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COMPANY REGISTRATION NUMBER: 07618375
Kanshi TV Ltd
Filleted Unaudited Financial Statements
30 April 2023
Kanshi TV Ltd
Financial Statements
Year ended 30 April 2023
Contents
Pages
Officers and professional advisers
1
Statement of financial position
2 to 3
Notes to the financial statements
4 to 9
Kanshi TV Ltd
Officers and Professional Advisers
The Board of Directors
Mr H R Banga
Mr B Kalair
Mr H R Jakhu
Mrs B Devi
Mr R K Bangar
Registered Office
29 Waterloo Road
Wolverhampton
West Midlands
England
WV1 4DJ
Accountants
BK Plus Limited
Chartered Certified Accountants
29 Waterloo Road
Wolverhampton
WV1 4DJ
Bankers
Barclays Bank PLC
Queen Square
Wolverhampton
West Midlands
WV1 1DS
Kanshi TV Ltd
Statement of Financial Position
30 April 2023
2023
2022
Note
£
£
Fixed assets
Intangible assets
5
62,000
77,500
Tangible assets
6
29,096
40,776
---------
---------
91,096
118,276
Current assets
Debtors
7
97,520
65,565
Cash at bank and in hand
3,066
2,241
---------
---------
100,586
67,806
Creditors: amounts falling due within one year
8
267,595
216,202
---------
---------
Net current liabilities
167,009
148,396
---------
---------
Total assets less current liabilities
( 75,913)
( 30,120)
Creditors: amounts falling due after more than one year
9
812,993
849,690
---------
---------
Net liabilities
( 888,906)
( 879,810)
---------
---------
Capital and reserves
Called up share capital
100
100
Profit and loss account
( 889,006)
( 879,910)
---------
---------
Shareholders deficit
( 888,906)
( 879,810)
---------
---------
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.
For the year ending 30 April 2023 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 financial statements for the year in question in accordance with section 476 ;
- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
Kanshi TV Ltd
Statement of Financial Position (continued)
30 April 2023
These financial statements were approved by the board of directors and authorised for issue on 29 July 2024 , and are signed on behalf of the board by:
Mr H R Banga
Mr B Kalair
Director
Director
Company registration number: 07618375
Kanshi TV Ltd
Notes to the Financial Statements
Year ended 30 April 2023
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is 29 Waterloo Road, Wolverhampton, West Midlands, WV1 4DJ, England.
2. Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
Income tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date where transactions or events have occurred at that date that will result in an obligation to pay more, or a right to pay less or to receive more tax. Deferred tax assets are recognised only to the extent that the directors consider that it is more likely than not that there will be suitable taxable profits from which the future reversal of the underlying timing differences can be deducted.
Intangible assets
Intangible assets are initially recorded at cost, and are subsequently stated at cost less any accumulated amortisation and impairment losses. Any intangible assets carried at revalued amounts, are recorded at the fair value at the date of revaluation, as determined by reference to an active market, less any subsequent accumulated amortisation and subsequent accumulated impairment losses. Intangible assets acquired as part of a business combination are only recognised separately from goodwill when they arise from contractual or other legal rights, are separable, the expected future economic benefits are probable and the cost or value can be measured reliably.
Amortisation
Amortisation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful life of that asset as follows:
Sky Channel 772
-
10% straight line
If there is an indication that there has been a significant change in amortisation rate, useful life or residual value of an intangible asset, the amortisation is revised prospectively to reflect the new estimates.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Studio Italy
-
10% straight line
Studio UK
-
10% straight line
Studio India
-
10% straight line
Office Equipment
-
20% straight line
Impairment of fixed assets
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the company are assigned to those units .
Financial instruments
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the entity after deducting all of its financial liabilities.
Hedge accounting
Hedge accounting is used where the hedging relationship is designated, documented and expected to be highly effective, and is only used for specific risks, as defined by FRS 102 section 12. Where the hedged risk is the exposure to a fixed interest rate risk or foreign exchange risk of a debt instrument measured at amortised cost or the price risk of a commodity that it holds or has a firm commitment, the hedging instrument is recognised as an asset or liability with the change in fair value being recognised in profit or loss. The change in fair value of the hedged item related to the hedged risk is recognised in profit or loss and as an adjustment to the carrying amount of the hedged item. Where the hedged risk is the variable interest rate risk or foreign exchange risk in a debt instrument measured at amortised cost, the foreign exchange risk or interest rate risk in a firm commitment or highly probably forecast transaction, the commodity price risk in a highly probable forecast transaction or the foreign exchange risk in a net investment in a foreign operation, then the financial instrument is initially and subsequently recognised at fair value at each reporting date. Movements in fair value are recognised in other comprehensive income, to the extent that the hedge is effective. Any ineffective movements are recognised in profit or loss. Where the hedged risk is the variable or fixed interest rate risk of a debt instrument measured at amortised cost, the periodic net cash settlements on the interest rate swap are recognised in profit or loss in the period in which the net settlements accrue. Hedge accounting is discontinued where the hedging instrument expires, is sold or terminated, the hedge no longer meets the criteria for hedge accounting, the forecast transaction is no longer highly probable in a hedge of a forecast transaction, or the designation is revoked.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 1 (2022: 1 ).
5. Intangible assets
Sky Channel 772
£
Cost
At 1 May 2022 and 30 April 2023
155,000
---------
Amortisation
At 1 May 2022
77,500
Charge for the year
15,500
---------
At 30 April 2023
93,000
---------
Carrying amount
At 30 April 2023
62,000
---------
At 30 April 2022
77,500
---------
6. Tangible assets
Studio Italy
Studio Uk
Studio India
Office Equipment
Total
£
£
£
£
£
Cost
At 1 May 2022 and 30 April 2023
10,108
107,760
13,260
8,210
139,338
---------
---------
---------
---------
---------
Depreciation
At 1 May 2022
9,642
67,888
13,260
7,772
98,562
Charge for the year
466
10,776
438
11,680
---------
---------
---------
---------
---------
At 30 April 2023
10,108
78,664
13,260
8,210
110,242
---------
---------
---------
---------
---------
Carrying amount
At 30 April 2023
29,096
29,096
---------
---------
---------
---------
---------
At 30 April 2022
466
39,872
438
40,776
---------
---------
---------
---------
---------
7. Debtors
2023
2022
£
£
Trade debtors
38,707
47,287
Other debtors
58,813
18,278
---------
---------
97,520
65,565
---------
---------
8. Creditors: amounts falling due within one year
2023
2022
£
£
Bank loans
65,231
73,800
Payments received on account
10
Trade creditors
156,362
91,632
Accruals and deferred income
1,200
3,600
Social security and other taxes
6,415
8,793
Director loan accounts
38,377
38,377
---------
---------
267,595
216,202
---------
---------
9. Creditors: amounts falling due after more than one year
2023
2022
£
£
Amounts owed to group undertakings
812,993
849,690
---------
---------
10. Related party transactions
Amounts due to the directors at the year end amounted to £38,377 (2022: £38,377).