on a basis other than that of a going concern. The directors no longer intend for the company to trade and it will be liquidated within 12 months of reporting date.
The principal accounting policies adopted are set out below.
1.2
Reporting period
The reporting period in the current period, was extended to 15 months ended 30 June 2022 for commercial reasons. Therefore, the prior period financial statements (including the related notes) for the year ended 31 March 2021 are not entirely comparable.
1.3
Turnover
Turnover is recognised at the fair value of the consideration recei
ved or receivable, excluding Value Added Tax, by way of subscription and sundry income from members. Turnover is recognised on a straight-line basis over the period of the subscription.
1.4
Tangible fixed assets
Tangible fixed assets
are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Leasehold improvements
20% straight line
Fixtures and fittings
15% straight line
Computers
25% straight line
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and
is credited or charged to surplus or deficit
.
1.5
Impairment of fixed assets
At each reporting
period
end date, the
company
reviews the carrying amounts of its tangible
assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any).
UK DIGITAL RADIO LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 30 JUNE 2022
1
Accounting policies
(Continued)
- 3 -
1.6
Financial instruments
The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.
Basic financial assets
Basic financial assets, which include
debtors
and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest
method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest.
Financial assets classified as receivable within one year are not amortised.
Impairment of financial assets
Financial assets, other than those
held
at
fair value through surplus and deficit
, are assessed for indicators of impairment at each reporting end date.
Financial assets are impaired where there is objective evidence that, as a result of one or more events that occurred after the initial recognition of the financial asset, the estimated future cash flows have been affected.
If an asset is impaired, the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss is recognised in surplus or deficit.
If there is a decrease in the impairment loss arising from an event occurring after the impairment was recognised, the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been, had the impairment not previously been recognised. The impairment reversal is recognised in surplus or deficit.
Derecognition of financial assets
Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when
the company
transfers the financial asset and substantially all the risks and rewards of ownership to another entity, or if some significant risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party.
Classification of financial liabilities
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.
Basic financial liabilities
Basic financial liabilities, including
creditors
, bank loans, loans from
fellow group companies and preference shares that are classified as debt, are
initially recognised at transaction price unless the arrangement constitutes a
financing transaction, where the debt instrument is measured at the present value of
the future
paymen
ts discounted at a market rate of interest.
Financial liabilities classified as payable within one year are not amortised.
Debt instruments are subsequently carried at amortised cost, using the effective
interest rate method.
Trade creditors
are obligations to pay for goods or services that have been acquired
in the ordinary course of business from suppliers. A
m
ounts payable are classified as
current liabilities if payment is due within one year or less. If not, they are presented
as non-current liabilities.
Trade creditors
are recognised initially at transaction price
and subsequently measured at amortised cost using the effective interest method.
UK DIGITAL RADIO LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 30 JUNE 2022
1
Accounting policies
(Continued)
- 4 -
Derecognition of financial liabilities
Financial liabilities are derecognised when the company’s contractual obligations
expire or are discharged or cancelled.
1.7
Taxation
The tax expense represents the sum of the tax currently payable
.
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the
profit and loss account
because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The
company’s
liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
1.8
Employee benefits
The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or
fixed assets
.
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received
, if considered material to the financial statements
.
Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.
1.9
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
1.10
Leases
Rentals payable under operating leases,
including
any lease incentives received, are charged to
profit or loss
on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the lease
s
asset are consumed.
2
Employees
The average monthly number of persons (including directors receiving remuneration) employed by the company during the period was:
2022
2021
Number
Number
Total
2
2
3
Taxation
2022
2021
£
£
Current tax
UK corporation tax on profits for the current period
980
Adjustments in respect of prior periods
(4,991)
Total current tax
(4,991)
980
UK DIGITAL RADIO LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 30 JUNE 2022
3
Taxation
2022
2021
£
£
(Continued)
- 5 -
Deferred tax
Origination and reversal of timing differences
(436)
Total tax (credit)/charge
(4,991)
544
4
Tangible fixed assets
Leasehold improvements
Fixtures and fittings
Computers
Total
£
£
£
£
Cost
At 1 April 2021
27,361
20,830
17,281
65,472
Additions
467
467
At 30 June 2022
27,361
20,830
17,748
65,939
Depreciation and impairment
At 1 April 2021
27,361
20,017
14,680
62,058
Depreciation charged in the period
148
1,511
1,659
At 30 June 2022
27,361
20,165
16,191
63,717
Carrying amount
At 30 June 2022
665
1,557
2,222
At 31 March 2021
813
2,601
3,414
5
Debtors
2022
2021
Amounts falling due within one year:
£
£
Trade debtors
111,600
Corporation tax recoverable
5,383
Other debtors
11,651
3,532
17,034
115,132
UK DIGITAL RADIO LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 30 JUNE 2022
- 6 -
6
Creditors: amounts falling due within one year
2022
2021
£
£
Trade creditors
1,355
38,743
Corporation tax
588
Other taxation and social security
14,560
78,370
Other creditors
177,815
582,038
193,730
699,739
7
Members' liability
The company is limited by guarantee, not having a share capital and consequently the liability of members is limited, subject to an undertaking by each member to contribute to the net assets or liabilities of the company on winding up such amounts as may be required not exceeding £1.
There were five (2021: five) corporate members at the reporting date.
8
Operating lease commitments
Lessee
At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, as follows:
2022
2021
£
£
Within one year
30,625
30,625
9
Related party transactions
The five corporate members (2021: five) are related by virtue of being represented on the board of directors as well as being a member of the company.
During the year membership subscriptions of £783,644 (2021: £663,999) were charged to members. Amounts due from the members at the reporting date totalled £nil (2021: £90,000). During the year the company was charged administration and property costs from members of £78,199 (2021: £102,036) of which £nil (2021: £nil) was outstanding at the reporting date.