REGISTERED NUMBER: |
Financial Statements |
for the Year Ended 31 March 2024 |
for |
MANHATTAN TV LIMITED |
REGISTERED NUMBER: |
Financial Statements |
for the Year Ended 31 March 2024 |
for |
MANHATTAN TV LIMITED |
MANHATTAN TV LIMITED (REGISTERED NUMBER: 07350024) |
Contents of the Financial Statements |
for the year ended 31 March 2024 |
Page |
Company Information | 1 |
Statement of Financial Position | 2 |
Notes to the Financial Statements | 3 |
MANHATTAN TV LIMITED |
Company Information |
for the year ended 31 March 2024 |
Directors: |
Registered office: |
Registered number: |
Auditors: |
Statutory Auditor |
New Derwent House |
69-73 Theobalds Road |
London |
WC1X 8TA |
MANHATTAN TV LIMITED (REGISTERED NUMBER: 07350024) |
Statement of Financial Position |
31 March 2024 |
2024 | 2023 |
Notes | £ | £ | £ | £ |
Fixed assets |
Tangible assets | 5 |
Current assets |
Stocks |
Debtors | 6 |
Cash at bank and in hand |
Creditors |
Amounts falling due within one year | 7 |
Net current assets |
Total assets less current liabilities |
Provisions for liabilities | 9 |
Net assets |
Capital and reserves |
Called up share capital | 10 |
Retained earnings |
Shareholders' funds |
In accordance with Section 444 of the Companies Act 2006, the Statement of Income and Retained Earnings has not been delivered. |
The financial statements were approved by the Board of Directors and authorised for issue on |
MANHATTAN TV LIMITED (REGISTERED NUMBER: 07350024) |
Notes to the Financial Statements |
for the year ended 31 March 2024 |
1. | Statutory information |
Manhattan TV Limited is a |
The presentation currency of the financial statements is the Pound Sterling (£). |
2. | Statement of compliance |
3. | Accounting policies |
Basis of preparing the financial statements |
The presentation currency of the financial statements in the Pound Sterling (£) |
Going concern |
The directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus they continue to adopt the going concern basis of accounting in preparing the annual financial statements. |
Related party exemption |
The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group. |
Significant judgements and estimates |
The preparation of financial statements in conformity with generally accepted accounting practice requires management to make estimates and judgement that affect the reported amounts of assets and liabilities as well as the disclosure of contingent assets and liabilities at the balance sheet date and the reported amounts of revenues and expenses during the reporting period. |
There is estimation uncertainty in calculating bad debt provisions. A full line by line review of trade debtors is carried out at the end of each month. Whilst every attempt is made to ensure that the bad debt provisions are as accurate as possible, there remains a risk that the provisions do not match the level of debts which ultimately prove to be uncollectable. |
There is estimation uncertainty in calculating stock provisions. The company makes an estimate for obsolete and slow moving stock. Management review the ageing profile and physical condition of stock regularly and use this as a basis for the provision. |
Turnover |
Turnover is measured at the fair value of the consideration received or receivable net of VAT and trade discounts. Turnover is recognised when significant risks and rewards of ownership of the goods have transferred to the buyer, the amount of turnover can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the company and the costs incurred or to be incurred in respect of the transaction can be measured reliably. This is usually on receipt of goods by the customer. |
MANHATTAN TV LIMITED (REGISTERED NUMBER: 07350024) |
Notes to the Financial Statements - continued |
for the year ended 31 March 2024 |
3. | Accounting policies - continued |
Tangible fixed assets |
Improvements to property | - |
Fixtures and fittings | - |
Motor vehicles | - |
Computer equipment | - |
Tangible fixed assets are stated at cost (or deemed cost) less accumulated depreciation and accumulated impairment losses. Cost includes costs directly attributable to making the asset capable of operating as intended. |
Stock |
Stocks are stated at the lower of cost and net realisable value. Where applicable, cost includes attributable overheads in bringing the stock to its present condition and location. |
Financial instruments |
Financial assets and financial liabilities are recognised in the balance sheet when the company becomes a party to the contractual provisions of the instrument. |
Trade and other debtors and creditors are classified as basic financial instruments and measured at initial recognition at transaction price. Debtors and creditors are subsequently measured at amortised cost using the effective interest rate method. A provision is established when there is objective evidence that the company will not be able to collect all amounts due. |
Cash and cash equivalents are classified as basic financial instruments and comprise cash in hand and at bank and bank overdrafts. |
Financial liabilities and equity instruments issued by the company are classified in accordance with the substance of the contractual arrangements entered into and the definitions of a financial liability and an equity instrument. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities. |
Taxation |
Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Income and Retained Earnings, 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 statement of financial position date. |
Deferred tax |
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position 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. |
Foreign currencies |
Foreign currency transactions are initially recognised by applying to the foreign currency amount the spot exchange rate between the functional currency and the foreign currency at the date of the transaction. |
Monetary assets and liabilities denominated in a foreign currency at the balance sheet date are translated using the closing rate. |
MANHATTAN TV LIMITED (REGISTERED NUMBER: 07350024) |
Notes to the Financial Statements - continued |
for the year ended 31 March 2024 |
3. | Accounting policies - continued |
Hire purchase and leasing commitments |
Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter. |
The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability. |
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 profit or loss in the period to which they relate. |
4. | Employees and directors |
The average number of employees during the year was |
5. | Tangible fixed assets |
Improvements | Fixtures |
to | and | Motor | Computer |
property | fittings | vehicles | equipment | Totals |
£ | £ | £ | £ | £ |
Cost |
At 1 April 2023 |
Additions |
At 31 March 2024 |
Depreciation |
At 1 April 2023 |
Charge for year |
At 31 March 2024 |
Net book value |
At 31 March 2024 |
At 31 March 2023 |
Fixed assets, included in the above, which are held under hire purchase contracts or finance leases are as follows: |
Motor |
vehicles |
£ |
Cost |
At 1 April 2023 |
and 31 March 2024 |
Depreciation |
At 1 April 2023 |
Charge for year |
At 31 March 2024 |
Net book value |
At 31 March 2024 |
At 31 March 2023 |
MANHATTAN TV LIMITED (REGISTERED NUMBER: 07350024) |
Notes to the Financial Statements - continued |
for the year ended 31 March 2024 |
6. | Debtors: amounts falling due within one year |
2024 | 2023 |
£ | £ |
Trade debtors |
Other debtors |
7. | Creditors: amounts falling due within one year |
2024 | 2023 |
£ | £ |
Trade creditors |
Amounts owed to group undertakings |
Taxation and social security |
Other creditors |
8. | Secured debts |
A bond and fixed charge has been granted to HSBC over the property and assets of the company. A floating charge is also in existence over all assets. |
9. | Provisions for liabilities |
2024 | 2023 |
£ | £ |
Deferred tax | 1,828 | 7,808 |
Deferred |
tax |
£ |
Balance at 1 April 2023 |
Credit to Statement of Income and Retained Earnings during year | ( |
) |
Balance at 31 March 2024 |
10. | Called up share capital |
Allotted, issued and fully paid: |
Number: | Class: | Nominal | 2024 | 2023 |
value: | £ | £ |
Ordinary A shares | £1 | 100 | 100 |
11. | Disclosure under Section 444(5B) of the Companies Act 2006 |
The Report of the Auditors was unqualified. |
for and on behalf of |
12. | Pension commitments |
Pension contributions payable during the year amounted to £31,953 (2023: £26,613). There was £3,303 outstanding at the year end (2023: £2,679). |
MANHATTAN TV LIMITED (REGISTERED NUMBER: 07350024) |
Notes to the Financial Statements - continued |
for the year ended 31 March 2024 |
13. | Directors' advances, credits and guarantees |
Included within other debtors due within one year is an amount of £505,147 (2023: £103,607) due from the director, Mr Abbas Arbab-Zadeh. |
14. | Ultimate controlling party |
The ultimate controlling party is |
Ultimate parent company |
NEEM Holdings Limited (incorporated in United Kingdom) is regarded by the directors as being the company's ultimate parent company. |
NEEM Holdings Limited is the parent of the smallest and largest group into which the results and financial position of this company are consolidated. Copies of the financial statements of NEEM Holdings Limited are available to the public and may be obtained from Companies House, Crown Way, Maindy, Cardiff, CF14 3UZ. |