Registration number:
TSC Entertainment Limited
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Brebners
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TSC Entertainment Limited
Contents
Company Information |
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Statement of Financial Position |
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Notes to the Financial Statements |
TSC Entertainment Limited
Company Information
Directors |
H M Jackson J M Norman K Y Kwei-Armah D R Keogh S L Vaughan N L Neill C Rice |
Registered office |
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Auditor |
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TSC Entertainment Limited
Statement of Financial Position as at 31 December 2023
Note |
31 December |
31 March |
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Fixed assets |
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Tangible assets |
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Investments |
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Current assets |
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Debtors |
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Cash at bank and in hand |
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Creditors: Amounts falling due within one year |
( |
( |
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Net current liabilities |
( |
( |
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Total assets less current liabilities |
( |
( |
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Creditors: Amounts falling due after more than one year |
( |
( |
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Net liabilities |
( |
( |
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Capital and reserves |
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Called up share capital |
1,077 |
1,077 |
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Share premium reserve |
399,261 |
399,261 |
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Retained earnings |
(2,377,922) |
(2,631,332) |
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Shareholders' deficit |
(1,977,584) |
(2,230,994) |
These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006 and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime and the option not to file the Statement of Income and Retained Earnings has been taken.
Approved and authorised by the
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N L Neill
Director
Company registration number: 11936294
TSC Entertainment Limited
Notes to the Financial Statements for the Period from 1 April 2023 to 31 December 2023
General information |
The company is a private company limited by share capital, incorporated in England and Wales.
The address of its registered office is:
The principal activity of the company is that of media productions.
Audit Report |
Accounting policies |
Statement of compliance
These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.
Basis of preparation
These financial statements have been prepared using the historical cost convention except any items disclosed in the accounting policies as being shown at fair value and are presented in sterling, which is the functional currency of the entity.
Summary of significant accounting policies
The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the periods presented.
Short period of account
Going concern
The company made a profit for the period ended 31 December 2023 but had a net deficiency of assets at that date amounting to £1,977,584. At this date an amount of £3,616,548 was due to the parent undertaking, who has confirmed it will not call for repayment until such time as the company has sufficient working capital.
The company operates in the media production industry and, following a period of reduced activity arising as a result of Covid-19 restrictions, has continued to generate profit after the reporting date. The directors have produced cashflow forecasts for the next few years which indicate that the company will have sufficient working capital to continue to meet its liabilities as they fall due.
On the basis of the above, and after making enquiries, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Accordingly, the directors continue to adopt the going concern basis in preparing the financial statements.
TSC Entertainment Limited
Notes to the Financial Statements for the Period from 1 April 2023 to 31 December 2023
Revenue recognition
Turnover comprises the fair value of the consideration received or receivable for media production services rendered. Turnover is shown net of value added tax, returns, rebates and discounts.
In respect of long-term contracts and contracts for on-going service, turnover represents the value of work done in the year, including estimates of amounts not invoiced. Value of work done in respect of long-term contracts and contracts for on-going services is determined by reference to the stage of completion.
The stage of completion is calculated by comparing costs incurred, mainly in relation to contractual hourly staff rates and materials, as a proportion of total costs. Where the outcome cannot be estimated reliably, revenue is recognised only to the extent of the expenses recognised that are recoverable.
Foreign currency transactions and balances
Non-monetary items measured in terms of historical cost in a foreign currency are not retranslated.
Tax
The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.
Tangible assets
Tangible assets are stated in the statement of financial position at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.
The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.
Depreciation
Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:
Asset class |
Depreciation method and rate |
Computer equipment |
20%-33% straight line |
Furniture and fixtures |
25% straight line |
Investments
Investments in equity shares which are not publicly traded and where fair value cannot be measured reliably are measured at cost less impairment.
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, as 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 is largely independent of the cash inflows from other assets or groups of assets.
TSC Entertainment Limited
Notes to the Financial Statements for the Period from 1 April 2023 to 31 December 2023
Cash and cash equivalents
Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.
Share capital
Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.
Defined contribution pension obligation
A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.
Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.
Staff numbers |
The average number of persons employed by the company during the period, was
Tangible assets |
Computer equipment |
Furniture and fixtures |
Total |
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Cost |
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At 1 April 2023 |
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Additions |
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- |
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At 31 December 2023 |
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Depreciation |
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At 1 April 2023 |
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Charge for the period |
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At 31 December 2023 |
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Carrying amount |
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At 31 December 2023 |
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At 31 March 2023 |
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Investments |
31 December |
31 March |
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Investments in subsidiaries |
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Investments in associates |
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TSC Entertainment Limited
Notes to the Financial Statements for the Period from 1 April 2023 to 31 December 2023
Subsidiaries |
£ |
Cost or valuation |
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At 1 April 2023 |
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Additions |
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At 31 December 2023 |
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Carrying amount |
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At 31 December 2023 |
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At 31 March 2023 |
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Associates |
£ |
Cost |
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At 1 April 2023 |
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Additions |
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At 31 December 2023 |
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Provision |
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At 1 April 2023 |
- |
Provision |
( |
At 31 December 2023 |
( |
Carrying amount |
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At 31 December 2023 |
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At 31 March 2023 |
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Debtors |
31 December |
31 March |
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Trade debtors |
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Amounts owed by group undertakings |
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Other debtors |
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TSC Entertainment Limited
Notes to the Financial Statements for the Period from 1 April 2023 to 31 December 2023
Creditors |
Creditors: amounts falling due within one year
31 December |
31 March |
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Trade creditors |
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Amounts owed to group undertakings |
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Taxation and social security |
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Other creditors |
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Creditors: amounts falling due after more than one year
31 December |
31 March |
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Other creditors |
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Financial commitments, guarantees and contingencies |
Amounts not provided for in the statement of financial position
The total amount of financial commitments not included in the statement of financial position is £
Guarantees
The company has guaranteed a liability of the parent undertaking amounting to £1,553,362, supported by a fixed and floating charge over the assets and undertakings of the company. No obligation is expected to arise.
Related party transactions |
In accordance with FRS 102 paragraph 1AC.35, exemption is taken not to disclose transactions in the period or amounts falling due between undertakings, where 100% of the voting rights are controlled within the group.
Relationship between entity and parents |
The smallest group preparing group accounts including the results of the company is headed by
The registered address of TSC Entertainment Holdings Limited is