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COMPANY REGISTRATION NUMBER: 05087966
International Television Channel Limited
Filleted Financial Statements
31 July 2024
International Television Channel Limited
Statement of Financial Position
31 July 2024
2024
2023
Note
£
£
Fixed assets
Tangible assets
5
51,871
70,962
Current assets
Debtors
6
387,053
64,451
Cash at bank and in hand
242,460
397,026
---------
---------
629,513
461,477
Creditors: amounts falling due within one year
7
456,608
311,916
---------
---------
Net current assets
172,905
149,561
---------
---------
Total assets less current liabilities
224,776
220,523
---------
---------
Net assets
224,776
220,523
---------
---------
Capital and reserves
Called up share capital
1,000
1,000
Profit and loss account
223,776
219,523
---------
---------
Shareholders funds
224,776
220,523
---------
---------
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
These financial statements were approved by the board of directors and authorised for issue on 27 December 2024 , and are signed on behalf of the board by:
Imam Qasim Rashid Ahmad
Director
Company registration number: 05087966
International Television Channel Limited
Notes to the Financial Statements
Year ended 31 July 2024
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is 109-117 Cherry Orchard Road, Croydon, Surrey, CR0 6BE.
2. Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Leasehold Property
-
over the period of the lease
Plant and Machinery
-
20% straight line
Fixtures, fittings and equipment
-
20% straight line
Motor Vehicles
-
25% straight line
Impairment of fixed assets
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the company are assigned to those units.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 4 (2023: 4 ).
5. Tangible assets
Land and buildings
Plant and machinery
Fixtures,fittings & equipment
Motor vehicles
Total
£
£
£
£
£
Cost
At 1 August 2023
33,592
185,796
60,686
12,136
292,210
Additions
1,149
1,149
--------
---------
--------
--------
---------
At 31 July 2024
33,592
185,796
61,835
12,136
293,359
--------
---------
--------
--------
---------
Depreciation
At 1 August 2023
11,933
146,118
51,061
12,136
221,248
Charge for the year
3,360
13,136
3,744
20,240
--------
---------
--------
--------
---------
At 31 July 2024
15,293
159,254
54,805
12,136
241,488
--------
---------
--------
--------
---------
Carrying amount
At 31 July 2024
18,299
26,542
7,030
51,871
--------
---------
--------
--------
---------
At 31 July 2023
21,659
39,678
9,625
70,962
--------
---------
--------
--------
---------
2024 2023
£ £
Allocation of Depreciation
Cost of goods sold (Media equipment) 16,192 16,824
Administration 4,048 4,206
-------- --------
20,240 21,030
-------- --------
6. Debtors
2024
2023
£
£
Trade debtors
359,921
29,000
Other debtors
27,132
35,451
---------
--------
387,053
64,451
---------
--------
7. Creditors: amounts falling due within one year
2024
2023
£
£
Trade creditors
22,862
18,230
Amounts owed to group undertakings and undertakings in which the company has a participating interest
395,669
228,949
Social security and other taxes
33,077
58,543
Staff advances
1,194
Other creditors
5,000
5,000
---------
---------
456,608
311,916
---------
---------
8. Summary audit opinion
The auditor's report dated 27 December 2024 was unqualified .
The senior statutory auditor was Stephen Seifert BA FCA , for and on behalf of Elliot, Woolfe & Rose Audit and Advisory Services LLP .
9. Related party transactions
During the year the company made sales to Al-Khair Foundation amounting to £879,562 (2023: £978,395) and made purchases from Runners TV Limited in the sum of £90,000 (2023: £90,000). Runners TV Limited is also a wholly owned subsidiary of Al-Khair Foundation.
10. Controlling party
The ultimate parent undertaking is Al-Khair Foundation, a company incorporated in England and Wales.