Record TV Network Limited - Accounts to registrar - small 17.2

REGISTERED NUMBER: 05297177 (England and Wales)

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2016

FOR

RECORD TV NETWORK LIMITED

Page

Company Information

1

Abridged Balance Sheet

2

Notes to the Financial Statements

4

DIRECTOR:

Mr W M Cardoso

REGISTERED OFFICE:

199-201 Seven Sisters Road

Finsbury Park

London

N4 3NG

REGISTERED NUMBER:

05297177 (England and Wales)

ACCOUNTANTS:

Raffingers

Chartered Certified Accountants

19-20 Bourne Court

Southend Road

Woodford Green

Essex

IG8 8HD

FIXED ASSETS

Tangible assets

3

84,635

109,826

CURRENT ASSETS

Debtors

264,877

232,776

Cash at bank and in hand

36,388

41,160

301,265

273,936

CREDITORS

Amounts falling due within one year

12,209

13,978

NET CURRENT ASSETS

289,056

259,958

TOTAL ASSETS LESS CURRENT LIABILITIES

373,691

369,784

CREDITORS

Amounts falling due after more than one year

-

(486

)

PROVISIONS FOR LIABILITIES

(16,572

)

(16,618

)

NET ASSETS

357,119

352,680

CAPITAL AND RESERVES

Called up share capital

100

100

Share premium

561,104

561,104

Retained earnings

(204,085

)

(208,524

)

SHAREHOLDERS' FUNDS

357,119

352,680

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 director acknowledges his 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.

All the members have consented to the preparation of an abridged Income Statement and an abridged Balance Sheet for the year ended 31 December 2016 in accordance with Section 444(2A) of the Companies Act 2006.

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

The financial statements were approved by the director on 26 September 2017 and were signed by:

Mr W M Cardoso - Director

1.	STATUTORY INFORMATION

Record TV Network 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.

Turnover

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

value added tax and other sales taxes.

Tangible fixed assets

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

Improvements to property

-

over the period of the leases

Plant and machinery

-

25% on reducing balance

Fixtures and fittings

-

25% on reducing balance

Computer equipment

-

25% 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.

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.	TANGIBLE FIXED ASSETS

Totals

£

COST

At 1 January 2016

790,677

Additions

4,995

Disposals

(2,300

)

At 31 December 2016

793,372

DEPRECIATION

At 1 January 2016

680,851

Charge for year

27,886

At 31 December 2016

708,737

NET BOOK VALUE

At 31 December 2016

84,635

At 31 December 2015

109,826

4.	SECURED DEBTS

The following secured debts are included within creditors:

2016

2015

£

£

Hire purchase contracts

486

6,319

5.	RELATED PARTY DISCLOSURES

The company was controlled throughout the current and previous years by Rede Record De Televisan Europa

Limited, a company incorporated in Portugal, by virtue of their ownership of 51% of the issued share capital.

During the year, the company received management charges of £34,223 (2015 - £195,000) from Enteraction TV

Learning Ltd.At the balance sheet date, the company was owed £nil (2015 - £93,171) by Enteraction TV

Learning Limited, an associated company.

6.	FIRST YEAR ADOPTION

The Company has adopted FRS 102 for the year ended 31 December 2016, with the date of transition being 1

January 2015. On transition management have considered the effect of any changes in accounting treatment from

UK GAAP to FRS 102 for this company but do not consider there to be any material changes that would warrant

restatement of the comparative financials.