Company registration number 06603395 (England and Wales)
NEW IMAGE TV (US) LIMITED
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024
PAGES FOR FILING WITH REGISTRAR
NEW IMAGE TV (US) LIMITED
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 5
NEW IMAGE TV (US) LIMITED
BALANCE SHEET
AS AT
30 JUNE 2024
30 June 2024
- 1 -
2024
2023
Notes
£
£
£
£
Current assets
Stocks
3
-
26,050
Cash at bank and in hand
34,514
93,772
34,514
119,822
Creditors: amounts falling due within one year
4
(34,514)
(371,709)
Net current liabilities
-
0
(251,887)
Capital and reserves
Called up share capital
5
100
100
Profit and loss reserves
(100)
(251,987)
Total equity
-
0
(251,887)

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

The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true

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:
J E Coleman
Director
Company registration number 06603395 (England and Wales)
NEW IMAGE TV (US) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024
- 2 -
1
Accounting policies
Company information

New Image TV (US) 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 directors have 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 directors continue to adopt the going concern basis of accounting in preparing the financial statements.

1.3
Turnover

Turnover is recognised at the fair value of the consideration received or receivable for goods provided in the normal course of business, and is shown net of sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

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.

1.4
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.

1.5
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.

NEW IMAGE TV (US) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
1
Accounting policies
(Continued)
- 3 -
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, 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.

1.6
Employee benefits

The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.

 

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

 

Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

1.7
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
Employees

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

2024
2023
Number
Number
Total
2
3
3
Stocks
2024
2023
£
£
Stocks
-
26,050

Stocks are stated after provisions of £nil (2023: £11,164).

NEW IMAGE TV (US) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
- 4 -
4
Creditors: amounts falling due within one year
2024
2023
£
£
Amounts owed to group undertakings
34,514
371,709

Amounts owed to group undertakings are unsecured, interest free and have no fixed repayment terms.

 

Intercompany creditors of £277,000 (2023: £44,000) due to a fellow subsidiary were waived during the year.

5
Called up share capital
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of £1 each
100
100
100
100
6
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 is unqualified and includes the following:

Opinion

In our opinion the financial statements:

Senior Statutory Auditor:
Jamie Williams
Statutory Auditor:
BHP LLP
Date of audit report:
28 March 2025
7
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.

8
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.

NEW IMAGE TV (US) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
- 5 -
9
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 Funds IVA and IVB.

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