Registered number
03500852
Reef Television Limited
Filleted Accounts
31 December 2023
Reef Television Limited
Registered number: 03500852
Balance Sheet
as at 31 December 2023
Notes 2023 2022
£ £
Fixed assets
Tangible assets 3 - 786
Current assets
Debtors 4 2,717,601 2,083,675
Cash at bank and in hand 4,140 316,159
2,721,741 2,399,834
Creditors: amounts falling due within one year 5 (240,240) (264,796)
Net current assets 2,481,501 2,135,038
Net assets 2,481,501 2,135,824
Capital and reserves
Called up share capital 103 103
Share premium 5,754 5,754
Profit and loss account 2,475,644 2,129,967
Shareholder's funds 2,481,501 2,135,824
The directors are satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The member has not required the company to obtain an audit in accordance with section 476 of the Act.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
Will Sawyer
Director
Approved by the board on 20 September 2024
Reef Television Limited
Notes to the Accounts
for the year ended 31 December 2023
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).
Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Plant and machinery over 3 years
Inventories
Inventories comprise the cost of productions that are incomplete at the year-end less any amounts recognised as cost of sales.
Debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
Creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
Provisions
Provisions (ie liabilities of uncertain timing or amount) are recognised when there is an obligation at the reporting date as a result of a past event, it is probable that economic benefit will be transferred to settle the obligation and the amount of the obligation can be estimated reliably.
Foreign currency translation
Transactions in foreign currencies are initially recognised at the rate of exchange ruling at the date of the transaction. At the end of each reporting period foreign currency monetary items are translated at the closing rate of exchange. Non-monetary items that are measured at historical cost are translated at the rate ruling at the date of the transaction. All differences are charged to profit or loss.
Pensions
Contributions to defined contribution plans are expensed in the period to which they relate.
2 Employees 2023 2022
Number Number
Average number of persons employed by the company - -
3 Tangible fixed assets
Plant and machinery etc
£
Cost
At 1 January 2023 162,657
At 31 December 2023 162,657
Depreciation
At 1 January 2023 161,871
Charge for the year 786
At 31 December 2023 162,657
Net book value
At 31 December 2023 -
At 31 December 2022 786
4 Debtors 2023 2022
£ £
Trade debtors 40,587 16,705
Amounts owed by group undertakings and undertakings in which the company has a participating interest 2,650,246 2,066,332
Accrued Income 26,768 -
Prepayments - 638
2,717,601 2,083,675
5 Creditors: amounts falling due within one year 2023 2022
£ £
Obligations under finance lease and hire purchase contracts - 1,550
Trade creditors - 765
Amounts owed to group undertakings and undertakings in which the company has a participating interest 174,069 169,792
Taxation and social security costs 2,137 9,068
Accruals 64,034 83,621
240,240 264,796
6 Pension commitments
The group operates a defined contribution schement for qualifying employees. The assets of the scheme are held separately from those of the company in independently administered funds.
7 Related party transactions
The Company has taken advantage of the exemption in FRS 102.33.1A not to disclose related party transactions with Zinc Media Group Plc and fellow wholly-owned subsidiary understakings of Zinc Media Group Plc, which prepares publicly available consolidated financial statements (see note 8)
8 Controlling party
The Company is a subsidiary of Zinc Media Group Plc, a company incorporated in Scotland, which is the ultimate parent undertaking.

Copies of its group accounts, which include the Company, are available on www.zincmedia.com.

Zinc Media Group Plc is the parent undertaking of the smallest and the largest group to consolidate these financial accounts .

9 Other information
Reef Television Limited is a private company limited by shares and incorporated in England. Its registered office is:
17 Dominion Street
London
England
EC2M 2EF
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