BW Broadcast Limited
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Registered number: |
04720476
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Directors' Report |
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The directors present their report and accounts for the year ended 31 March 2021. |
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Principal activities |
The company's principal activity during the year continued to be that of the design and manufacturing, sale and distribution of radio and other electronic equipment.
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Directors |
The following persons served as directors during the year: |
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Mr J S Incz (Deceased)
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Mr R S Howe (Deceased)
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Mr P Borgula (Resigned on 06/04/2021)
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Michael Hall (Appointed 24/08/2021)
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Small company provisions |
This report has been prepared in accordance with the provisions in Part 15 of the Companies Act 2006 applicable to companies subject to the small companies regime.
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This report was approved by the board on 20 December 2021 and signed by its order. |
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Additional note |
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Sadly following the year end the Managing Director of the Company, Mr S Incz died. |
I would like to express my condolences to his friends and family and those of the |
previously deceased Director and shareholder Mr R Howe. These developments left the |
company without a Director and the Company ceased to trade in July 2021. |
Michael Hall was appointed Director in August 2021 following a Court application |
by the Administrator of Mr Howe's estate. Mr Hall had no previous connection with either |
the Company or its shareholders. A decision on the future of the Companies will be made |
following the granting of Probate for the estates of Mr Incz and Mr Howe. |
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The accounts have been submitted on the basis of information available from the |
accounting records but there are a number of areas which could not be checked prior |
to the filing. No stock count or verification of some creditor and debtor balances could be |
completed. The company is not trading at present and the accounts have not been |
prepared on a going concern basis. |
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Michael Hall |
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Director |
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BW Broadcast Limited
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Notes to the Accounts |
for the year ended 31 March 2021
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1 |
Accounting policies |
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Basis of preparation |
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The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).
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Turnover |
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Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer.
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Intangible fixed assets |
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Intangible fixed assets are measured at cost less accumulative amortisation and any accumulative impairment losses.
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Tangible fixed assets |
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Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
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Plant and machinery |
20% reducing balance basis |
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Investments |
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Investments made during the year in the sum of £54054 have been written off.
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Stocks |
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Stocks are based on the amounts as per the Sage 200 records.
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Debtors |
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Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts. A provision for bad debts has been made in respect of Debtors over 120 days.
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Creditors |
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Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
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Taxation |
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A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. Unrelieved tax losses and other deferred tax assets are recognised only 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 and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
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Provisions |
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Provisions (ie liabilities of uncertain timing or amount) are recognised when there is an obligation at the reporting date as a result of a past event, it is probable that economic benefit will be transferred to settle the obligation and the amount of the obligation can be estimated reliably.
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Foreign currency translation |
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Transactions in foreign currencies are initially recognised at the rate of exchange ruling at the date of the transaction. At the end of each reporting period foreign currency monetary items are translated at the closing rate of exchange. Non-monetary items that are measured at historical cost are translated at the rate ruling at the date of the transaction. All differences are charged to profit or loss.
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Leased assets |
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A lease is classified as a finance lease if it transfers substantially all the risks and rewards incidental to ownership. All other leases are classified as operating leases. The rights of use and obligations under finance leases are initially recognised as assets and liabilities at amounts equal to the fair value of the leased assets or, if lower, the present value of the minimum lease payments. Minimum lease payments are apportioned between the finance charge and the reduction in the outstanding liability using the effective interest rate method. The finance charge is allocated to each period during the lease so as to produce a constant periodic rate of interest on the remaining balance of the liability. Leased assets are depreciated in accordance with the company's policy for tangible fixed assets. If there is no reasonable certainty that ownership will be obtained at the end of the lease term, the asset is depreciated over the lower of the lease term and its useful life. Operating lease payments are recognised as an expense on a straight line basis over the lease term.
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Pensions |
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Contributions to defined contribution plans are expensed in the period to which they relate.
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2 |
Employees |
2021 |
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2020 |
Number |
Number |
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Average number of persons employed by the company |
14 |
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26 |
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3 |
Tangible fixed assets |
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Plant and machinery etc |
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Motor vehicles |
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Total |
£ |
£ |
£ |
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Cost |
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At 1 April 2020 |
54,065 |
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74,047 |
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128,112 |
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Additions |
5,893 |
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(73,214) |
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(67,321) |
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At 31 March 2021 |
59,958 |
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833 |
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60,791 |
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Depreciation |
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At 1 April 2020 |
30,796 |
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54,570 |
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85,366 |
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Charge for the year |
5,832 |
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133 |
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5,965 |
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On disposals |
- |
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(54,404) |
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(54,404) |
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At 31 March 2021 |
36,628 |
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299 |
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36,927 |
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Net book value |
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At 31 March 2021 |
23,330 |
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534 |
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23,864 |
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At 31 March 2020 |
23,269 |
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19,477 |
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42,746 |
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4 |
Debtors |
2021 |
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2020 |
£ |
£ |
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Trade debtors |
225,941 |
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416,320 |
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Other debtors |
9,572 |
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16,364 |
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235,513 |
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432,684 |
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5 |
Creditors: amounts falling due within one year |
2021 |
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2020 |
£ |
£ |
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Bank loans and overdrafts |
(24) |
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(24) |
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Trade creditors |
12,270 |
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77,352 |
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Amounts owed to group undertakings and undertakings in which the company has a participating interest |
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306,970 |
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259,694 |
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Other taxes and social security costs |
(66,039) |
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13,704 |
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Other creditors |
26,496 |
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23,528 |
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279,673 |
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374,254 |
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6 |
Related party transactions |
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Aquarian Broadcast Group Ltd
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At the balance sheet date the company owed £295910 to Aquarian Broadcast Group Ltd. |
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Broadcast Warehouse Ltd |
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Foreign currency is passed between the companies based on the timing, availability and |
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requirement for the currency. |
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At the balance sheet date £11060 was owed to Broadcast Warehouse Ltd. |
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During the year salary and other costs were recharged by Broadcast Warehouse Ltd. |
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At the Balance Sheet date a sum for these costs was payable to Broadcast Warehouse |
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Ltd. |
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7 |
Other information |
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BW Broadcast Limited is a private company limited by shares and incorporated in England. Its registered office is: |
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C/O Able & Young Ltd |
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Airport House |
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Purley Way |
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Croydon, Surrey |
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CR0 0XZ |