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Registration number: 08314162

Property TV Broadcasting Ltd

Unaudited Filleted Financial Statements

for the Year Ended 31 December 2022

 

Property TV Broadcasting Ltd

(Registration number: 08314162)
Balance Sheet as at 31 December 2022

Note

2022
£

2021
£

Fixed assets

 

Investments

5

1

1

Current assets

 

Debtors

6

20,906

11,359

Cash at bank and in hand

 

1,716

6,218

 

22,622

17,577

Creditors: Amounts falling due within one year

7

(165,125)

(139,208)

Net current liabilities

 

(142,503)

(121,631)

Total assets less current liabilities

 

(142,502)

(121,630)

Creditors: Amounts falling due after more than one year

7

(455,684)

(502,072)

Net liabilities

 

(598,186)

(623,702)

Capital and reserves

 

Called up share capital

1,196

1,196

Share premium reserve

332,442

332,442

Retained earnings

(931,824)

(957,340)

Shareholders' deficit

 

(598,186)

(623,702)

For the financial year ending 31 December 2022 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

 

Property TV Broadcasting Ltd

(Registration number: 08314162)
Balance Sheet as at 31 December 2022

Approved and authorised by the Board on 2 April 2024 and signed on its behalf by:
 

.........................................
Mr M J Hammond
Director

 

Property TV Broadcasting Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2022

1

General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
71 Shelton Street
Covent Garden
London
WC2H 9JQ

The principal place of business is:
77 Marsh Wall
Canary Wharf
London
E14 9SH

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Group accounts not prepared

The company has taken advantage of the option not to prepare consolidated financial statements contained in section 398 of the Companies Act 2006 on the basis that the company and its subsidiary undertakings comprise a small group..

Going concern

The financial statements have been prepared on a going concern basis.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

 

Property TV Broadcasting Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2022

Business combinations

Business combinations are accounted for using the purchase method. The consideration for each acquisition is measured at the aggregate of the fair values at acquisition date of assets given, liabilities incurred or assumed, and equity instruments issued by the group in exchange for control of the acquired, plus any costs directly attributable to the business combination. When a business combination agreement provides for an adjustment to the cost of the combination contingent on future events, the group includes the estimated amount of that adjustment in the cost of the combination at the acquisition date if the adjustment is probable and can be measured reliably.

Goodwill

Goodwill arising on the acquisition of an entity represents the excess of the cost of acquisition over the company’s interest in the net fair value of the identifiable assets, liabilities and contingent liabilities of the entity recognised at the date of acquisition. Goodwill is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is held in the currency of the acquired entity and revalued to the closing rate at each reporting period date. Goodwill is amortised over its useful life, which shall not exceed ten years if a reliable estimate of the useful life cannot be made.

Amortisation

Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:

Asset class

Amortisation method and rate

EPG Slot

Useful life

Programme rights

in accordance with the contract

Programme concepts

2 years

Investments

Investments in equity shares which are publicly traded or where the fair value can be measured reliably are initially measured at fair value, with changes in fair value recognised in profit or loss. Investments in equity shares which are not publicly traded and where fair value cannot be measured reliably are measured at cost less impairment.


Interest income on debt securities, where applicable, is recognised in income using the effective interest method. Dividends on equity securities are recognised in income when receivable.

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

 

Property TV Broadcasting Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2022

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 4 (2021 - 4).

 

Property TV Broadcasting Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2022

4

Intangible assets

Goodwill
 £

Trademarks, patents and licenses
 £

Internally generated software development costs
 £

Total
£

Cost or valuation

At 1 January 2022

190,000

15,423

91,635

297,058

At 31 December 2022

190,000

15,423

91,635

297,058

Amortisation

At 1 January 2022

190,000

15,423

91,635

297,058

At 31 December 2022

190,000

15,423

91,635

297,058

Carrying amount

At 31 December 2022

-

-

-

-

 

Property TV Broadcasting Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2022

5

Investments

2022
£

2021
£

Investments in subsidiaries

1

1

Subsidiaries

£

Cost or valuation

At 1 January 2022

1

Provision

Carrying amount

At 31 December 2022

1

At 31 December 2021

1

Details of undertakings

Details of the investments (including principal place of business of unincorporated entities) in which the company holds 20% or more of the nominal value of any class of share capital are as follows:

Undertaking

Registered office

Holding

Proportion of voting rights and shares held

     

2022

2021

Subsidiary undertakings

Once Media Distribution Limited

71-75 Shelton Street
Covent Garden
London
WC2H 9JQ

England & Wales

Ordinary

100%

100%

Subsidiary undertakings

Once Media Distribution Limited

The principal activity of Once Media Distribution Limited is television programme production activities.

6

Debtors

Current

2022
£

2021
£

Trade debtors

20,906

11,359

 

20,906

11,359

 

Property TV Broadcasting Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2022

7

Creditors

Note

2022
£

2021
£

Due within one year

 

Loans and borrowings

8

30,803

26,324

Trade creditors

 

4,862

3,628

Taxation and social security

 

69,523

58,488

Accruals and deferred income

 

2,210

2,100

Other creditors

 

57,727

48,668

 

165,125

139,208

8

Loans and borrowings

2022
£

2021
£

Non-current loans and borrowings

Bank borrowings

39,779

44,167

2022
£

2021
£

Current loans and borrowings

Bank borrowings

10,000

5,833

Other borrowings

20,803

20,491

30,803

26,324

9

Off-balance sheet arrangements

Corporate Voluntary Arrangement
A Corporate Voluntary Arrangement was set up on 20 December 2018 between the company and HM Revenue & Customs and other creditors.