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Registered number: 10590485









PHOENIX TELEVISION LIMITED







UNAUDITED

FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE YEAR ENDED 31 OCTOBER 2024

 
PHOENIX TELEVISION LIMITED
REGISTERED NUMBER: 10590485

STATEMENT OF FINANCIAL POSITION
AS AT 31 OCTOBER 2024

2024
2023
Note
£
£

Fixed assets
  

Tangible assets
 5 
3,086
5,108

Current assets
  

Stocks
 6 
20,842
-

Debtors: amounts falling due within one year
 7 
402,569
554,261

Cash at bank and in hand
  
361,235
71,957

  
784,646
626,218

Creditors: amounts falling due within one year
 8 
(743,224)
(595,864)

Net current assets
  
 
 
41,422
 
 
30,354

Total assets less current liabilities
  
44,508
35,462

Creditors: amounts falling due after more than one year
 9 
(29,584)
(34,584)

  

Net assets
  
14,924
878


Capital and reserves
  

Called up share capital 
  
1
1

Profit and loss account
  
14,923
877

  
14,924
878


Page 1

 
PHOENIX TELEVISION LIMITED
REGISTERED NUMBER: 10590485
    
STATEMENT OF FINANCIAL POSITION (CONTINUED)
AS AT 31 OCTOBER 2024

The directors consider that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

The financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The Company has opted not to file the statement of income and retained earnings in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf on 6 March 2025.



M Jarvis
Director

Page 2

 
PHOENIX TELEVISION LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2024

1.


General information

Phoenix Television Limited is a private company limited by shares and incorporated in England and Wales. The address of its registered office is 2 De Port Gardens, Chineham, Basingstoke, RG24 8EW.

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Section 1A of Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

The following principal accounting policies have been applied:

  
2.2

Functional and presentational currency

The Company's functional and presentational currency is GBP.

 
2.3

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. 
Production revenue
Revenue represents amounts receivable for work carried out in producing television programmes, revenue is recognised in line with the underlying production agreement with the broadcaster. Provision is made for any loss-making contracts as soon as identified (i.e. expected overspend is in excess of originally anticipated margin).
Distribution revenue
Distribution revenue arises from the distribution by third parties of programmes produced by the company. Revenue is recognised when the company has been notified of sums due to it.

 
2.4

Interest income

Interest income is recognised in profit or loss using the effective interest method.

 
2.5

Borrowing costs

All borrowing costs are recognised in profit or loss in the year in which they are incurred.

Page 3

 
PHOENIX TELEVISION LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2024

2.Accounting policies (continued)

 
2.6

Pensions

Defined contribution pension plan

The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations.

The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the statement of financial position. The assets of the plan are held separately from the Company in independently administered funds.

 
2.7

Taxation

Tax  is  recognised  in  the  Statement  of  Income  and  Retained  Earnings.  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 income.

 
2.8

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.

Depreciation is provided on the following basis:

Computer equipment
-
25%

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

 
2.9

Stocks - Production costs

Stocks comprises costs incurred in respect of television projects in the course of production. Provision is made where the anticipated revenue  is less than anticipated total costs of production.

 
2.10

Financial instruments

The Company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks, other third parties and loans to related parties.

 
Page 4

 
PHOENIX TELEVISION LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2024

2.Accounting policies (continued)


2.10
Financial instruments (continued)

Basic financial assets
Basic financial assets, which include trade and other debtors, cash and bank balances, are initially measured at their transaction price including transaction costs and are subsequently carried at their amortised cost using the effective interest method, less any provision for impairment, unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest.
Basic financial liabilities
Basic financial liabilities, which include trade and other creditors, bank loans and other loans are initially measured at their transaction price after transaction costs. When this constitutes a financing transaction, whereby the debt instrument is measured at the present value of the future receipts discounted at a market rate of interest. Discounting is omitted where the effect of discounting is immaterial.

 
2.11

Dividends

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid.


3.


Judgments in applying accounting policies and key sources of estimation uncertainty

The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported for assets and liabilities as at the reporting date and the amounts reported for revenues and expenses during the year. However, the nature of estimation means that actual outcomes could differ from those estimates.
Accruals
The company makes an estimate of accruals at the year end based on invoices received after the year end and work undertaken which has not been invoiced based on quotations or estimates of amounts that may be due for payment.
Tangible assets
Tangible assets are depreciated over their useful lives taking into account residual values where appropriate. The actual lives of the assets and residual values are assessed annually and may vary depending upon a number of factors. In re-assessing the assets' lives, factors such as technological innovation, product life cycles and maintenance programmes are taken into account.


4.


Employees

The average monthly number of employees, including directors, during the year was 11 (2023 - 11).

Page 5

 
PHOENIX TELEVISION LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2024

5.


Tangible fixed assets





Computer equipment

£



Cost or valuation


At 1 November 2023
8,290



At 31 October 2024

8,290



Depreciation


At 1 November 2023
3,182


Charge for the year on owned assets
2,022



At 31 October 2024

5,204



Net book value



At 31 October 2024
3,086



At 31 October 2023
5,108


6.


Stocks

2024
2023
£
£

Production costs
20,842
-



7.


Debtors

2024
2023
£
£


Trade debtors
88,649
342,982

Other debtors
3,126
-

Prepayments and accrued income
310,794
211,279

402,569
554,261


Page 6

 
PHOENIX TELEVISION LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2024

8.


Creditors: Amounts falling due within one year

2024
2023
£
£

Bank loans
5,000
5,000

Other loans
357,794
207,000

Trade creditors
159,965
165,688

Corporation tax
52,758
30,275

Other taxation and social security
67,272
112,427

Other creditors
2,287
2,694

Accruals and deferred income
98,148
72,780

743,224
595,864


The other loans are secured by fixed and floating charges over the assets of the company. The amount outstanding on other loans at the reporting date was £357,794. The balance will be fully repaid by September 2025. Interest is charged on amounts outstanding at 9.84%.


9.


Creditors: Amounts falling due after more than one year

2024
2023
£
£

Bank loans
29,584
34,584


The Bank loan relates to a Bounce Back Loan that was taken by the company as a result of COVID-19. The loan is secured by the UK Government in accordance with the Bounce Back Loan Scheme. Interest on the loan value is now  2.5% per annum. The loan is repayable by monthly instalments of £417 and will be fully repaid by September 2031.


10.


Related party transactions

At the reporting date the company owed M Jarvis, a director, £984  (2023: £716) which is included in other creditors. The balance was provided interest free and is repayable on demand. 
At the reporting date J M West, a director, owed the company £3,126 (2023: company owed £176) which is included in other debtors. The balance was provided interest free and has been repaid by December 2024.
The company has not entered into any other  transactions with related parties that are material and that have not been concluded under normal market conditions.

 
Page 7