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REGISTERED NUMBER: SC218883 (Scotland)















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: D W Morrison
A Morrison



REGISTERED OFFICE: Portrona House
Rigs Road
Stornoway
Isle of Lewis
Western Isles
HS1 2RF



REGISTERED NUMBER: SC218883 (Scotland)



ACCOUNTANTS: Mann Judd Gordon Ltd
Chartered Accountants
26 Lewis Street
Stornoway
Isle of Lewis
HS1 2JF



BANKERS: The Royal Bank of Scotland
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 81,950 77,365

CURRENT ASSETS
Debtors 6 44,756 2,564
Cash at bank and in hand 331,168 326,960
375,924 329,524
CREDITORS
Amounts falling due within one year 7 132,415 116,067
NET CURRENT ASSETS 243,509 213,457
TOTAL ASSETS LESS CURRENT
LIABILITIES

325,459

290,822

PROVISIONS FOR LIABILITIES 13,063 10,169
NET ASSETS 312,396 280,653

CAPITAL AND RESERVES
Called up share capital 4,750 4,750
Share premium 23,906 23,906
Capital redemption reserve 3,624 3,624
Retained earnings 280,116 248,373
SHAREHOLDERS' FUNDS 312,396 280,653

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 June 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 30 June 2023 in accordance with Section 476 of the Companies Act 2006.

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


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

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 24 August 2023 and were signed on its behalf by:





D W Morrison - Director


TGSC LIMITED (REGISTERED NUMBER: SC218883)

Notes to the Financial Statements
for the Year Ended 30 June 2023

1. STATUTORY INFORMATION

TGSC Limited is a private company, limited by shares , registered in Scotland. The company's registered number and registered office address can be found on the Company Information page.

The presentation currency of the financial statements is the Pound Sterling (£).


The accounting figures are rounded to the nearest £1.

2. STATEMENT OF COMPLIANCE

These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006.

3. ACCOUNTING POLICIES

Basis of preparing the financial statements
The financial statements have been prepared under the historical cost convention.

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
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Edit equipment - 20% depreciation on cost
Broadcast equipment - 20% depreciation on cost
Office equipment - 15% depreciation on reducing balance
Motor vehicles - 25% depreciation on reducing balance
Computer equipment - 25% depreciation on cost

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 20 (2022 - 21 ) .

5. TANGIBLE FIXED ASSETS
Edit Broadcast Office
equipment equipment equipment
£    £    £   
COST
At 1 July 2022 133,078 92,120 7,296
Additions 4,153 22,708 1,868
Disposals (53,642 ) (39,252 ) (467 )
At 30 June 2023 83,589 75,576 8,697
DEPRECIATION
At 1 July 2022 102,394 65,994 5,135
Charge for year 7,220 12,139 390
Eliminated on disposal (53,162 ) (39,252 ) (418 )
At 30 June 2023 56,452 38,881 5,107
NET BOOK VALUE
At 30 June 2023 27,137 36,695 3,590
At 30 June 2022 30,684 26,126 2,161

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 26,952 12,923 272,369
Additions - 1,136 29,865
Disposals - (3,396 ) (96,757 )
At 30 June 2023 26,952 10,663 205,477
DEPRECIATION
At 1 July 2022 12,843 8,638 195,004
Charge for year 3,527 1,475 24,751
Eliminated on disposal - (3,396 ) (96,228 )
At 30 June 2023 16,370 6,717 123,527
NET BOOK VALUE
At 30 June 2023 10,582 3,946 81,950
At 30 June 2022 14,109 4,285 77,365

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
30.6.23 30.6.22
£    £   
Trade debtors 15,989 -
Other debtors 1,370 -
Tax 22,704 -
VAT 406 2,564
Prepayments and accrued income 4,287 -
44,756 2,564

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
30.6.23 30.6.22
£    £   
Trade creditors 7,945 6,853
Tax 3,779 -
Social security and other taxes 8,912 12,713
Pension control account 1,967 2,285
Deferred income 106,812 91,434
Accrued expenses 3,000 2,782
132,415 116,067

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.