| Sangat 1 Limited |
| Notes to the Accounts |
| for the year ended 31 August 2018 |
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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 represents net invoiced sales of goods and services, excluding value tax arising from the of provision of television and broadcasting. Income is recognised on delivery of service. |
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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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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. |
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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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| 2 |
Intangible fixed assets |
£ |
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EPG Licence: |
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Cost |
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At 1 September 2017 |
45,000 |
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At 31 August 2018 |
45,000 |
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Amortisation |
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At 31 August 2018 |
- |
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Net book value |
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At 31 August 2018 |
45,000 |
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At 31 August 2017 |
45,000 |
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EPG Licence has not been amortised. |
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| 3 |
Creditors: amounts falling due within one year |
2018 |
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2017 |
| £ |
£ |
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Other creditors |
45,000 |
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45,000 |
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| 4 |
Related party transactions |
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Turnover includes a management charge of £84,000 (2017 - £84,000) from Sangat TV Limited, a company in which owns 100% shares of Sangat 1 Limited. |
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Intercompany balance includes a creditor of £45,0000 owed to Sangat TV Ltd. |
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| 5 |
Controlling party |
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The company is under the control of Sangat TV Ltd by virtue of its holding of 100% of the issued share capital of the business. |
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| 6 |
Other information |
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Sangat 1 Limited is a private company limited by shares and incorporated in England. Its registered office is: |
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276 Monument Road |
|
Edgbaston |
|
Birmingham |
|
B16 8XF |
