Unit TV Ltd
Unaudited Financial Statements
For the period ended 31 December 2023
Pages for Filing with Registrar
Company Registration No. 14948738 (England and Wales)
Unit TV Ltd
Contents
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 8
Unit TV Ltd
Balance Sheet
As at 31 December 2023
Page 1
2023
Notes
£
£
Fixed assets
Tangible assets
3
493,411
Current assets
Debtors
4
944,951
Cash at bank and in hand
139,422
1,084,373
Creditors: amounts falling due within one year
5
(1,523,207)
Net current liabilities
(438,834)
Total assets less current liabilities
54,577
Creditors: amounts falling due after more than one year
6
(101,532)
Provisions for liabilities
(87,495)
Net liabilities
(134,450)
Capital and reserves
Called up share capital
8
100
Profit and loss reserves
(134,550)
Total equity
(134,450)
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true
For the financial period ended 31 December 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
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 members have not required the company to obtain an audit of its financial statements for the period in question in accordance with section 476.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
Unit TV Ltd
Balance Sheet (Continued)
As at 31 December 2023
Page 2
The financial statements were approved by the board of directors and authorised for issue on 12 March 2025 and are signed on its behalf by:
Adam Luckwell
Director
Company Registration No. 14948738
Unit TV Ltd
Notes to the Financial Statements
For the period ended 31 December 2023
Page 3
1
Accounting policies
Company information
Unit TV Ltd is a private company limited by shares incorporated in England and Wales. The registered office is 23 Margaret Street, London, W1W 8RU.
1.1
Reporting period
The accounts have been prepared for the period from the date of incorporation, 20 June 2023, to 31 December 2023.
1.2
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.
The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
These financial statements for the period ended 31 December 2023 are the first financial statements of Unit TV Ltd and are prepared in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland.
1.3
Going concern
The company had net liabilities as at 31 December 202true3 of £134,450. These financial statements are prepared on the going concern basis. The directors have a reasonable expectation that the company will continue in operational existence for the foreseeable future. The directors have confirmed that they will continue to support the company to meet its day to day capital requirements for a period of at least one year from the date of signing these accounts.
1.4
Turnover
Turnover is recognised at the fair value of the consideration received or receivable for services provided in the normal course of business, and is shown net of VAT and other sales related taxes.
Revenue from contracts for the provision of professional services is recognised by reference to the stage of completion.
1.5
Tangible fixed assets
Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Fixtures and fittings
5 Years straight line
Computers
5 Years straight line
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.
Unit TV Ltd
Notes to the Financial Statements (Continued)
For the period ended 31 December 2023
1
Accounting policies
(Continued)
Page 4
1.6
Cash and cash equivalents
Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
1.7
Financial instruments
The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method 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. Financial assets classified as receivable within one year are not amortised.
Classification of financial liabilities
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.
Basic financial liabilities
Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.
Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.
1.8
Equity instruments
Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.
1.9
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
Unit TV Ltd
Notes to the Financial Statements (Continued)
For the period ended 31 December 2023
1
Accounting policies
(Continued)
Page 5
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
Deferred tax
Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.
The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.
1.10
Employee benefits
The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.
Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.
1.11
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
1.12
Leases
Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessees. All other leases are classified as operating leases.
Assets held under finance leases are recognised as assets at the lower of the assets fair value at the date of inception and the present value of the minimum lease payments. The related liability is included in the balance sheet as a finance lease obligation. Lease payments are treated as consisting of capital and interest elements. The interest is charged to profit or loss so as to produce a constant periodic rate of interest on the remaining balance of the liability.
Unit TV Ltd
Notes to the Financial Statements (Continued)
For the period ended 31 December 2023
Page 6
2
Employees
The average monthly number of persons (including directors) employed by the company during the period was:
2023
Number
Total
41
3
Tangible fixed assets
Plant and machinery etc
£
Cost
At 20 June 2023
Additions
508,485
At 31 December 2023
508,485
Depreciation and impairment
At 20 June 2023
Depreciation charged in the period
15,074
At 31 December 2023
15,074
Carrying amount
At 31 December 2023
493,411
4
Debtors
2023
Amounts falling due within one year:
£
Trade debtors
885,911
Other debtors
45,400
Prepayments and accrued income
13,640
944,951
Unit TV Ltd
Notes to the Financial Statements (Continued)
For the period ended 31 December 2023
Page 7
5
Creditors: amounts falling due within one year
2023
£
Trade creditors
150,155
Taxation and social security
161,520
Other creditors
1,131,180
Accruals and deferred income
80,352
1,523,207
6
Creditors: amounts falling due after more than one year
2023
Notes
£
Obligations under finance leases
101,532
7
Deferred taxation
The following are the major deferred tax liabilities and assets recognised by the company and movements thereon:
Liabilities
2023
Balances:
£
Accelerated capital allowances
89,310
Retirement benefit obligations
(1,815)
87,495
2023
Movements in the period:
£
Liability at 20 June 2023
-
Charge to profit or loss
87,495
Liability at 31 December 2023
87,495
The deferred tax liability set out above is expected to reverse over the useful economic life of the tangible fixed assets and relates to accelerated capital allowances that are expected to mature within the same period.
Unit TV Ltd
Notes to the Financial Statements (Continued)
For the period ended 31 December 2023
Page 8
8
Called up share capital
2023
2023
Ordinary share capital
Number
£
Issued and fully paid
Ordinary shares of £1 each
100
100
9
Related party transactions
As at period-end, balances of £994,763 were owed to the directors of the company.
10
Ultimate controlling party
The immediate and ultimate controlling party is Amanda Luckwell, by virtue of her majority shareholding.