Company registration number 06268025 (England and Wales)
HSTV MEDIA LIMITED
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024
PAGES FOR FILING WITH REGISTRAR
HSTV MEDIA LIMITED
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 6
HSTV MEDIA LIMITED
BALANCE SHEET
- 1 -
2024
2023
Notes
£
£
£
£
Fixed assets
Intangible assets
5
652,500
725,000
Current assets
-
-
Creditors: amounts falling due within one year
6
(495,709)
(562,209)
Net current liabilities
(495,709)
(562,209)
Total assets less current liabilities
156,791
162,791
Provisions for liabilities
(96,939)
(98,439)
Net assets
59,852
64,352
Capital and reserves
Called up share capital
7
450,100
450,100
Revaluation reserve
290,815
295,315
Profit and loss reserves
(681,063)
(681,063)
Total equity
59,852
64,352
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The director of the company has elected not to include a copy of the profit and loss account within the financial statements.true
The financial statements were approved and signed by the director and authorised for issue on 28 March 2025
J E Coleman
Director
Company registration number 06268025 (England and Wales)
HSTV MEDIA LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024
- 2 -
1
Accounting policies
Company information
HSTV Media Limited is a private company limited by shares incorporated in England and Wales. The registered office is Central House, Beckwith Knowle, Otley Road, Harrogate, HG3 1UF.
1.1
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 disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
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.
1.2
Going concern
Atruet the time of approving the financial statements, the director has a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. The director has confirmed that the company will continue to receive support from its parent company so that it can meet its obligations as they fall due. Thus the director continues to adopt the going concern basis of accounting in preparing the financial statements.
1.3
Turnover
Turnover represents fees received from the parent company, High Street TV (Group) Limited for television channel costs.
1.4
Intangible fixed assets other than goodwill
In the prior year intangible assets acquired separately from a business were recognised at cost and were subsequently measured at cost less accumulated amortisation and accumulated impairment losses.
During the year the Directors have chosen to apply the revaluation model. The licences are measured at their fair value at the date of revaluation less any subsequent accumulated amortisation and subsequent accumulated impairment losses.
Amortisation 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:
Licences
10 years straight line
1.5
Impairment of fixed assets
At each reporting period end date, the company reviews the carrying amounts of its tangible and intangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.
HSTV MEDIA LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
1
Accounting policies
(Continued)
- 3 -
1.6
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.
Basic financial liabilities
Basic financial liabilities, including creditors and loans from fellow group companies, 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.
1.7
Foreign exchange
Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss.
2
Judgements and key sources of estimation uncertainty
In the application of the company’s accounting policies, the director is required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.
Valuation of licences
During the prior year, the Directors engaged an independent expert to revalue the licences held by the company. Further details on this can be found in note 5.
HSTV MEDIA LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
- 4 -
3
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2024
2023
Number
Number
Total
1
1
4
Taxation
In addition to the amount charged to the profit and loss account, the following amounts relating to tax have been recognised directly in other comprehensive income:
2024
2023
£
£
Deferred tax arising on:
Revaluation of licences
(1,500)
98,439
5
Intangible fixed assets
Licences
£
Cost or valuation
At 1 July 2023 and 30 June 2024
725,000
Amortisation and impairment
At 1 July 2023
Amortisation charged for the year
72,500
At 30 June 2024
72,500
Carrying amount
At 30 June 2024
652,500
At 30 June 2023
725,000
During the prior year, the licences held by the Company were revalued by Expert Media Partners (EMP). This is an independent valuer with significant experience within the market for EPG prominence and has been involved in a large number of swaps and/or sales of EPG slots.
HSTV MEDIA LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
5
Intangible fixed assets
(Continued)
- 5 -
If revalued assets were stated on an historical cost basis rather than a fair value basis, the total amounts included would have been as follows:
2024
2023
£
£
Cost
1,365,000
1,365,000
Accumulated amortisation
1,100,254
1,033,754
Carrying value
264,746
331,246
6
Creditors: amounts falling due within one year
2024
2023
£
£
Amounts owed to group undertakings
495,709
562,209
Amounts owed to group undertakings are unsecured, interest free and have no fixed repayment terms.
7
Called up share capital
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of £1 each
450,100
450,100
450,100
450,100
8
Audit report information
As the income statement has been omitted from the filing copy of the financial statements, the following information in relation to the audit report on the statutory financial statements is provided in accordance with s444(5B) of the Companies Act 2006:
The auditor's report was unqualified.
Senior Statutory Auditor:
Jamie Williams
Statutory Auditor:
BHP LLP
Date of audit report:
28 March 2025
9
Operating lease commitments
At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, as follows:
2024
2023
£
£
378,170
1,049,885
HSTV MEDIA LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
- 6 -
10
Financial commitments, guarantees and contingent liabilities
Along with fellow subsidiaries, the company guarantees loan notes issued by its parent companies. The amount guaranteed totals £21.2m.
11
Related party transactions
High Street TV Holdings Limited is the smallest and largest group for which consolidated financial statements are prepared. The company is included in the consolidated financial statements of High Street TV Holdings Limited which are publicly available. Consequently the company has taken advantage of the exemption, under paragraph 33.1A of FRS 102 "Related party disclosures" from disclosing related party transactions with entities that are part of the High Street TV Holdings Limited group. Copies of the financial statements of High Street TV Holdings Limited can be obtained by writing to High Street TV Holdings Limited, Central House, Beckwith Knowle, Otley Road, Harrogate, HG3 1UF.
12
Parent company
The company is a wholly owned subsidiary of High Street TV (Group) Limited, a company incorporated in the UK. The ultimate controlling party is Endless LLP, acting on behalf of Endless Finds IVA and IVB.