Company registration number 09509738 (England and Wales)
HIGH STREET TV HOLDINGS LIMITED
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024
HIGH STREET TV HOLDINGS LIMITED
COMPANY INFORMATION
Directors
R S Lister
J E Coleman
A Keasey
(Appointed 26 March 2024)
Company number
09509738
Registered office
Central House
Beckwith Knowle
Otley Road
Harrogate
HG3 1UF
Auditor
BHP LLP
New Chartford House
Centurion Way
Cleckheaton
Bradford
West Yorkshire
BD19 3QB
HIGH STREET TV HOLDINGS LIMITED
CONTENTS
Page
Strategic report
1 - 4
Directors' report
5 - 6
Directors' responsibilities statement
7
Independent auditor's report
8 - 10
Group statement of comprehensive income
11
Group balance sheet
12
Company balance sheet
13
Group statement of changes in equity
14
Company statement of changes in equity
15
Group statement of cash flows
16
Notes to the financial statements
17 - 35
HIGH STREET TV HOLDINGS LIMITED
STRATEGIC REPORT
FOR THE YEAR ENDED 30 JUNE 2024
- 1 -

The directors present their Strategic Report for High Street TV Holdings Limited (the "Company") together with its subsidiaries (the "Group") for the year ended 30 June 2024.

Fair review of the business

FY24 saw a small uplift in consumer sentiment in the last few months of the year, but was otherwise another challenging year for retail:

 

 

However, as in FY23, HSTV were able to partially mitigate this impact with strong product cost negotiations which allowed HSTV to offer excellent consumer value maintaining or reducing prices despite inflationary pressures.

 

Against this backdrop HSTV has continued in its mission to invest in portfolio and brand development and to find new ways to connect with consumers, particularly via:

 

 

Continued robust controls over HSTV’s cost base, combined with a pro-active approach to seeking out efficiencies has enabled the business to deliver further cost savings, which will provide a strong base for business performance in FY25.

 

In the fourth quarter of FY24, HSTV developed and implemented new strategies to increase both sales and margins:

 

 

Following the implementation of these strategies, HSTV has enjoyed significant year-on-year growth in both sales and profitability in the first half of FY25 and is on target to deliver a strong FY25 EBITDA, above the annual budget of £2m.

HIGH STREET TV HOLDINGS LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
- 2 -
Principal risks and uncertainties

Key business risks are monitored by the Board of Directors on an ongoing basis and strategies are developed as appropriate to mitigate such risks and minimise their impact. The principal risks and the strategies adopted are set out below:

Regulatory environment

The business sector the Group operates in is regulated by the Advertising Standards Agency (ASA). The Group has an in-house team who ensure all the Group’s advertisements fully conform with the ASA codes of conduct. The Group also works closely with industry experts and with Clearcast to pre-approve all content before airing on TV.

 

Financial risk management

The principal financial risks are credit risk and fluctuations in foreign exchange rates.

 

 

Liquidity risk

The group seeks to manage liquidity risk by ensuring it has sufficient liquidity available to meet its foreseeable needs and to invest cash assets safely and profitably. The Directors review the group's detailed cash projections on a regular basis to ensure the business has adequate liquidity and working capital.

 

The group has loan notes outstanding at the year end to Endless Funds IVA and IVB and to shareholders (together totalling £18.7m). These are not due for repayment until at least 1 April 2026

Development and performance

Promoting the success of the group

The sectors in which the group operates continue to offer expansion prospects into new product areas and new ways of connecting with our consumers. We are continuously assessing the strategies for our key routes to market, so that we can move swiftly to maximise new opportunities. Our primary routes to market are:

 

Direct to Consumer – This offers exciting organic growth prospects as the group introduces new products to existing brands, such as New Image, Drew&Cole and SmartAir and leverages relationships with specialist manufacturers to develop new brands and products to meet ever changing consumer trends.

 

In FY24 HSTV launched two new brands which will support growth in FY25:

 

Wholesale and International – The group continues to develop its track record of successfully launching new brands and products into retail by working closely with the group's key retail partners. As the group widens its range of brands and products it has a greater number of opportunities to both strengthen its relationship with its key retail partners and to build relationships with new partners.

Group outlook

The group has developed a stable and efficient cost base which facilitates delivery of the following key objectives:

 

HIGH STREET TV HOLDINGS LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
- 3 -
Key performance indicators

The directors of High Street TV Holdings Limited manage the company’s risks and those of its subsidiaries, at a group level. The financial key performance indicators the group uses are turnover, earnings before interest, taxation, depreciation and amortisation (‘EBITDA’), profit, and cash generation. All of these are measured monthly and assessed by the Board of Directors.

 

Non-financial performance is measured across the group by growth of the customer database, customer satisfaction, staff excellence and the group profile.

 

KPI

HY1 Mgmt Info

30-Jun-24

30-Jun-23

Comment

£’000

£’000

Turnover

21,180

35,631

37,005

Sales in HY1 FY25 are up 6% on the equivalent period in FY25, driven by HSTVs new strategy

Adjusted EBITDA

1,543

(614)

62

Adjusted EBITDA in HY1 FY25 has increased by £1.5m year on year

Profit/(Loss) before tax

1,024

(3,057)

(1,943)

PBT in HY1 FY25 increases by £1.3m year on year

Increase/(decrease) in cash at bank

191

(1,121)

(844)

 

* Adjusted EBITDA moves infomercial production into PBT recognising that the useful life of infomercials spans several financial reporting periods.

S172 Statement

The Board always endeavours to act in a way that promotes the success of the Group for the benefit of its members as a whole, and ensures consideration of:

 

Stakeholder Engagement

The Board considers that the key stakeholders of the group are: our employees, customers, suppliers, the local communities in which the group operates and also our shareholders. We understand that the long-term sustainable success of our business is dependent on building and maintaining positive relationships with stakeholders and considering the external impact of the group's activities.

 

Employees

Regular, clear and comprehensive employee engagement is embedded within our culture. Monthly town halls delivered by the directors provide clarity to all colleagues on financial results, current and future successes and any challenges the business is facing. In addition, the annual Personal Development Plan process provides an opportunity for both coaching and feedback. Key feedback themes are coordinated and addressed centrally.

 

The Board are clear that the health and wellbeing of our employees is a priority matter and have implemented robust actions to ensure this is delivered:

HIGH STREET TV HOLDINGS LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
- 4 -

Customers

The business continuously invests in customer engagement strategies to ensure that the business delivers on the key requirements of value for money and customer satisfaction. To this end, the business engages with customers through Trustpilot scores, social media platforms, call-centre contacts and the corporate website.

Our Retail and International customers have dedicated HSTV account teams ensuring regular communication on deliverables and to assist with future planning requirements.

 

All communications are passed to the appropriate departments to facilitate a process of continuous improvement in line with customer feedback.

Suppliers

The business continues to build long-lasting and mutually beneficial partnerships with our suppliers, both UK based and overseas. The Board's objective in developing these partnerships is to ensure the long-term stability of the relationships by treating our suppliers ethically and fairly. Key accounts have direct contact with the relevant departmental heads and the business systems and controls are developed to ensure that invoices are processed on a timely basis. Additional IT integrations have been developed where possible to enable reporting insights into the deliverables of key suppliers.

 

Communities

The Board recognises that as a responsible business, our impact on local communities and the environment influences our ability to grow sustainably.

The Board has appointed a leading carbon and energy management company, to independently assess its Greenhouse Gas (GHG) emissions in accordance with the UK Government’s ‘Environmental Reporting Guidelines: Including Streamlined Energy and Carbon Reporting Guidance’. The reporting provides insights into the energy consumed by the business and makes recommendations as to how this might be reduced. See the Energy and Carbon Report section in the directors’ report for further information.

 

Our business continues to partner with a nominated charity each year to raise awareness and organises a number of fundraising events that are wholeheartedly supported by employees.

Shareholders

We have an open and constructive dialogue with our external shareholders (through the non-executive directors who sit on the Board) and internal shareholders through monthly board meetings and monthly management meetings. Shareholders play a key role in our decision-making process, financial performance, business modelling and strategic outlook. This ensures that our business strategy is aligned with the interests of our shareholders whilst taking into consideration the potential impact of the Board’s decisions on other key stakeholders.

On behalf of the board

J E Coleman
Director
28 March 2025
HIGH STREET TV HOLDINGS LIMITED
DIRECTORS' REPORT
FOR THE YEAR ENDED 30 JUNE 2024
- 5 -

The directors present their annual report and financial statements for the year ended 30 June 2024.

Principal activities

The principal activity of the group continued to be that of a multi-channel retailer operating in the UK and internationally. The group develops, sources and sells innovative and proven products for everyday use. It sells lifestyle brands such as Drew&Cole, New Image and NutriBullet as well as some of the world's most successful 'As Seen On TV' products. Products are sold both directly to consumers and through retailers both in the UK and overseas. The company's principal activity continued to be that of a holding company.

Results and dividends

The results for the year are set out on page 11.

No ordinary dividends were paid. The directors do not recommend payment of a further dividend.

Directors

The directors who held office during the year and up to the date of signature of the financial statements were as follows:

R S Lister
J E Coleman
J C M Woolley
(Resigned 26 March 2024)
A Keasey
(Appointed 26 March 2024)
Auditor

The auditor, BHP LLP, is deemed to be reappointed under section 487(2) of the Companies Act 2006.

Energy and carbon report
Energy consumption
kWh
Aggregate of energy consumption in the year
0
Emissions of CO2 equivalent
Metric tonnes
Metric tonnes
Scope 1 - direct emissions
- Company car travel
2.47
Scope 2 - indirect emissions
- Electricity generation
-
Scope 3 - other indirect emissions
- Outsourced logistics - road
879.74
- Non-controlled site electricity
92.52
- Well to market
200.81
- Outsourced warehouse utilities
59.56
- Flights
70.29
- Hotel stays
2.00
- Company electric vehicles
- Rail travel
1.12
- Taxi travel
0.89
1,306.93
HIGH STREET TV HOLDINGS LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
- 6 -
Total gross emissions
1,309.40
Intensity ratio
Tonnes of CO2e per £M turnover
35.99
Quantification and reporting methodology

The GHG emissions have been assessed following the ISO 14064-1:2018 standard and have used the 2023 conversion factors published by the Department for Environment, Food and Rural Affairs (Defra) and the Department for Business, Energy and Industrial Strategy (BEIS). The assessment follows the market-based approach for assessing Scope 2 emissions from electricity usage. The operational control approach has been used.

 

The emissions above include both those generated directly and indirectly eg outsourced logistics.

Intensity measurement

The chosen intensity measurement ratio is total gross emissions in metric tonnes CO2e per £M turnover, the recommended ratio for the sector.

Measures taken to improve energy efficiency

The group has continued to control emissions by using video conferencing facilities rather than physical meetings wherever possible, thus maintaining low rates on both company car emissions and rail travel.

Statement of disclosure to auditor

So far as each person who was a director at the date of approving this report is aware, there is no relevant audit information of which the auditor of the company is unaware. Additionally, the directors individually have taken all the necessary steps that they ought to have taken as directors in order to make themselves aware of all relevant audit information and to establish that the auditor of the company is aware of that information.

On behalf of the board
J E Coleman
Director
28 March 2025
HIGH STREET TV HOLDINGS LIMITED
DIRECTORS' RESPONSIBILITIES STATEMENT
FOR THE YEAR ENDED 30 JUNE 2024
- 7 -

The directors are responsible for preparing the Annual Report and the financial statements in accordance with applicable law and regulations.

 

Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the group and company, and of the profit or loss of the group for that period. In preparing these financial statements, the directors are required to:

 

 

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the group’s and company’s transactions and disclose with reasonable accuracy at any time the financial position of the group and company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the group and company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

HIGH STREET TV HOLDINGS LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF HIGH STREET TV HOLDINGS LIMITED
- 8 -
Opinion

We have audited the financial statements of High Street TV Holdings Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 30 June 2024 which comprise the group statement of comprehensive income, the group balance sheet, the company balance sheet, the group statement of changes in equity, the company statement of changes in equity, the group statement of cash flows and notes to the financial statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including FRS 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

 

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the group and parent company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

 

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the group's and parent company’s ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

 

Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.

Other information

The other information comprises the information included in the annual report other than the financial statements and our auditor's report thereon. The directors are responsible for the other information contained within the annual report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.

 

We have nothing to report in this regard.

HIGH STREET TV HOLDINGS LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF HIGH STREET TV HOLDINGS LIMITED
- 9 -

Opinions on other matters prescribed by the Companies Act 2006

In our opinion, based on the work undertaken in the course of our audit:

 

Matters on which we are required to report by exception

In the light of the knowledge and understanding of the group and the parent company and their environment obtained in the course of the audit, we have not identified material misstatements in the strategic report or the directors' report.

 

We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:

 

Responsibilities of directors

As explained more fully in the directors' responsibilities statement, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. In preparing the financial statements, the directors are responsible for assessing the parent company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the parent company or to cease operations, or have no realistic alternative but to do so.

Auditor's responsibilities for the audit of the financial statements

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud, is detailed below.

HIGH STREET TV HOLDINGS LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF HIGH STREET TV HOLDINGS LIMITED
- 10 -

We gained an understanding of the legal and regulatory framework applicable to the company and the industry in which it operates and considered the risk of acts by the company that were contrary to applicable laws and regulations, including fraud. We designed audit procedures to respond to the risk, recognising that the risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate concealment by, for example, forgery or intentional misrepresentations, or through collusion.

 

We focused on laws and regulations, relevant to the company, which could give rise to a material misstatement in the financial statements. Our tests included agreeing the financial statement disclosures to underlying supporting documentation, enquiries with management, review of company minutes and legal expenses. There are inherent limitations in the audit procedures described and, the further removed non-compliance with laws and regulations is from the events and transactions reflected in the financial statements, the less likely we would become aware of it.

 

As part of our audit, we addressed the risk of management override of internal controls, including testing of journals and review of nominal ledger. We evaluated whether there was evidence of bias by the directors that represented a risk of material misstatement due to fraud.

A further description of our responsibilities is available on the Financial Reporting Council’s website at: https://www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report.

Use of our report

This report is made solely to the company’s members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company’s members those matters we are required to state to them in an auditor's report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company’s members as a body, for our audit work, for this report, or for the opinions we have formed.

Jamie Williams (Senior Statutory Auditor)
For and on behalf of BHP LLP
28 March 2025
Chartered Accountants
Statutory Auditor
New Chartford House
Centurion Way
Cleckheaton
Bradford
West Yorkshire
BD19 3QB
HIGH STREET TV HOLDINGS LIMITED
GROUP STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 30 JUNE 2024
- 11 -
2024
2023
as restated
Notes
£
£
Turnover
3
35,631,952
37,005,034
Cost of sales
(19,934,753)
(22,005,793)
Gross profit
15,697,199
14,999,241
Administrative expenses
(17,051,548)
(15,336,750)
Operating loss
4
(1,354,349)
(337,509)
Interest payable and similar expenses
8
(1,702,757)
(1,606,008)
Loss before taxation
(3,057,106)
(1,943,517)
Tax on loss
9
(8,773)
(248,917)
Loss for the financial year
(3,065,879)
(2,192,434)
Other comprehensive income
Revaluation of intangible assets
-
0
393,754
Cashflow hedges gain/(loss) arising in the year
444,336
(629,583)
Tax relating to other comprehensive income
(109,584)
58,957
Total comprehensive income for the year
(2,731,127)
(2,369,306)
Loss for the financial year is all attributable to the owners of the parent company.
Total comprehensive income for the year is all attributable to the owners of the parent company.
HIGH STREET TV HOLDINGS LIMITED
GROUP BALANCE SHEET
AS AT
30 JUNE 2024
30 June 2024
- 12 -
2024
2023
Notes
£
£
£
£
Fixed assets
Intangible assets
10
958,693
1,026,118
Tangible assets
11
73,819
87,986
1,032,512
1,114,104
Current assets
Stocks
14
7,023,383
7,847,143
Debtors
15
4,443,437
7,381,001
Cash at bank and in hand
377,250
1,498,407
11,844,070
16,726,551
Creditors: amounts falling due within one year
16
(7,119,200)
(9,350,646)
Net current assets
4,724,870
7,375,905
Total assets less current liabilities
5,757,382
8,490,009
Creditors: amounts falling due after more than one year
17
(18,699,878)
(18,699,878)
Provisions for liabilities
Deferred tax liability
19
96,939
98,439
(96,939)
(98,439)
Net liabilities
(13,039,435)
(10,308,308)
Capital and reserves
Called up share capital
21
9,903
9,903
Revaluation reserve
290,815
295,315
Hedging reserve
22
(211)
(333,463)
Profit and loss reserves
(13,339,942)
(10,280,063)
Total equity
(13,039,435)
(10,308,308)
The financial statements were approved by the board of directors and authorised for issue on 28 March 2025 and are signed on its behalf by:
28 March 2025
J E Coleman
Director
Company registration number 09509738 (England and Wales)
HIGH STREET TV HOLDINGS LIMITED
COMPANY BALANCE SHEET
AS AT 30 JUNE 2024
30 June 2024
- 13 -
2024
2023
Notes
£
£
£
£
Fixed assets
Investments
12
3,836,981
3,836,981
Current assets
Debtors
15
1,599,904
1,599,904
Creditors: amounts falling due within one year
16
(3,709,733)
(3,381,020)
Net current liabilities
(2,109,829)
(1,781,116)
Total assets less current liabilities
1,727,152
2,055,865
Creditors: amounts falling due after more than one year
17
(3,484,135)
(3,484,135)
Net liabilities
(1,756,983)
(1,428,270)
Capital and reserves
Called up share capital
21
9,903
9,903
Profit and loss reserves
(1,766,886)
(1,438,173)
Total equity
(1,756,983)
(1,428,270)

As permitted by s408 Companies Act 2006, the company has not presented its own profit and loss account and related notes. The company’s loss for the year was £328,713 (2023 - £315,146 loss).

The financial statements were approved by the board of directors and authorised for issue on 28 March 2025 and are signed on its behalf by:
28 March 2025
J E Coleman
Director
Company registration number 09509738 (England and Wales)
HIGH STREET TV HOLDINGS LIMITED
GROUP STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 30 JUNE 2024
- 14 -
Share capital
Revaluation reserve
Hedging reserve
Profit and loss reserves
Total
£
£
£
£
£
Balance at 1 July 2022
9,903
-
0
138,724
(8,087,629)
(7,939,002)
Year ended 30 June 2023:
Loss for the year
-
-
-
(2,192,434)
(2,192,434)
Other comprehensive income:
Revaluation of intangible assets
-
393,754
-
-
393,754
Cashflow hedge movements
-
-
(629,583)
-
(629,583)
Tax relating to other comprehensive income
-
(98,439)
157,396
-
0
58,957
Total comprehensive income
-
295,315
(472,187)
(2,192,434)
(2,369,306)
Balance at 30 June 2023
9,903
295,315
(333,463)
(10,280,063)
(10,308,308)
Year ended 30 June 2024:
Loss for the year
-
-
-
(3,065,879)
(3,065,879)
Other comprehensive income:
Cashflow hedge movements
-
-
444,336
-
444,336
Tax relating to other comprehensive income
-
1,500
(111,084)
-
0
(109,584)
Total comprehensive income
-
1,500
333,252
(3,065,879)
(2,731,127)
Other movements
-
(6,000)
-
6,000
-
Balance at 30 June 2024
9,903
290,815
(211)
(13,339,942)
(13,039,435)
HIGH STREET TV HOLDINGS LIMITED
COMPANY STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 30 JUNE 2024
- 15 -
Share capital
Profit and loss reserves
Total
£
£
£
Balance at 1 July 2022
9,903
(1,123,027)
(1,113,124)
Year ended 30 June 2023:
Loss and total comprehensive income for the year
-
(315,146)
(315,146)
Balance at 30 June 2023
9,903
(1,438,173)
(1,428,270)
Year ended 30 June 2024:
Profit and total comprehensive income
-
(328,713)
(328,713)
Balance at 30 June 2024
9,903
(1,766,886)
(1,756,983)
HIGH STREET TV HOLDINGS LIMITED
GROUP STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 30 JUNE 2024
- 16 -
2024
2023
Notes
£
£
£
£
Cash flows from operating activities
Cash generated from/(absorbed by) operations
25
1,169,954
(554,788)
Interest paid
(1,702,757)
(1,606,008)
Income taxes refunded
-
0
50,496
Net cash outflow from operating activities
(532,803)
(2,110,300)
Investing activities
Purchase of intangible assets
(245,208)
(236,048)
Purchase of tangible fixed assets
(33,431)
(53,655)
Net cash used in investing activities
(278,639)
(289,703)
Financing activities
Proceeds from borrowings
-
1,515,956
Repayment of borrowings
(309,715)
-
Net cash (used in)/generated from financing activities
(309,715)
1,515,956
Net decrease in cash and cash equivalents
(1,121,157)
(884,047)
Cash and cash equivalents at beginning of year
1,498,407
2,382,454
Cash and cash equivalents at end of year
377,250
1,498,407
HIGH STREET TV HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024
- 17 -
1
Accounting policies
Company information

High Street TV Holdings Limited (“the company”) is a private limited company domiciled and incorporated in England and Wales. The registered office is Central House, Beckwith Knowle, Otley Road, Harrogate, HG3 1UF.

 

The group consists of High Street TV Holdings Limited and all of its subsidiaries.

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.

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, modified to include certain financial instruments at fair value. The principal accounting policies adopted are set out below.

The company is a qualifying entity for the purposes of FRS 102, being a member of a group where the parent of that group prepares publicly available consolidated financial statements, including this company, which are intended to give a true and fair view of the assets, liabilities, financial position and profit or loss of the group. The company has therefore taken advantage of exemptions from the following disclosure requirements for parent company information presented within the consolidated financial statements:

 

1.2
Basis of consolidation

In the parent company financial statements, the cost of a business combination is the fair value at the acquisition date of the assets given, equity instruments issued and liabilities incurred or assumed, plus costs directly attributable to the business combination. The excess of the cost of a business combination over the fair value of the identifiable assets, liabilities and contingent liabilities acquired is recognised as goodwill. The cost of the combination includes the estimated amount of contingent consideration that is probable and can be measured reliably, and is adjusted for changes in contingent consideration after the acquisition date. Provisional fair values recognised for business combinations in previous periods are adjusted retrospectively for final fair values determined in the 12 months following the acquisition date. Investments in subsidiaries, joint ventures and associates are accounted for at cost less impairment.

HIGH STREET TV HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
1
Accounting policies
(Continued)
- 18 -

The consolidated financial statements incorporate those of High Street TV Holdings Limited and all of its subsidiaries (ie entities that the group controls through its power to govern the financial and operating policies so as to obtain economic benefits).

 

All financial statements are made up to 30 June 2024. Where necessary, adjustments are made to the financial statements of subsidiaries to bring the accounting policies used into line with those used by other members of the group.

 

All intra-group transactions, balances and unrealised gains on transactions between group companies are eliminated on consolidation. Unrealised losses are also eliminated unless the transaction provides evidence of an impairment of the asset transferred.

1.3
Going concern

After assessing the principal risks and uncertainties surrounding the trading environment, the directors have adopted the going concern basis in preparing these accounts. This assessment has involved preparing detailed forecasts and performing sensitivity analysis on sales and profitability along with considering the liquidity and future expected cashflows of the group.

 

Throughout the forecasted period, the group continues to have significant liquidity headroom based upon a combination of the groups current cash balances, bank facilities plus cash generated during the forecast period.

 

The directors believe that the group is well placed to manage its financing and other business risk satisfactorily, and have a reasonable expectation that the group will have adequate resources to continue in operation for at least 12 months from the signing date of these financial statements. They therefore, consider it appropriate to adopt the going concern basis of accounting in preparing the financial statements.

 

1.4
Turnover

Turnover represents amounts received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The amounts receivable take into account trade discounts, settlement discounts and volume rebates.

 

Where the group acts as an agent selling goods or services, only the commission income is included in turnover. Commission income is recognised as it is earned.

Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer (usually on dispatch of the goods), the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably.

1.5
Research and development expenditure

Research expenditure is written off against profits in the year in which it is incurred. Identifiable development expenditure is capitalised to the extent that the technical, commercial and financial feasibility can be demonstrated.

HIGH STREET TV HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
1
Accounting policies
(Continued)
- 19 -
1.6
Intangible fixed assets - goodwill

Goodwill represents the excess of the cost of acquisition of a business over the fair value of net assets acquired. It is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is considered to have a finite useful life and is amortised on a systematic basis over its expected life, which is 5 years.

 

For the purposes of impairment testing, goodwill is allocated to the cash-generating units expected to benefit from the acquisition. Cash-generating units to which goodwill has been allocated are tested for impairment at least annually, or more frequently when there is an indication that the unit may be impaired. If the recoverable amount of the cash-generating unit is less than the carrying amount of the unit, the impairment loss is allocated first to reduce the carrying amount of any goodwill allocated to the unit and then to the other assets of the unit pro-rata on the basis of the carrying amount of each asset in the unit.

1.7
Intangible fixed assets other than goodwill

Intangible assets acquired separately from a business are recognised at cost and are subsequently measured at cost less accumulated amortisation and accumulated impairment losses.

 

Computer software is recognised at cost and are subsequently measured at cost less accumulated amortisation and accumulated impairment losses.

 

Website development costs comprise application and infrastructure development costs, design costs and content costs. These are capitalised only where the website is capable of generating revenue.

 

During the year the Directors have chosen to apply the revaluation model to the licences. 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:

Software and development costs
3 years straight line
Licences
10 years straight line
1.8
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
3-5 years straight line
Computers
3 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 recognised in the profit and loss account.

1.9
Fixed asset investments

In the parent company financial statements, investments in subsidiaries, associates and jointly controlled entities are initially measured at cost and subsequently measured at cost less any accumulated impairment losses.

A subsidiary is an entity controlled by the group. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities.

HIGH STREET TV HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
1
Accounting policies
(Continued)
- 20 -
1.10
Impairment of fixed assets

At each reporting period end date, the group 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.

 

The carrying amount of the investments accounted for using the equity method is tested for impairment as a single asset. Any goodwill included in the carrying amount of the investment is not tested separately for impairment.

Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.

 

If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.

Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased to apply. Where an impairment loss subsequently reverses, the carrying amount of the asset (or cash-generating unit) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset (or cash-generating unit) in prior years. A reversal of an impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase.

1.11
Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to sell.

At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss.

1.12
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.

1.13
Financial instruments

The group 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 group's balance sheet when the group becomes party to the contractual provisions of the instrument.

 

Financial assets and liabilities are offset and 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.

HIGH STREET TV HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
1
Accounting policies
(Continued)
- 21 -
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.

Other financial assets

Other financial assets, including investments in equity instruments which are not subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the transaction price. Such assets are subsequently carried at fair value and the changes in fair value are recognised in profit or loss, except that investments in equity instruments that are not publicly traded and whose fair values cannot be measured reliably are measured at cost less impairment.

Impairment of financial assets

Financial assets, other than those held at fair value through profit and loss, are assessed for indicators of impairment at each reporting end date.

 

Financial assets are impaired where there is objective evidence that, as a result of one or more events that occurred after the initial recognition of the financial asset, the estimated future cash flows have been affected. If an asset is impaired, the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss is recognised in profit or loss.

 

If there is a decrease in the impairment loss arising from an event occurring after the impairment was recognised, the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been, had the impairment not previously been recognised. The impairment reversal is recognised in profit or loss.

Derecognition of financial assets

Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when the group transfers the financial asset and substantially all the risks and rewards of ownership to another entity, or if some significant risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party.

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 group 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.

HIGH STREET TV HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
1
Accounting policies
(Continued)
- 22 -
Other financial liabilities

Derivatives, including interest rate swaps and forward foreign exchange contracts, are not basic financial instruments. Derivatives are initially recognised at fair value on the date a derivative contract is entered into and are subsequently re-measured at their fair value. Changes in the fair value of derivatives are recognised in profit or loss in finance costs or finance income as appropriate, unless hedge accounting is applied and the hedge is a cash flow hedge.

 

Debt instruments that do not meet the conditions in FRS 102 paragraph 11.9 are subsequently measured at fair value through profit or loss. Debt instruments may be designated as being measured at fair value through profit or loss to eliminate or reduce an accounting mismatch or if the instruments are measured and their performance evaluated on a fair value basis in accordance with a documented risk management or investment strategy.

Derecognition of financial liabilities

Financial liabilities are derecognised when the group's contractual obligations expire or are discharged or cancelled.

1.14
Equity instruments

Equity instruments issued by the group 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 group.

1.15
Hedge accounting

The group uses forward foreign exchange contracts to hedge the foreign exchange risk from highly probable forecast stock purchases in US dollars. They are designated as cash flow hedges with fair value movements recognised directly in other comprehensive income. The amount recognised in other comprehensive income is transferred to the income statement in the same period that the hedged item affects profit or loss.

1.16
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

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 group’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 if, and only if, there is 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.

HIGH STREET TV HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
1
Accounting policies
(Continued)
- 23 -
1.17
Employee benefits

The costs of short-term employee benefits are recognised as a liability and an expense.

1.18
Retirement benefits

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

1.19
Leases

Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leased asset are consumed.

1.20
Foreign exchange

Transactions in currencies other than pounds sterling are recorded using an average rate of exchange. 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 group’s accounting policies, the directors are 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.

 

Key sources of estimation uncertainty

The estimates and assumptions which have a significant risk of causing a material adjustment to the carrying amount of assets and liabilities are as follows.

Stock provisions

The Directors have determined a stock provision taking account of the age of stock and its likely realisable value.

Rebates and returns provisions

Provisions for customer rebates and returns have been determined based on agreements in place and the group's experience to date.

Impairment of investments

The Directors deem the investment held in High Street TV Bidco Limited free from material impairment based on having performed an analysis of future cashflows of its subsidiaries.

 

Valuation of licences

During the prior year the Directors engaged an independent expert to revalue the licences held by HSTV Media Limited. Further details on this can be found in note 10.

HIGH STREET TV HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
- 24 -
3
Turnover and other revenue
2024
2023
£
£
Turnover analysed by geographical market
United Kingdom
34,206,715
35,284,203
Europe
1,240,034
1,083,907
Rest of World
185,203
636,924
35,631,952
37,005,034

In the opinion of the directors, all sales are derived from the same class of business.

4
Operating loss
2024
2023
£
£
Operating loss for the year is stated after charging/(crediting):
Exchange gains
(215,476)
(104,611)
Research and development costs
-
4,975
Depreciation of owned tangible fixed assets
47,598
42,477
Amortisation of intangible assets
312,633
264,520
Operating lease charges
253,492
919,447
5
Auditor's remuneration
2024
2023
Fees payable to the company's auditor and associates:
£
£
For audit services
Audit of the financial statements of the group and company
5,860
5,580
Audit of the financial statements of the company's subsidiaries
51,890
49,420
57,750
55,000
6
Employees

The average monthly number of persons (including directors) employed by the group and company during the year was:

Group
Company
2024
2023
2024
2023
Number
Number
Number
Number
Call centre and customer service
25
23
-
-
Administration and management
50
51
3
3
Total
75
74
3
3
HIGH STREET TV HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
6
Employees
(Continued)
- 25 -

Their aggregate remuneration comprised:

Group
Company
2024
2023
2024
2023
£
£
£
£
Wages and salaries
2,882,773
2,899,454
44,686
42,728
Social security costs
330,821
350,320
4,912
4,779
Pension costs
78,394
68,435
-
0
-
0
3,291,988
3,318,209
49,598
47,507
7
Directors' remuneration
2024
2023
£
£
Remuneration for qualifying services
302,226
292,396
Remuneration disclosed above includes the following amounts paid to the highest paid director:
2024
2023
£
£
Remuneration for qualifying services
257,540
249,668
8
Interest payable and similar expenses
2024
2023
£
£
Interest on bank overdrafts and loans
4,310
21
Interest on invoice finance arrangements
185,167
116,892
Other interest on financial liabilities
1,499,709
1,484,897
Other interest
13,571
4,198
Total finance costs
1,702,757
1,606,008
9
Taxation
2024
2023
£
£
Current tax
Adjustments in respect of prior periods
-
0
221,228
Deferred tax
Origination and reversal of timing differences
8,773
27,689
Total tax charge
8,773
248,917
HIGH STREET TV HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
9
Taxation
(Continued)
- 26 -

The actual charge for the year can be reconciled to the expected credit for the year based on the profit or loss and the standard rate of tax as follows:

2024
2023
£
£
Loss before taxation
(3,057,106)
(1,943,517)
Expected tax credit based on the standard rate of corporation tax in the UK of 25.00% (2023: 20.50%)
(764,277)
(398,421)
Tax effect of expenses that are not deductible in determining taxable profit
142,841
105,034
Change in unrecognised deferred tax assets
629,171
394,725
Effect of change in corporation tax rate
-
(46,004)
Permanent capital allowances in excess of depreciation
1,038
(20,104)
Under/(over) provided in prior years
-
0
221,228
Other
-
0
(5,094)
Fixed asset differences
-
0
(2,447)
Taxation charge
8,773
248,917

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
Revaluation of financial instruments treated as cashflow hedges
111,084
(157,396)
109,584
(58,957)
HIGH STREET TV HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
- 27 -
10
Intangible fixed assets
Group
Goodwill
Software and development costs
Licences
Total
£
£
£
£
Cost or valuation
At 1 July 2023
10,857,379
533,323
1,053,800
12,444,502
Additions
-
0
245,208
-
0
245,208
Disposals
-
0
(103,920)
-
0
(103,920)
At 30 June 2024
10,857,379
674,611
1,053,800
12,585,790
Amortisation and impairment
At 1 July 2023
10,857,379
232,205
328,800
11,418,384
Amortisation charged for the year
-
0
240,133
72,500
312,633
Disposals
-
0
(103,920)
-
0
(103,920)
At 30 June 2024
10,857,379
368,418
401,300
11,627,097
Carrying amount
At 30 June 2024
-
0
306,193
652,500
958,693
At 30 June 2023
-
0
301,118
725,000
1,026,118
The company had no intangible fixed assets at 30 June 2024 or 30 June 2023.

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.

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:

Group
Company
2024
2023
2024
2023
£
£
£
£
Cost
1,365,000
1,036,200
-
-
Accumulated amortisation
1,100,254
705,104
-
-
Carrying value
264,746
331,096
-
-
HIGH STREET TV HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
- 28 -
11
Tangible fixed assets
Group
Fixtures and fittings
Computers
Total
£
£
£
Cost
At 1 July 2023
158,048
93,492
251,540
Additions
33,431
-
0
33,431
Disposals
(32,263)
-
0
(32,263)
At 30 June 2024
159,216
93,492
252,708
Depreciation and impairment
At 1 July 2023
70,062
93,492
163,554
Depreciation charged in the year
47,598
-
0
47,598
Eliminated in respect of disposals
(32,263)
-
0
(32,263)
At 30 June 2024
85,397
93,492
178,889
Carrying amount
At 30 June 2024
73,819
-
0
73,819
At 30 June 2023
87,986
-
0
87,986
The company had no tangible fixed assets at 30 June 2024 or 30 June 2023.
12
Fixed asset investments
Group
Company
2024
2023
2024
2023
Notes
£
£
£
£
Investments in subsidiaries
13
-
0
-
0
3,836,981
3,836,981
Movements in fixed asset investments
Company
Shares in subsidiaries
£
Cost or valuation
At 1 July 2023 and 30 June 2024
3,836,981
Carrying amount
At 30 June 2024
3,836,981
At 30 June 2023
3,836,981
HIGH STREET TV HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
- 29 -
13
Subsidiaries

Details of the company's subsidiaries at 30 June 2024 are as follows:

Name of undertaking
Registered office
Class of
% Held
shares held
Direct
Indirect
High Street TV Bidco Limited
Central House, Beckwith Knowle, Otley Road, HG3 1UF
Ordinary
100.00
-
High Street TV (Group) Limited
As above
Ordinary
0
100.00
New Image TV (International) Limited
As above
Ordinary
0
100.00
New Image TV (US) Limited
As above
Ordinary
0
100.00
High Street TV (Asia) Limited
As above
Ordinary
0
100.00
Job Pipe Limited
As above
Ordinary
0
100.00
HSTV Media Limited
As above
Ordinary
0
100.00
14
Stocks
Group
Company
2024
2023
2024
2023
£
£
£
£
Finished goods and goods for resale
7,023,383
7,847,143
-
0
-
0

Stocks are stated after provisions for impairment of £400,000 (2023: £503,164).

15
Debtors
Group
Company
2024
2023
2024
2023
Amounts falling due within one year:
£
£
£
£
Trade debtors
2,582,868
5,164,109
-
0
-
0
Amounts owed by group undertakings
-
-
1,599,904
1,599,904
Other debtors
734,545
959,085
-
0
-
0
Prepayments and accrued income
1,061,252
1,073,178
-
0
-
0
4,378,665
7,196,372
1,599,904
1,599,904
Amounts falling due after more than one year:
Deferred tax asset (note 19)
64,772
184,629
-
0
-
0
Total debtors
4,443,437
7,381,001
1,599,904
1,599,904

Trade debtors are stated after provisions for impairment of £nil (2023: £69,000).

 

Amounts owed by group undertakings are unsecured, interest free and are repayable on demand.

 

HIGH STREET TV HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
- 30 -
16
Creditors: amounts falling due within one year
Group
Company
2024
2023
2024
2023
£
£
£
£
Trade creditors
2,766,555
3,999,448
-
0
-
0
Amounts owed to group undertakings
-
0
-
0
3,678,300
3,381,020
Other taxation and social security
742,596
475,196
12,808
-
Derivative financial instruments
8,681
453,017
-
0
-
0
Other creditors
1,866,645
2,177,964
-
0
-
0
Accruals and deferred income
1,734,723
2,245,021
18,625
-
0
7,119,200
9,350,646
3,709,733
3,381,020

Within other creditors falling due within one year are amounts due to invoice discounters of £1,855,577 (2023: £2,165,292). They are secured by a debenture, fixed charge on debts and a floating charge over the group's assets.

 

Amounts owed to group undertakings are unsecured, interest free and repayable on demand.

17
Creditors: amounts falling due after more than one year
Group
Company
2024
2023
2024
2023
Notes
£
£
£
£
Other borrowings
18
18,699,878
18,699,878
3,484,135
3,484,135
18
Loans and overdrafts
Group
Company
2024
2023
2024
2023
£
£
£
£
Other loans
18,699,878
18,699,878
3,484,135
3,484,135
Payable after one year
18,699,878
18,699,878
3,484,135
3,484,135

Group

 

Other loans are loan notes payable which are provided by Endless Fund IV A and B. The loan notes bear an interest rate of 8% and have a redemption date of 1 April 2026. The loan notes are held at amortised cost.

 

Company

 

Other loans are loan notes provided by management. The loan notes bear an interest rate of 8% and have a redemption date of 1 April 2026. The loan notes are held at amortised cost.

HIGH STREET TV HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
- 31 -
19
Deferred taxation

The following are the major deferred tax liabilities and assets recognised by the group and company, and movements thereon:

Liabilities
Liabilities
Assets
Assets
2024
2023
2024
2023
Group
£
£
£
£
Accelerated capital allowances
-
-
61,335
70,036
Short term timing differences
-
-
1,267
1,339
Revaluation of licences
96,939
98,439
-
-
Cashflow hedge
-
-
2,170
113,254
96,939
98,439
64,772
184,629
The company has no deferred tax assets or liabilities.
Group
Company
2024
2024
Movements in the year:
£
£
Net asset at 1 July 2023
(86,190)
-
Charge to profit or loss
8,773
-
Charge to other comprehensive income
109,584
-
Liability at 30 June 2024
32,167
-

The charge to the profit or loss arises in relation to movements in accelerated capital allowances and short term timing differences. Deferred tax recognised in other comprehensive income relates to cashflow hedging movements and the revaluation of licences.

20
Retirement benefit schemes
2024
2023
Defined contribution schemes
£
£
Charge to profit or loss in respect of defined contribution schemes
78,394
68,435

A defined contribution pension scheme is operated for all qualifying employees. The assets of the scheme are held separately from those of the group in an independently administered fund. Contributions amounting to £10,300 (2023: £10,866) were payable to the fund at the year end and are included in creditors, amounts falling due within one year.

 

HIGH STREET TV HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
- 32 -
21
Share capital
Group and company
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary A shares of 1p each
640,583
640,583
6,406
6,406
Ordinary B shares of 1p each
110,684
110,684
1,107
1,107
Ordinary C shares of 1p each
187,906
187,906
1,879
1,879
Ordinary D shares of 1p each
51,117
51,117
511
511
Ordinary E shares of 1p each
11
11
-
-
Ordinary G shares of 1p each
1
1
-
-
990,302
990,302
9,903
9,903

The A, B and D ordinary shares shall be entitled to receive notice, attend and vote at general meetings. In certain circumstances the holders of A ordinary shares are entitled to enhanced voting rights. The C and E ordinary shares are not entitled to receive notice.

 

The A, B , C and D ordinary shares rank pari passu with regards to dividend and capital distribution.

 

The E and G ordinary shares shall not have any rights with regards to dividend and capital distribution.

 

The A, B, C, D, E and G ordinary shares are not redeemable.

22
Hedging reserve

The group uses forward foreign currency contracts to hedge the foreign exchange risk from highly probable forecast stock purchases in US dollars. They are designated as cashflow hedges with fair value movements recognised directly in other comprehensive income. The amount recognised in other comprehensive income is transferred to the income statement in the same period that the hedged item affects profit or loss. At 30 June 2024, the outstanding contracts mature within twelve months (2023: twelve months). The company is committed to buy US$6.5 million (2023: US$14.5 million) and pay a fixed sterling amount.

 

The valuation of all financial derivative assets and liabilities carried at fair value by the group is based on hierarchy Level 2. Fair value hierarchy levels are defined as follows:

 

 

 

 

The fair value of forward exchange contracts has been determined based on discounted market forward currency exchange rates at the balance sheet date. The fair value of the forward foreign currency contracts gives rise to assets of £Nil (2023: £Nil) and liabilities £8,681 (2023: £453,017).

 

HIGH STREET TV HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
- 33 -
23
Financial commitments, guarantees and contingent liabilities

The subsidiaries of High Street TV Holdings Ltd guarantee the loan notes issued by High Street TV Bidco Ltd. The amount guaranteed totals £21.2m.

 

The subsidiary, High Street TV (Group) Limited, entered into a guarantee dated 27 September 2012 in favour of HMRC for £200,000 in relation to import taxes.

24
Operating lease commitments
Lessee

At the reporting end date the group had outstanding commitments for future minimum lease payments under non-cancellable operating leases, which fall due as follows:

Group
Company
2024
2023
2024
2023
£
£
£
£
Within one year
654,020
951,069
-
-
Between two and five years
302,472
928,284
-
-
956,492
1,879,353
-
-
25
Cash generated from/(absorbed by) group operations
2024
2023
£
£
Loss for the year after tax
(3,065,879)
(2,192,434)
Adjustments for:
Taxation charged
8,773
248,917
Finance costs
1,702,757
1,606,008
Amortisation and impairment of intangible assets
312,633
264,520
Depreciation and impairment of tangible fixed assets
47,598
42,477
Movements in working capital:
Decrease in stocks
823,760
1,434,623
Decrease/(increase) in debtors
2,817,707
(2,337,395)
(Decrease)/increase in creditors
(1,477,395)
378,496
Cash generated from/(absorbed by) operations
1,169,954
(554,788)
HIGH STREET TV HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
- 34 -
26
Analysis of changes in net debt - group
1 July 2023
Cash flows
30 June 2024
£
£
£
Cash at bank and in hand
1,498,407
(1,121,157)
377,250
Borrowings excluding overdrafts
(19,349,214)
(1,515,957)
(20,865,171)
(17,850,807)
(2,637,114)
(20,487,921)
27
Related party transactions
Remuneration of key management personnel

The remuneration of key management personnel is as follows.

2024
2023
£
£
Aggregate compensation
544,961
545,090
Transactions with related parties

During the year a subsidiary (High Street TV (Group) Limited) paid commission of £nil (2023: £3,769) to a company where a Director's Spouse is also a Director.

High Street TV Holdings Limited is the smallest and largest group for which consolidated financial statements are prepared. The group 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.

 

Endless Fund IV (A and B)

 

The group has loan notes with Endless Fund IV (A and B). At the year end, the amounts owed were £15,215,743 (2023: £15,215,743) redeemable by 1 April 2026. The group paid interest at a rate of 8% on these loan notes which amounted to £1,220,594 (2023: £1,217,259) for the financial year. The group also paid administrative and monitoring charges of £104,086 (2023: £97,944) during the year.

 

The company and group have loan notes from management. At the year end, the amounts owed were £3,484,135 (2023: £3,484,135) redeemable 1 April 2026. It paid interest at a rate of 8% on these loan notes which amounted to a total of £267,638 for the financial year (2023: £268,638).

 

28
Prior period adjustment

A prior year restatement of £532,440 has been made to reallocate recharged wages costs between Cost of Sales and Administrative Expenses. The effect is an increase in gross profit equal to the value of the reallocation. The adjustment has no impact to net profit and does not alter the prior year Balance Sheet or Statement of Changes in Equity.

HIGH STREET TV HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
- 35 -
29
Controlling party

High Street TV Holdings Limited's ultimate controlling party is Endless LLP, acting on behalf of Endless Funds IVA and IVB.

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