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 |
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: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
ACCOUNTANTS: |
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: |
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. |
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: |
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 |
( |
) |
(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 |
CURRENT ASSETS |
Debtors | 9 |
Cash at bank |
NET CURRENT ASSETS |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CAPITAL AND RESERVES |
Called up share capital |
Retained earnings |
SHAREHOLDERS' FUNDS | 15 |
Company's profit for the financial year | - | - |
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 were approved by the Board of Directors and authorised for issue on |
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 |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
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 |
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. |
Tangible fixed assets |
Website development | - |
Improvements to property | - |
Plant and machinery | - |
Fixtures and fittings | - |
Computer equipment | - |
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 |
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 |
NET BOOK VALUE |
At 30th June 2024 |
At 30th June 2023 |
The group or the company's investments at the Balance Sheet date in the share capital of companies include the following: |
Subsidiary |
Registered office: Mercury House,19-21 Chapel Street, Marlow, Bucks. SL7 3HN |
Nature of business: |
% |
Class of shares: | holding |
30.6.24 | 30.6.23 |
£ | £ |
Aggregate capital and reserves |
(Loss)/profit for the year | ( |
) |
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 | - | - |
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 |
Prepayments and accrued income | 207,379 | 150,350 |
470,055 | 1,262,199 |
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 |