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Registered number: 08450825
VOLTAGE TV PRODUCTIONS LIMITED
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023
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VOLTAGE TV PRODUCTIONS LIMITED
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CONTENTS
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Statement of Financial Position
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Notes to the Financial Statements
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VOLTAGE TV PRODUCTIONS LIMITED
REGISTERED NUMBER:08450825
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STATEMENT OF FINANCIAL POSITION
AS AT 31 MARCH 2023
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Creditors: amounts falling due within one year
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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 on 2 October 2023.
The notes on pages 2 to 7 form part of these financial statements.
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VOLTAGE TV PRODUCTIONS LIMITED
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023
Voltage TV Productions Limited is a private company, limited by shares, incorporated in England and Wales. Its registered office address is at 1 Television Centre, 101 Wood Lane, London, W12 7FA. Its business address is at 68 Wells Street, London, W1W 8RB.
The principal activity of the Company is factual television production.
2.Accounting policies
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Basis of preparation of financial statements
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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 following principal accounting policies have been applied:
Turnover is measured based on the consideration specified in a contract with a customer and excludes Value Added Tax. Turnover recognition is based on the delivery of performance obligations and an assessment of when control is transferred to the customer. The complexity of individual contractual terms may require the Company to make judgements in assessing when the triggers for turnover recognition have been met, particularly whether the Company has sufficiently fulfilled its obligations under the contract to allow turnover to be recognised.
Turnover is recognised when the performance obligation in the contract has been performed. Most of the Company's turnover is derived from fixed price contracts and therefore the amount of turnover to be earned from each contract is determined by reference to those fixed prices.
Production turnover is recognised either on delivery of the related programme or on a stage completion basis, depending on the nature of the contract with the customer. This represents a change in accounting policy from previous periods when all production revenue was recognised as contract activity progressed on a straight line basis to reflect the value of work carried out during the period. In the opinion of the directors the new policy provides a fairer representation of the nature of the Company's results. Details of the effect of this change in accounting policy are set out in Note 9 to the financial statements.
Development turnover is recognised as the contract activity progresses to reflect the proportion of work carried out during the period.
Royalties are recognised on an accruals basis where amounts receivable can be reliably measured. If there is no reliable measure they are recognised when received.
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.
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VOLTAGE TV PRODUCTIONS LIMITED
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023
2.Accounting policies (continued)
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Tangible fixed assets (continued)
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Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, on the following basis.
Depreciation is provided on the following basis:
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Short-term leasehold property
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Over the term of the lease
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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.
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Foreign currency translation
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Functional and presentation currency
The Company's functional and presentational currency is £ Sterling.
Transactions and balances
Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions.
At each period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined.
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Operating leases: the Company as lessee
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Rentals paid under operating leases are charged to profit or loss on a straight-line basis over the lease term.
Benefits received and receivable as an incentive to sign an operating lease are recognised on a straight-line basis over the lease term, unless another systematic basis is representative of the time pattern of the lessee's benefit from the use of the leased asset.
Grants are accounted under the accruals model as permitted by FRS 102.
Grants of a revenue nature are recognised in the Statement of Comprehensive Income in the same period as the related expenditure.
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VOLTAGE TV PRODUCTIONS LIMITED
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023
2.Accounting policies (continued)
Defined contribution pension plan
The Company contributes to a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations.
The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Statement of Financial Position. The assets of the plan are held separately from the Company in independently administered funds.
Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.
The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the Company operates and generates income.
Short-term debtors are measured at transaction price, less any impairment.
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Cash and cash equivalents
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Cash is represented by cash in hand and deposits with financial institutions repayable without penalty.
Short-term creditors are measured at the transaction price.
The company only enters into transactions that result in the recognition of basic financial assets and basic financial liabilities.
Basic financial assets, such as trade and other debtors, are initially recognised at the transaction price less attributable transaction costs. Basic financial liabilities, such as trade and other creditors, are initially recognised at the transaction price plus attributable transaction costs. Subsequently, they are measured at amortised cost using the effective interest method, less any impairment losses in the case of basic financial assets.
Financial assets are derecognised when (a) the contractual rights to the cash flows from the asset expire or are settled, or (b) substantially all the risks and rewards of the ownership of the asset are transferred to another party or (c) control of the asset has been transferred to another party who has the practical ability to unilaterally sell the asset to an unrelated third party without imposing additional restrictions.
Financial assets and liabilities are offset and the net amounts presented in the financial statements when there is an enforceable right to set off the recognised amounts and there is an intention to settle
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VOLTAGE TV PRODUCTIONS LIMITED
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023
2.Accounting policies (continued)
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Financial instruments (continued)
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on a net basis or to realise the asset and settle the liability simultaneously.
Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.
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The average monthly number of employees, including directors, during the year was 49 (2022 - 35).
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Short-term leasehold property
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Charge for the year on owned assets
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VOLTAGE TV PRODUCTIONS LIMITED
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023
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Due after more than one year
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Prepayments and accrued income
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Creditors: Amounts falling due within one year
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Other taxation and social security
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Accruals and deferred income
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The bank loans are secured by a fixed and floating charge over the assets of the Company.
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Allotted, called up and fully paid
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185 (2022 - 178) Ordinary A shares of £0.01 each
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1,044 (2022 - 1,009) Ordinary B shares of £0.01 each
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VOLTAGE TV PRODUCTIONS LIMITED
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023
7.Share capital (continued)
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A Ordinary shares rank first in the event of a return of assets on a liquidation, reduction of capital, sale or otherwise payment out in respect of surplus assets of the Company. A and B Ordinary shares rank pari-passu in all other respects.
On 7 November 2022 35 A Ordinary and 7 B Ordinary shares of £0.01 each were issued for £0.35 and £0.07 respectively.
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During the year the Company changed its accounting policy for the recognition of revenue from production contracts. For contracts where the performance obligations cannot be ascertained with a high degree of certainty, revenue and costs are deferred. Revenue is then recognised in the period the project is delivered and all performance obligations have been met. Previously, for all contracts revenue was recognised based on the estimated stage of completion. A prior year adjustment has been posted to reflect the change in accounting policy.
The effect on the reported reserves as at 31 March 2022 is a fall of £685,940 from £1,068,983 to £383,043. Deferred income increased by £3,929,633 from £2,124,195 to £6,053,828. Prepayments increased by £3,243,693 from £3,154,449 to £6,398,142.
The effect on the reported reserves as at 31 May 2021 is a fall of £570,224 from £488,336 to negative reserves of £81,888.
The net effect of the prior year adjustments on the reported profit for the period 31 March 2022 is a fall of £115,716 from £580,647 to £464,931.
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Ultimate controlling party
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Following the sale of the Company on 7 November 2022, BBC Studios Distribution Limited became the immediate parent of the Company. The ultimate controlling party is The British Broadcasting Corporation (BBC), which is incorporated in the United Kingdom by Royal Charter. The consolidated accounts of The BBC may be obtained online at http://www.bbc.co.uk /annual report.
The auditors' report on the financial statements for the year ended 31 March 2023 was unqualified.
The audit report was signed on 2 October 2023 by Stephen Iseman FCA (Senior Statutory Auditor) on behalf of Sopher + Co LLP.
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