Company registration number 08443286 (England and Wales)
TIMELINE TELEVISION GROUP LIMITED
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 28 DECEMBER 2023
(PREPARED UP TO THE YEAR ENDED 31 DECEMBER 2023)
TIMELINE TELEVISION GROUP LIMITED
COMPANY INFORMATION
Director
D McDonnell
Company number
08443286
Registered office
8 Acre Road
Reading
RG2 0SU
Auditor
Alliotts LLP
Manfield House
1 Southampton Street
London
WC2R 0LR
TIMELINE TELEVISION GROUP LIMITED
CONTENTS
Page
Strategic report
1 - 2
Director's report
3 - 5
Independent auditor's report
6 - 8
Group statement of comprehensive income
9
Group statement of financial position
10
Company statement of financial position
11
Group statement of changes in equity
12
Company statement of changes in equity
13
Group statement of cash flows
14
Notes to the financial statements
15 - 33
TIMELINE TELEVISION GROUP LIMITED
STRATEGIC REPORT
FOR THE PERIOD ENDED 28 DECEMBER 2023

The directors present their strategic report and audited financial statements for the period ended 28 December 2023.

Principal activities

Timeline Television operates principally in the media industry delivering broadcast, broadcast technology, production, and post-production services to the film, television and internet industries. It specialises in live production, outside broadcast, live television studios, design of broadcast production workflows and the building and management of broadcast studio facilities. Research, development and design of new technological solutions is a fundamental part of its business. It operates fixed post-production facilities as well as television studio facilities. It operates a fleet of mobile outside broadcast trucks and provides services worldwide.

Review of the business

The Group has continued to develop its offerings in the UK with the completion of the Ealing Broadcast Centre (EBC) and has grown its international business. The Group offers a full range of broadcast requirements including UHD HDR outside broadcasts, post-production, studios, RF and satellite, managed services and systems integrations.

The Group continues a comprehensive research and development programme to strengthen the Group’s offering to customers and its ability to cope with multiple challenges, increase resilience and disaster recovery facilities.

Since 2013, the Group was lead partner for BT Sport, managing the BT Sport production hub based in Stratford, London. In June 2023, BT Sport closed its studios operation following the acquisition of this business by Warner Brothers Discovery, as a result, the Group restructured its operational infrastructure and financing. In December 2023, the Group agreed new financing terms with HSBC and Praetura Asset Finance Limited.

Debt service cover is indicated by the EBITDA generated which was £4,111,553 in 2023 (2022 £9,213,291). During the year, the Company restructured its obligations, the directors consider that the resulting debt service cover to be satisfactory.

The balance sheet total net asset of £4,271,127, which is a reduction from the previous year, reflects the additional restructuring costs incurred while the company transitions to a more robust business model.

Principal risks and uncertainties

The Group maintains a continual review of competitive pressures in the film, television and media industries; continual review of value for money to ensure high standard of quality and client satisfaction. Client requirements vary according to their needs and the market, and it is the responsibility of management to ensure sufficient working capital is available to service those requirements at all times. This is achieved by careful cash management and the control of debt-to-equity ratios.

 

The high caliber of staff is of great value to the business and the Group seeks to provide the best career path, remuneration package and working environment for all staff, as well as interesting, intellectually challenging and satisfying projects.

 

By the very nature of the sector, the Group is asset intensive and operates a wide range of fixed assets which are either owned outright or funding by means of asset finance. As a result, the Group has a high level of gearing; asset finance lease obligations and bank loans of £14,390,606, including £2.9m of coronavirus business interruption loan scheme (CBIL), were outstanding at the balance sheet date (2022: £14,213,592). Whilst this is a high value, the Directors believe this to be satisfactory owing to the capital intensive nature of the business, and the value of client contracts in place.

The inherent interest rates of asset finance arrangements are fixed for the remaining life of those finance leases. The Group may have requirements for asset backed finance for projects that arise in the future and the rate of interest is a risk factor in determining competitiveness.

Development and performance

The Group continues to work with existing customers / new prospects on a range of new projects, utilising assets in all divisions of the Group. The final investments into the new Ealing Broadcast Centre (EBC) were completed in the year which significantly enhance the width, depth and quality of services that the Group is able to provide.

- 1 -
TIMELINE TELEVISION GROUP LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE PERIOD ENDED 28 DECEMBER 2023
Key performance indicators

The key indicators of performance referred to above are analysed below.

 

 

2023

2022

 

 

 

Net operating profit/(loss) percentage on turnover

(4.1%)

5.5%

Total gross debt to EBITDA

6.51

3.76

Direct labour costs as a percentage of turnover

38%

37%

 

Although many of the indicators are satisfactory during the year, the Directors are keen to maintain the level of strategic capital investment in technology, maintaining the business at the forefront of the broadcast market. The directors believe this strategic investment will enable the company to maintain its position within the UK and global market in the coming years.

Promoting the success of the company

Under s172 of the Companies Act 2006 directors of UK companies have a duty to promote the success of their company for the benefit of the members as a whole and, in doing so, have regard to:

 

 

The directors of Timeline Television Group Limited consider the following areas to be of key importance in his fulfilment of this duty:

 

On behalf of the board

D McDonnell
Director
2 April 2025
- 2 -
TIMELINE TELEVISION GROUP LIMITED
DIRECTOR'S REPORT
FOR THE PERIOD ENDED 28 DECEMBER 2023

The director presents his annual report and financial statements for the Period ended 28 December 2023.

Results and dividends

The results for the Period are set out on page 9.

Ordinary dividends were paid amounting to £150,000. The director does not recommend payment of a further dividend.

Director

The director who held office during the Period and up to the date of signature of the financial statements was as follows:

D McDonnell
Research and development

A fundamental part of the Company’s business is research and development, providing a source and reference for design and provision of highly technological, broadcast work flows and equipping solutions, design and installation of studio facilities and the capture and broadcast of bespoke content.

 

Management recognise that the business is a combination of low and medium margin income streams that require differing management techniques and management focus in order to develop profitably.

 

The business also requires a continual re-investment in new and technology-heavy work flow designs and equipment.

 

The Company has embarked on a series of research and development projects to develop a number of new technologies and products which it expects will provide enhanced income streams, new business direction, business impetus and increase in core business activities.

 

Such projects include:

Post reporting date events

Following the loss of a key contract post year end, the Group has implemented cost saving initiatives across the business to mitigate the impact. To assist with this, the Group has re-financed the existing asset finance with a new asset finance provider.

Future developments

The company continues to maintain its position as a leading provider of services and equipment to the television industry by investing in the latest technological innovations.

Energy and carbon report

The Directors consider the greenhouse gas emissions, energy consumption and energy efficiency action at a group level and therefore the below disclosure is on a group basis. The Group is firmly committed to operating in a green and sustainable manner and takes its responsibilities in there areas extremely seriously.

- 3 -
TIMELINE TELEVISION GROUP LIMITED
DIRECTOR'S REPORT (CONTINUED)
FOR THE PERIOD ENDED 28 DECEMBER 2023
As restated
2023
2022
Energy consumption
kWh
kWh
Aggregate of energy consumption in the year
- Electricity purchased
1,629,347
2,216,667
- Fuel consumed for transport
1,196,944
1,586,114
2,826,291
3,802,781
As restated
2023
2022
Emissions of CO2 equivalent
metric tonnes
metric tonnes
Scope 1 - direct emissions
- Gas combustion
-
-
- Fuel consumed for owned transport
231.46
306.72
231.46
306.72
Scope 2 - indirect emissions
- Electricity purchased
337.40
517.00
Scope 3 - other indirect emissions
- Fuel consumed for transport not owned by the group
-
-
Total gross emissions
568.86
823.72
Intensity ratio
tonnes of CO2e/£k turnover
0.00001
0.00001
Quantification and reporting methodology

The group has followed the 2019 HM Government Environmental Reporting Guidelines. The group has also used the GHG Reporting Protocol – Corporate Standard and have used the 2022 UK Government’s Conversion Factors for Company Reporting

Intensity measurement

The chosen intensity measurement ratio is total gross emissions in metric tonnes CO2e to Turnover, the recommended ratio for the sector.

Measures taken to improve energy efficiency

The refurbishment of our head office updated all heating and air-conditioning units to the latest standards. This included upgrading the lighting to the latest energy LED panels to maximise energy efficiency.

 

Prior year restatement
The directors have reviewed the aggregate of energy consumption in the year regarding fuel consumed for transport and emissions of CO2 equivalent regarding fuel consumed for owned transport as at 31 December 2022 and identified that the disclosure was calculated using the total mileage of the vehicles as of that date rather than the usage in the year.

The directors have now updated this disclosure which shows 1,586,114 kWh (aggregate of energy consumption in the year) and 306.72 metric tonnes (emissions of CO2 equivalent).
- 4 -
TIMELINE TELEVISION GROUP LIMITED
DIRECTOR'S REPORT (CONTINUED)
FOR THE PERIOD ENDED 28 DECEMBER 2023
Statement of director's responsibilities

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

 

Company law requires the director to prepare financial statements for each financial year. Under that law the director has 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 director must not approve the financial statements unless he is 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 director is required to:

 

 

The director is 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. He is 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.

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
D McDonnell
Director
2 April 2025
- 5 -
TIMELINE TELEVISION GROUP LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF TIMELINE TELEVISION GROUP LIMITED
Opinion

We have audited the financial statements of Timeline Television Group Limited (the 'parent company') and its subsidiaries (the 'group') for the Period ended 28 December 2023 which comprise the group statement of comprehensive income, the group statement of financial position, the company statement of financial position, 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.

Emphasis of matter - going concern

We draw attention to note 1.5 of the financial statements which describes the reliance on bank finance that includes an overdraft facility and the ability of the Group to meet its financial forecast. Our opinion is not modified in respect of this matter.

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the director's 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 director 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 director is 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.

- 6 -
TIMELINE TELEVISION GROUP LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF TIMELINE TELEVISION GROUP LIMITED

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 director's 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 director
- 7 -

As explained more fully in the director's responsibilities statement, the director is 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 director determines 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 director is 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 director either intends to liquidate the parent company or to cease operations, or has 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.

The extent to which our procedures are capable of detecting irregularities, including fraud, is detailed below.

Extent to which the audit was considered capable of detecting irregularities, including fraud

Our approach to identifying and assessing the risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, was as follows:

 

TIMELINE TELEVISION GROUP LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF TIMELINE TELEVISION GROUP LIMITED

We assessed the susceptibility of the company’s financial statements to material misstatement, including obtaining an understanding of how fraud might occur, by:

 

Audit response to risks identified

To address the risk of fraud through management bias and override of controls, we:

 

 

In response to the risk of irregularities and non-compliance with laws and regulations, we designed procedures which included, but were not limited to:

 

There are inherent limitations in our audit procedures described above. The more removed that laws and regulations are from financial transactions, the less likely it is that we would become aware of non-compliance. Auditing standards also limit the audit procedures required to identify non-compliance with laws and regulations to enquiry of the directors and other management and the inspection of regulatory and legal correspondence, if any.

 

Material misstatements that arise due to fraud can be harder to detect than those that arise from error as they may involve deliberate concealment or collusion.

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.

Christopher Mantel (Senior Statutory Auditor)
For and on behalf of Alliotts LLP
2 April 2025
Chartered Accountants
Statutory Auditor
Manfield House
1 Southampton Street
London
WC2R 0LR
- 8 -
TIMELINE TELEVISION GROUP LIMITED
GROUP STATEMENT OF COMPREHENSIVE INCOME
FOR THE PERIOD ENDED 28 DECEMBER 2023
Period
Period
ended
ended
28 December
29 December
2023
2022
Notes
£
£
Revenue
3
48,490,147
61,744,021
Cost of sales
(35,678,188)
(46,174,690)
Gross profit
12,811,959
15,569,331
Administrative expenses
(14,784,222)
(12,201,801)
Operating (loss)/profit
5
(1,972,263)
3,367,530
Finance costs
9
(1,109,376)
(941,980)
(Loss)/profit before taxation
(3,081,639)
2,425,550
Tax on (loss)/profit
10
1,140,589
(78,994)
(Loss)/profit for the financial Period
(1,941,050)
2,346,556
(Loss)/profit for the financial Period is all attributable to the owners of the parent company.
Total comprehensive income for the Period is all attributable to the owners of the parent company.

The income statement has been prepared on the basis that all operations are continuing operations.

- 9 -
TIMELINE TELEVISION GROUP LIMITED
GROUP STATEMENT OF FINANCIAL POSITION
AS AT 28 DECEMBER 2023
28 December 2023
28 December 2023
29 December 2022
Notes
£
£
£
£
Non-current assets
Goodwill
12
226,482
452,967
Other intangible assets
12
90
90
Total intangible assets
226,572
453,057
Property, plant and equipment
13
23,225,124
25,570,728
23,451,696
26,023,785
Current assets
Trade and other receivables
16
8,729,810
15,940,780
Cash and cash equivalents
161,157
260,786
8,890,967
16,201,566
Current liabilities
17
(18,025,792)
(25,306,101)
Net current liabilities
(9,134,825)
(9,104,535)
Total assets less current liabilities
14,316,871
16,919,250
Non-current liabilities
18
(8,733,739)
(9,307,073)
Provisions for liabilities
Provisions
21
548,445
-
0
Deferred tax liability
22
763,560
1,250,000
(1,312,005)
(1,250,000)
Net assets
4,271,127
6,362,177
Equity
Called up share capital
24
100
100
Other reserves
1,649,901
1,649,901
Retained earnings
2,621,126
4,712,176
Total equity
4,271,127
6,362,177
The financial statements were approved and signed by the director and authorised for issue on 2 April 2025
02 April 2025
D McDonnell
Director
Company registration number 08443286 (England and Wales)
- 10 -
TIMELINE TELEVISION GROUP LIMITED
COMPANY STATEMENT OF FINANCIAL POSITION
AS AT 28 DECEMBER 2023
2023-12-28
28 December 2023
29 December 2022
Notes
£
£
£
£
Non-current assets
Investments
14
6,096,053
6,096,053
Current assets
Cash and cash equivalents
1
1
Current liabilities
17
(5,808,006)
(5,874,245)
Net current liabilities
(5,808,005)
(5,874,244)
Net assets
288,048
221,809
Equity
Called up share capital
24
100
100
Other reserves
1,649,901
1,649,901
Retained earnings
(1,361,953)
(1,428,192)
Total equity
288,048
221,809

As permitted by s408 Companies Act 2006, the company has not presented its own income statement and related notes. The company’s profit for the year was £216,239 (2022 - £14,101 loss).

The financial statements were approved and signed by the director and authorised for issue on 2 April 2025
02 April 2025
D McDonnell
Director
Company registration number 08443286 (England and Wales)
- 11 -
TIMELINE TELEVISION GROUP LIMITED
GROUP STATEMENT OF CHANGES IN EQUITY
FOR THE PERIOD ENDED 28 DECEMBER 2023
Share capital
Other reserves
Retained earnings
Total
Notes
£
£
£
£
Balance at 1 January 2022
100
1,649,901
2,552,120
4,202,121
Period ended 29 December 2022:
Profit and total comprehensive income
-
-
2,346,556
2,346,556
Dividends
11
-
-
(186,500)
(186,500)
Balance at 29 December 2022
100
1,649,901
4,712,176
6,362,177
Period ended 28 December 2023:
Loss and total comprehensive income
-
-
(1,941,050)
(1,941,050)
Dividends
11
-
-
(150,000)
(150,000)
Balance at 28 December 2023
100
1,649,901
2,621,126
4,271,127
- 12 -
TIMELINE TELEVISION GROUP LIMITED
COMPANY STATEMENT OF CHANGES IN EQUITY
FOR THE PERIOD ENDED 28 DECEMBER 2023
Share capital
Other reserves
Retained earnings
Total
Notes
£
£
£
£
Balance at 1 January 2022
100
1,649,901
(1,227,591)
422,410
Period ended 29 December 2022:
Loss and total comprehensive income for the period
-
-
(14,101)
(14,101)
Dividends
11
-
-
(186,500)
(186,500)
Balance at 29 December 2022
100
1,649,901
(1,428,192)
221,809
Period ended 28 December 2023:
Profit and total comprehensive income
-
-
216,239
216,239
Dividends
11
-
-
(150,000)
(150,000)
Balance at 28 December 2023
100
1,649,901
(1,361,953)
288,048
- 13 -
TIMELINE TELEVISION GROUP LIMITED
GROUP STATEMENT OF CASH FLOWS
FOR THE PERIOD ENDED 28 DECEMBER 2023
2023
2022
Notes
£
£
£
£
Cash flows from operating activities
Cash generated from operations
30
6,310,197
7,017,133
Interest paid
(1,109,376)
(941,980)
Income taxes refunded
24,945
43,303
Net cash inflow from operating activities
5,225,766
6,118,456
Investing activities
Purchase of property, plant and equipment
(3,515,342)
(13,285,339)
Proceeds from disposal of property, plant and equipment
3,615
-
Net cash used in investing activities
(3,511,727)
(13,285,339)
Financing activities
Repayment of borrowings
-
(91,422)
Repayment of bank loans
(666,667)
(1,098,473)
Payment of finance leases obligations
843,681
6,418,662
Dividends paid to equity shareholders
(150,000)
(186,500)
Net cash generated from financing activities
27,014
5,042,267
Net increase/(decrease) in cash and cash equivalents
1,741,053
(2,124,616)
Cash and cash equivalents at beginning of Period
(1,851,285)
273,331
Cash and cash equivalents at end of Period
(110,232)
(1,851,285)
Relating to:
Cash at bank and in hand
161,157
260,786
Bank overdrafts included in creditors payable within one year
(271,389)
(2,112,071)
- 14 -
TIMELINE TELEVISION GROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 28 DECEMBER 2023
1
Accounting policies
Company information

Timeline Television Group Limited (“the company”) is a private limited company domiciled and incorporated in England and Wales. The registered office is 8 Acre Road, Reading, RG2 0SU. The trading address is Bldg B Ealing Studios, Ealing Green, London, W5 5EP

 

The group consists of Timeline Television Group Limited and all of its subsidiaries.

1.1
Reporting period

The financial statements for the accounting reference period date 28 December 2023 have been prepared for a period up to 31 December 2023 as the company has taken advantage Section 390(3)(b) of the Companies Act 2006 in preparing its financial statements.

1.2
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. 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:

 

1.3
Business combinations

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.

- 15 -
TIMELINE TELEVISION GROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 28 DECEMBER 2023
1
Accounting policies
(Continued)
1.4
Basis of consolidation

The consolidated financial statements incorporate those of Timeline Television Group 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). Subsidiaries acquired during the year are consolidated using the purchase method. Their results are incorporated from the date that control passes.

 

All financial statements have a accounting reference period date of 28 December 2023 and have been prepared for a period up to 31 December 2023. 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.

1.5
Going concern

These financial statements have been prepared on a going concern basis. At the year end the Group has net current liabilities of £9,134,825.

The Directors have prepared detailed cash flow projections for a period of 12 months from the date the Group and Company’s financial statements were approved which show that the Group is expected to continue to trade profitably and generate sufficient cash to meet all liabilities as they fall due.

During the period the Group and Company's liquidity is driven by the following significant factors:

After considering the uncertainties described above, the directors have a reasonable expectation that the Group and Company can continue in operational existence for the foreseeable future. It is on this basis that the directors consider it appropriate to prepare the financial statements on a going concern basis. The financial statements do not include the adjustments that would result if the Group and Company were unable to continue as a going concern.

1.6
Revenue

Revenue is recognised at the fair value of the consideration 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 fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

- 16 -
TIMELINE TELEVISION GROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 28 DECEMBER 2023
1
Accounting policies
(Continued)

Revenue from contracts for the provision of broadcast services is recognised by reference to the stage of completion when the stage of completion, costs incurred and costs to complete can be estimated reliably. The stage of completion is calculated by comparing costs incurred, mainly in relation to contractual hourly staff rates and materials, as a proportion of total costs. Where the outcome cannot be estimated reliably, revenue is recognised only to the extent of the expenses recognised that it is probable will be recovered.

Rental contracts are recognised over the term of the rental period.

1.7
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.

1.8
Intangible fixed assets - goodwill

Goodwill represents the excess of the cost of acquisition of unincorporated businesses 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. The directors have reviewed the life of goodwill and it is considered to have a finite useful life and is amortised on a systematic basis over its expected life, which has been reduced from twenty years to ten years from 1 January 2015.

 

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.

1.9
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.

 

Intangible assets acquired on business combinations are recognised separately from goodwill at the acquisition date where it is probable that the expected future economic benefits that are attributable to the asset will flow to the entity and the fair value of the asset can be measured reliably; the intangible asset arises from contractual or other legal rights; and the intangible asset is separable from the entity.

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:

Licenses
Over the 3 year life of contract
1.10
Property, plant and equipment

Property, plant and equipment 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:

Land and buildings Leasehold
Over the term of the lease
Plant and machinery
25% straight line on cost
Fixtures, fittings & equipment
25% straight line on cost
Motor vehicles
25% straight line on cost
- 17 -
TIMELINE TELEVISION GROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 28 DECEMBER 2023
1
Accounting policies
(Continued)

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 income statement.

1.11
Non-current investments

Equity investments are measured at fair value through profit or loss, except for those equity investments that are not publicly traded and whose fair value cannot otherwise be measured reliably, which are recognised at cost less impairment until a reliable measure of fair value becomes available.

 

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.

An associate is an entity, being neither a subsidiary nor a joint venture, in which the company holds a long-term interest and where the company has significant influence. The group considers that it has significant influence where it has the power to participate in the financial and operating decisions of the associate.

 

Investments in associates are initially recognised at the transaction price (including transaction costs) and are subsequently adjusted to reflect the group’s share of the profit or loss, other comprehensive income and equity of the associate using the equity method. Any difference between the cost of acquisition and the share of the fair value of the net identifiable assets of the associate on acquisition is recognised as goodwill. Any unamortised balance of goodwill is included in the carrying value of the investment in associates.

 

Losses in excess of the carrying amount of an investment in an associate are recorded as a provision only when the company has incurred legal or constructive obligations or has made payments on behalf of the associate.

 

In the parent company financial statements, investments in associates are accounted for at cost less impairment.

Entities in which the group has a long term interest and shares control under a contractual arrangement are classified as jointly controlled entities.

1.12
Impairment of non-current 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.

- 18 -
TIMELINE TELEVISION GROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 28 DECEMBER 2023
1
Accounting policies
(Continued)

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.

1.13
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.

1.14
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 statement of financial position 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.

Basic financial assets

Basic financial assets, which include trade and other receivables 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.

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.

- 19 -
TIMELINE TELEVISION GROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 28 DECEMBER 2023
1
Accounting policies
(Continued)
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 trade and other payables, bank loans and loans from fellow group companies shares, 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 receipts 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 payables 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 payables are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

Other financial liabilities

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 though 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.

1.15
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.

1.16
Derivatives

Derivatives are initially recognised at fair value at the date a derivative contract is entered into and are subsequently remeasured to fair value at each reporting end date. The resulting gain or loss is recognised in profit or loss immediately unless the derivative is designated and effective as a hedging instrument, in which event the timing of the recognition in profit or loss depends on the nature of the hedge relationship.

 

A derivative with a positive fair value is recognised as a financial asset, whereas a derivative with a negative fair value is recognised as a financial liability.

1.17
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 income statement 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.

- 20 -
TIMELINE TELEVISION GROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 28 DECEMBER 2023
1
Accounting policies
(Continued)
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 income statement, 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.

1.18
Provisions

Provisions are recognised when the group has a legal or constructive present obligation as a result of a past event, it is probable that the group will be required to settle that obligation and a reliable estimate can be made of the amount of the obligation.

 

The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the reporting end date, taking into account the risks and uncertainties surrounding the obligation. Where the effect of the time value of money is material, the amount expected to be required to settle the obligation is recognised at present value. When a provision is measured at present value, the unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.

1.19
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 non-current 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.

1.20
Retirement benefits

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

1.21
Leases

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessees. All other leases are classified as operating leases.

 

Assets held under finance leases are recognised as assets at the lower of the assets fair value at the date of inception and the present value of the minimum lease payments. The related liability is included in the statement of financial position as a finance lease obligation. Lease payments are treated as consisting of capital and interest elements. The interest is charged to profit or loss so as to produce a constant periodic rate of interest on the remaining balance of the liability.

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.

- 21 -
TIMELINE TELEVISION GROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 28 DECEMBER 2023
1
Accounting policies
(Continued)
1.22
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 group’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.

Critical judgements

The following judgements (apart from those involving estimates) have had the most significant effect on amounts recognised in the financial statements.

Leases

The group has entered into commercial property leases as a lessee to obtain the use of property, plant, and equipment. The classification of such leases as a operating or finance lease requires the company to determine, based on an evaluation of the terms and conditions of the arrangements, whether it acquires the significant risks and rewards of ownership of these assets and accordingly whether the lease requires an asset and liability to be recognised in the statement of financial position.

Property, plant and equipment

Property, plant and equipment are recorded at cost less accumulated depreciation. Judgement is required to determine whether there are indicators of impairment of the company’s tangible assets. Factors taken into consideration in reaching such a decision include the economic viability and expected future financial performance of the asset.

Percentage of completion

The "percentage of completion method" is used to determine the appropriate amount of revenues and profits to recognise in a given period. The stage of completion is measured by the proportion of contract costs incurred for work performed to date compared to the estimated total contract costs.

- 22 -
TIMELINE TELEVISION GROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 28 DECEMBER 2023
2
Judgements and key sources of estimation uncertainty
(Continued)
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.

Property, plant and equipment

Property, plant and equipment are depreciated over their useful lives taking into account residual values, where appropriate. The actual lives of the assets and residual values are assessed annually and may vary depending on a number of factors. In re-assessing asset lives, factors such as technological innovation, product life cycles and maintenance programmes are taken into account. Residual value assessments consider issues such as future market conditions, the remaining life of the asset and projected disposal values.

Impairment of receivables

The group makes an estimate of the recoverable value of trade and other receivables. When assessing impairment of trade and other receivables, management considers factors including the current credit rating of the receivable, the ageing profile of receivables and historical experience.

Contract provisions

The group makes an estimate of the provision required against sales contracts. When assessing any provision requirement management considers all applicable factors including industry norms and history of claims made.

Dilapidations provision

The group is required to reasonably forecast future dilapidations for the leased properties, to ensure the return of the properties to the original condition as at the inception of the lease.

3
Revenue

An analysis of the group's revenue is as follows:

2023
2022
£
£
Revenue analysed by class of business
Television broadcast services
48,490,147
61,744,021
2023
2022
£
£
Revenue analysed by geographical market
United Kingdom
45,607,590
61,105,842
Rest of the World
2,756,387
574,032
European Union
126,170
64,147
48,490,147
61,744,021
- 23 -
TIMELINE TELEVISION GROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 28 DECEMBER 2023
4
Exceptional item
2023
2022
£
£
Expenditure
Exceptional item - Admin costs (incl in Admin range)
(1,008,939)
-

Following the closure of an historic contractual arrangement it was determined that an accrual liability was no longer payable and this balance has been released in the year.

 

5
Operating (loss)/profit
2023
2022
£
£
Operating (loss)/profit for the period is stated after charging:
Exchange losses
49,937
107,509
Research and development costs
-
151
Depreciation of owned property, plant and equipment
2,181,575
3,395,012
Depreciation of property, plant and equipment held under finance leases
3,675,756
2,450,749
Amortisation of intangible assets
226,485
226,485
Operating lease charges
3,347,860
2,925,317
6
Auditor's remuneration
2023
2022
Fees payable to the company's auditor and associates:
£
£
For audit services
Audit of the company's subsidiaries
67,125
48,899
For other services
Taxation compliance services
3,600
3,450
Other taxation services
15,000
15,000
18,600
18,450
Audit fees of the parent company are borne by subsidiaries.
- 24 -
TIMELINE TELEVISION GROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 28 DECEMBER 2023
7
Employees

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

2023
2022
Number
Number
Management
11
11
Administration
39
18
Production
164
237
214
266

Their aggregate remuneration comprised:

2023
2022
£
£
Wages and salaries
11,501,369
7,340,697
Social security costs
1,288,459
734,382
Pension costs
424,030
241,081
13,213,858
13,173,326
8
Director's remuneration
2023
2022
£
£
Remuneration for qualifying services
100,067
59,650
Company pension contributions to defined contribution schemes
9,307
5,240
109,374
64,890
9
Finance costs
2023
2022
£
£
Interest on bank overdrafts and loans
230,847
232,553
Interest on invoice finance arrangements
270,851
146,343
Interest on finance leases and hire purchase contracts
607,678
548,983
Other interest
-
14,101
Total finance costs
1,109,376
941,980
- 25 -
TIMELINE TELEVISION GROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 28 DECEMBER 2023
10
Taxation
2023
2022
£
£
Current tax
UK corporation tax on profits for the current period
(242,488)
-
0
Adjustments in respect of prior periods
(411,661)
(439,552)
Total current tax
(654,149)
(439,552)
Deferred tax
Origination and reversal of timing differences
(486,440)
532,690
Write down or reversal of write down of deferred tax asset
-
0
(14,144)
Total deferred tax
(486,440)
518,546
Total tax (credit)/charge
(1,140,589)
78,994

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

2023
2022
£
£
(Loss)/profit before taxation
(3,081,639)
2,425,550
Expected tax (credit)/charge based on the standard rate of corporation tax in the UK of 23.52% (2022: 19.00%)
(724,831)
460,855
Tax effect of expenses that are not deductible in determining taxable profit
44,273
18,100
Tax effect of utilisation of tax losses not previously recognised
(785)
-
0
Unutilised tax losses carried forward
-
0
506,872
Change in unrecognised deferred tax assets
(13,657)
-
0
Adjustments in respect of prior years
-
0
(188,799)
Effect of change in corporation tax rate
74,329
-
Permanent capital allowances in excess of depreciation
-
(491,268)
Depreciation on assets not qualifying for tax allowances
134,181
-
Research and development tax credit
(242,488)
-
0
Deferred tax adjustments in respect of prior years
-
0
23,987
R&D tax credit in respect of prior year
(411,611)
(250,753)
Taxation (credit)/charge
(1,140,589)
78,994
11
Dividends
2023
2022
Recognised as distributions to equity holders:
£
£
Interim paid
150,000
186,500
- 26 -
TIMELINE TELEVISION GROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 28 DECEMBER 2023
12
Intangible fixed assets
Group
Goodwill
Licenses
Total
£
£
£
Cost
At 30 December 2022 and 28 December 2023
2,474,317
1,565,875
4,040,192
Amortisation and impairment
At 30 December 2022
2,021,350
1,565,785
3,587,135
Amortisation charged for the Period
226,485
-
0
226,485
At 28 December 2023
2,247,835
1,565,785
3,813,620
Carrying amount
At 28 December 2023
226,482
90
226,572
At 29 December 2022
452,967
90
453,057
The company had no intangible fixed assets at 28 December 2023 or 29 December 2022.

 

13
Property, plant and equipment
Group
Land and buildings Leasehold
Plant and machinery
Fixtures, fittings & equipment
Motor vehicles
Total
£
£
£
£
£
Cost
At 30 December 2022
1,518,127
52,611,761
3,956,839
1,418,310
59,505,037
Additions
1,111,840
2,194,748
-
0
208,754
3,515,342
Disposals
(444,618)
-
0
(3,615)
-
0
(448,233)
At 28 December 2023
2,185,349
54,806,509
3,953,224
1,627,064
62,572,146
Depreciation and impairment
At 30 December 2022
1,450,105
30,944,999
693,114
846,091
33,934,309
Depreciation charged in the Period
570,482
5,042,790
-
0
244,059
5,857,331
Eliminated in respect of disposals
(444,618)
-
0
-
0
-
0
(444,618)
At 28 December 2023
1,575,969
35,987,789
693,114
1,090,150
39,347,022
Carrying amount
At 28 December 2023
609,380
18,818,720
3,260,110
536,914
23,225,124
At 29 December 2022
68,022
21,666,762
3,263,725
572,219
25,570,728
The company had no property, plant and equipment assets at 28 December 2023 or 29 December 2022
- 27 -
TIMELINE TELEVISION GROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 28 DECEMBER 2023
13
Property, plant and equipment
(Continued)

The net carrying value of tangible fixed assets includes the following in respect of assets held under finance leases or hire purchase contracts.

Group
Company
2023
2022
2023
2022
£
£
£
£
Plant and machinery
11,760,750
15,154,342
-
0
-
0
Depreciation charge for the Period in respect of leased assets
3,675,756
2,450,749
-
-
14
Fixed asset investments
Group
Company
2023
2022
2023
2022
Notes
£
£
£
£
Investments in subsidiaries
15
-
0
-
0
6,096,053
6,096,053
Movements in non-current investments
Company
Shares in subsidiaries
£
Cost or valuation
At 30 December 2022 and 28 December 2023
6,096,053
Carrying amount
At 28 December 2023
6,096,053
At 29 December 2022
6,096,053
15
Subsidiaries

Details of the company's subsidiaries at 28 December 2023 are as follows:

Name of undertaking
Address
Nature of business
Class of
% Held
shares held
Direct
Indirect
Timeline Television Limited
1
Television production and equipment hire
Ordinary
100.00
-
Timeline Television North Limited
1
Dormant company
Ordinary
0
100.00
TTR Racing Limited
1
Broadcasting services
Ordinary
0
100.00
Timeline Television Motorsport Limited
1
Broadcasting services
Ordinary
100.00
-

Registered office addresses (all UK unless otherwise indicated):

1
8 Acre Road, Reading, RG2 0SU
- 28 -
TIMELINE TELEVISION GROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 28 DECEMBER 2023
16
Trade and other receivables
Group
Company
2023
2022
2023
2022
Amounts falling due within one year:
£
£
£
£
Trade receivables
5,691,393
12,612,017
-
0
-
0
Corporation tax recoverable
879,957
250,753
-
0
-
0
Other receivables
434,004
534,252
-
0
-
0
Prepayments and accrued income
1,724,456
2,543,758
-
0
-
0
8,729,810
15,940,780
-
-
17
Current liabilities
Group
Company
2023
2022
2023
2022
Notes
£
£
£
£
Bank loans and overdrafts
19
1,206,178
3,112,071
-
0
-
0
Obligations under finance leases
20
4,722,078
3,906,519
-
0
-
0
Trade payables
6,708,559
10,571,596
-
0
-
0
Amounts owed to group undertakings
-
0
-
0
5,808,006
5,808,006
Other taxation and social security
2,965,718
1,877,258
-
-
Other payables
958,881
2,926,642
-
0
-
0
Accruals and deferred income
1,464,378
2,912,015
-
0
66,239
18,025,792
25,306,101
5,808,006
5,874,245
18
Non-current liabilities
Group
Company
2023
2022
2023
2022
Notes
£
£
£
£
Bank loans
19
2,018,544
2,620,000
-
0
-
0
Obligations under finance leases
20
6,715,195
6,687,073
-
0
-
0
8,733,739
9,307,073
-
-
- 29 -
TIMELINE TELEVISION GROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 28 DECEMBER 2023
19
Borrowings
Group
Company
2023
2022
2023
2022
£
£
£
£
Bank loans
2,953,333
3,620,000
-
0
-
0
Bank overdrafts
271,389
2,112,071
-
0
-
0
3,224,722
5,732,071
-
-
Payable within one year
1,206,178
3,112,071
-
0
-
0
Payable after one year
2,018,544
2,620,000
-
0
-
0

Bank loans are secured by fixed and floating charges over the assets of the company. The average loan term is 5 years on a fixed repayment basis.

 

20
Finance lease obligations
Group
Company
2023
2022
2023
2022
£
£
£
£
Future minimum lease payments due under finance leases:
Within one year
4,722,078
3,906,519
-
0
-
0
In two to five years
6,715,195
6,687,073
-
0
-
0
11,437,273
10,593,592
-
-

Finance lease payments represent rentals payable by the group for certain items of plant and machinery. Leases include purchase options at the end of the lease period, and no restrictions are placed on the use of the assets. The average lease term is 3 years. All leases are on a fixed repayment basis and no arrangements have been entered into for contingent rental payments.

21
Provisions for liabilities
Group
Company
2023
2022
2023
2022
£
£
£
£
Dilapidations provision
548,445
-
-
-
Movements on provisions:
Dilapidations provision
Group
£
Additional provisions in the year
548,445
- 30 -
TIMELINE TELEVISION GROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 28 DECEMBER 2023
21
Provisions for liabilities
(Continued)

The recognised dilapidations provision, relates to the estimated cost to return leased properties to their original condition at the end of the lease term in line with contractual terms.

22
Deferred taxation

Deferred tax assets and liabilities are offset where the group or company has a legally enforceable right to do so. The following is the analysis of the deferred tax balances (after offset) for financial reporting purposes:

Liabilities
Liabilities
2023
2022
Group
£
£
Accelerated capital allowances
763,560
1,250,000
The company has no deferred tax assets or liabilities.
Group
Company
2023
2023
Movements in the Period:
£
£
Liability at 30 December 2022
1,250,000
-
Credit to profit or loss
(486,440)
-
Liability at 28 December 2023
763,560
-

The deferred tax liability set out above is expected to reverse more than 12 months and relates to accelerated capital allowances that are expected to mature within the same period.

As a result of the change to the main UK corporation tax rate substantively enacted by the UK Government, the Corporation tax has increased to 25% from 1 April 2023.

 

23
Retirement benefit schemes
2023
2022
Defined contribution schemes
£
£
Charge to profit or loss in respect of defined contribution schemes
424,030
397,176

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.

24
Share capital
Group and company
2023
2022
2023
2022
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of £1 each
100
100
100
100
- 31 -
TIMELINE TELEVISION GROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 28 DECEMBER 2023
24
Share capital
(Continued)

The company has one class of ordinary shares which carry equal voting rights. Each share ranks equally for dividends declared and any distribution made on winding up.

25
Financial commitments, guarantees and contingent liabilities

The group has entered into a composite agreement guaranteeing banking facilities provided by HSBC Invoice Finance UK Limited (HIF), HSBC Equipment Finance (HEF) and HSBC Bank plc. The securities include fixed charge over all present freehold and leasehold property, first fixed charge over book and other debts, chattels, goodwill and uncalled capital, both present and future, and first floating charge over all assets and undertakings both present and future.

The total balance outstanding to HSBC under the business loan facility was £2,953,333 (2022: £3,620,000). The total balance outstanding to HIF was £561,031 (2022: £2,663,003).

 

26
Operating lease commitments
Lessee

Operating lease payments represent rentals payable by the group for properties used for studio and office facilities. Leases are negotiated separately for each of the locations.

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
2023
2022
2023
2022
£
£
£
£
Within one year
3,184,653
2,556,001
-
-
Between two and five years
2,648,731
6,063,973
-
-
5,833,384
8,619,974
-
-
27
Events after the reporting date

Following the loss of a key contract post year end, the Group has implemented cost saving initiatives across the business to mitigate the impact. To assist with this, the Group has partially re-financed the existing asset finance with a new asset finance provider.

28
Directors' transactions

Dividends totalling £150,000 (2022 - £186,500) were paid in the Period in respect of shares held by the company's directors.

29
Controlling party

The ultimate controlling party of the group is D McDonnell due to his majority shareholding in the company.

- 32 -
TIMELINE TELEVISION GROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 28 DECEMBER 2023
30
Cash generated from group operations
2023
2022
£
£
(Loss)/profit after taxation
(1,941,050)
2,346,556
Adjustments for:
Taxation (credited)/charged
(1,140,589)
78,994
Finance costs
1,109,376
941,980
Amortisation and impairment of intangible assets
226,485
226,485
Depreciation and impairment of property, plant and equipment
5,857,331
5,845,761
Increase in provisions
548,445
-
Movements in working capital:
Decrease/(increase) in trade and other receivables
7,840,174
(5,985,083)
(Decrease)/increase in trade and other payables
(6,189,975)
3,562,440
Cash generated from operations
6,310,197
7,017,133
31
Analysis of changes in net debt - group
30 December 2022
Cash flows
28 December 2023
£
£
£
Cash at bank and in hand
260,786
(99,629)
161,157
Bank overdrafts
(2,112,071)
1,840,682
(271,389)
(1,851,285)
1,741,053
(110,232)
Borrowings excluding overdrafts
(3,620,000)
666,667
(2,953,333)
Obligations under finance leases
(10,593,592)
(843,681)
(11,437,273)
(16,064,877)
1,564,039
(14,500,838)
- 33 -
2023-12-282022-12-30falsefalseCCH SoftwareCCH Accounts Production 2024.301D McDonnellfalse08443286bus:Consolidated2022-12-302023-12-28084432862022-12-302023-12-2808443286bus:Director12022-12-302023-12-2808443286bus:RegisteredOffice2022-12-302023-12-28084432862023-12-2808443286bus:Consolidated2022-01-012022-12-29084432862022-01-012022-12-2908443286bus:Consolidated2023-12-2808443286core:Goodwillbus:Consolidated2023-12-2808443286core:Goodwillbus:Consolidated2022-12-2908443286core:OtherResidualIntangibleAssetsbus:Consolidated2023-12-2808443286core:OtherResidualIntangibleAssetsbus:Consolidated2022-12-2908443286core:PatentsTrademarksLicencesConcessionsSimilarbus:Consolidated2023-12-2808443286core:PatentsTrademarksLicencesConcessionsSimilarbus:Consolidated2022-12-2908443286bus:Consolidated2022-12-2908443286core:LandBuildingscore:LeasedAssetsHeldAsLesseebus:Consolidated2023-12-2808443286core:PlantMachinerybus:Consolidated2023-12-2808443286core:FurnitureFittingsbus:Consolidated2023-12-2808443286core:MotorVehiclesbus:Consolidated2023-12-2808443286core:LandBuildingscore:LeasedAssetsHeldAsLesseebus:Consolidated2022-12-2908443286core:PlantMachinerybus:Consolidated2022-12-2908443286core:FurnitureFittingsbus:Consolidated2022-12-2908443286core:MotorVehiclesbus:Consolidated2022-12-2908443286core:ShareCapitalbus:Consolidated2023-12-2808443286core:ShareCapitalbus:Consolidated2022-12-2908443286core:OtherMiscellaneousReservebus:Consolidated2023-12-2808443286core:OtherMiscellaneousReservebus:Consolidated2022-12-2908443286core:ShareCapital2023-12-2808443286core:ShareCapital2022-12-2908443286core:OtherMiscellaneousReserve2023-12-2808443286core:OtherMiscellaneousReserve2022-12-2908443286core:RetainedEarningsAccumulatedLosses2023-12-2808443286core:ShareCapitalbus:Consolidated2021-12-31084432862021-12-3108443286core:RetainedEarningsAccumulatedLossesbus:Consolidated2022-12-2908443286core:RetainedEarningsAccumulatedLossesbus:Consolidated2023-12-2808443286core:ShareCapital2021-12-3108443286core:RetainedEarningsAccumulatedLosses2021-12-3108443286core:RetainedEarningsAccumulatedLosses2022-12-29084432862022-12-2908443286bus:Consolidated2021-12-3108443286core:Goodwill2022-12-302023-12-2808443286core:IntangibleAssetsOtherThanGoodwill2022-12-302023-12-2808443286core:PatentsTrademarksLicencesConcessionsSimilar2022-12-302023-12-2808443286core:LandBuildingscore:LongLeaseholdAssets2022-12-302023-12-2808443286core:PlantMachinery2022-12-302023-12-2808443286core:FurnitureFittings2022-12-302023-12-2808443286core:MotorVehicles2022-12-302023-12-2808443286core:UKTaxbus:Consolidated2022-12-302023-12-2808443286core:UKTaxbus:Consolidated2022-01-012022-12-2908443286bus:Consolidated12022-12-302023-12-2808443286bus:Consolidated12022-01-012022-12-2908443286core:Goodwillbus:Consolidated2022-12-2908443286core:PatentsTrademarksLicencesConcessionsSimilarbus:Consolidated2022-12-2908443286bus:Consolidated2022-12-2908443286core:Goodwillbus:Consolidated2022-12-302023-12-2808443286core:PatentsTrademarksLicencesConcessionsSimilarbus:Consolidated2022-12-302023-12-2808443286core:LandBuildingscore:LeasedAssetsHeldAsLesseebus:Consolidated2022-12-2908443286core:PlantMachinerybus:Consolidated2022-12-2908443286core:FurnitureFittingsbus:Consolidated2022-12-2908443286core:MotorVehiclesbus:Consolidated2022-12-2908443286core:LandBuildingscore:LeasedAssetsHeldAsLesseebus:Consolidated2022-12-302023-12-2808443286core:PlantMachinerybus:Consolidated2022-12-302023-12-2808443286core:FurnitureFittingsbus:Consolidated2022-12-302023-12-2808443286core:MotorVehiclesbus:Consolidated2022-12-302023-12-2808443286core:PlantMachinery2023-12-2808443286core:PlantMachinery2022-12-2908443286core:Subsidiary12022-12-302023-12-2808443286core:Subsidiary22022-12-302023-12-2808443286core:Subsidiary32022-12-302023-12-2808443286core:Subsidiary42022-12-302023-12-2808443286core:Subsidiary112022-12-302023-12-2808443286core:Subsidiary212022-12-302023-12-2808443286core:Subsidiary312022-12-302023-12-2808443286core:Subsidiary412022-12-302023-12-2808443286core:CurrentFinancialInstruments2023-12-2808443286core:CurrentFinancialInstruments2022-12-2908443286core:CurrentFinancialInstrumentsbus:Consolidated2023-12-2808443286core:CurrentFinancialInstrumentsbus:Consolidated2022-12-2908443286core:WithinOneYearbus:Consolidated2023-12-2808443286core:WithinOneYearbus:Consolidated2022-12-2908443286core:CurrentFinancialInstrumentscore:WithinOneYear2023-12-2808443286core:CurrentFinancialInstrumentscore:WithinOneYear2022-12-2908443286core:Non-currentFinancialInstrumentscore:AfterOneYearbus:Consolidated2023-12-2808443286core:Non-currentFinancialInstrumentscore:AfterOneYearbus:Consolidated2022-12-2908443286core:Non-currentFinancialInstrumentscore:AfterOneYear2023-12-2808443286core:Non-currentFinancialInstrumentscore:AfterOneYear2022-12-2908443286core:Non-currentFinancialInstrumentsbus:Consolidated2023-12-2808443286core:Non-currentFinancialInstrumentsbus:Consolidated2022-12-2908443286core:Non-currentFinancialInstruments2023-12-2808443286core:Non-currentFinancialInstruments2022-12-2908443286core:CurrentFinancialInstrumentscore:WithinOneYearbus:Consolidated2023-12-2808443286core:CurrentFinancialInstrumentscore:WithinOneYearbus:Consolidated2022-12-2908443286core:WithinOneYear2023-12-2808443286core:WithinOneYear2022-12-2908443286core:BetweenTwoFiveYearsbus:Consolidated2023-12-2808443286core:BetweenTwoFiveYearsbus:Consolidated2022-12-2908443286core:BetweenTwoFiveYears2023-12-2808443286core:BetweenTwoFiveYears2022-12-2908443286bus:PrivateLimitedCompanyLtd2022-12-302023-12-2808443286bus:FRS1022022-12-302023-12-2808443286bus:Audited2022-12-302023-12-2808443286bus:ConsolidatedGroupCompanyAccounts2022-12-302023-12-2808443286bus:FullAccounts2022-12-302023-12-28xbrli:purexbrli:sharesiso4217:GBP