Twickenham Studios Limited - Accounts to registrar - small 17.2

REGISTERED NUMBER: 08094817 (England and Wales)

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2016

FOR

TWICKENHAM STUDIOS LIMITED

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTORS:

S Vohra

R M Sewell

Z Masters

REGISTERED OFFICE:

Twickenham Studios

The Barons

Twickenham

London

TW1 2AW

REGISTERED NUMBER:

08094817 (England and Wales)

ACCOUNTANTS:

Sage & Co

Chartered Accountants

38A High Street

Northwood

Middlesex

HA6 1BN

FIXED ASSETS

Intangible assets

4

-

-

Tangible assets

5

14,334,508

13,604,291

14,334,508

13,604,291

CURRENT ASSETS

Debtors

6

815,130

463,757

Cash at bank and in hand

727,212

136,938

1,542,342

600,695

CREDITORS

Amounts falling due within one year

7

9,869,512

12,119,482

NET CURRENT LIABILITIES

(8,327,170

)

(11,518,787

)

TOTAL ASSETS LESS CURRENT LIABILITIES

6,007,338

2,085,504

CREDITORS

Amounts falling due after more than one year

8

6,000,000

2,098,000

NET ASSETS/(LIABILITIES)

7,338

(12,496

)

CAPITAL AND RESERVES

Called up share capital

10

1,000,000

1,000,000

Retained earnings

(992,662

)

(1,012,496

)

SHAREHOLDERS' FUNDS

7,338

(12,496

)

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 December 2016.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 2016 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 of Part 15 of the Companies Act 2006 relating to small companies.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors on 21 September 2017 and were signed on its behalf by:

R M Sewell - Director

1.	STATUTORY INFORMATION

Twickenham Studios 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 the provisions of Section 1A "Small Entities" of 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.

The company has been funded by an interest free loan from its parent company, Twickenham

Media Limited. The amount owed at the balance sheet date was £8,167,500 and is included in

current liabilities. There are no fixed repayment terms and the parent company has agreed that

the company can make repayments when its cash flow allows. Due to this support from the

parent company, the directors believe it is appropriate to continue preparing the financial

statements on a going concern basis.

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 2012, is being amortised evenly over its estimated useful life of one years.

Tangible fixed assets

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

Freehold property

-

2% on cost of buildings

Plant & equipment

-

10% on reducing balance

Fixtures and fittings

-

10% on reducing balance

Taxation

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

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 40 .

4.	INTANGIBLE FIXED ASSETS

Goodwill

£

COST

At 1 January 2016

and 31 December 2016

1,000,000

AMORTISATION

At 1 January 2016

and 31 December 2016

1,000,000

NET BOOK VALUE

At 31 December 2016

-

At 31 December 2015

-

5.	TANGIBLE FIXED ASSETS

Fixtures

Freehold

Plant &

and

property

equipment

fittings

Totals

£

£

£

£

COST

At 1 January 2016

9,471,727

4,792,416

436,335

14,700,478

Additions

1,037,997

113,582

28,218

1,179,797

At 31 December 2016

10,509,724

4,905,998

464,553

15,880,275

DEPRECIATION

At 1 January 2016

227,922

810,808

57,457

1,096,187

Charge for year

141,194

270,498

37,888

449,580

At 31 December 2016

369,116

1,081,306

95,345

1,545,767

NET BOOK VALUE

At 31 December 2016

10,140,608

3,824,692

369,208

14,334,508

At 31 December 2015

9,243,805

3,981,608

378,878

13,604,291

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2016

2015

£

£

Trade debtors

374,357

273,990

Other debtors

350,482

31,251

VAT

-

35,461

Prepayments

90,291

123,055

815,130

463,757

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2016

2015

£

£

Bank loans and overdrafts

-

702,000

Other loans

887,500

892,220

Trade creditors

188,026

567,204

Amounts owed to group undertakings

8,167,500

9,325,000

Income tax

4,050

2,020

Social security and other taxes

41,138

31,685

VAT

132,174

-

Other creditors

95,572

163,285

Directors' current accounts

80,877

322,977

Accruals and deferred income

272,675

113,091

9,869,512

12,119,482

8.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2016

2015

£

£

Bank loans - 1-2 years

1,000,000

936,000

Bank loans - 2-5 years

5,000,000

1,162,000

6,000,000

2,098,000

9.	SECURED DEBTS

The following secured debts are included within creditors:

2016

2015

£

£

Bank loans

6,000,000

2,800,000

The bank loans and overdrafts are secured by a debenture over the company's assets and a first

legal charge over its freehold property.

10.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

2016

2015

value:

£

£

1,000,000

Ordinary

£1

1,000,000

1,000,000

11.	ULTIMATE PARENT COMPANY

Twickenham Media Limited (incorporated in Guernsey) is regarded by the directors as being the

company's ultimate parent company.