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REGISTERED NUMBER: 07700945 (England and Wales)















GROUP STRATEGIC REPORT,

REPORT OF THE DIRECTORS AND

UNAUDITED

CONSOLIDATED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30TH JUNE 2024

FOR

TELEVISION SYSTEMS HOLDINGS LIMITED

TELEVISION SYSTEMS HOLDINGS LIMITED (REGISTERED NUMBER: 07700945)






CONTENTS OF THE CONSOLIDATED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30TH JUNE 2024




Page

Company Information 1

Group Strategic Report 2

Report of the Directors 5

Consolidated Income Statement 6

Consolidated Balance Sheet 7

Company Balance Sheet 9

Notes to the Consolidated Financial Statements 10


TELEVISION SYSTEMS HOLDINGS LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 30TH JUNE 2024







DIRECTORS: Mr J R Knight
Mr C Exelby
Mr B E MacGregor
Mr D J MacGregor
Mr M Quade





REGISTERED OFFICE: Mercury House
19-21 Chapel Street
Marlow
Buckinghamshire
SL7 3HN





REGISTERED NUMBER: 07700945 (England and Wales)





ACCOUNTANTS: Richardson Jones
Chartered Accountants
Mercury House
19-21 Chapel Street
Marlow
Buckinghamshire
SL7 3HN

TELEVISION SYSTEMS HOLDINGS LIMITED (REGISTERED NUMBER: 07700945)

GROUP STRATEGIC REPORT
FOR THE YEAR ENDED 30TH JUNE 2024

The directors present their strategic report of the company and the group for the year ended 30th June 2024.


TELEVISION SYSTEMS HOLDINGS LIMITED (REGISTERED NUMBER: 07700945)

GROUP STRATEGIC REPORT
FOR THE YEAR ENDED 30TH JUNE 2024

REVIEW OF BUSINESS
The results for the Group show a pre-tax loss of £1,004,309 (2023: £308,979 profit) for the period. The company has net assets of £3,431,840 (2023: £4,381,649) at the balance sheet date.

This financial year for the Group saw a significant decline in top line revenue as was predicted in last year's report. However, over a 3 year period revenue is very much in line with the long-term average and is expected to grow again in the next year with a strengthening opportunity pipeline and confirmed order backlog already in evidence.

With cost inflation continuing to have a significant negative impact and UK and US elections expected to bring significant additional costs to us as an exporter and employer, the business has focussed attention on becoming leaner and more efficient, while improving the gross margin on the products and solutions sold.

In support of this we have launched a full digital transformation project and are focussing R&D effort on new solutions with the largest commercial opportunity and best gross profit potential, moving away from some of the Company's past decisions based on specific customer needs that are not strategic for the wider market.

The Group's position in its core market remains strong and we continue to see significant interest in and orders for our solutions from top tier customers across the world. In addition we are investing in entry to new, higher growth market verticals where sales and value have already been evidenced.

These internal improvements, refocussed R&D efforts and new sales and marketing strategies will form the cornerstones of the Groups growth plans over the coming 3-5 years.



Research and development
The Television Systems Group (TSL Group) operates primarily in the broadcasting, media and entertainment industry which continues to change rapidly with new technological developments and techniques.

The TSL Group maintains a high level of awareness of new developments through regular customer visits and surveys, attendance at industry exhibitions and seminars, close scrutiny of industry publications, membership of key trade and standards bodies and information provided by third party suppliers of equipment that is subsequently used in the group's broadcast system, services and products.

Customers demand this latest technology and thus the TSL Group is well positioned to provide the professional services and equipment to enable the design and integration of solutions to meet the customers' requirements.

The Group's solutions are constantly developed to adapt to the changing requirements of the new technologies, based on market research evidenced customer demand. This includes developments across all 3 of our product platforms to address the needs of the market in IP and hybrid infrastructures, remote production, automation and for improved productivity and sustainability.

Increasingly our solutions have applications outside of the broadcast industry too with deployments in aerospace, defence, corporate AV, data centres and intelligence and we will be looking to continuing to exploit this further.



Future outlook
The group continues to broaden the services and products it offers and the geographies, customer base and industries to which it offers them.

As expected 2023-24 was a slower year, but a return to growth and the pre-pandemic upward trend is already in evidence for 2024-25. In addition, we have a wide variety of new solutions now released to the market which are already surpassing expectations.

Cost inflation and increasing regulation and bureaucracy in the Group's primary employment locations of the UK and California are of concern, but plans are already being implemented to control the impact of these and ultimately mitigate them.

Ultimately the strength of TSL's global brand presence, existing customer base, core team and the innovative and unique nature of our solutions provide a strong base on which to handle any uncertainty and continue a new growth story.


Principal risks and uncertainties

TELEVISION SYSTEMS HOLDINGS LIMITED (REGISTERED NUMBER: 07700945)

GROUP STRATEGIC REPORT
FOR THE YEAR ENDED 30TH JUNE 2024

The threat of tariffs and an escalating trade war is something that has yet to directly impact on our solutions, but is something we are keenly aware of and again have plans to mitigate.

The state of our core markets have been shown in the past to depend on the confidence of the world market place in general. Financial market disruption, pandemics, wars, terrorist activity etc., can cause a major and sudden change in the confidence of the customers to invest in new infrastructure and inflation, tariffs and higher interest rates are definitely barriers to customers securing and deploying the investment that would flow through to increased sales for TSL.

However, as the Group has proven over the last 12 years, it is agile enough to adapt quickly and mitigate the impact of such risks with an experienced management team capable of leading successfully through a crisis.

Our global geography, industry vertical and product line diversification, is one of our strongest risk mitigation factors as when one market weakens, we generally find another will be growing.

Key performance indicators
Given the straightforward nature of the business, the Group's directors are of the opinion that analysis using KPIs is not necessary for an understanding of the development, performance or position of the business. The individual trading subsidiary companies do operate to a number of their own KPIs and both financial and non-financial targets as part of their own growth strategies.

ON BEHALF OF THE BOARD:





Mr M Quade - Director


26th March 2025

TELEVISION SYSTEMS HOLDINGS LIMITED (REGISTERED NUMBER: 07700945)

REPORT OF THE DIRECTORS
FOR THE YEAR ENDED 30TH JUNE 2024

The directors present their report with the financial statements of the company and the group for the year ended 30th June 2024.

DIRECTORS
The directors shown below have held office during the whole of the period from 1st July 2023 to the date of this report.

Mr J R Knight
Mr C Exelby
Mr B E MacGregor
Mr D J MacGregor
Mr M Quade

This report has been prepared in accordance with the provisions of Part 15 of the Companies Act 2006 relating to small companies.

ON BEHALF OF THE BOARD:





Mr M Quade - Director


26th March 2025

TELEVISION SYSTEMS HOLDINGS LIMITED (REGISTERED NUMBER: 07700945)

CONSOLIDATED
INCOME STATEMENT
FOR THE YEAR ENDED 30TH JUNE 2024

30.6.24 30.6.23
Notes £ £

TURNOVER 5,870,699 8,305,730

Cost of sales 2,098,359 2,975,204
GROSS PROFIT 3,772,340 5,330,526

Administrative expenses 4,772,366 5,008,662
OPERATING (LOSS)/PROFIT 4 (1,000,026 ) 321,864

Interest receivable and similar income 5,778 12
(994,248 ) 321,876

Interest payable and similar expenses 10,061 12,898
(LOSS)/PROFIT BEFORE TAXATION (1,004,309 ) 308,978

Tax on (loss)/profit (55,908 ) (153,555 )
(LOSS)/PROFIT FOR THE FINANCIAL
YEAR

(948,401

)

462,533

(Loss)/profit attributable to:
Owners of the parent (785,067 ) 391,214
Non-controlling interests (163,334 ) 71,319
(948,401 ) 462,533

TELEVISION SYSTEMS HOLDINGS LIMITED (REGISTERED NUMBER: 07700945)

CONSOLIDATED BALANCE SHEET
30TH JUNE 2024

30.6.24 30.6.23
Notes £ £ £ £
FIXED ASSETS
Intangible assets 6 414,827 419,842
Tangible assets 7 95,019 116,797
Investments 8 - -
509,846 536,639

CURRENT ASSETS
Stocks 2,283,370 2,281,169
Debtors 9 470,055 1,262,199
Cash at bank and in hand 1,148,714 1,534,087
3,902,139 5,077,455
CREDITORS
Amounts falling due within one year 10 785,745 940,845
NET CURRENT ASSETS 3,116,394 4,136,610
TOTAL ASSETS LESS CURRENT
LIABILITIES

3,626,240

4,673,249

CREDITORS
Amounts falling due after more than one
year

11

194,400

291,600
NET ASSETS 3,431,840 4,381,649

CAPITAL AND RESERVES
Called up share capital 29,474 29,474
Retained earnings 3,245,925 4,032,400
SHAREHOLDERS' FUNDS 15 3,275,399 4,061,874

NON-CONTROLLING INTERESTS 12 156,441 319,775
TOTAL EQUITY 3,431,840 4,381,649

The company and the group are entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30th June 2024.

The members have not required the company and the group to obtain an audit of its financial statements for the year ended 30th June 2024 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:
(a) ensuring that the group keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b) preparing financial statements which give a true and fair view of the state of affairs of the company and the group as at the end of each financial year and of the group's profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company and the group.

TELEVISION SYSTEMS HOLDINGS LIMITED (REGISTERED NUMBER: 07700945)

CONSOLIDATED BALANCE SHEET - continued
30TH JUNE 2024


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

The financial statements were approved by the Board of Directors and authorised for issue on 26th March 2025 and were signed on its behalf by:





Mr M Quade - Director


TELEVISION SYSTEMS HOLDINGS LIMITED (REGISTERED NUMBER: 07700945)

COMPANY BALANCE SHEET
30TH JUNE 2024

30.6.24 30.6.23
Notes £ £ £ £
FIXED ASSETS
Intangible assets 6 - -
Tangible assets 7 - -
Investments 8 2,125 2,125
2,125 2,125

CURRENT ASSETS
Debtors 9 167,673 294,075
Cash at bank 135,339 8,937
303,012 303,012
NET CURRENT ASSETS 303,012 303,012
TOTAL ASSETS LESS CURRENT
LIABILITIES

305,137

305,137

CAPITAL AND RESERVES
Called up share capital 29,474 29,474
Retained earnings 275,663 275,663
SHAREHOLDERS' FUNDS 15 305,137 305,137

Company's profit for the financial year - -

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30th June 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 30th June 2024 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

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

The financial statements were approved by the Board of Directors and authorised for issue on 26th March 2025 and were signed on its behalf by:





Mr M Quade - Director


TELEVISION SYSTEMS HOLDINGS LIMITED (REGISTERED NUMBER: 07700945)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30TH JUNE 2024

1. STATUTORY INFORMATION

Television Systems Holdings 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 General Information page.

2. ACCOUNTING POLICIES

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

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Goodwill
Goodwill, being the amount paid in connection with the acquisition of a business in 2019, is being amortised evenly over its estimated useful life of five years.

Intangible assets
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Patents and licences are being amortised evenly over their estimated useful life of nil years.

Development costs are being amortised evenly over their estimated useful life of nil years.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Website development - 25% on cost
Improvements to property - 10% on cost
Plant and machinery - 25% on cost and 20% on cost
Fixtures and fittings - 20% on cost
Computer equipment - 20% on cost

Stocks
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Foreign currencies
Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result.

Hire purchase and leasing commitments
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

Pension costs and other post-retirement benefits
The group operates a defined contribution pension scheme. Contributions payable to the group's pension scheme are charged to profit or loss in the period to which they relate.

The group operates a money purchase pension scheme for the directors. The assets of the scheme are held separately from those of the group in a small self-administered fund. Contributions payable for the year are charged in the profit and loss account.

The group also contributes to personal pension schemes for members of staff. Such contributions are deducted from the gross salary of those individuals.

TELEVISION SYSTEMS HOLDINGS LIMITED (REGISTERED NUMBER: 07700945)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30TH JUNE 2024

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 42 (2023 - 46 ) .

4. OPERATING (LOSS)/PROFIT

The operating loss (2023 - operating profit) is stated after charging:

30.6.24 30.6.23
£ £
Depreciation - owned assets 50,207 45,619
Goodwill amortisation - 180,368
Patents and licences amortisation 37 128
Development costs amortisation 172,171 118,234

5. INDIVIDUAL INCOME STATEMENT

As permitted by Section 408 of the Companies Act 2006, the Income Statement of the parent company is not presented as part of these financial statements.


6. INTANGIBLE FIXED ASSETS

Group
Other
intangible
Goodwill assets Totals
£ £ £
COST
At 1st July 2023 3,797,101 578,748 4,375,849
Additions - 167,193 167,193
Exchange differences - (1 ) (1 )
At 30th June 2024 3,797,101 745,940 4,543,041
AMORTISATION
At 1st July 2023 3,797,100 158,907 3,956,007
Charge for year - 172,208 172,208
Exchange differences - (1 ) (1 )
At 30th June 2024 3,797,100 331,114 4,128,214
NET BOOK VALUE
At 30th June 2024 1 414,826 414,827
At 30th June 2023 1 419,841 419,842

TELEVISION SYSTEMS HOLDINGS LIMITED (REGISTERED NUMBER: 07700945)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30TH JUNE 2024

7. TANGIBLE FIXED ASSETS

Group
Website Improvements Plant and
development to property machinery
£ £ £
COST
At 1st July 2023 13,120 113,761 54,730
Additions - - 7,122
Disposals - - -
Exchange differences - - (8 )
At 30th June 2024 13,120 113,761 61,844
DEPRECIATION
At 1st July 2023 13,120 113,760 23,853
Charge for year - - 11,914
Exchange differences - - (4 )
At 30th June 2024 13,120 113,760 35,763
NET BOOK VALUE
At 30th June 2024 - 1 26,081
At 30th June 2023 - 1 30,877

Fixtures
and Computer
fittings equipment Totals
£ £ £
COST
At 1st July 2023 58,191 309,901 549,703
Additions 1,682 21,454 30,258
Disposals - (1,704 ) (1,704 )
Exchange differences (101 ) (109 ) (218 )
At 30th June 2024 59,772 329,542 578,039
DEPRECIATION
At 1st July 2023 15,821 266,352 432,906
Charge for year 19,910 18,383 50,207
Exchange differences (8 ) (81 ) (93 )
At 30th June 2024 35,723 284,654 483,020
NET BOOK VALUE
At 30th June 2024 24,049 44,888 95,019
At 30th June 2023 42,370 43,549 116,797

TELEVISION SYSTEMS HOLDINGS LIMITED (REGISTERED NUMBER: 07700945)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30TH JUNE 2024

8. FIXED ASSET INVESTMENTS

Company
Shares in
group
undertakings
£
COST
At 1st July 2023
and 30th June 2024 2,125
NET BOOK VALUE
At 30th June 2024 2,125
At 30th June 2023 2,125

The group or the company's investments at the Balance Sheet date in the share capital of companies include the following:

Subsidiary


TSL Professional Products Limited
Registered office: Mercury House,19-21 Chapel Street, Marlow, Bucks. SL7 3HN
Nature of business: Manufacture and supply of broadcast equipment.
%
Class of shares: holding
Ordinary 95.00
A 78.33
30.6.24 30.6.23
£ £
Aggregate capital and reserves 3,323,076 3,522,315
(Loss)/profit for the year (199,239 ) 1,726


9. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

Group Company
30.6.24 30.6.23 30.6.24 30.6.23
£ £ £ £
Trade debtors 183,287 1,025,038 - -
Amounts owed by group undertakings - - 122,090 248,492
Other debtors 33,806 41,228 - -
Directors' loan accounts 45,109 45,109 45,109 45,109
Called up share capital not paid 474 474 474 474
Prepayments and accrued income 207,379 150,350 - -
470,055 1,262,199 167,673 294,075

TELEVISION SYSTEMS HOLDINGS LIMITED (REGISTERED NUMBER: 07700945)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30TH JUNE 2024

10. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

Group
30.6.24 30.6.23
£ £
Bank loans and overdrafts 97,200 97,200
Trade creditors 282,744 389,800
Social security and other taxes 125,156 65,274
VAT 37,078 18,179
Other creditors 139,683 108,938
Accrued expenses 103,884 261,454
785,745 940,845

11. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

Group
30.6.24 30.6.23
£ £
Bank loans - 1-2 years 97,200 97,200
Bank loans - 2-5 years 97,200 194,400
194,400 291,600

12. NON-CONTROLLING INTERESTS

As at 1 July 2023 £319,775
Movement in the year -£163,334
As at 30 June 2024 £156,441

13. DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to a director subsisted during the years ended 30th June 2024 and 30th June 2023:

30.6.24 30.6.23
£ £
Mr C Exelby
Balance outstanding at start of year 45,109 45,109
Amounts repaid - -
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year 45,109 45,109

14. ULTIMATE CONTROLLING PARTY

Mr B E MacGregor and Mr D J MacGregor, directors and majority shareholders of the company, are considered to be the ultimate controlling party by virtue of their ability to act in concert in respect of the operational and financial policies of the company.

TELEVISION SYSTEMS HOLDINGS LIMITED (REGISTERED NUMBER: 07700945)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30TH JUNE 2024

15. RECONCILIATION OF MOVEMENTS IN SHAREHOLDERS' FUNDS

Group
30.6.24 30.6.23
£ £
(Loss)/profit for the financial year (785,067 ) 391,214
Other comprehensive income relating to the year (net) (1,408 ) 3,265
Net (reduction)/addition to shareholders' funds (786,475 ) 394,479
Opening shareholders' funds 4,061,874 3,667,395
Closing shareholders' funds 3,275,399 4,061,874


Company
30.6.24 30.6.23
£ £
Profit for the financial year - -
Opening shareholders' funds 305,137 305,137
Closing shareholders' funds 305,137 305,137