Company registration number 11501370 (England and Wales)
TIMELINE TELEVISION MOTORSPORT LIMITED
FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 29 DECEMBER 2023
(PREPARED UP TO THE YEAR ENDED 31 DECEMBER 2023)
PAGES FOR FILING WITH REGISTRAR
TIMELINE TELEVISION MOTORSPORT LIMITED
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 5
TIMELINE TELEVISION MOTORSPORT LIMITED
BALANCE SHEET
AS AT
29 DECEMBER 2023
29 December 2023
- 1 -
29 December 2023
30 December 2022
Notes
£
£
£
£
Current assets
Debtors
3
2,779,553
2,779,553
Net current assets
2,779,553
2,779,553
Capital and reserves
Called up share capital
4
800
800
Capital redemption reserve
800
800
Profit and loss reserves
2,777,953
2,777,953
Total equity
2,779,553
2,779,553
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The director of the company has elected not to include a copy of the profit and loss account within the financial statements.true
The financial statements were approved and signed by the director and authorised for issue on 2 April 2025
D McDonnell
Director
Company registration number 11501370 (England and Wales)
TIMELINE TELEVISION MOTORSPORT LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 29 DECEMBER 2023
- 2 -
1
Accounting policies
Company information
Timeline Television Motorsport Limited is a private company limited by shares incorporated in England and Wales. The registered office is 8 Acre Road, Reading, RG2 0SU.
1.1
Reporting period
The financial statements for the accounting reference period date 29 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 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.
1.3
Going concern
The company traded and operated up to 31 December 2021 and became dormant following the transfer of its tangible assets to a fellow group company on 1 January 2022. The director has no plan's to close the company and therefore continues to adopt the going concern basis in preparing the annual report and accounts.true
1.4
Financial instruments
The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.
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 company after deducting all of its liabilities.
TIMELINE TELEVISION MOTORSPORT LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 29 DECEMBER 2023
1
Accounting policies
(Continued)
- 3 -
Basic financial liabilities
Basic financial liabilities, including creditors and bank loans, 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.
1.5
Equity instruments
Equity instruments issued by the company 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 company.
1.6
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 company’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 when the company has 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.
2
Employees
The average monthly number of persons (including directors) employed by the company during the Period was:
2023
2022
Number
Number
Total
1
1
TIMELINE TELEVISION MOTORSPORT LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 29 DECEMBER 2023
- 4 -
3
Debtors
2023
2022
Amounts falling due within one year:
£
£
Amounts owed by group undertakings
2,779,553
2,779,553
4
Called up share capital
2023
2022
2023
2022
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary A shares of £1 each
800
800
800
800
The Ordinary A shares have full voting, dividend and distribution rights.
5
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:
give a true and fair view of the state of the company's affairs as at 29 December 2023 and of its profit for the Period then ended;
have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
have been prepared in accordance with the requirements of the Companies Act 2006.
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 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.
Senior Statutory Auditor:
Christopher Mantel
Statutory Auditor:
Alliotts LLP
Date of audit report:
2 April 2025
TIMELINE TELEVISION MOTORSPORT LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 29 DECEMBER 2023
- 5 -
6
Financial commitments, guarantees and contingent liabilities
The company together with Timeline Television North Limited, Timeline Television Limited and its parent company Timeline Television Group Limited have 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).
7
Parent company
The parent entity is Timeline Television Group Limited having its registered office at 8 Acre Road, Reading, RG2 0SU.
The ultimate controlling party is D McDonnell.
Timeline Television Group Limited is the parent undertaking of the smallest and largest group of undertakings to consolidate these financial statements.
Group accounts are available on request from the registered office: 8 Acre Road, Reading, RG2 0SU.