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Registration number: 04293272

Cabletime Limited

Annual Report and Financial Statements

for the Period from 1 October 2022 to 31 December 2023

 

Cabletime Limited

Contents

Balance Sheet

1

Notes to the Financial Statements

2 to 9

 

Cabletime Limited

(Registration number: 04293272)
Balance Sheet as at 31 December 2023

Note

2023
£

2022
£

Fixed assets

 

Intangible assets

4

25,481

2,911

Tangible assets

5

4,952

6,807

 

30,433

9,718

Current assets

 

Stocks

6

554,997

584,427

Debtors

7

1,720,137

1,365,701

Cash at bank and in hand

 

29,047

665,221

 

2,304,181

2,615,349

Creditors: Amounts falling due within one year

8

(193,707)

(454,725)

Net current assets

 

2,110,474

2,160,624

Total assets less current liabilities

 

2,140,907

2,170,342

Creditors: Amounts falling due after more than one year

8

-

(125,113)

Provisions for liabilities

(95,000)

(95,000)

Net assets

 

2,045,907

1,950,229

Capital and reserves

 

Called up share capital

9

12

10

Share premium reserve

26,892

-

Capital redemption reserve

3

3

Retained earnings

2,019,000

1,950,216

Shareholders' funds

 

2,045,907

1,950,229

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Profit and Loss Account.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

Approved and authorised by the Board on 12 May 2025 and signed on its behalf by:
 

Mr J Hiscox
Director

   
     
 

Cabletime Limited

Notes to the Financial Statements for the Period from 1 October 2022 to 31 December 2023

1

General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office and its principal place of business is:
Suite 3
Part 4th Floor Bedford House
21a John Street
London
WC1N 2BF
England

The principal place of business during the year was:
MediaStar Systems
Bryants Farm
Kiln Road, Dunsden Green
Reading
Berkshire
RG4 9PB

These financial statements were authorised for issue by the Board on 12 May 2025.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Audit report

The Independent Auditor's Report was unqualified. The name of the Senior Statutory Auditor who signed the audit report on 16 May 2025 was Robert Cadwallader, who signed for and on behalf of ML Audit LLP.

Key sources of estimation uncertainty

The directors make a provison for the estimated future costs of rectifying dilapidations in leased properties occupied by the company. The estimate requires judgement of the work required at the end of the leases and is inherently uncertain. The carrying amount is £65,000 (2022 -£65,000).

 

Cabletime Limited

Notes to the Financial Statements for the Period from 1 October 2022 to 31 December 2023

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Foreign currency transactions and balances

Transactions in foreign currencies are initially recorded at the functional currency rate prevailing at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are retranslated into the respective functional currency of the entity at the rates prevailing on the reporting period date. Non-monetary items carried at fair value that are denominated in foreign currencies are retranslated at the rate on the date when the fair value is re-measured.

Non-monetary items measured in terms of historical cost in a foreign currency are not retranslated.

Tax

The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

Deferred income tax is recognised on temporary differences arising between the tax bases of assets and liabilities and their carrying amounts in the financial statements and on unused tax losses or tax credits in the company. Deferred income tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.

The carrying amount of deferred tax assets is reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit.

Tangible assets

Tangible assets are stated in the Balance Sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

 

Cabletime Limited

Notes to the Financial Statements for the Period from 1 October 2022 to 31 December 2023

Asset class

Depreciation method and rate

Fixtures and fittings

10% straight line - except for exhibition stands depreciated at 50% straight line

Motor vehicles

20% - 33% straight line

Office equipment

20% - 33% straight line

Intangible assets

Licensing and royalty agreements are shown at historical cost.

Licensing and royalty agreements have a finite useful life and are carried at cost less accumulated amortisation and any accumulated impairment losses.

Development costs

Expenditure on research activities is recognised as an expense in the period in which it is incurred.

Amortisation

Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life.

Asset class

Amortisation method and rate

Website development costs

25% straight line

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.

 

Cabletime Limited

Notes to the Financial Statements for the Period from 1 October 2022 to 31 December 2023

Creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Trade creditors are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Provisions

Provisions are recognised when the company has an obligation at the reporting date as a result of a past event, it is probable that the company will be required to settle that obligation and a reliable estimate can be made of the amount of the obligation.

Leases

Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Dividends

A dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

Defined contribution pension obligation

The company operates a defined contribution pension scheme, Aegon Pension and Royal London Pension, for the directors and senior employees. The assets of the scheme are held separately from those of the company in an independently administered fund. At the balance sheet date unpaid contributions of £4,470 (2022 - £669) were due to the fund. They are included in other creditors.

 

Cabletime Limited

Notes to the Financial Statements for the Period from 1 October 2022 to 31 December 2023

Share based payments

The company operates an equity-settled, share-based compensation plan, under which the entity receives services from employees as consideration for equity instruments (options) of the entity. The fair value of the employee services received is measured by reference to the estimated fair value at the grant date of equity instruments granted and is recognised as an expense over the vesting period. The estimated fair value of the option granted is calculated by reference to the estimated market value of the company's shares.The total amount expensed is recognised over the vesting period, which is the period over which all of the specified vesting conditions are to be satisfied.

The proceeds received net of any directly attributable transaction costs are credited to share capital (nominal value) and share premium when the options are exercised.

3

Staff numbers

The average number of persons employed by the company (including directors) during the period was 13 (2022 - 13).

4

Intangible assets

Website development costs
 £

Total
£

Cost or valuation

At 1 October 2022

11,647

11,647

Additions at cost

25,481

25,481

At 31 December 2023

37,128

37,128

Amortisation

At 1 October 2022

8,735

8,735

Amortisation charge

2,912

2,912

At 31 December 2023

11,647

11,647

Carrying amount

At 31 December 2023

25,481

25,481

At 30 September 2022

2,911

2,911

 

Cabletime Limited

Notes to the Financial Statements for the Period from 1 October 2022 to 31 December 2023

5

Tangible assets

Fixtures and fittings
£

Motor vehicles
 £

Office equipment
 £

Total
£

Cost or valuation

At 1 October 2022

3,579

4,500

56,709

64,788

Additions

3,882

-

1,219

5,101

At 31 December 2023

7,461

4,500

57,928

69,889

Depreciation

At 1 October 2022

3,579

4,500

49,902

57,981

Charge for the period

1,294

-

5,662

6,956

At 31 December 2023

4,873

4,500

55,564

64,937

Carrying amount

At 31 December 2023

2,588

-

2,364

4,952

At 30 September 2022

-

-

6,807

6,807

6

Stocks

2023
£

2022
£

Work in progress

97,693

168,848

Finished goods and goods for resale

457,304

415,579

554,997

584,427

7

Debtors

Note

2023
£

2022
£

Trade debtors

 

417,983

1,060,501

Amounts owed by related parties

11

1,022,785

-

Prepayments

 

76,348

92,087

Other debtors

 

203,021

213,113

 

1,720,137

1,365,701

 

Cabletime Limited

Notes to the Financial Statements for the Period from 1 October 2022 to 31 December 2023

8

Creditors

Due within one year

Note

2023
£

2022
£

 

Loans and borrowings

-

60,141

Trade creditors

 

66,175

139,675

Social security and other taxes

 

28,314

149,360

Other creditors

 

36,796

30,137

Accruals

 

62,422

75,412

 

193,707

454,725

Due after one year

 

Loans and borrowings

-

125,113

9

Share capital

Allotted, called up and fully paid shares

2023

2022

No.

£

No.

£

Ordinary shares of £0.01 each

200

2

200

2

       

Allotted, called up and not fully paid shares

2023

2022

No.

£

No.

£

Ordinary shares of £0.01 each

1,000

10.00

1,000

10.00

       

10

Share based payments

The company operated an Enterprise Management Incentive (“EMI”) share option scheme for certain key employees.

On 1 November 2022, the share options were exercised when the company's entire share capital was acquired by US Hospitality Publishers Inc. The exercise price was £113.00 per share.

 

Cabletime Limited

Notes to the Financial Statements for the Period from 1 October 2022 to 31 December 2023

11

Related party transactions

Summary of transactions with other related parties

During the year the company received services from one of its directors who is also a shareholder. The amount unpaid at the end of the period was £nil (2022 - £nil).
 

Expenditure with and payables to related parties

2023

Other related parties
£

Rendering of services

8,000

2022

Other related parties
£

Rendering of services

29,570

12

Financial commitments, guarantees and contingencies

Amounts not provided for in the balance sheet

The total amount of financial commitments not included in the balance sheet is £111,595 (2022 - £235,962).

13

Parent and ultimate parent undertaking

The company's immediate parent is U.S Hospitality Publishers Inc, incorporated in United States of America.

 The ultimate parent is Uniguest Holdings LLC, incorporated in United States of America.

 

The immediate and ultimate parent are not required to produce publicly available financial statements.