International Television Channel Limited Filleted accounts for Companies House (small and micro)

INTERNATIONAL TELEVISION CHANNEL LIMITED - Company Information

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COMPANY REGISTRATION NUMBER: 05087966

International Television Channel Limited

Filleted Financial Statements

31 July 2019

International Television Channel Limited

Statement of Financial Position

31 July 2019

	2019	2018
Note	£	£

Fixed assets

Tangible assets	5	40,442	71,885

Current assets

Debtors	6	55,083	197,193
Cash at bank and in hand		435,531	100,061
		---------	---------
		490,614	297,254

Creditors: amounts falling due within one year	7	382,036	243,316
		---------	---------
Net current assets		108,578	53,938
		---------	---------
Total assets less current liabilities		149,020	125,823
		---------	---------
Net assets		149,020	125,823
		---------	---------

Capital and reserves

Called up share capital	1,000	1,000
Profit and loss account	148,020	124,823
	---------	---------
Shareholders funds	149,020	125,823
	---------	---------

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.

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.

These financial statements were approved by the board of directors and authorised for issue on 26 February 2020 , and are signed on behalf of the board by:

Imam Qasim Rashid Ahmad

Director

Company registration number: 05087966

International Television Channel Limited

Notes to the Financial Statements

Year ended 31 July 2019

1. General information

The company is a private company limited by shares, registered in England and Wales. The address of the registered office is 109-117 Cherry Orchard Road, Croydon, Surrey, CR0 6BE.

2. Statement of compliance

These financial statements have been prepared in compliance with Section 1A of FRS 102, '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.

Revenue recognition

Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership 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.

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. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.

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:

Leasehold Property	-	over the period of the lease
Plant and Machinery	-	20% straight line
Fixtures, fittings and equipment	-	20% straight line
Motor Vehicles	-	25% straight line
Computer Equipment	-	20% straight line

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. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the company are assigned to those units.

Defined contribution plans

Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.

4. Employee numbers

The average number of persons employed by the company during the year amounted to 5 (2018: 4 ).

5. Tangible assets

	Land and buildings	Plant and machinery	Fixtures and fittings	Motor vehicles	Equipment	Total
	£	£	£	£	£	£
Cost
At 1 Aug 2018	8,686	119,095	11,522	12,136	27,511	178,950
Additions	–	1,025	–	–	4,083	5,108
	-------	---------	--------	--------	--------	---------
At 31 Jul 2019	8,686	120,120	11,522	12,136	31,594	184,058
	-------	---------	--------	--------	--------	---------
Depreciation
At 1 Aug 2018	2,606	80,474	5,567	4,102	14,316	107,065
Charge for the year	869	24,024	–	3,034	8,624	36,551
	-------	---------	--------	--------	--------	---------
At 31 Jul 2019	3,475	104,498	5,567	7,136	22,940	143,616
	-------	---------	--------	--------	--------	---------
Carrying amount
At 31 Jul 2019	5,211	15,622	5,955	5,000	8,654	40,442
	-------	---------	--------	--------	--------	---------
At 31 Jul 2018	6,080	38,621	5,955	8,034	13,195	71,885
	-------	---------	--------	--------	--------	---------

6. Debtors

	2019	2018
	£	£
Other debtors	55,083	197,193
	--------	---------

7. Creditors: amounts falling due within one year

	2019	2018
	£	£
Trade creditors	9,615	23,252
Amounts owed to group undertakings and undertakings in which the company has a participating interest	108,875	203,504
Social security and other taxes	258,218	2,523
Other creditors	5,328	14,037
	---------	---------
	382,036	243,316
	---------	---------

8. Summary audit opinion

The auditor's report for the year dated 26 February 2020 was unqualified.

The senior statutory auditor was STEPHEN SEIFERT BA FCA , for and on behalf of Elliot, Woolfe & Rose .

9. Related party transactions

During the year the company made sales to Al-Khair Foundation amounting to £895,326 (2018: £971,791) and made purchases from Runners TV Limited in the sum of £90,000 (2018: £90,000). Runners TV Limited is also a wholly owned subsidiary of Al-Khair Foundation.

10. Controlling party

The ultimate parent undertaking is Al-Khair Foundation, a company incorporated in England and Wales.