Television and Film Productions Plc - Limited company accounts 23.2
Television and Film Productions Plc - Limited company accounts 23.2
| REGISTERED NUMBER: 01638122 (England and Wales) |
| Group Strategic Report, |
| Report of the Directors and |
| Consolidated Financial Statements |
| for the Year Ended 31 August 2023 |
| for |
| TELEVISION AND FILM PRODUCTIONS PLC |
| TELEVISION AND FILM PRODUCTIONS PLC (REGISTERED NUMBER: 01638122) |
| Contents of the Consolidated Financial Statements |
| FOR THE YEAR ENDED 31 AUGUST 2023 |
| Page |
| Company Information | 1 |
| Group Strategic Report | 2 |
| Report of the Directors | 6 |
| Report of the Independent Auditors | 8 |
| Consolidated Income Statement | 12 |
| Consolidated Other Comprehensive Income | 13 |
| Consolidated Statement of Financial Position | 14 |
| Company Statement of Financial Position | 16 |
| Consolidated Statement of Changes in Equity | 18 |
| Company Statement of Changes in Equity | 19 |
| Consolidated Statement of Cash Flows | 20 |
| Notes to the Consolidated Financial Statements | 21 |
| TELEVISION AND FILM PRODUCTIONS PLC |
| Company Information |
| FOR THE YEAR ENDED 31 AUGUST 2023 |
| DIRECTORS: |
| SECRETARY: |
| REGISTERED OFFICE: |
| REGISTERED NUMBER: |
| SENIOR STATUTORY AUDITOR: |
Matthew Bracher BSc FCA |
| AUDITORS: |
| Chartered Accountants and Statutory Auditors |
| Bath House |
| 6 - 8 Bath Street |
| Bristol |
| BS1 6HL |
| TELEVISION AND FILM PRODUCTIONS PLC (REGISTERED NUMBER: 01638122) |
| Group Strategic Report |
| FOR THE YEAR ENDED 31 AUGUST 2023 |
| The directors present their strategic report of the company and the group for the year ended 31 August 2023. |
| REVIEW OF BUSINESS |
| FYE 2023 | FYE 2022 | FYE 2021 | FYE 2020 | FYE 2019 | FYE 2018 |
| Turnover | £26,365,209 | £22,864,799 | £16,963,599 | £15,344,592 | £16,510,375 | £15,700,976 |
| Turnover Growth | 15% | 35% | 11% | -7% | 5% | 14% |
| Gross Profit margin |
45% |
46% |
54% |
49% |
42% |
42% |
| Profit before tax | £2,116,598 | £1,768,189 | £1,334,686 | £824,541 | £801,680 | £782,512 |
| The directors are pleased to report revenue growth for the year of 15% coupled with improvement in profit before tax from £1,798,189 to £2,116,598. |
| All areas of our operations - media, leisure and arts - secured growth in revenue which reflects our focus on business development as well as commitment to long term strategies which together more than counteracted the impact of weakness in the economy as a whole, both in the UK as well as some overseas markets. |
| Control of costs has been an important focus in the year given high levels of inflation and success here helped ensure group revenue growth came with strong improvement in profitability. |
| Across our media businesses we secured 23% growth in revenue helped by expansion of key client accounts where high quality delivery led to new opportunities, as well as widening of our client base from business development initiatives. Our operations were also supported by improvements in project management systems which led to better overall efficiency, providing a strong foundation for the year ahead. |
| Our leisure activities span accommodation, dining and creative workspace sectors, and in the year to 31st August 2023 we maintained and built on the previous year's results which had benefitted from large group bookings rescheduled due to the Covid-19 pandemic. Revenue growth was supported by a gradual return of corporate business and, coupled with a tightening in costs from improved procurement processes and lower energy costs, led to improved profit before tax. Underlying strength in our core operations helped support expenditure to enhance the scale and quality of our offering, which will be important to drive revenue growth given overall weakness in the UK economy. |
| In our arts division, the Institute of Art and Ideas (IAI), seeks to identify, originate, incubate and enable new wide-ranging ideas and disseminate them to universities, colleges and schools, as well as culture more widely. 2023 has been a successful year where HowTheLightGetsIn festivals were held in London and Hay-on-Wye which, together with other online events, articles, podcasts and interviews, led to further expansion of IAI's library of educational content. Access to IAI educational material grew through both direct-to-consumer subscriptions and subscriptions to educational institutions. The overall online audience also expanded with particular success with short form content on YouTube and the IAI's following on social media platforms. |
| Overall 2023 has been a strong year where we achieved success in all areas of the group, and we are now well placed to push forwards through the ongoing challenges coming from the wider macroeconomic environment both in the UK and the rest of the world. |
| Research and development |
| Through a focus on innovation and optimization of systems and processes the group engages in research and development across a wide range of activities, with examples in recent years including development of new systems for project management and business development, algorithms to optimize user engagement in online material, and improvements to acquired software to improve functionality and integration with existing processes and systems. |
| TELEVISION AND FILM PRODUCTIONS PLC (REGISTERED NUMBER: 01638122) |
| Group Strategic Report |
| FOR THE YEAR ENDED 31 AUGUST 2023 |
| PRINCIPAL RISKS AND UNCERTAINTIES |
| The business has a normal level of exposure to price, credit, liquidity and cash flow risks arising from trading activities which are largely conducted in sterling. For the proportion of group revenues that are in foreign currencies there is exposure to changes in foreign currency exchange rates. This risk is managed via a natural hedge because a proportion of costs are also received in the same foreign currencies. |
| The business' principal financial instruments comprise bank balances, trade debtors, trade creditors and loans to the business. The main purpose of these instruments is to finance the business' operations. |
| In respect of bank balances, the liquidity risk is managed by maintaining a balance between the continuity of funding and flexibility through the use of overdrafts at floating rates of interest. A proportion of cash balances are held in such a way that achieves a competitive rate of interest. The business may also make use of money market facilities where funds are available. |
| Trade debtors are managed in respect of credit and cash flow risk by policies concerning the credit offered to customers and the regular monitoring of amounts outstanding for both time and credit limits. The amounts presented in the balance sheet are net of allowances for doubtful debtors. |
| Trade creditors' liquidity risk is managed by ensuring sufficient funds are available to meet amounts due. |
| Loans comprise loans from directors, related parties, and from financial institutions. The interest rate on loans from financial institutions is variable, but the monthly repayments are fixed. The interest rates on loans from related parties is fixed. The business manages the liquidity risk by ensuring that there are sufficient funds to meet the payments. |
| TELEVISION AND FILM PRODUCTIONS PLC (REGISTERED NUMBER: 01638122) |
| Group Strategic Report |
| FOR THE YEAR ENDED 31 AUGUST 2023 |
| SECTION 172(1) STATEMENT |
| Section 172 of the Companies Act 2006 requires a director of a company to act in the way he or she considers, in good faith, would most likely promote the success of the company for the benefit of its members. In doing this, section 172 requires directors to have regard, amongst other matters, to the: |
| - Likely consequences of any decisions in the long-term; |
| - Interests of the company's employees; |
| - Need to foster the company's business relationships with suppliers, customers and others; |
| - Impact of the company's operations on the community and environment; |
| - Desirability of the company maintaining a reputation for high standards of business conduct; and |
| - Need to act fairly between members of the company. |
| In discharging its section 172 duties the Company has regard to the factors set out above. The Company also has regard to other factors which it considers relevant to the decision being made. These factors, for example, include the interests and relationships with employees, customers and suppliers. The Company acknowledges that every decision it makes will not necessarily result in a positive outcome for all of our stakeholders. By considering the Company's purpose, vision and values together with its strategic priorities and having a process in place for decision-making, the Company does, however, aim to make sure that its decisions are consistent and predictable. |
| As is normal for companies in a large group, the Company delegates the day-to-day management to executives and then engages management in setting, approving and overseeing the execution of the business strategy and related policies. The Company delegates to executive management the review of the Company's financial and operational performance, risk and compliance, and health and safety matters. |
| The views and the impact of the Company's activities on the Company's stakeholders (including its customers and suppliers) are an important consideration when making relevant decisions. Whilst there are cases where the Directors judge that they should engage directly with certain stakeholder groups or on certain issues, the size and spread of both stakeholders and the Television and Film Productions group means that generally stakeholder engagement best takes place at an operational or group level. The Company finds that as well as being a more efficient and effective approach, this also helps it achieve a greater positive impact on environmental, social and other issues than by working alone as an individual company. During the period, the Company received information to help it understand the interests and views of the Company's key stakeholders and other relevant factors when making decisions. This information was distributed in a range of different formats including in reports and presentations on financial and operational performance, non-financial KPI's, risk, environmental, social and corporate governance matters and the outcomes of specific pieces of engagement. |
| As a result of this, the Company has had an overview of engagement with stakeholders and other relevant factors which allows it to understand the nature of the stakeholders' concerns and to comply with its section 172 duty to promote the success of the Company. |
| CARBON REPORTING |
| We have reviewed our requirements under the Carbon Reporting Regulations and conclude that we are a low energy user. |
| ENGAGEMENT WITH EMPLOYEES |
| Each group company consults its employees on matters of concern to them and employees are encouraged to participate in their company's affairs. It is the group's policy to retrain, whenever possible, employees who become disabled to enable them to perform work identified as appropriate to their aptitudes and ability. |
| TELEVISION AND FILM PRODUCTIONS PLC (REGISTERED NUMBER: 01638122) |
| Group Strategic Report |
| FOR THE YEAR ENDED 31 AUGUST 2023 |
| DISABLED EMPLOYEES |
| Disabled persons are employed when suited to a particular vacancy and the group's training programs are available to them. Where existing employees become disabled, it is the group's policy to provide continuing employment wherever practicable in the same or an alternative position and to provide appropriate training to help them achieve this aim. |
| ON BEHALF OF THE BOARD: |
| TELEVISION AND FILM PRODUCTIONS PLC (REGISTERED NUMBER: 01638122) |
| Report of the Directors |
| FOR THE YEAR ENDED 31 AUGUST 2023 |
| The directors present their report with the financial statements of the company and the group for the year ended 31 August 2023. |
| PRINCIPAL ACTIVITY |
| The principal activity of the group in the year under review was that of digital and broadcast production, arts and leisure. |
| DIVIDENDS |
| Interim dividends per share were paid as follows: |
| Ordinary £1 shares | 83.95 | - 31 August 2023 |
| Preference £1 shares | 6.25 | - 31 August 2023 |
| The directors recommend that no final dividends be paid. |
| The total distribution of dividends for the year ended 31 August 2023 will be £ 277,375 . |
| RESEARCH AND DEVELOPMENT |
| Through a focus on innovation and optimization of systems and processes the group engages in research and development across a wide range of activities, with examples in recent years including development of our framework for effective hybrid working, application of new technologies to enhance video quality, and further advances in virtual reality online events. |
| DIRECTORS |
| The directors shown below have held office during the whole of the period from 1 September 2022 to the date of this report. |
| STATEMENT OF DIRECTORS' RESPONSIBILITIES |
| The directors are responsible for preparing the Group Strategic Report, the Report of the Directors and the financial statements in accordance with applicable law and regulations. |
| Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and the group and of the profit or loss of the group for that period. In preparing these financial statements, the directors are required to: |
| - select suitable accounting policies and then apply them consistently; |
| - make judgements and accounting estimates that are reasonable and prudent; |
| - state whether applicable accounting standards have been followed, subject to any material departures disclosed |
| and explained in the financial statements; |
| - prepare the financial statements on the going concern basis unless it is inappropriate to presume that the |
| company will continue in business. |
| The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's and the group's transactions and disclose with reasonable accuracy at any time the financial position of the company and the group and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and the group and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. |
| TELEVISION AND FILM PRODUCTIONS PLC (REGISTERED NUMBER: 01638122) |
| Report of the Directors |
| FOR THE YEAR ENDED 31 AUGUST 2023 |
| STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS |
| So far as the directors are aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the group's auditors are unaware, and each director has taken all the steps that he ought to have taken as a director in order to make himself aware of any relevant audit information and to establish that the group's auditors are aware of that information. |
| ON BEHALF OF THE BOARD: |
| Report of the Independent Auditors to the Members of |
| Television and Film Productions Plc |
| Opinion |
| We have audited the financial statements of Television and Film Productions Plc (the 'parent company') and its subsidiaries (the 'group') for the year ended 31 August 2023 which comprise the Consolidated Income Statement, Consolidated Other Comprehensive Income, Consolidated Statement of Financial Position, Company Statement of Financial Position, Consolidated Statement of Changes in Equity, Company Statement of Changes in Equity, Consolidated Statement of Cash Flows and Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice). |
| In our opinion the financial statements: |
| - | give a true and fair view of the state of the group's and of the parent company affairs as at 31 August 2023 and of the group's profit for the year then ended; |
| - | have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and |
| - | have been prepared in accordance with the requirements of the Companies Act 2006. |
| Basis for opinion |
| We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the group in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion. |
| Conclusions relating to going concern |
| In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate. |
| Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the group's and the parent company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue. |
| Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report. |
| Other information |
| The directors are responsible for the other information. The other information comprises the information in the Group Strategic Report and the Report of the Directors, but does not include the financial statements and our Report of the Auditors thereon. |
| Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. |
| In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard. |
| Report of the Independent Auditors to the Members of |
| Television and Film Productions Plc |
| Opinions on other matters prescribed by the Companies Act 2006 |
| In our opinion, based on the work undertaken in the course of the audit: |
| - | the information given in the Group Strategic Report and the Report of the Directors for the financial year for which the financial statements are prepared is consistent with the financial statements; and |
| - | the Group Strategic Report and the Report of the Directors have been prepared in accordance with applicable legal requirements. |
| Matters on which we are required to report by exception |
| In the light of the knowledge and understanding of the group and the parent company and its environment obtained in the course of the audit, we have not identified material misstatements in the Group Strategic Report or the Report of the Directors. |
| We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion: |
| - | adequate accounting records have not been kept by the parent company, or returns adequate for our audit have not been received from branches not visited by us; or |
| - | the parent company financial statements are not in agreement with the accounting records and returns; or |
| - | certain disclosures of directors' remuneration specified by law are not made; or |
| - | we have not received all the information and explanations we require for our audit. |
| Responsibilities of directors |
| As explained more fully in the Statement of Directors' Responsibilities set out on page six, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. |
| In preparing the financial statements, the directors are responsible for assessing the group's and the parent company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the group or the parent company or to cease operations, or have no realistic alternative but to do so. |
| Report of the Independent Auditors to the Members of |
| Television and Film Productions Plc |
| Auditors' responsibilities for the audit of the financial statements |
| Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue a Report of the Auditors that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements. |
| The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below: |
| We obtained an understanding of the legal and regulatory frameworks applicable to the Group and the sector in which they operate. We determined that the following laws and regulations were most significant: The Companies Act 2006, UK GAAP, the UK Corporate Governance Code, UK corporate tax laws, Health and Safety and the Data Protection Act. |
| We obtained an understanding of how the Group is complying with those legal and regulatory frameworks and made enquiries to the management of known or suspected instances of fraud and non-compliance with laws and regulations. |
| We assessed the susceptibility of the Group's financial statements to material misstatement, including how fraud might occur. Audit procedures performed by the audit team included: |
| o Identifying and assessing the controls management has in place to prevent and detect fraud; |
| o Understanding how those charged with governance considered and addressed the potential for override of controls or other inappropriate influence over the financial reporting process; |
| o Challenging assumptions and judgments made by management in its significant accounting estimates and judgments; |
| o Identifying and testing journal entries, in particular journal entries posted with unusual account combinations; and |
| o Assessing the extent of compliance with the relevant laws and regulations. |
| There are inherent limitations in the audit procedures described above and the further removed non-compliance with laws and regulations are from the events and transactions reflected in the financial statements, the less likely we would become aware of it. |
| Also, the risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate concealment by, for example, forgery or intentional misrepresentations, or through collusion. |
| A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Report of the Auditors. |
| Report of the Independent Auditors to the Members of |
| Television and Film Productions Plc |
| Use of our report |
| This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in a Report of the Auditors and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members as a body, for our audit work, for this report, or for the opinions we have formed. |
| for and on behalf of |
| Chartered Accountants and Statutory Auditors |
| Bath House |
| 6 - 8 Bath Street |
| Bristol |
| BS1 6HL |
| TELEVISION AND FILM PRODUCTIONS PLC (REGISTERED NUMBER: 01638122) |
| Consolidated Income Statement |
| FOR THE YEAR ENDED 31 AUGUST 2023 |
| 2023 | 2022 |
| Notes | £ | £ |
| TURNOVER | 4 | 26,365,209 | 22,864,799 |
| Cost of sales | (14,467,535 | ) | (12,384,076 | ) |
| GROSS PROFIT | 11,897,674 | 10,480,723 |
| Administrative expenses | (12,322,908 | ) | (12,682,547 | ) |
| (425,234 | ) | (2,201,824 | ) |
| Other operating income | 2,439,403 | 4,123,248 |
| OPERATING PROFIT | 6 | 2,014,169 | 1,921,424 |
| Income from fixed asset investments | 112,363 | 53,957 |
| Interest receivable and similar income | 40,784 | 178 |
| 2,167,316 | 1,975,559 |
| Gain/loss on revaluation of investments | 254,285 | 26,504 |
| 2,421,601 | 2,002,063 |
| Interest payable and similar expenses | 7 | (305,005 | ) | (233,874 | ) |
| PROFIT BEFORE TAXATION | 2,116,596 | 1,768,189 |
| Tax on profit | 8 | (502,276 | ) | (111,426 | ) |
| PROFIT FOR THE FINANCIAL YEAR |
| Profit attributable to: |
| Owners of the parent | 859,433 | 1,114,354 |
| Non-controlling interests | 754,887 | 542,409 |
| 1,614,320 | 1,656,763 |
| TELEVISION AND FILM PRODUCTIONS PLC (REGISTERED NUMBER: 01638122) |
| Consolidated Other Comprehensive Income |
| FOR THE YEAR ENDED 31 AUGUST 2023 |
| 2023 | 2022 |
| Notes | £ | £ |
| PROFIT FOR THE YEAR | 1,614,320 | 1,656,763 |
| OTHER COMPREHENSIVE INCOME |
| Revaluation | 1,300,000 | - |
| Income tax relating to other comprehensive income |
- |
- |
| OTHER COMPREHENSIVE INCOME FOR THE YEAR, NET OF INCOME TAX |
1,300,000 |
- |
| TOTAL COMPREHENSIVE INCOME FOR THE YEAR |
2,914,320 |
1,656,763 |
| Total comprehensive income attributable to: |
| Owners of the parent | 2,159,433 | 1,114,354 |
| Non-controlling interests | 754,887 | 542,409 |
| 2,914,320 | 1,656,763 |
| TELEVISION AND FILM PRODUCTIONS PLC (REGISTERED NUMBER: 01638122) |
| Consolidated Statement of Financial Position |
| 31 AUGUST 2023 |
| 2023 | 2022 |
| Notes | £ | £ |
| FIXED ASSETS |
| Intangible assets | 11 | 1,766,556 | 1,608,167 |
| Tangible assets | 12 | 26,624,269 | 25,076,401 |
| Investments | 13 | 1,393,002 | 1,393,002 |
| 29,783,827 | 28,077,570 |
| CURRENT ASSETS |
| Stocks | 14 | 62,720 | 65,489 |
| Debtors | 15 | 3,332,021 | 3,295,745 |
| Investments | 16 | 1,715,257 | 647,928 |
| Cash at bank and in hand | 4,345,981 | 6,462,678 |
| 9,455,979 | 10,471,840 |
| CREDITORS |
| Amounts falling due within one year | 17 | (8,535,014 | ) | (9,412,180 | ) |
| NET CURRENT ASSETS | 920,965 | 1,059,660 |
| TOTAL ASSETS LESS CURRENT LIABILITIES |
30,704,792 |
29,137,230 |
| CREDITORS |
| Amounts falling due after more than one year |
18 |
(3,826,512 |
) |
(5,242,113 |
) |
| PROVISIONS FOR LIABILITIES | 21 | (3,118,842 | ) | (2,772,624 | ) |
| NET ASSETS | 23,759,438 | 21,122,493 |
| TELEVISION AND FILM PRODUCTIONS PLC (REGISTERED NUMBER: 01638122) |
| Consolidated Statement of Financial Position - continued |
| 31 AUGUST 2023 |
| 2023 | 2022 |
| Notes | £ | £ |
| CAPITAL AND RESERVES |
| Called up share capital | 22 | 1,920,500 | 1,920,500 |
| Share premium | 23,100 | 23,100 |
| Revaluation reserve | 13,255,154 | 11,955,154 |
| Capital redemption reserve | 300,000 | 300,000 |
| Retained earnings | 5,129,038 | 4,546,980 |
| SHAREHOLDERS' FUNDS | 20,627,792 | 18,745,734 |
| NON-CONTROLLING INTERESTS | 23 | 3,131,646 | 2,376,759 |
| TOTAL EQUITY | 23,759,438 | 21,122,493 |
| The financial statements were approved and authorised for issue by the Board of Directors and authorised for issue on 28 February 2024 and were signed on its behalf by: |
| Mr J Bhakar - Director |
| TELEVISION AND FILM PRODUCTIONS PLC (REGISTERED NUMBER: 01638122) |
| Company Statement of Financial Position |
| 31 AUGUST 2023 |
| 2023 | 2022 |
| Notes | £ | £ |
| FIXED ASSETS |
| Intangible assets | 11 |
| Tangible assets | 12 |
| Investments | 13 |
| CURRENT ASSETS |
| Debtors | 15 |
| Investments | 16 |
| Cash at bank |
| CREDITORS |
| Amounts falling due within one year | 17 | ( |
) | ( |
) |
| NET CURRENT LIABILITIES | ( |
) | ( |
) |
| TOTAL ASSETS LESS CURRENT LIABILITIES |
| CREDITORS |
| Amounts falling due after more than one year |
18 |
( |
) |
( |
) |
| PROVISIONS FOR LIABILITIES | 21 | ( |
) | ( |
) |
| NET ASSETS |
| TELEVISION AND FILM PRODUCTIONS PLC (REGISTERED NUMBER: 01638122) |
| Company Statement of Financial Position - continued |
| 31 AUGUST 2023 |
| 2023 | 2022 |
| Notes | £ | £ |
| CAPITAL AND RESERVES |
| Called up share capital | 22 |
| Share premium |
| Revaluation reserve |
| Capital redemption reserve |
| Retained earnings |
| SHAREHOLDERS' FUNDS |
| Company's loss for the financial year | (735,966 | ) | (354,107 | ) |
| The financial statements were approved and authorised for issue by the Board of Directors and authorised for issue on |
| TELEVISION AND FILM PRODUCTIONS PLC (REGISTERED NUMBER: 01638122) |
| Consolidated Statement of Changes in Equity |
| FOR THE YEAR ENDED 31 AUGUST 2023 |
| Called up |
| share | Retained | Share | Revaluation |
| capital | earnings | premium | reserve |
| £ | £ | £ | £ |
| Balance at 1 September 2021 | 1,920,500 | 3,829,871 | 23,100 | 11,955,154 |
| Changes in equity |
| Profit for the year | - | 1,114,354 | - | - |
| Total comprehensive income | - | 1,114,354 | - | - |
| Dividends | - | (397,245 | ) | - | - |
| Balance at 31 August 2022 | 1,920,500 | 4,546,980 | 23,100 | 11,955,154 |
| Changes in equity |
| Profit for the year | - | 859,433 | - | - |
| Other comprehensive income | - | - | - | 1,300,000 |
| Total comprehensive income | - | 859,433 | - | 1,300,000 |
| Dividends | - | (277,375 | ) | - | - |
| Balance at 31 August 2023 | 1,920,500 | 5,129,038 | 23,100 | 13,255,154 |
| Capital |
| redemption | Non-controlling | Total |
| reserve | Total | interests | equity |
| £ | £ | £ | £ |
| Balance at 1 September 2021 | 300,000 | 18,028,625 | 1,834,350 | 19,862,975 |
| Changes in equity |
| Profit for the year | - | 1,114,354 | 542,409 | 1,656,763 |
| Total comprehensive income | - | 1,114,354 | 542,409 | 1,656,763 |
| Dividends | - | (397,245 | ) | - | (397,245 | ) |
| Balance at 31 August 2022 | 300,000 | 18,745,734 | 2,376,759 | 21,122,493 |
| Changes in equity |
| Profit for the year | - | 859,433 | 754,887 | 1,614,320 |
| Other comprehensive income | - | 1,300,000 | - | 1,300,000 |
| Total comprehensive income | - | 2,159,433 | 754,887 | 2,914,320 |
| Dividends | - | (277,375 | ) | - | (277,375 | ) |
| Balance at 31 August 2023 | 300,000 | 20,627,792 | 3,131,646 | 23,759,438 |
| TELEVISION AND FILM PRODUCTIONS PLC (REGISTERED NUMBER: 01638122) |
| Company Statement of Changes in Equity |
| FOR THE YEAR ENDED 31 AUGUST 2023 |
| Called up |
| share | Retained | Share |
| capital | earnings | premium |
| £ | £ | £ |
| Balance at 1 September 2021 |
| Changes in equity |
| Deficit for the year | - | (354,107 | ) | - |
| Total comprehensive income | - | ( |
) | - |
| Dividends | - | ( |
) | - |
| Balance at 31 August 2022 |
| Changes in equity |
| Deficit for the year | - | (735,966 | ) | - |
| Total comprehensive income | - | ( |
) | - |
| Dividends | - | ( |
) | - |
| Balance at 31 August 2023 |
| Capital |
| Revaluation | redemption | Total |
| reserve | reserve | equity |
| £ | £ | £ |
| Balance at 1 September 2021 |
| Changes in equity |
| Deficit for the year | - | - | (354,107 | ) |
| Total comprehensive income | ( |
) |
| Dividends | - | - | ( |
) |
| Balance at 31 August 2022 |
| Changes in equity |
| Deficit for the year | - | - | (735,966 | ) |
| Total comprehensive income | ( |
) |
| Dividends | - | - | ( |
) |
| Balance at 31 August 2023 |
| TELEVISION AND FILM PRODUCTIONS PLC (REGISTERED NUMBER: 01638122) |
| Consolidated Statement of Cash Flows |
| FOR THE YEAR ENDED 31 AUGUST 2023 |
| 2023 | 2022 |
| Notes | £ | £ |
| Cash flows from operating activities |
| Cash generated from operations | 25 | 2,340,879 | 4,812,415 |
| Interest paid | (305,005 | ) | (233,874 | ) |
| Tax paid | (132,859 | ) | 5,319 |
| Net cash from operating activities | 1,903,015 | 4,583,860 |
| Cash flows from investing activities |
| Purchase of intangible fixed assets | (758,172 | ) | (780,724 | ) |
| Purchase of tangible fixed assets | (1,027,875 | ) | (1,501,611 | ) |
| Purchase of current asset investments | (813,044 | ) | (41,648 | ) |
| Interest received | 40,784 | 178 |
| Dividends received | 112,363 | 53,957 |
| Net cash from investing activities | (2,445,944 | ) | (2,269,848 | ) |
| Cash flows from financing activities |
| Loan repayments in year | (1,384,460 | ) | (1,346,535 | ) |
| Amount introduced by directors | 52,175 | 289,375 |
| Amount withdrawn by directors | 35,892 | - |
| Equity dividends paid | (277,375 | ) | (397,245 | ) |
| Net cash from financing activities | (1,573,768 | ) | (1,454,405 | ) |
| (Decrease)/increase in cash and cash equivalents | (2,116,697 | ) | 859,607 |
| Cash and cash equivalents at beginning of year |
26 |
6,462,678 |
5,603,071 |
| Cash and cash equivalents at end of year | 26 | 4,345,981 | 6,462,678 |
| TELEVISION AND FILM PRODUCTIONS PLC (REGISTERED NUMBER: 01638122) |
| Notes to the Consolidated Financial Statements |
| FOR THE YEAR ENDED 31 AUGUST 2023 |
| 1. | COMPANY INFORMATION |
| Television and Film Productions Plc is a |
| The company's principal activities and nature of its operations are disclosed in the Directors' Report. |
| 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" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention as modified by the revaluation of certain assets. |
| The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £. |
| The principal accounting policies adopted are set out below. |
| Going concern |
| The directors have, at the time of approving the financial statements, a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. The directors have prepared cash flow forecasts for a period of at least 12 months from the signing date. These cash flow forecasts indicate that the company will continue to meet its obligations as they fall due for a period of at least 12 months from signing and as such the directors believe it remains appropriate to prepare the financial statements on a going concern basis. |
| Turnover |
| Turnover represents net invoiced sales of goods and services, excluding value added tax, except for sales of licences where the revenue is recognised at the start of the licence period and for long term contracts as explained in the accounting policy below. |
| Turnover from the sale of goods is recognised when significant risks and rewards of ownership of the goods have transferred to the buyer, the amount of turnover can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the company and the costs incurred or to be incurred in respect of the transaction can be measured reliably. |
| When the outcome of a transaction can be estimated reliably, turnover from services is recognised by reference to the stage of completion at the balance sheet date. Where the outcome cannot be measured reliably, turnover is recognised only to the extent of the expenses recognised that are recoverable. |
| 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. |
| Intangible assets acquired separately from a business are capitalised at cost. Costs incurred relating to the production and development of the website content are capitalised. |
| Development costs are being amortised evenly over their estimated useful life of five years. |
| TELEVISION AND FILM PRODUCTIONS PLC (REGISTERED NUMBER: 01638122) |
| Notes to the Consolidated Financial Statements - continued |
| FOR THE YEAR ENDED 31 AUGUST 2023 |
| 2. | ACCOUNTING POLICIES - continued |
| Tangible fixed assets |
| Tangible fixed assets are stated at cost (or deemed cost) or valuation less accumulated depreciation. Cost includes costs directly attributable to making the asset capable of operating as intended. |
| Depreciation is provided on Improvements to properties and plant and machinery, at rates calculated to write off the cost, less estimated residual value, of each asset on a systematic basis over its expected useful life as follows: |
| Improvements to property - 5% on cost |
| Plant and machinery - 25% on reducing balance |
| Stocks |
| Cost comprises direct materials and those overheads that have been incurred in bringing the stocks to their present location and condition. Net realisable value is the estimated selling price less all estimated costs of completion and costs to be incurred in marketing, selling and distribution. |
| Cash and cash equivalents |
| Cash and cash equivalents include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities. |
| Taxation |
| Taxation for the year comprises current and deferred tax. Tax is recognised in the Consolidated Income Statement, 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 statement of financial position date. |
| Deferred tax |
| Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position 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. |
| Foreign currencies |
| Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the statement of financial position date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result. |
| Pension costs and other post-retirement benefits |
| The group operates a defined contribution pension scheme. Contributions payable to the group's pension scheme are charged to profit or loss in the period to which they relate. |
| TELEVISION AND FILM PRODUCTIONS PLC (REGISTERED NUMBER: 01638122) |
| Notes to the Consolidated Financial Statements - continued |
| FOR THE YEAR ENDED 31 AUGUST 2023 |
| 2. | ACCOUNTING POLICIES - continued |
| Long term contracts |
| Profit on long-term contracts is taken as the work is carried out if the final outcome can be assessed with reasonable certainty. The profit included is calculated on a prudent basis to reflect the proportion of the work carried out at the period end, by recording turnover and related costs as contract activity progresses. Turnover is calculated as that proportion of total contract value which cost incurred to date bears to total expected costs for that contract. Revenues derived from variations on contracts are recognised only when they have been accepted by the customer. Full provision is made for losses on all contracts in the year in which they are foreseen. |
| Freehold properties |
| Freehold properties are stated at fair value which is determined from market based evidence by appraisal that is carried out by the directors. Revaluations are made with sufficient regularity to ensure that the carrying amount does not differ materially from that which would be determined using the fair value at the end of the reporting period. |
| Freehold properties are depreciated over 50 years. However, the directors believe that the estimated residual values of these properties after 50 years would not differ materially from their current carrying amount. Hence, no depreciation has been charged on these assets as any such depreciation would be immaterial to the financial statements. |
| Investments |
| Investments are stated at market value which is normally the transaction price excluding transaction costs. Subsequently, they are measured at fair value through profit or loss if the shares are publicly traded. Investments in subsidiary companies are stated at cost less provision for permanent diminution in value. |
| Financial instruments |
| The company has elected to apply the provisions of Section 11 'Basic Financial Instruments' and Section 12 'Other Financial Instruments Issues' of FRS 102 to all of its financial instruments. Financial instruments are recognised when the company becomes party to the contractual provisions of the instrument. Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously. |
| Basic financial assets |
| Basic financial assets, which include trade and other debtors, amounts due from group undertakings and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost. Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when the company transfers the financial asset and substantially all the risks and rewards of ownership to another entity, or if some significant risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party. |
| TELEVISION AND FILM PRODUCTIONS PLC (REGISTERED NUMBER: 01638122) |
| Notes to the Consolidated Financial Statements - continued |
| FOR THE YEAR ENDED 31 AUGUST 2023 |
| 2. | ACCOUNTING POLICIES - continued |
| Basic financial liabilities |
| Basic financial liabilities, including trade and other creditors and amounts due to group undertakings are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Debt instruments are subsequently carried at amortised cost, using the effective interest rate method. Financial liabilities are derecognised when, and only when, the company's contractual obligations are discharged, cancelled, or they expire. |
| Equity instruments |
| Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets or the company after deducting all of its liabilities. Equity instruments issued by the company are recorded at the fair value of proceeds received, net of direct issue costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company. |
| 3. | JUDGEMENTS AND KEY SOURCES OF ESTIMATION UNCERTAINTY |
| In the application of the company's accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and association assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates. |
| The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised, if the revision affects only that period, or in the period of revision and future periods if the revision affects both current and future periods. The estimates and assumptions which have a significant risk of causing a material adjustment to the carrying amount of assets and liabilities are outlined below. |
| Income recognised on contracts |
| Income recognised relating to contracts started before the year but not completed at the year end, is estimated based on the completion percentage as at the year end and includes an estimate of the profits arising on those contracts. The completion percentage is established by comparing costs incurred as at the year-end to total budgeted costs. Total income recognised in these accounts to 31 August 2023 relating to such contracts is £2,040,000 (2022 - £2,401,000) |
| Costs deferred in respect of licences granted |
| Costs incurred relating to licences granted where the income from those licences has yet to be recognised is estimated and carried forward to the following year. The estimate is based on the average cost of contracts over the year. Total costs deferred on this basis as at 31 August 2023 are £450,000 (2022 - £516,000) . |
| Development costs |
| The costs of developing website content has been capitalised and is being written off over five years. The future revenues from this content are estimated and, based on these estimates, a judgement is made as to the need of any impairment. Such development costs are included in the balance sheet at a net book value of £1,766,556 (2022 - £1,608,167). |
| TELEVISION AND FILM PRODUCTIONS PLC (REGISTERED NUMBER: 01638122) |
| Notes to the Consolidated Financial Statements - continued |
| FOR THE YEAR ENDED 31 AUGUST 2023 |
| 4. | TURNOVER |
| The turnover and profit before taxation are attributable to the one principal activity of the group. |
| An analysis of turnover by class of business is given below: |
| 2023 | 2022 |
| £ | £ |
| Sales of goods | 4,190,286 | 3,942,133 |
| Rendering of services | 20,851,809 | 17,999,409 |
| Royalties | 1,323,114 | 923,257 |
| 26,365,209 | 22,864,799 |
| An analysis of turnover by geographical market is given below: |
| 2023 | 2022 |
| £ | £ |
| United Kingdom | 16,982,840 | 14,703,205 |
| Overseas | 9,382,369 | 8,161,594 |
| 26,365,209 | 22,864,799 |
| 5. | EMPLOYEES AND DIRECTORS |
| 2023 | 2022 |
| £ | £ |
| Wages and salaries | 9,427,066 | 8,515,269 |
| Social security costs | 875,969 | 803,936 |
| Other pension costs | 92,242 | 85,898 |
| 10,395,277 | 9,405,103 |
| The average number of employees during the year was as follows: |
| 2023 | 2022 |
| Management and administration | 60 | 54 |
| Other employees | 325 | 238 |
| 2023 | 2022 |
| £ | £ |
| Directors' remuneration | 345,469 | 307,998 |
| TELEVISION AND FILM PRODUCTIONS PLC (REGISTERED NUMBER: 01638122) |
| Notes to the Consolidated Financial Statements - continued |
| FOR THE YEAR ENDED 31 AUGUST 2023 |
| 5. | EMPLOYEES AND DIRECTORS - continued |
| Information regarding the highest paid director is as follows: |
| 2023 | 2022 |
| £ | £ |
| Emoluments etc | 320,469 | 283,046 |
| 6. | OPERATING PROFIT |
| The operating profit is stated after charging/(crediting): |
| 2023 | 2022 |
| £ | £ |
| Depreciation - owned assets | 780,007 | 616,631 |
| Development costs amortisation | 554,106 | 393,866 |
| Audit of the financial |
| statements | 26,750 | 21,000 |
| Audit of subsidiary undertakings | 19,000 | 16,000 |
| Other non-audit services | 24,764 | 27,237 |
| Foreign exchange differences | 123,367 | (290,849 | ) |
| Hire of plant and machinery | 3,620 | 9,062 |
| Other operating leases | 179,250 | 179,250 |
| 7. | INTEREST PAYABLE AND SIMILAR EXPENSES |
| 2023 | 2022 |
| £ | £ |
| Bank interest | 199,327 | 152,010 |
| Other interest payable | 105,678 | 81,864 |
| 305,005 | 233,874 |
| 8. | TAXATION |
| Analysis of the tax charge |
| The tax charge on the profit for the year was as follows: |
| 2023 | 2022 |
| £ | £ |
| Current tax: |
| UK corporation tax | 158,388 | 124,336 |
| Tax over-provision in respect of prior period | (2,329 | ) | (101,061 | ) |
| Total current tax | 156,059 | 23,275 |
| Deferred tax | 346,217 | 88,151 |
| Tax on profit | 502,276 | 111,426 |
| TELEVISION AND FILM PRODUCTIONS PLC (REGISTERED NUMBER: 01638122) |
| Notes to the Consolidated Financial Statements - continued |
| FOR THE YEAR ENDED 31 AUGUST 2023 |
| 8. | TAXATION - continued |
| Reconciliation of total tax charge included in profit and loss |
| The tax assessed for the year is higher than the standard rate of corporation tax in the UK. The difference is explained below: |
| 2023 | 2022 |
| £ | £ |
| Profit before tax | 2,116,596 | 1,768,189 |
| Profit multiplied by the standard rate of corporation tax in the UK of 21.515 % (2022 - 19 %) |
455,386 |
335,956 |
| Effects of: |
| Expenses not deductible for tax purposes | 3,200 | 6,478 |
| Income not taxable for tax purposes | (69,680 | ) | (89,220 | ) |
| Utilisation of tax losses | 40,815 | (83,536 | ) |
| Depreciation on assets ineligible for capital allowances | 119,695 | 65,772 |
| Adjustments to corporation tax charge in respect of previous periods | (2,329 | ) | (101,061 | ) |
| charge in respect of previous |
| Tax chargeable at different rates | 106,338 | 21,157 |
| Chargeable gains | 2,682 | 1,234 |
| months |
| Super-deduction claim on fixed assets | (14,671 | ) | (45,354 | ) |
| Group relief brought forward relieved against current profits | (100,471 | ) | - |
| Capital allowances back claim | (38,689 | ) | - |
| Total tax charge | 502,276 | 111,426 |
| Tax effects relating to effects of other comprehensive income |
| 2023 |
| Gross | Tax | Net |
| £ | £ | £ |
| Revaluation | 1,300,000 | - | 1,300,000 |
| 2022 |
| Gross | Tax | Net |
| £ | £ | £ |
| Revaluation |
| 9. | INDIVIDUAL INCOME STATEMENT |
| As permitted by Section 408 of the Companies Act 2006, the Income Statement of the parent company is not presented as part of these financial statements. |
| TELEVISION AND FILM PRODUCTIONS PLC (REGISTERED NUMBER: 01638122) |
| Notes to the Consolidated Financial Statements - continued |
| FOR THE YEAR ENDED 31 AUGUST 2023 |
| 10. | DIVIDENDS |
| 2023 | 2022 |
| £ | £ |
| Ordinary shares of £1 each |
| Interim | 170,000 | 350,000 |
| Preference shares of £1 each |
| Interim | 107,375 | 47,245 |
| 277,375 | 397,245 |
| 11. | INTANGIBLE FIXED ASSETS |
| Group |
| Development |
| costs |
| £ |
| COST |
| At 1 September 2022 | 2,559,725 |
| Additions | 758,172 |
| Impairments | (57,097 | ) |
| At 31 August 2023 | 3,260,800 |
| AMORTISATION |
| At 1 September 2022 | 951,558 |
| Amortisation for year | 554,106 |
| Impairments | (11,420 | ) |
| At 31 August 2023 | 1,494,244 |
| NET BOOK VALUE |
| At 31 August 2023 | 1,766,556 |
| At 31 August 2022 | 1,608,167 |
| TELEVISION AND FILM PRODUCTIONS PLC (REGISTERED NUMBER: 01638122) |
| Notes to the Consolidated Financial Statements - continued |
| FOR THE YEAR ENDED 31 AUGUST 2023 |
| 12. | TANGIBLE FIXED ASSETS |
| Group |
| Improvements |
| Freehold | to | Plant and |
| property | property | machinery | Totals |
| £ | £ | £ | £ |
| COST OR VALUATION |
| At 1 September 2022 | 22,368,301 | 1,640,565 | 6,500,364 | 30,509,230 |
| Additions | - | 114,455 | 913,420 | 1,027,875 |
| Revaluations | 1,300,000 | - | - | 1,300,000 |
| At 31 August 2023 | 23,668,301 | 1,755,020 | 7,413,784 | 32,837,105 |
| DEPRECIATION |
| At 1 September 2022 | - | 554,503 | 4,878,326 | 5,432,829 |
| Charge for year | - | 124,076 | 655,931 | 780,007 |
| At 31 August 2023 | - | 678,579 | 5,534,257 | 6,212,836 |
| NET BOOK VALUE |
| At 31 August 2023 | 23,668,301 | 1,076,441 | 1,879,527 | 26,624,269 |
| At 31 August 2022 | 22,368,301 | 1,086,062 | 1,622,038 | 25,076,401 |
| The historical cost of the land and buildings at 31 August 2023 was £8,133,703 (2022 - £8,133,703). |
| Company |
| Freehold | Plant and |
| property | machinery | Totals |
| £ | £ | £ |
| COST OR VALUATION |
| At 1 September 2022 |
| Additions |
| At 31 August 2023 |
| DEPRECIATION |
| At 1 September 2022 |
| Charge for year |
| At 31 August 2023 |
| NET BOOK VALUE |
| At 31 August 2023 |
| At 31 August 2022 |
| The historical cost of the land and buildings at 31 August 2023 was £4,469,525 (2022 - £4,469,525). |
| TELEVISION AND FILM PRODUCTIONS PLC (REGISTERED NUMBER: 01638122) |
| Notes to the Consolidated Financial Statements - continued |
| FOR THE YEAR ENDED 31 AUGUST 2023 |
| 13. | FIXED ASSET INVESTMENTS |
| Group |
| Unlisted |
| investments |
| £ |
| COST |
| At 1 September 2022 |
| and 31 August 2023 | 1,393,002 |
| NET BOOK VALUE |
| At 31 August 2023 | 1,393,002 |
| At 31 August 2022 | 1,393,002 |
| Company |
| Shares in |
| group | Unlisted |
| undertakings | investments | Totals |
| £ | £ | £ |
| COST |
| At 1 September 2022 | 7,307,067 |
| Additions | 1,000,020 |
| At 31 August 2023 | 8,307,087 |
| NET BOOK VALUE |
| At 31 August 2023 | 8,307,087 |
| At 31 August 2022 | 7,307,067 |
| The group or the company's investments at the Statement of Financial Position date in the share capital of companies include the following: |
| Subsidiaries |
| Registered office: 375 City Road, London, EC1V 1NB |
| Nature of business: |
| % |
| Class of shares: | holding |
| Registered office: 375 City Road, London, EC1V 1NB |
| Nature of business: |
| % |
| Class of shares: | holding |
| TELEVISION AND FILM PRODUCTIONS PLC (REGISTERED NUMBER: 01638122) |
| Notes to the Consolidated Financial Statements - continued |
| FOR THE YEAR ENDED 31 AUGUST 2023 |
| 13. | FIXED ASSET INVESTMENTS - continued |
| Registered office: 375 City Road, London, EC1V 1NB |
| Nature of business: |
| % |
| Class of shares: | holding |
| Registered office: 375 City Road, London, EC1V 1NB |
| Nature of business: |
| % |
| Class of shares: | holding |
| Registered office: 375 City Road, London, EC1V 1NB |
| Nature of business: |
| % |
| Class of shares: | holding |
| Registered office: 375 City Road, London, EC1V 1NB |
| Nature of business: |
| % |
| Class of shares: | holding |
| Registered office: 375 City Road, London, EC1V 1NB |
| Nature of business: |
| % |
| Class of shares: | holding |
| 14. | STOCKS |
| Group |
| 2023 | 2022 |
| £ | £ |
| Stocks | 62,720 | 65,489 |
| TELEVISION AND FILM PRODUCTIONS PLC (REGISTERED NUMBER: 01638122) |
| Notes to the Consolidated Financial Statements - continued |
| FOR THE YEAR ENDED 31 AUGUST 2023 |
| 15. | DEBTORS |
| Group | Company |
| 2023 | 2022 | 2023 | 2022 |
| £ | £ | £ | £ |
| Amounts falling due within one year: |
| Trade debtors | 2,530,867 | 2,716,315 |
| Amounts owed by group undertakings | - | 85,000 |
| Other debtors | 152,749 | 29,017 |
| Tax | - | 1,121 |
| Prepayments and accrued income | 648,405 | 464,292 |
| 3,332,021 | 3,295,745 |
| Amounts falling due after more than one | year: |
| Amounts owed by group undertakings | - | - |
| Aggregate amounts | 3,332,021 | 3,295,745 |
| 16. | CURRENT ASSET INVESTMENTS |
| Market value of listed investments at 31 August 2023 held by the group and and company - £1,715,257 (2022 - £647,928). |
| 17. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
| Group | Company |
| 2023 | 2022 | 2023 | 2022 |
| £ | £ | £ | £ |
| Bank loans and overdrafts (see note 19) | 208,763 | 177,622 |
| Payments on account | 2,290,950 | 2,546,855 |
| Trade creditors | 2,298,170 | 2,652,755 |
| Amounts owed to group undertakings | - | 85,000 |
| Tax | 22,079 | - |
| VAT | 310,243 | 368,458 | - | - |
| Other creditors | 676,995 | 916,292 |
| Directors' current accounts | 807,364 | 719,297 | 807,364 | 719,297 |
| Accruals and deferred income | 1,920,450 | 1,945,901 |
| 8,535,014 | 9,412,180 |
| TELEVISION AND FILM PRODUCTIONS PLC (REGISTERED NUMBER: 01638122) |
| Notes to the Consolidated Financial Statements - continued |
| FOR THE YEAR ENDED 31 AUGUST 2023 |
| 18. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
| Group | Company |
| 2023 | 2022 | 2023 | 2022 |
| £ | £ | £ | £ |
| Bank loans (see note 19) | 2,244,372 | 3,756,453 |
| Other loans (see note 19) | 1,304,140 | 1,207,660 |
| Directors' loan accounts | 278,000 | 278,000 | 278,000 | 278,000 |
| 3,826,512 | 5,242,113 |
| 19. | LOANS |
| An analysis of the maturity of loans is given below: |
| Group | Company |
| 2023 | 2022 | 2023 | 2022 |
| £ | £ | £ | £ |
| Amounts falling due within one year or on | demand: |
| Bank loans | 208,763 | 177,622 |
| Amounts falling due between one and two | years: |
| Bank loans - 1-2 years | 106,876 | 177,622 |
| Other loans - 1-2 years | 1,304,140 | 1,207,660 | 1,304,140 |
| 1,411,016 | 1,385,282 |
| Amounts falling due between two and five | years: |
| Bank loans - 2-5 years | 2,137,496 | 3,578,831 |
| The group and company bank loans are repayable by instalments and bear interest of LIBOR plus 2.43%. |
| 20. | SECURED DEBTS |
| The following secured debts are included within creditors: |
| Group | Company |
| 2023 | 2022 | 2023 | 2022 |
| £ | £ | £ | £ |
| Bank loans | 2,453,135 | 3,934,075 |
| Bank loans and overdrafts are secured by an unlimited guarantee between Television and Film Productions Plc, TVF Limited, Online Editing Limited and Quarter Limited. The loans are also secured by first legal charges over selected properties owned by the group. |
| TELEVISION AND FILM PRODUCTIONS PLC (REGISTERED NUMBER: 01638122) |
| Notes to the Consolidated Financial Statements - continued |
| FOR THE YEAR ENDED 31 AUGUST 2023 |
| 21. | PROVISIONS FOR LIABILITIES |
| Group | Company |
| 2023 | 2022 | 2023 | 2022 |
| £ | £ | £ | £ |
| Deferred tax |
| Accelerated capital allowances | 935,668 | 666,178 |
| Tax losses carried forward | - | (114,910 | ) | ( |
) |
| Other timing differences | 2,183,174 | 2,221,356 | 1,411,004 | 1,411,004 |
| 3,118,842 | 2,772,624 | 1,523,233 | 1,393,386 |
| Group |
| Deferred |
| tax |
| £ |
| Balance at 1 September 2022 | 2,772,624 |
| Charge to Income Statement during year | 346,218 |
| Balance at 31 August 2023 | 3,118,842 |
| Company |
| Deferred |
| tax |
| £ |
| Balance at 1 September 2022 |
| Charge to Income Statement during year |
| Balance at 31 August 2023 |
| 22. | CALLED UP SHARE CAPITAL |
| Allotted, issued and fully paid: |
| Number: | Class: | Nominal | 2023 | 2022 |
| value: | £ | £ |
| Ordinary | £1 | 202,500 | 202,500 |
| Preference | £1 | 1,718,000 | 1,718,000 |
| 1,920,500 | 1,920,500 |
| The rights attaching to the preference shares are as follows. Should a dividend be paid, then it is paid first to the preference shareholders at the rate of 1% per annum above the Barclays Bank base rate and at the same rate in respect of previous years to the extent that such dividends have not previously been paid. On winding up, the preference shares rank before the ordinary shares but only to the extent of the capital paid on the preference shares. The preference shares do not carry any voting rights. |
| TELEVISION AND FILM PRODUCTIONS PLC (REGISTERED NUMBER: 01638122) |
| Notes to the Consolidated Financial Statements - continued |
| FOR THE YEAR ENDED 31 AUGUST 2023 |
| 23. | NON-CONTROLLING INTERESTS |
| 2023 | 2022 |
| £ | £ |
| Balance brought forward | 2,376,759 | 1,834,350 |
| Profit for the period | 754,887 | 542,409 |
| Balance carried forward | 3,131,646 | 2,376,759 |
| 24. | RELATED PARTY DISCLOSURES |
| The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group. |
| TELEVISION AND FILM PRODUCTIONS PLC (REGISTERED NUMBER: 01638122) |
| Notes to the Consolidated Financial Statements - continued |
| FOR THE YEAR ENDED 31 AUGUST 2023 |
| 24. | RELATED PARTY DISCLOSURES - continued |
| During the year the group entered into transactions, in the ordinary course of business, with other related parties. Transactions entered into, and trading balances outstanding at 31 August, are as follows: |
Sales to related party |
Purchases from related party |
Amounts owed by related party |
Amounts owed to related party |
| £ | £ | £ | £ |
| Entities over which the group has joint control or significant influence |
| 2023 | 1,340,056 | 595,741 | - | 2,389,187 |
| 2022 | 1,092,861 | 459,839 | - | 1,291,275 |
| Other related parties |
| 2023 | 554,252 | - | 1,379,055 | 16,907 |
| 2022 | 432,583 | 80,421 | 1,610,893 | - |
| Key management personnel |
| All directors and certain senior employees who have authority and responsibility for planning, directing and controlling the activities of the Group are considered to be key management personnel. Total remuneration in respect of these individuals is £1,032,671 (2022 - £968,079). |
| In the year to 31 August 2023, equity dividends were paid to key management, amounting to £221,125 (2022 - £372,495). |
| Rent of £182,583 (2022 - £182,583) was paid to key management, in respect of properties owned personally and occupied by the company. |
| On 18 June 2010 the group entered into property purchase agreements with key management to purchase specific properties from key management. As at the balance sheet date these transactions have not been completed so they remain a capital commitment of the group. The group has agreed that consideration for the properties will be 99% of the market value at the completion date. |
| At 31 August 2023 the group owed key management, £1,085,364 (2022 - £997,297) of which £278,000 (2022 - £278,000) is due in more than one year. Interest of £84,542 (2022 - £65,492) was paid on this balance. |
| Other related parties |
| The total balance owing to other related parties is £1,379,055 (2022 - £1,610,893). |
| TELEVISION AND FILM PRODUCTIONS PLC (REGISTERED NUMBER: 01638122) |
| Notes to the Consolidated Financial Statements - continued |
| FOR THE YEAR ENDED 31 AUGUST 2023 |
| 25. | RECONCILIATION OF PROFIT BEFORE TAXATION TO CASH GENERATED FROM OPERATIONS |
| 2023 | 2022 |
| £ | £ |
| Profit before taxation | 2,116,596 | 1,768,189 |
| Depreciation charges | 1,334,112 | 1,010,498 |
| Gain on revaluation of fixed assets | (254,285 | ) | (26,504 | ) |
| Impairment charges | 45,677 | - |
| Finance costs | 305,005 | 233,874 |
| Finance income | (153,147 | ) | (54,135 | ) |
| 3,393,958 | 2,931,922 |
| Decrease/(increase) in stocks | 2,769 | (6,596 | ) |
| Increase in trade and other debtors | (37,395 | ) | (346,950 | ) |
| (Decrease)/increase in trade and other creditors | (1,018,453 | ) | 2,234,039 |
| Cash generated from operations | 2,340,879 | 4,812,415 |
| 26. | CASH AND CASH EQUIVALENTS |
| The amounts disclosed on the Statement of Cash Flows in respect of cash and cash equivalents are in respect of these Statement of Financial Position amounts: |
| Year ended 31 August 2023 |
| 31.8.23 | 1.9.22 |
| £ | £ |
| Cash and cash equivalents | 4,345,981 | 6,462,678 |
| Year ended 31 August 2022 |
| 31.8.22 | 1.9.21 |
| £ | £ |
| Cash and cash equivalents | 6,462,678 | 5,603,071 |
| TELEVISION AND FILM PRODUCTIONS PLC (REGISTERED NUMBER: 01638122) |
| Notes to the Consolidated Financial Statements - continued |
| FOR THE YEAR ENDED 31 AUGUST 2023 |
| 27. | ANALYSIS OF CHANGES IN NET FUNDS |
| At 1.9.22 | Cash flow | At 31.8.23 |
| £ | £ | £ |
| Net cash |
| Cash at bank and in hand | 6,462,678 | (2,116,697 | ) | 4,345,981 |
| 6,462,678 | (2,116,697 | ) | 4,345,981 |
| Liquid resources |
| Current asset investments | 647,928 | 1,067,329 | 1,715,257 |
| 647,928 | 1,067,329 | 1,715,257 |
| Debt |
| Debts falling due within 1 year | (177,622 | ) | (31,141 | ) | (208,763 | ) |
| Debts falling due after 1 year | (4,964,113 | ) | 1,415,601 | (3,548,512 | ) |
| (5,141,735 | ) | 1,384,460 | (3,757,275 | ) |
| Total | 1,968,871 | 335,092 | 2,303,963 |