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REGISTERED NUMBER: 07350024 (England and Wales)














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: Mr Abbas Arbab-Zadeh
Mr Michael Power Carver
Mr Alexander Ali Arbab-Zadeh





Registered office: 3 Phoenix Park
Apsley Way
London
NW2 7LN





Registered number: 07350024 (England and Wales)





Auditors: Cooper Parry Group Limited
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 26,394 41,089

Current assets
Stocks 1,698,656 284,568
Debtors 6 940,615 1,862,553
Cash at bank and in hand 2,179,831 2,604,762
4,819,102 4,751,883
Creditors
Amounts falling due within one year 7 872,422 334,972
Net current assets 3,946,680 4,416,911
Total assets less current liabilities 3,973,074 4,458,000

Provisions for liabilities 9 1,828 7,808
Net assets 3,971,246 4,450,192

Capital and reserves
Called up share capital 10 100 100
Retained earnings 3,971,146 4,450,092
Shareholders' funds 3,971,246 4,450,192

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 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 21 August 2024 and were signed on its behalf by:





Mr Michael Power Carver - Director


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 private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

The presentation currency of the financial statements is the Pound Sterling (£).


2. Statement of compliance

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.

3. Accounting policies

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

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
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.
Improvements to property - Straight line over 4 years
Fixtures and fittings - 25% on cost
Motor vehicles - 25% on cost
Computer equipment - 25% on cost

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 15 (2023 - 15 ) .

5. Tangible fixed assets
Improvements Fixtures
to and Motor Computer
property fittings vehicles equipment Totals
£    £    £    £    £   
Cost
At 1 April 2023 28,309 33,834 43,742 59,510 165,395
Additions - 833 - 7,794 8,627
At 31 March 2024 28,309 34,667 43,742 67,304 174,022
Depreciation
At 1 April 2023 28,309 25,033 32,806 38,158 124,306
Charge for year - 3,814 10,936 8,572 23,322
At 31 March 2024 28,309 28,847 43,742 46,730 147,628
Net book value
At 31 March 2024 - 5,820 - 20,574 26,394
At 31 March 2023 - 8,801 10,936 21,352 41,089

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 43,742
Depreciation
At 1 April 2023 32,806
Charge for year 10,936
At 31 March 2024 43,742
Net book value
At 31 March 2024 -
At 31 March 2023 10,936

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 412,859 1,665,259
Other debtors 527,756 197,294
940,615 1,862,553

7. Creditors: amounts falling due within one year
2024 2023
£    £   
Trade creditors 244,166 26,469
Amounts owed to group undertakings - 112
Taxation and social security 531,526 200,465
Other creditors 96,730 107,926
872,422 334,972

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 7,808
Credit to Statement of Income and Retained Earnings during year (5,980 )
Balance at 31 March 2024 1,828

10. Called up share capital

Allotted, issued and fully paid:
Number: Class: Nominal 2024 2023
value: £    £   
100 Ordinary A shares £1 100 100

11. Disclosure under Section 444(5B) of the Companies Act 2006

The Report of the Auditors was unqualified.

Andrew Cross (Senior Statutory Auditor)
for and on behalf of Cooper Parry Group Limited

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 Mr Abbas Arbab-Zadeh.

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.