Touch Broadcasting Limited - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 02425724 (England and Wales)

TOUCH BROADCASTING LIMITED

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2019

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

3

DIRECTORS:

S Orchard

W M Pallot

SECRETARY:

W M Pallot

REGISTERED OFFICE:

The Ideas Centre

Holly Farm Business Park

Honiley

Kenilworth

Warwickshire

CV8 1NP

REGISTERED NUMBER:

02425724 (England and Wales)

ACCOUNTANTS:

Burrows Scarborough

Sovereign House

12 Warwick Street

Coventry

West Midlands

CV5 6ET

FIXED ASSETS

Intangible assets

4

5,516

3,533

Tangible assets

5

3,014

3,022

8,530

6,555

CURRENT ASSETS

Debtors

6

2,030,227

1,989,019

Prepayments and accrued income

62,124

45,481

Cash in hand

307

165

2,092,658

2,034,665

CREDITORS

Amounts falling due within one year

7

1,727,679

1,969,966

NET CURRENT ASSETS

364,979

64,699

TOTAL ASSETS LESS CURRENT LIABILITIES

373,509

71,254

ACCRUALS AND DEFERRED INCOME

289,660

83,517

NET ASSETS/(LIABILITIES)

83,849

(12,263

)

CAPITAL AND RESERVES

Called up share capital

507,715

507,715

Retained earnings

(423,866

)

(519,978

)

SHAREHOLDERS' FUNDS

83,849

(12,263

)

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 December 2019.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 2019 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 & Loss Account has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 18 December 2020 and were signed on its behalf by:

S Orchard - Director

1.	STATUTORY INFORMATION

Touch Broadcasting 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.

The presentation currency of the financial statements is the Pound Sterling (£).

The financial statements are rounded to the nearest £1.

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.

(i) revenue for advertising shall be recognised after the particular advert to which it relates has been run. For the avoidance of doubt, in respect of contracts to run a specified number of advert and/or a total specified period of airtime of adverts, revenue shall be recognised for each advert that has been run prior to the Effective Time at its relevant proportion of the full contract value;

(ii) revenue for broadcasting at events shall be recognised on completion of the event; and

(iii) digital revenue is recognised over the term of the contract.

Intangible assets

Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Patents and licences are being amortised evenly over their estimated useful life of six years.

Development costs are being amortised evenly over their estimated useful life of five 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 etc

-

33% on cost and 20% on reducing balance

Taxation

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

Going concern

The accounts are prepared on the going concern basis based on the continuing support of the directors for the foreseeable future.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 27 (2018 - 28 ) .

4.	INTANGIBLE FIXED ASSETS

Other

intangible

assets

£

COST

At 1 January 2019

24,344

Additions

5,000

At 31 December 2019

29,344

AMORTISATION

At 1 January 2019

20,811

Charge for year

3,017

At 31 December 2019

23,828

NET BOOK VALUE

At 31 December 2019

5,516

At 31 December 2018

3,533

5.	TANGIBLE FIXED ASSETS

Plant and

machinery

etc

£

COST

At 1 January 2019

45,864

Additions

745

At 31 December 2019

46,609

DEPRECIATION

At 1 January 2019

42,842

Charge for year

753

At 31 December 2019

43,595

NET BOOK VALUE

At 31 December 2019

3,014

At 31 December 2018

3,022

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.12.19

31.12.18

£

£

Trade debtors

51,912

74,594

Amounts owed by group undertakings

1,954,901

1,910,393

Other debtors

23,414

4,032

2,030,227

1,989,019

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.12.19

31.12.18

£

£

Bank loans and overdrafts

43,292

229,891

Trade creditors

128,279

95,542

Amounts owed to group undertakings

1,333,709

1,544,516

Taxation and social security

156,257

80,418

Other creditors

66,142

19,599

1,727,679

1,969,966

8.	LEASING AGREEMENTS

Minimum lease payments under non-cancellable operating leases fall due as follows:

31.12.19

31.12.18

£

£

Within one year

193,511

187,821

Between one and five years

604,565

219,322

798,076

407,143

9.	SECURED DEBTS

The following secured debts are included within creditors:

31.12.19

31.12.18

£

£

Bank overdrafts

43,292

229,891

The bank overdraft is secured by a fixed and floating charge over the assets of the company.

The aggregate amount of creditors for which security has been given amounted to £43,292 (2018 - £229,891).

10.	PENSION COMMITMENTS

The pension cost charge represents contributions payable by the company regarding the pension amounting to £13,687 (2018 - £13,439). Contributions totalling £5,080 (2018 - £5,395) were payable to the fund at the balance sheet date.

11.	ULTIMATE CONTROLLING PARTY

The company is a wholly owned subsidiary of Sideindex Limited.

The ultimate parent company is Quidem Limited.