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REGISTERED NUMBER: 09928703 (England and Wales)















UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023

FOR

TWO CITIES TELEVISION LIMITED

TWO CITIES TELEVISION LIMITED (REGISTERED NUMBER: 09928703)






CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023




Page

Balance Sheet 1

Notes to the Financial Statements 2


TWO CITIES TELEVISION LIMITED (REGISTERED NUMBER: 09928703)

BALANCE SHEET
31 DECEMBER 2023

2023 2022
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 17,097 -
Investments 5 4 2
17,101 2

CURRENT ASSETS
Work in progress 21,784 -
Debtors 6 1,172,319 3,822,016
Cash at bank and in hand 126,494 255,730
1,320,597 4,077,746
CREDITORS
Amounts falling due within one year 7 1,209,268 4,273,750
NET CURRENT ASSETS/(LIABILITIES) 111,329 (196,004 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

128,430

(196,002

)

CAPITAL AND RESERVES
Called up share capital 8 13,333 13,333
Share premium 2,667,894 2,667,894
Retained earnings (2,552,797 ) (2,877,229 )
SHAREHOLDERS' FUNDS 128,430 (196,002 )

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 December 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 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.

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 Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 26 September 2024 and were signed on its behalf by:





S Wright - Director


TWO CITIES TELEVISION LIMITED (REGISTERED NUMBER: 09928703)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

1. STATUTORY INFORMATION

Two Cities Television Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address are as below:

Registered number: 09928703

Registered office: 18 Glasshouse Studios
Fryern Court Road
Fordingbridge
Hampshire
SP6 1QX

2. ACCOUNTING POLICIES

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

Preparation of consolidated financial statements
The financial statements contain information about Two Cities Television Limited as an individual company and do not contain consolidated financial information as the parent of a group. The company is exempt under Section 399(2A) of the Companies Act 2006 from the requirements to prepare consolidated financial statements.

Turnover
Revenue is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Revenue received or receivable for work carried out in producing television programmes is recognised upon delivery when the significant risks and rewards of ownership have been transferred to the buyer; 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. Revenue not meeting these conditions is deferred on the balance sheet.

Tangible assets
Tangible assets are recorded at cost less accumulated depreciation. Depreciation is calculated so as to write off the cost of fixed assets, less their estimated residual values, over the expected useful economic lives of the assets concerned. The principal annual rates used for this purpose are as follows:

Plant and machinery etc - 25% on cost

Investments in subsidiary undertakings
Investments in subsidiary undertakings are held at cost less accumulated impairment losses.

Work in progress
Work in progress is valued at the lower of cost and net realisable value.

Production costs are recognised in work in progress until programmes are delivered and as a cost of sale as soon as programmes are delivered and related production revenues are recognised.

Development costs are written off in the year in which they are incurred except where they relate to a clearly defined contract, the outcome of which has been assessed with reasonable certainty as to its success and commercial viability. In such cases the expenditure is recognised as work in progress to the extent that its recovery can be reasonably regarded as assured and the cost is written off against revenue over the period of the contract. The costs of abortive productions are taken directly to the Income Statement.

Convertible loan notes
Convertible loan notes issued by the company, where settlement depends on uncertain future events that are beyond the control of the company and the loan note holder, are treated as a financial liability of the company until vesting conditions are met.


TWO CITIES TELEVISION LIMITED (REGISTERED NUMBER: 09928703)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2023

2. ACCOUNTING POLICIES - continued
Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, 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.

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 the income statement in the period to which they relate.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 5 (2022 - 5 ) .

4. TANGIBLE ASSETS
Plant and
machinery
etc
£   
COST
At 1 January 2023 5,936
Additions 17,792
At 31 December 2023 23,728
DEPRECIATION
At 1 January 2023 5,936
Charge for year 695
At 31 December 2023 6,631
NET BOOK VALUE
At 31 December 2023 17,097

5. INVESTMENTS
Shares in
group
undertakings
£   
COST
At 1 January 2023 2
Additions 2
At 31 December 2023 4
NET BOOK VALUE
At 31 December 2023 4
At 31 December 2022 2

TWO CITIES TELEVISION LIMITED (REGISTERED NUMBER: 09928703)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2023

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade debtors 262,331 26,885
Amounts owed by group undertakings 452,262 3,317,095
Other debtors 457,726 478,036
1,172,319 3,822,016

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade creditors 179,401 24,078
Amounts owed to group undertakings 1 1
Taxation and social security 7,408 5,195
Other creditors 1,022,458 4,244,476
1,209,268 4,273,750

8. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2023 2022
value: £    £   
10,000 Ordinary £1 10,000 10,000
3,333 A Ordinary £1 3,333 3,333
13,333 13,333

9. PENSION COMMITMENTS

At 31 December 2023, included in other creditors falling due within one year are unpaid contributions of £968 (2022 - £632) due to a defined contribution pension scheme.

10. OTHER FINANCIAL COMMITMENTS

At the balance sheet date, the company had total financial commitments which are not included in the balance sheet of £349 (2022 - £Nil).

11. RELATED PARTY DISCLOSURES

At the start of the year, the company owed £3,043,652 on a production loan facility and £200,000 on a working capital loan facility to an associated company.

During the year, the production loan facility was repaid. Interest of £61,374 (2022 - £73,530) was incurred at
2.15% above Bank of England base rate.

During the year, a further £705,026 was drawn down on the working capital loan facility. Interest of £25,300 was
incurred at 2.15% above Bank of England base rate.

The total loan facility of £905,026 plus interest, was fully repaid in the year.

The total amount owed to this associated company at the year end was £Nil (2022 - £3,243,652).

12. POST BALANCE SHEET EVENTS

On 30 January 2024, STV Studios Limited increased its 25% equity stake in the company to a majority holding of 51%.

TWO CITIES TELEVISION LIMITED (REGISTERED NUMBER: 09928703)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2023

13. CONTROLLING PARTIES

At the balance sheet date there was no ultimate controlling party.

Following the acquisition of shares subsequent to the year end as detailed in note 13, the immediate parent
undertaking is STV Studios Limited and the ultimate parent undertaking is STV Group plc.