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Registered number: 09545940









NIT TELEVISION LIMITED







UNAUDITED

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 APRIL 2024

 
NIT TELEVISION LIMITED
 
 
COMPANY INFORMATION


Directors
D S Lux 
M K Hall 
M Boland 




Company secretary
J C Oakes



Registered number
09545940



Registered office
8 Gate Street

WC2A 3HP




Accountants
Ecovis Wingrave Yeats UK Limited

3rd Floor, Waverley House

7-12 Noel Street

London

W1F 8GQ





 
NIT TELEVISION LIMITED
 

CONTENTS



Page
Balance Sheet
 
1 - 2
Notes to the Financial Statements
 
3 - 8


 
NIT TELEVISION LIMITED
REGISTERED NUMBER: 09545940

BALANCE SHEET
AS AT 30 APRIL 2024

2024
2023
Note
£
£

  

Intangible assets
 7 
-
-

Tangible assets
 8 
-
-

  
-
-

Current assets
  

Debtors: amounts falling due within one year
 9 
45,361
142,812

Cash at bank and in hand
  
216,777
125,403

  
262,138
268,215

Creditors: amounts falling due within one year
 10 
(162,980)
(160,069)

Net current assets
  
 
 
99,158
 
 
108,146

Total assets less current liabilities
  
99,158
108,146

  

Net assets
  
99,158
108,146


Capital and reserves
  

Called up share capital 
 11 
100
100

Profit and loss account
  
99,058
108,046

  
99,158
108,146


Page 1

 
NIT TELEVISION LIMITED
REGISTERED NUMBER: 09545940
    
BALANCE SHEET (CONTINUED)
AS AT 30 APRIL 2024

The directors consider that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

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 29 August 2024.




D S Lux
Director

The notes on pages 3 to 8 form part of these financial statements.

Page 2

 
NIT TELEVISION LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024

1.


General information

NIT Television Limited is a private Company, limited by shares, domiciled in England and Wales, registration number 09545940. The registered office is 8 Gate Street, London, WC2A 3HP.

2.Accounting policies

 
2.1

Basis of preparation of financial statements

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 preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgment in applying the Company's accounting policies (see note 3).

The following principal accounting policies have been applied:

 
2.2

Going concern

For the year ended 30 April 2024, the Company made a loss before tax of £8,988 (2023 - £4,940). The directors have reviewed cashflow forecasts and budgets and have determined that the Company has sufficient resources to continue its operations for at least 12 months from the date of approval of these financial statements. The directors therefore consider it appropriate to prepare the financial statements on a going concern basis.

 
2.3

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Rendering of services

Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:
the amount of revenue can be measured reliably;
it is probable that the Company will receive the consideration due under the contract;
the stage of completion of the contract at the end of the reporting period can be measured reliably; and
the costs incurred and the costs to complete the contract can be measured reliably.

Turnover represents amounts receivable for the development of television projects and television production activities net of VAT and trade discounts.
For long term contracts, profit is recognised by reference to the stage of completion of each contract where there is a reasonable certainty that the contract will be profitable. Where the outcome of the contract cannot be established with reasonable certainty, no profit is recognised. Foreseeable losses are provided for in full at the point at which the loss is anticipated. 

Page 3

 
NIT TELEVISION LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024

2.Accounting policies (continued)

  
2.4

Taxation

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 balance sheet date in the countries where the Company operates and generates income

 
2.5

Intangible assets

Intangible assets are initially recognised at cost. After recognition, under the cost model, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

All intangible assets are considered to have a finite useful life. If a reliable estimate of the useful life cannot be made, the useful life shall not exceed ten years.

 The estimated useful lives range as follows:

Computer software
-
3 years

 
2.6

Tangible fixed assets

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.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.

Depreciation is provided on the following basis:

Computer equipment
-
3 years

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.

Page 4

 
NIT TELEVISION LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024

2.Accounting policies (continued)

  
2.7

Financial instruments

The Company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in ordinary shares.

Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in the Statement of Comprehensive Income.


3.


Judgments in applying accounting policies and key sources of estimation uncertainty

Revenue recognition of production income
Production revenues and expenses are recognised by reference to the stage of completion of contract activity where the outcome of the contract can be estimated reliably, otherwise revenue is recognised only to the extent of recoverable contract costs incurred.
Useful economic lives of intangible assets 
Intangible fixed assets are amortised over their useful lives taking into account residual values, where appropriate. The actual lives of the assets are assessed annually and may vary depending on a number of factors. In re-assessing asset lives, factors such as technological innovation and product life cycle are taken into account. Residual value assessments consider issues such as future market conditions, the remaining life of the asset and projected disposal values. 
Useful economic lives of tangible assets 
Fixed assets are depreciated over their useful lives taking into account residual values, where appropriate. The actual lives of the assets and residual values are assessed annually and may vary depending on a number of factors. Residual values consider issues such as future market conditions, the remaining life of the asset and projected disposal values.


4.


Employees

The Company has no employees other than the directors, who did not receive any remuneration (2023 - £NIL).


5.


Directors' remuneration

The Directors did not receive any remuneration in neither the current nor the prior year.

Page 5

 
NIT TELEVISION LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024

6.


Taxation


2024
2023
£
£



Total current tax
-
-

Deferred tax

Total deferred tax
-
-


Taxation on profit on ordinary activities
-
-

Factors affecting tax charge for the year

There were no factors that affected the tax charge for the year which has been calculated on the profits on ordinary activities before tax at the standard rate of corporation tax in the UK of  19% (2023 - 19%).



7.


Intangible assets




Computer software

£



Cost


At 1 May 2023
1,100



At 30 April 2024

1,100



Amortisation


At 1 May 2023
1,100



At 30 April 2024

1,100



Net book value



At 30 April 2024
-



At 30 April 2023
-



Page 6

 
NIT TELEVISION LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024

8.


Tangible fixed assets





Computer equipment

£



Cost or valuation


At 1 May 2023
1,874



At 30 April 2024

1,874



Depreciation


At 1 May 2023
1,874



At 30 April 2024

1,874



Net book value



At 30 April 2024
-



At 30 April 2023
-

Page 7

 
NIT TELEVISION LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024

9.


Debtors

2024
2023
£
£


Trade debtors
7,929
74,811

Amounts owed by related parties
-
6,330

VAT repayable
48
118

Called up share capital not paid
100
100

Prepayments and accrued income
37,284
61,453

45,361
142,812


Amounts owed by related parties are unsecured, interest free and repayable on demand.


10.


Creditors: Amounts falling due within one year

2024
2023
£
£

Trade creditors
11,212
13,028

Amounts owed to related parties
42,469
36,231

Accruals and deferred income
109,299
110,810

162,980
160,069


Amounts owed to related parties are unsecured, interest free and repayable on demand.


11.


Share capital

2024
2023
£
£
Allotted, called up and fully paid



4,999 (2023 - 4,999) A Ordinary shares of £0.01 each
50
50
5,001 (2023 - 5,001) B Ordinary shares of £0.01 each
50
50

100

100


Each class of share has attached to them full voting, dividend and capital distribution rights.


 
Page 8