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Registered number: 10381441









LABEL1 TELEVISION LIMITED









FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE YEAR ENDED 31 DECEMBER 2022

 
LABEL1 TELEVISION LIMITED
REGISTERED NUMBER: 10381441

STATEMENT OF FINANCIAL POSITION
AS AT 31 DECEMBER 2022

2022
2021
Note
£
£

Fixed assets
  

Tangible assets
 4 
1,204
4,832

  
1,204
4,832

Current assets
  

Stocks
  
699,931
196,616

Debtors: amounts falling due within one year
 5 
900,395
544,141

Cash at bank and in hand
  
762,341
727,407

  
2,362,667
1,468,164

Creditors: amounts falling due within one year
 6 
(2,025,210)
(984,433)

Net current assets
  
 
 
337,457
 
 
483,731

Total assets less current liabilities
  
338,661
488,563

Creditors: amounts falling due after more than one year
 7 
(650,000)
(800,000)

  

Net liabilities
  
(311,339)
(311,437)


Capital and reserves
  

Called up share capital 
  
148
148

Share premium account
  
449,951
449,951

Profit and loss account
  
(761,438)
(761,536)

  
(311,339)
(311,437)


The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

The financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The company has opted not to file the statement of comprehensive income in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf by: 

J Taylor
Director

Date: 28 September 2023

The notes on pages 2 to 7 form part of these financial statements.

Page 1

 
LABEL1 TELEVISION LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022

1.


General information

Label1 Television Limited is a private company limited by shares incorporated in the United Kingdom and registered in England & Wales. The address of its registered office is 55 New Oxford Street, 1st Floor, London, England, WC1A 1BS.

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Section 1A of Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

The company's functional and presentational currency is GBP.

The following principal accounting policies have been applied:

 
2.2

Going concern

The company had net liabilities of £311,339 (2021: £311,437) at the reporting date. The company has long term loan facilities provided by one of its shareholders, of which £650,000 (2021: £800,000) was drawn at the statement of financial position date.
On the basis of the loan facilities and the increased activity forecast for the company, the directors believe that the company will have sufficient funds to settle all of its debts as they fall due for at least 12 months from signing the accounts and therefore consider it appropriate to prepare the financial statements on a going concern basis. The financial statements do not include any adjustments that would result from the repayment of the loan facilities.

  
2.3

Revenue

Production
Production turnover comprises revenues receivable by the company in respect of television programme development and production services supplied during the period, exclusive of Value Added Tax, and is recognised on an 'episodic basis' once delivery of the completed development or production to the customer has been made in accordance with the delivery pattern as outlined in the underlying contractual agreement.
Both under and overspends are accounted for once known and are recognised in accordance with the delivery pattern.
Provisions are made for any loss making contracts (i.e. expected overspend is in excess of originally anticipated margin) as soon as identified.
Distribution
Distribution turnover comprises royalty income on distributed content, and is recognised when the company is notified of royalties earnt. 

  
2.4

Cost of sales

Production costs incurred in producing a television programme are recognised in the Statement of Comprehensive Income as cost of sales in the period in which they are incurred.

Page 2

 
LABEL1 TELEVISION LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022

2.Accounting policies (continued)

 
2.5

Operating leases: the company as lessee

Rentals paid under operating leases are charged to profit or loss on a straight-line basis over the lease term.

 
2.6

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.

Depreciation is provided on the following basis:

Short-term leasehold property
-
Over the life of the lease
Office equipment
-
33.33%
Computer equipment
-
33.33%

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

  
2.7

Stocks

Stocks comprise of costs incurred up to the reporting date on developments and productions yet to be delivered as at the balance sheet date and are valued at the lower of cost and net realisable value.
Net realisable value is based on estimated selling price less any further costs to completion expected to be incurred.

 
2.8

Debtors

Short-term debtors are measured at transaction price, less any impairment.

 
2.9

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours.

 
2.10

Creditors

Short-term creditors are measured at the transaction price.

Page 3

 
LABEL1 TELEVISION LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022

2.Accounting policies (continued)

 
2.11

Financial instruments

The company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and loans from related parties.

Debt instruments that are payable or receivable within one year, typically trade debtors and creditors, are measured, initially and subsequently, at the undiscounted amount of the cash or other consideration expected to be paid or received.


3.


Employees

The average monthly number of employees, including directors, during the year was 23 (2021 - 27).


4.


Tangible fixed assets





Short-term leasehold property
Office equipment
Computer equipment
Total

£
£
£
£



Cost


At 1 January 2022
25,059
19,093
79,231
123,383


Additions
-
-
680
680



At 31 December 2022

25,059
19,093
79,911
124,063



Depreciation


At 1 January 2022
25,058
17,550
75,943
118,551


Charge for the year on owned assets
-
1,348
2,960
4,308



At 31 December 2022

25,058
18,898
78,903
122,859



Net book value



At 31 December 2022
1
195
1,008
1,204



At 31 December 2021
1
1,543
3,288
4,832

Page 4

 
LABEL1 TELEVISION LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022

5.


Debtors

2022
2021
£
£


Trade debtors
357,113
1,539

Other debtors
469,918
383,254

Prepayments and accrued income
73,364
159,348

900,395
544,141



6.


Creditors: Amounts falling due within one year

2022
2021
£
£

Bank loan
-
150,000

Trade creditors
196,966
108,939

Other taxation and social security
208,612
87,787

Other creditors
8,638
4,842

Accruals and deferred income
1,610,994
632,865

2,025,210
984,433


The following liabilities were secured:

2022
2021
£
£



Bank loan
-
150,000

-
150,000

Details of security provided:

The bank loan of £150,000 was repaid during the year. The loan was secured by a fixed and floating charge over all the current and future assets of the company.

Page 5

 
LABEL1 TELEVISION LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022

7.


Creditors: Amounts falling due after more than one year

2022
2021
£
£

Other loans
650,000
800,000

650,000
800,000


The following liabilities were secured:

2022
2021
£
£



Other loans
650,000
800,000

650,000
800,000

Details of security provided:

The loan of £650,000 is secured by a fixed and floating charge over all the current and future assets of the company.


8.


Commitments under operating leases

At 31 December 2022 the company had future minimum lease payments due under non-cancellable operating leases for each of the following periods:

2022
2021
£
£


Not later than 1 year
115,920
70,822

Later than 1 year and not later than 5 years
186,742
-

302,662
70,822


9.


Related party transactions

A shareholder in the company has provided the company with a loan facility. During the year the company was charged interest at an average rate of 0.75% on the facility. The loan is repayable in 2024 and at the reporting date £650,000 (2021: £800,000) was owed by the company.

Page 6

 
LABEL1 TELEVISION LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022

10.


Controlling party

The immediate parent undertaking is FremantleMedia Limited, a company registered in England and Wales.
The smallest group to consolidate these financial statements is RTL Group S.A., a company registered in Luxembourg. Copies of the RTL Group S.A. accounts can be obtained from the General Counsel at RTL Group S.A, 43 Boulevard Pierre Frieden, L-1543 Luxembourg.
The ultimate parent undertaking and controlling party is Bertelsmann SE & Co.KGaA, a company registered in Germany, which is the largest group to consolidate these financial statements. Copies of the Bertelsmann SE & Co.KGaA accounts can be obtained from the General Counsel at Bertelsmann SE & Co.KGaA, Carl-Bertelsmann-Straße 270, 33311 Gutersloh, Germany.


11.


Auditors' information

The auditors' report on the financial statements for the year ended 31 December 2022 was unqualified.

The audit report was signed on 28 September 2023 by Anthony Pins (Senior Statutory Auditor) on behalf of Nyman Libson Paul LLP.

 
Page 7