H&C TV Limited - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 07366438 (England and Wales)

H&C TV LIMITED

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31ST DECEMBER 2018

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTORS:

H Killen

J J Kupsky

R G Burdett

M U Rothman

SECRETARY:

M U Rothman

REGISTERED OFFICE:

Pembroke House

Llantarnam Park Way

Cwmbran

Torfaen

NP44 3AU

REGISTERED NUMBER:

07366438 (England and Wales)

ACCOUNTANTS:

Green & Co

Chartered Certified Accountants

Pembroke House

Llantarnam Park Way

Cwmbran

Torfaen

NP44 3AU

FIXED ASSETS

Intangible assets

4

442,230

490,057

Tangible assets

5

8,916

16,155

451,146

506,212

CURRENT ASSETS

Debtors

6

306,382

288,914

Cash at bank

33,270

24,543

339,652

313,457

CREDITORS

Amounts falling due within one year

7

1,032,094

1,090,792

NET CURRENT LIABILITIES

(692,442

)

(777,335

)

TOTAL ASSETS LESS CURRENT LIABILITIES

(241,296

)

(271,123

)

CAPITAL AND RESERVES

Called up share capital

8

7,979,105

6,851,568

Share premium

335,701

249,128

Retained earnings

(8,556,102

)

(7,371,819

)

SHAREHOLDERS' FUNDS

(241,296

)

(271,123

)

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31st December 2018.

The members have not required the company to obtain an audit of its financial statements for the year ended 31st December 2018 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:

(a)	ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and

(b)

preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Profit and Loss has not been delivered.

The financial statements were approved by the Board of Directors on 28th November 2019 and were signed on its behalf by:

H Killen - Director

1.	STATUTORY INFORMATION

H&C TV Limited is a private company, limited by shares , registered in England and Wales. The

company's registered number and registered office address can be found on the Company Information

page.

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Turnover

Turnover is measured at the fair value of the consideration received or receivable, excluding

discounts, rebates, value added tax and other sales taxes.

Goodwill

Goodwill, being the amount paid in connection with the acquisition of a business in 2010, is being amortised evenly over its estimated useful life of ten years.

Programme and production library

Programme and production library are valued at cost less accumulated amortisation. Bought in

programme costs and commissioned programme costs are amortised over the period of the licence.

Own production costs are written off in the year incurred, except when the programmes might run

over several years in which case own production costs are written off over the useful economic life.

Website development costs

Website development costs are initially recognised at cost and amortised on a straight line basis over

an expected useful economic life of 3 years.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Plant and machinery

-

33% on cost

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Profit and Loss,

except to the extent that it relates to items recognised in other comprehensive income or directly in

equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been

enacted or substantively enacted by the balance sheet date.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at

the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods

different from those in which they are recognised in financial statements. Deferred tax is measured

using tax rates and laws that have been enacted or substantively enacted by the year end and that are

expected to apply to the reversal of the timing difference.

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.

Hire purchase and leasing commitments

Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period

of the lease.

Pension costs and other post-retirement benefits

The company operates a defined contribution pension scheme. Contributions payable to the

company's pension scheme are charged to profit or loss in the period to which they relate.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 12 (2017 - 13 ) .

4.	INTANGIBLE FIXED ASSETS

Programme

and

Website

production

development

Goodwill

library

costs

Totals

£

£

£

£

COST

At 1st January 2018

167,869

2,407,897

102,466

2,678,232

Additions

-

300,993

28,500

329,493

At 31st December 2018

167,869

2,708,890

130,966

3,007,725

AMORTISATION

At 1st January 2018

121,705

1,964,004

102,466

2,188,175

Amortisation for year

16,787

355,845

4,688

377,320

At 31st December 2018

138,492

2,319,849

107,154

2,565,495

NET BOOK VALUE

At 31st December 2018

29,377

389,041

23,812

442,230

At 31st December 2017

46,164

443,893

-

490,057

5.	TANGIBLE FIXED ASSETS

Plant and

machinery

£

COST

At 1st January 2018

72,287

Additions

825

At 31st December 2018

73,112

DEPRECIATION

At 1st January 2018

56,132

Charge for year

8,064

At 31st December 2018

64,196

NET BOOK VALUE

At 31st December 2018

8,916

At 31st December 2017

16,155

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2018

2017

£

£

Trade debtors

80,259

85,787

Other debtors

114,402

54,425

VAT

10,325

12,997

Called up share capital not paid

37,419

37,419

Prepayments

63,977

98,286

306,382

288,914

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2018

2017

£

£

Other loans

88,390

222,512

Trade creditors

531,410

477,452

Social security and other taxes

10,952

14,477

Other creditors

560

4,685

Invoice factoring

25,846

12,167

Killen Trust 2004

248,470

248,470

Accruals and deferred income

126,466

111,029

1,032,094

1,090,792

8.	CALLED UP SHARE CAPITAL

Alloted, issued and fully paid:

Nominal

2018

2017

Number:

Class:

Value:

£

£

21,250

Ordinary A

£4.00

85,000

85,000

135,297

Ordinary

£0.01

1,353

506

87,248

Ordinary

£0.01

872

872

5,194,460

Preference Series A

£1.00

5,194,460

4,067,770

2,660,001

Preference Series B

£1.00

2,660,001

2,660,001

7,941,686

6,814,149

Alloted and issued:

Nominal

2018

2017

Number:

Class:

Value:

£

£

8,000

Ordinary A

£4.00

32,000

32,000

541,908

Ordinary

£0.01

5,419

5,419

37,419

37,419

The following shares were issued during the year at par:

1,126,690 Preference shares of £1.00 fully paid

84,662 Ordinary shares of £0.01 fully paid

9.	RELATED PARTY DISCLOSURES

10.	GOING CONCERN

At the balance sheet date, the company had net liabilities of £241,296. In light of this, certain key

shareholders have agreed to continue to support the company for the foreseeable future. The directors

have, therefore, prepared the financial statements on a going concern basis.

The financial statements do not reflect any adjustments that would be made if they were prepared on a

basis other than the going concern basis.