REGISTERED NUMBER: |
TGSC LIMITED |
Financial Statements for the Year Ended 30 June 2023 |
REGISTERED NUMBER: |
TGSC LIMITED |
Financial Statements for the Year Ended 30 June 2023 |
TGSC LIMITED (REGISTERED NUMBER: SC218883) |
Contents of the Financial Statements |
for the Year Ended 30 June 2023 |
Page |
Company Information | 1 |
Balance Sheet | 2 |
Notes to the Financial Statements | 4 |
TGSC LIMITED |
Company Information |
for the Year Ended 30 June 2023 |
DIRECTORS: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
ACCOUNTANTS: |
Chartered Accountants |
26 Lewis Street |
Stornoway |
Isle of Lewis |
HS1 2JF |
BANKERS: |
17 North Beach Street |
Stornoway |
Isle of Lewis |
HS1 2XH |
TGSC LIMITED (REGISTERED NUMBER: SC218883) |
Balance Sheet |
30 June 2023 |
30.6.23 | 30.6.22 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Tangible assets | 5 |
CURRENT ASSETS |
Debtors | 6 |
Cash at bank and in hand |
CREDITORS |
Amounts falling due within one year | 7 |
NET CURRENT ASSETS |
TOTAL ASSETS LESS CURRENT LIABILITIES |
PROVISIONS FOR LIABILITIES |
NET ASSETS |
CAPITAL AND RESERVES |
Called up share capital |
Share premium |
Capital redemption reserve |
Retained earnings |
SHAREHOLDERS' FUNDS |
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. |
TGSC LIMITED (REGISTERED NUMBER: SC218883) |
Balance Sheet - continued |
30 June 2023 |
In accordance with Section 444 of the Companies Act 2006, the Profit and Loss Account has not been delivered. |
The financial statements were approved by the Board of Directors and authorised for issue on |
TGSC LIMITED (REGISTERED NUMBER: SC218883) |
Notes to the Financial Statements |
for the Year Ended 30 June 2023 |
1. | STATUTORY INFORMATION |
TGSC Limited is a |
The presentation currency of the financial statements is the Pound Sterling (£). |
The accounting figures are rounded to the nearest £1. |
2. | STATEMENT OF COMPLIANCE |
3. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
Turnover |
Turnover represents the income received from the production of television programmes during the period, after adjusting for deferred income, excluding VAT. |
Tangible fixed assets |
Edit equipment | - |
Broadcast equipment | - |
Office equipment | - |
Motor vehicles | - |
Computer equipment | - |
Investments in subsidiaries |
Investments in subsidiary undertakings are recognised at cost. |
Taxation |
Taxation for the year comprises current and deferred tax. Tax is recognised in the Profit and Loss Account, 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. |
TGSC LIMITED (REGISTERED NUMBER: SC218883) |
Notes to the Financial Statements - continued |
for the Year Ended 30 June 2023 |
3. | ACCOUNTING POLICIES - continued |
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. |
Government grants |
Government grants received in respect of capital assets are recognised as deferred income in the financial statements and are written off to the profit and loss account in line with the rate of depreciation applied to the assets the grants were used to fund. |
Government grants in relation to revenue expenditure are recognised in the profit and loss account in the period in which the expenditure is made. |
Fixed asset investments |
Investments in subsidiary undertakings are stated at cost less any provisions for impairment in value. |
4. | EMPLOYEES AND DIRECTORS |
The average number of employees during the year was |
5. | TANGIBLE FIXED ASSETS |
Edit | Broadcast | Office |
equipment | equipment | equipment |
£ | £ | £ |
COST |
At 1 July 2022 |
Additions |
Disposals | ( |
) | ( |
) | ( |
) |
At 30 June 2023 |
DEPRECIATION |
At 1 July 2022 |
Charge for year |
Eliminated on disposal | ( |
) | ( |
) | ( |
) |
At 30 June 2023 |
NET BOOK VALUE |
At 30 June 2023 |
At 30 June 2022 |
TGSC LIMITED (REGISTERED NUMBER: SC218883) |
Notes to the Financial Statements - continued |
for the Year Ended 30 June 2023 |
5. | TANGIBLE FIXED ASSETS - continued |
Motor | Computer |
vehicles | equipment | Totals |
£ | £ | £ |
COST |
At 1 July 2022 |
Additions |
Disposals | ( |
) | ( |
) |
At 30 June 2023 |
DEPRECIATION |
At 1 July 2022 |
Charge for year |
Eliminated on disposal | ( |
) | ( |
) |
At 30 June 2023 |
NET BOOK VALUE |
At 30 June 2023 |
At 30 June 2022 |
6. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
30.6.23 | 30.6.22 |
£ | £ |
Trade debtors |
Other debtors |
Tax |
VAT |
Prepayments and accrued income |
7. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
30.6.23 | 30.6.22 |
£ | £ |
Trade creditors |
Tax |
Social security and other taxes |
Pension control account | 1,967 | 2,285 |
Deferred income | 106,812 | 91,434 |
Accrued expenses |
TGSC LIMITED (REGISTERED NUMBER: SC218883) |
Notes to the Financial Statements - continued |
for the Year Ended 30 June 2023 |
8. | RELATED PARTY DISCLOSURES |
Consultancy and Rent payments of £26,250 (2022: £16,875) and £1,400 (2022: £900) respectively have been made during the year to Rathcone Limited. D W Morrison is a director of TGSC Ltd and Rathcone Ltd. |
Consultancy payments of £5,000 have been made during the year to Caiseal. A Morrison is a director of TGSC Ltd and proprietor of Caiseal. |
Rent payments of £19,992 (2022: £20,325) were paid to the Partnership of Portrona House Holdings, in which D W Morrison and A Morrison are Partners. |
Funds totalling £36,161 (2022:£38,060 were gifted to the TGSC Limited Employee Ownership Trust in the year. |
9. | ULTIMATE CONTROLLING PARTY |
The Ultimate controlling party are the Trustees of the TGSC Limited Employee Ownership Trust. |