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Registered number: 09927545














HTM TELEVISION LIMITED
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

 
HTM TELEVISION LIMITED
 
 
COMPANY INFORMATION


Directors
J Mulville 
P Cohen 
A Dugdale 
Dr G G Mercurio 




Registered number
09927545



Registered office
7 Savoy Court

London

WC2R 0EX




Trading Address
33 Oval Road

London

NW1 7EA






Independent auditors
Sopher + Co LLP
Chartered Accountants & Statutory Auditors

5 Elstree Gate

Elstree Way

Borehamwood

Hertfordshire

WD6 1JD




Bankers
Coutts
44 Strand

London

WC2R 0QS




Solicitors
Harbottle & Lewis LLP
Hanover House

14 Hanover Square

London

W1S 1HP





 
HTM TELEVISION LIMITED
 

CONTENTS



Page
Group Business Highlights
 
1
Group Strategic Report
 
2
Directors' Report
 
3 - 4
Independent Auditors' Report
 
5 - 8
Consolidated Statement of Comprehensive Income
 
9
Consolidated Statement of Financial Position
 
10
Company Statement of Financial Position
 
11
Consolidated Statement of Changes in Equity
 
12
Company Statement of Changes in Equity
 
13
Consolidated Statement of Cash Flows
 
14
Consolidated Analysis of Net Debt
 
15
Notes to the Financial Statements
 
16 - 26

 
HTM TELEVISION LIMITED
 
 
GROUP BUSINESS HIGHLIGHTS
FOR THE YEAR ENDED 31 DECEMBER 2024

HTM Television would like to highlight the following achievements:
 
Loss after Tax of £0.3m.

Trigger Point is recommissioned, with series 3 delivering in 2025.

HTM achieves its highest ever rights income of £0.9m.





Page 1

 
HTM TELEVISION LIMITED
 
 
GROUP STRATEGIC REPORT
FOR THE YEAR ENDED 31 DECEMBER 2024

Introduction
 
The directors present their Group Strategic Report for the year ended 31 December 2024.

Business review
 
HTM Television is a television production company that specialises in High-End drama.  It is creatively led by Jed Mercurio, the creator and showrunner of Line of Duty and Bodyguard. 
Content creation
Although HTM didn’t deliver any programmes in the period, it was commissioned to produce Trigger Point for ITV, along with new titles for the BBC and Netflix.

Principal risks and uncertainties
 
Foreign exchange risk
The Group operates primarily within the UK and so has limited exposure to foreign exchange movements. However, any material exposure is hedged on a case by case basis.
Credit risk
The Group's programming is conducted with established broadcasters. Therefore, the company does not have a significant exposure to credit defaults.
Liquidity risk
The Group has sufficient cash reserves to cover day to day working capital requirements. The working capital of the business is closely monitored to ensure these commitments are met.

Financial key performance indicators
 
HTM Television uses Profit after Tax as its key performance indicator.  
Loss after tax was £0.3m in the period, £0.5m lower than 2023, due to not delivering any productions in 2024.

Other key performance indicators
 
We consider the number of series delivered during the year to be HTM’s main non-financial key performance indicators.
No productions were delivered in 2024


This report was approved by the board on 2 June 2025 and signed on its behalf.



P Cohen
Director
Page 2

 
HTM TELEVISION LIMITED
 
 
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 DECEMBER 2024

The directors present their report and the financial statements for the year ended 31 December 2024.

Directors

The directors who served during the year were:

J Mulville 
P Cohen 
A Dugdale 
Dr G G Mercurio 

Results and dividends

The loss for the year, after taxation, amounted to £273,834 (2023 - profit £178,603).

No interim dividend was paid in the year (2023 - £Nil). The directors do not recommend the payment of a final dividend (2023 - £Nil).

Directors' responsibilities statement

The directors are responsible for preparing the Group Strategic Report, the Directors' Report and the consolidated financial statements in accordance with applicable law and regulations.
 
Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland'. Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the Company and the Group and of the profit or loss of the Group for that period.

 In preparing these financial statements, the directors are required to:


select suitable accounting policies for the Group's financial statements and then apply them consistently;

make judgments and accounting estimates that are reasonable and prudent;

prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Group will continue in business.

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the Company's transactions and disclose with reasonable accuracy at any time the financial position of the Company and the Group and to enable them to ensure that the financial statements comply with the Companies Act 2006They are also responsible for safeguarding the assets of the Company and the Group and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Future developments

The Group benefits from returning series, as well as a strong pipeline of new programmes which are in various stages of development.

Page 3

 
HTM TELEVISION LIMITED
 
 
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024

Disclosure of information to auditors

Each of the persons who are directors at the time when this Directors' Report is approved has confirmed that:
 
so far as the director is aware, there is no relevant audit information of which the Company and the Group's auditors are unaware, and

the director has taken all the steps that ought to have been taken as a director in order to be aware of any relevant audit information and to establish that the Company and the Group's auditors are aware of that information.

Subsequent events

There have been no significant events affecting the Group since the year end.

Auditors

Under section 487(2) of the Companies Act 2006Sopher + Co LLP will be deemed to have been reappointed as auditors 28 days after these financial statements were sent to members or 28 days after the latest date prescribed for filing the accounts with the registrar, whichever is earlier.

This report was approved by the board on 2 June 2025 and signed on its behalf.
 





P Cohen
Director
Page 4

 
HTM TELEVISION LIMITED
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF HTM TELEVISION LIMITED
 

Opinion


We have audited the financial statements of HTM Television Limited (the 'parent Company') and its subsidiaries (the 'Group') for the year ended 31 December 2024, which comprise the Group Statement of Comprehensive Income, the Group and Company Statements of Financial Position, the Group Statement of Cash Flows, the Group and Company Statement of Changes in Equity and the related notes, including a summary of significant accounting policiesThe financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 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:


give a true and fair view of the state of the Group's and of the parent Company's affairs as at 31 December 2024 and of the Group's loss for the year 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.


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 Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the Group in accordance with the ethical requirements that are relevant to our audit of the financial statements in the United Kingdom, including the Financial Reporting Council'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.


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 Group's or the 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 directors with respect to going concern are described in the relevant sections of this report.


Page 5

 
HTM TELEVISION LIMITED
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF HTM TELEVISION LIMITED (CONTINUED)

Other information


The directors are responsible for the other information. The other information comprises the information included in the Annual Report, other than the financial statements and our Auditors' Report thereon. 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.


In connection with our audit of the financial statementsour 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 audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether there is a material misstatement in the financial statements or a material misstatement of the other information. 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.


Opinion on other matters prescribed by the Companies Act 2006
 

In our opinion, based on the work undertaken in the course of the audit:


the information given in the Group Strategic Report and the Directors' Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
the Group Strategic Report and the Directors' Report have been prepared in accordance with applicable legal requirements.


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 its environment obtained in the course of the audit, we have not identified material misstatements in the Group Strategic Report or the Directors' 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:


adequate accounting records have not been kept by the parent Company, or returns adequate for our audit have not been received from branches not visited by us; or
the parent Company financial statements are not in agreement with the accounting records and returns; or
certain disclosures of directors' remuneration specified by law are not made; or
we have not received all the information and explanations we require for our audit.


Responsibilities of directors
 

As explained more fully in the Directors' Responsibilities Statement set out on page 3, the directors are 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 directors determine 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 directors are responsible for assessing the Group's and 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 directors either intend to liquidate the Group or the parent Company or to cease operations, or have no realistic alternative but to do so.


Page 6

 
HTM TELEVISION LIMITED
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF HTM TELEVISION LIMITED (CONTINUED)

Auditors' 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 Auditors' 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 Group financial statements.


Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

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: 
 
the engagement partner ensured that the engagement team collectively had the appropriate competence, capabilities and skills to identify or recognise non-compliance with applicable laws and regulations; 
we identified the laws and regulations applicable to the Company through discussions with directors and other management, and from our commercial knowledge and experience of the television programmes production industry; 
we focused on specific laws and regulations which we considered may have a direct material effect on the financial statements or the operations of the Company, including the Companies Act 2006, taxation legislation and data protection, anti-bribery, employment, environmental and health and safety legislation;
we assessed the extent of compliance with the laws and regulations identified above through making enquiries of management and inspecting legal correspondence; and 
identified laws and regulations were communicated within the audit team regularly and the team remained alert to instances of non-compliance throughout the audit. 

We assessed the susceptibility of the Company’s financial statements to material misstatement, including obtaining an understanding of how fraud might occur, by: 
 
making enquiries of management as to where they considered there was susceptibility to fraud, their knowledge of actual, suspected and alleged fraud; 
considering the internal controls in place to mitigate risks of fraud and non-compliance with laws and regulations; and 
understanding the design of the Company’s remuneration policies. 

To address the risk of fraud through management bias and override of controls, we: 
 
performed analytical procedures to identify any unusual or unexpected relationships; 
tested journal entries to identify unusual transactions; 
assessed whether judgements and assumptions made in determining the accounting estimates were indicative of potential bias; and 
investigated the rationale behind significant or unusual transactions. 

In response to the risk of irregularities and non-compliance with laws and regulations, we designed procedures which included, but were not limited to: 
 
agreeing financial statement disclosures to underlying supporting documentation; 
enquiring of management as to actual and potential litigation and claims; and 
reviewing correspondence with HMRC, relevant regulators and the Company’s legal advisors. 

 
Page 7

 
HTM TELEVISION LIMITED
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF HTM TELEVISION LIMITED (CONTINUED)

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 for the audit of the financial statements is located on the Financial Reporting Council's website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our Auditors' 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 2006Our 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 Auditors' 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.





Stephen Iseman FCA (Senior Statutory Auditor)
  
for and on behalf of
Sopher + Co LLP
 
Chartered Accountants
Statutory Auditors
  
5 Elstree Gate
Elstree Way
Borehamwood
Hertfordshire
WD6 1JD

2 June 2025
Page 8

 
HTM TELEVISION LIMITED
 
 
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 DECEMBER 2024

2024
2023
Note
£
£

Turnover
 4 
1,758,158
38,518,855

Cost of sales
  
(781,155)
(42,412,431)

Gross profit/(loss)
  
977,003
(3,893,576)

Administrative expenses
  
(1,644,175)
(1,751,782)

Other operating income
 5 
13,689
-

Operating loss
 6 
(653,483)
(5,645,358)

Interest receivable and similar income
 10 
45,609
18,253

Interest payable and similar expenses
 11 
(14,869)
(8)

Loss before tax
  
(622,743)
(5,627,113)

Taxation
 12 
348,909
5,805,716

(Loss)/profit for the financial year
  
(273,834)
178,603

Other comprehensive income for the year
  

Exchange differences on translation of foreign subsidiaries
  
3,143
(10,874)

Total comprehensive income for the year
  
(270,691)
167,729

Profit for the year attributable to:
  

Owners of the parent company
  
(273,834)
178,603

The notes on pages 16 to 26 form part of these financial statements.
Page 9

 
HTM TELEVISION LIMITED
REGISTERED NUMBER:09927545

CONSOLIDATED STATEMENT OF FINANCIAL POSITION
AS AT 31 DECEMBER 2024

2024
2023
Note
£
£

Current assets
  

Work in progress
 15 
1,610,032
611

Debtors: amounts falling due within one year
 16 
3,426,868
12,859,434

Bank and cash balances
  
348,487
3,943,224

  
5,385,387
16,803,269

Current liabilities
  

Creditors: amounts falling due within one year
 17 
(3,003,959)
(14,151,150)

Net assets
  
2,381,428
2,652,119


Capital and reserves
  

Called up share capital 
 18 
3
3

Share premium account
 19 
199,997
199,997

Foreign exchange reserve
 19 
(25,161)
(28,304)

Profit and loss account
 19 
2,206,589
2,480,423

  
2,381,428
2,652,119


The financial statements were approved and authorised for issue by the board and were signed on its behalf on 2 June 2025.




A Dugdale
Director

The notes on pages 16 to 26 form part of these financial statements.
Page 10

 
HTM TELEVISION LIMITED
REGISTERED NUMBER:09927545

COMPANY STATEMENT OF FINANCIAL POSITION
AS AT 31 DECEMBER 2024

2024
2023
Note
£
£

Fixed assets
  

Investments
 14 
6
6

Current assets
  

Work in progress
 15 
511
611

Debtors: amounts falling due within one year
 16 
3,639,611
4,445,477

Cash at bank and in hand
  
2,223
484,480

  
3,642,345
4,930,568

Current liabilities
  

Creditors: amounts falling due within one year
 17 
(1,430,255)
(2,502,970)

Net current assets
  
 
 
2,212,090
 
 
2,427,598

Net assets
  
2,212,096
2,427,604


Capital and reserves
  

Called up share capital 
 18 
3
3

Share premium account
 19 
199,997
199,997

Profit and loss account
 19 
2,012,096
2,227,604

  
2,212,096
2,427,604


The financial statements were approved and authorised for issue by the board and were signed on its behalf on 2 June 2025.


A Dugdale
Director

The notes on pages 16 to 26 form part of these financial statements.
Page 11

 
HTM TELEVISION LIMITED
 

CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2024


Called up share capital
Share premium account
Foreign exchange reserve
Profit and loss account
Equity attributable to owners of parent Company
Total equity

£
£
£
£
£
£


At 1 January 2023 (as previously stated)
3
199,997
(17,430)
530,347
712,917
712,917

Prior year adjustment - change in accounting policy
-
-
-
1,771,473
1,771,473
1,771,473


At 1 January 2023 (as restated)
3
199,997
(17,430)
2,301,820
2,484,390
2,484,390



Profit for the year
-
-
-
178,603
178,603
178,603

Exchange differences on translation of foreign subsidiaries
-
-
(10,874)
-
(10,874)
(10,874)



At 1 January 2024
3
199,997
(28,304)
2,480,423
2,652,119
2,652,119



Loss for the year
-
-
-
(273,834)
(273,834)
(273,834)

Exchange differences on translation of foreign subsidiaries
-
-
3,143
-
3,143
3,143


At 31 December 2024
3
199,997
(25,161)
2,206,589
2,381,428
2,381,428


The notes on pages 16 to 26 form part of these financial statements.
Page 12

 
HTM TELEVISION LIMITED
 

COMPANY STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2024


Called up share capital
Share premium account
Profit and loss account
Total equity

£
£
£
£


At 1 January 2023
3
199,997
702,464
902,464



Profit for the year
-
-
1,525,140
1,525,140



At 1 January 2024
3
199,997
2,227,604
2,427,604



Loss for the year
-
-
(215,508)
(215,508)


At 31 December 2024
3
199,997
2,012,096
2,212,096


The notes on pages 16 to 26 form part of these financial statements.
Page 13

 
HTM TELEVISION LIMITED
 

CONSOLIDATED STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 DECEMBER 2024

2024
2023
£
£

Cash flows from operating activities

Loss for the financial year
(273,834)
178,603

Adjustments for:

Interest payable
14,869
8

Interest receivable
(45,609)
(18,253)

Taxation charge
(348,909)
(5,805,716)

(Increase)/decrease in stocks
(1,609,421)
11,891,540

Decrease/(increase) in debtors
8,195,694
(7,540,010)

Decrease in amounts owed by associates
8,231
37,828

Decrease in creditors
(2,356,846)
(1,027,101)

Corporation tax received
970,049
8,780,080

Exchange differences on translation of foreign subsidiaries
3,143
(10,874)

Net cash generated from operating activities

4,557,367
6,486,105

Cash flows from investing activities

Interest received
45,609
18,253

Net cash from investing activities

45,609
18,253

Cash flows used in financing activities

Repayment of loans
(8,182,844)
(3,742,340)

Interest paid
(14,869)
(8)

Net cash used in financing activities
(8,197,713)
(3,742,348)

Net (decrease)/increase in cash and cash equivalents
(3,594,737)
2,762,010

Cash and cash equivalents at beginning of year
3,943,224
1,181,214

Cash and cash equivalents at the end of year
348,487
3,943,224


Cash and cash equivalents at the end of year comprise:

Cash at bank and in hand
348,487
3,943,224


The notes on pages 16 to 26 form part of these financial statements.

Page 14

 
HTM TELEVISION LIMITED
 

CONSOLIDATED ANALYSIS OF NET DEBT
FOR THE YEAR ENDED 31 DECEMBER 2024




At 1 January 2024
Cash flows
At 31 December 2024
£

£

£

Cash at bank and in hand

3,943,224

(3,594,737)

348,487

Debt due within 1 year

(8,619,442)

8,184,715

(434,727)


(4,676,218)
4,589,978
(86,240)

The notes on pages 16 to 26 form part of these financial statements.
Page 15

 
HTM TELEVISION LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

1.


General information

HTM Television Limited is a private limited liability company incorporated in England and Wales, with its registered office address at 7 Savoy Court, London, WC2R 0EX.
The Group is a content creator for broadcast media with some of the most popular television programmes running currently.

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires Group management to exercise judgment in applying the Group's accounting policies (see note 3).

The Company has taken advantage of the exemption allowed under section 408 of the Companies Act 2006 and has not presented its own Statement of Comprehensive Income in these financial statements.

The following principal accounting policies have been applied:

 
2.2

Basis of consolidation

The consolidated financial statements present the results of the Company and its own subsidiaries ("the Group") as if they form a single entity. Intercompany transactions and balances between group companies are therefore eliminated in full.

 
2.3

Turnover

Turnover is recognised to the extent that it is probable that the economic benefits will flow to the Group and the revenue can be reliably measured. Turnover is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.
Production turnover is recognised on the delivery of the related programme.
Sums receivable from distribution by related parties are recognised when receivable. Where third party distributors are used, turnover is recognised on a receivable basis in accordance with distribution statements, unless an advance is received, in which case turnover is then recognised on the later of the licence period start date or completion of all deliverables. 
Royalties receivable are accounted for on a royalty earnings basis as part of turnover. Non-returnable, recoupable advances are accounted for on completion of delivery requirements.

Page 16

 
HTM TELEVISION LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

2.Accounting policies (continued)

 
2.4

Foreign currency translation

Functional and presentation currency

The Company's functional and presentational currency is £ Sterling.

Transactions and balances

Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions.

At each period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined.

Foreign exchange gains and losses resulting from the settlement of transactions and from the translation at period-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in profit or loss except when deferred in other comprehensive income as qualifying cash flow hedges.

On consolidation, the results of overseas operations are translated into Sterling at rates approximating to those ruling when the transactions took place. All assets and liabilities of overseas operations are translated at the rate ruling at the reporting date. Exchange differences arising on translating the opening net assets at opening rate and the results of overseas operations at actual rate are recognised in other comprehensive income.

 
2.5

Interest income

Interest income is recognised in the Consolidated Statement of Comprehensive Income using the effective interest method.

 
2.6

Finance costs

Finance costs are charged to the Consolidated Statement of Comprehensive Income over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount.

 
2.7

Pensions

Defined contribution pension plan
The Group contributes to a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Group pays fixed contributions into a separate entity. Once the contributions have been paid the Group has no further payment obligations.
The contributions are recognised as an expense in the Consolidated Statement of Comprehensive Income when they fall due. Amounts not paid are shown in accruals as a liability in the Consolidated Statement of Financial Position. The assets of the plan are held separately from the Group in independently administered funds.

Page 17

 
HTM TELEVISION LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

2.Accounting policies (continued)

 
2.8

Taxation

Tax is recognised in the Consolidated Statement of Comprehensive except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.
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 and the Group operate and generate income.

 
2.9

Valuation of investments

Investments in subsidiaries are measured at cost less accumulated impairment.

 
2.10

Work in progress

Project development costs, carried forward under work in progress, represent costs incurred on projects in development and are stated at the lower of cost and estimated net realisable value.

 
2.11

Debtors

Short-term debtors are measured at the transaction price, less any impairment.

 
2.12

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

In the Consolidated Statement of Cash Flows, cash and cash equivalents are shown net of bank overdrafts that are repayable on demand and form an integral part of the Group's cash management.

 
2.13

Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

 
2.14

Holiday pay accrual

A liability is recognised to the extent of any unused holiday pay entitlement which is accrued at the reporting date and carried forward to future periods. This is measured at the undiscounted salary cost of the future holiday entitlement so accrued at the reporting date.

Page 18

 
HTM TELEVISION LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

2.Accounting policies (continued)

  
2.15

Financial instruments

The Group only enters into basic financial instruments transactions that result in the recognition of financial assets and liabilities like trade and other accounts receivable and payable, loans from banks and other third parties and loans to and from related parties.
Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in the Consolidated Statement of Comprehensive Income.


3.


Judgments in applying accounting policies and key sources of estimation uncertainty

In preparing these financial statements, the directors have considered judgements applied and have concluded that there are none affecting the Company.
In preparing these financial statements, the directors have made estimates in relation to contracts as to whether the performance obligations can be ascertained with a degree of certainty.


4.


Turnover

The whole of the turnover is attributable to the principal activities of the Group.

Analysis of turnover by country of destination:

2024
2023
£
£

United Kingdom
1,461,099
37,700,618

Rest of the world
297,059
818,237

1,758,158
38,518,855



5.


Other operating income

2024
2023
£
£

Personnel cost recharges
13,689
-



6.


Operating loss

The operating loss is stated after charging:

2024
2023
£
£

Exchange differences
(1,416)
1,432

Page 19

 
HTM TELEVISION LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

7.


Auditors' remuneration

During the year, the Group obtained the following services from the Company's auditors:


2024
2023
£
£

Audit of the consolidated and parent Company's financial statements
7,500
7,500

Other services

10,000
2,500

17,500
10,000


8.


Employees

Staff costs, including directors' remuneration, were as follows:


Group
Group
Company
Company
2024
2023
2024
2023
£
£
£
£

Wages and salaries
1,240,970
1,047,651
1,240,970
1,047,651

Social security costs
152,309
126,984
152,309
126,984

Cost of defined contribution scheme
54,712
40,755
54,712
40,755

1,447,991
1,215,390
1,447,991
1,215,390


The average monthly number of employees, including the directors, during the year was as follows:



Group
Group
Company
Company
        2024
        2023
        2024
        2023
            No.
            No.
            No.
            No.









Management
4
4
4
4



Production, development and writing
8
8
8
8

12
12
12
12

Page 20

 
HTM TELEVISION LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

9.


Directors' remuneration

2024
2023
£
£

Directors' emoluments
350,000
145,833

Group contributions to defined contribution pension schemes
23,625
-

373,625
145,833


During the year retirement benefits were accruing to 1 director (2023 - NIL) in respect of defined contribution pension schemes.

The highest paid director received remuneration of £350,000 (2023 - £NIL).

The value of the Group's contributions paid to a defined contribution pension scheme in respect of the highest paid director amounted to £23,625 (2023 - £NIL).


10.


Interest receivable

2024
2023
£
£


Other interest receivable
45,609
18,253


11.


Interest payable and similar expenses

2024
2023
£
£


Other loan interest payable
14,869
-

Other interest payable
-
8

14,869
8
Page 21

 
HTM TELEVISION LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

12.


Taxation


2024
2023
£
£

Corporation tax


Current tax on profits for the year
(358,839)
(5,865,700)

Foreign tax


Foreign tax on income for the year
9,930
59,984

Total current tax
(348,909)
(5,805,716)

Factors affecting tax charge for the year

The tax assessed for the year is lower than (2023 - lower than) the small profits rate of corporation tax in the UK of 19% (2023 - 19%). The differences are explained below:

2024
2023
£
£


Loss on ordinary activities before tax
(622,743)
(5,627,113)


Loss on ordinary activities multiplied by the small profits rate of corporation tax in the UK of 19% (2023 - 19%)
(118,321)
(1,069,151)

Effects of:


Expenses not deductible for tax purposes
4,092
9,121

Utilisation of tax losses
(4,983)
(469,289)

Foreign tax charge
9,930
59,984

Unrelieved tax losses carried forward
119,212
1,529,319

High-End Television Tax Credits
(358,839)
(5,865,700)

Total tax charge for the year
(348,909)
(5,805,716)


Factors that may affect future tax charges

The Group has estimated losses of £15m (2023 - £13m) available to carry forward and use against future taxable profits. No provision has been made for deferred tax asset in respect of these losses in view of uncertainty to when they may prove recoverable.


13.


Parent company profit for the year

The Company has taken advantage of the exemption allowed under section 408 of the Companies Act 2006 and has not presented its own Statement of Comprehensive Income in these financial statements. The loss after tax of the parent Company for the year was £215,508 (2023 - profit £1,525,140).
Page 22

 
HTM TELEVISION LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

14.


Fixed asset investments

Company





Investments in subsidiary companies

£



Cost


At 1 January 2024
6



At 31 December 2024
6


Subsidiary undertakings


The following were subsidiary undertakings of the Company:

Name

Class of shares

Holding

HTM (USG) Limited
Ordinary
100%
HTM (Breathtaking) Limited
Ordinary
100%
HTM (Bloodlands) Limited
Ordinary
100%
HTM Television Inc.
Ordinary
100%
HTM (TP) Limited
Ordinary
100%
HTM (DI Ray) Limited
Ordinary
100%
HTM (HD) Limited (previously known as HTM (Payback) Ltd)
Ordinary
100%

All of the above companies have their registered office at 7 Savoy Court, London, WC2R 0EX apart from HTM Television Inc. whose registered address is at 3500 S Dupony HWY, Dover, Kent, DE, 19901.


15.


Work in progress

Group
Group
Company
Company
2024
2023
2024
2023
£
£
£
£

Project and development costs
1,610,032
611
511
611


Page 23

 
HTM TELEVISION LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

16.


Debtors

Group
Group
Company
Company
2024
2023
2024
2023
£
£
£
£

Trade debtors
51,863
4,852,081
51,863
214,656

Amounts owed by group undertakings
-
-
905,411
1,269,785

Amounts owed by joint ventures and associated undertakings
-
8,231
-
8,231

Other debtors
1,845,447
2,047,484
1,801,458
1,815,101

Prepayments and accrued income
543,378
3,736,818
273,379
530,204

Tax recoverable
986,180
2,214,820
607,500
607,500

3,426,868
12,859,434
3,639,611
4,445,477



17.


Creditors: Amounts falling due within one year

Group
Group
Company
Company
2024
2023
2024
2023
£
£
£
£

Bank loans
435,644
8,618,488
-
-

Trade creditors
174,477
778,334
65,268
719,789

Amounts owed to group undertakings
-
-
393,456
351,328

Corporation tax
-
607,500
-
607,500

Other taxation and social security
48,820
2,287,828
54,006
42,223

Other creditors
763,750
376,001
489,995
18,209

Accruals and deferred income
1,581,268
1,482,999
427,530
763,921

3,003,959
14,151,150
1,430,255
2,502,970


Secured loans
The Group's bank facilities are secured by a first and floating charge on the over the assets of the Group.

Page 24

 
HTM TELEVISION LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

18.


Share capital

2024
2023
£
£
Allotted, called up and fully paid



200 (2023 - 200) Ordinary shares of £0.01 each
2
2
100 (2023 - 100) Deferred shares of £0.01 each
1
1

3

3

The deferred shares of £0.01 each have no right to dividends, no right to participate in a return of capital and no right to receive notice, attend or vote at general meetings of the Company.



19.


Reserves

Share premium account

This reserve represents the amount above the nominal value received for issued share capital, less transaction costs.

Profit and loss account

This reserve represents the cumulative balance of retained profits and losses to the reporting date, all of which are distributable.


20.


Pension commitments

The Group contributes to a defined contribution pension scheme. The assets of the scheme are held separately from those of the Group in an independently administered fund. The pension cost charge represents contributions payable by the Group to the fund and amounted to £54,712 (2023 - £40,755). Contributions totalling £Nil (2023 - £954) were payable to the fund at the reporting date and are included in creditors.


21.


Transactions with directors

As at the reporting, the Company was owed £1.8m (2023 - £1.8m) by a director of the Company. Interest amounting to £40,611 (2024 - £17,088) has been charged at the official HMRC rate. 

Page 25

 
HTM TELEVISION LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

22.


Related party transactions

During the year, the Group entered into transactions on an arms length basis, in the ordinary course of the business, and had balances at the year end with the following parties.

Year ended 31 Dec 2024 Sales
Year ended 31 Dec 2024 Purchases
Year ended 31 Dec 2024 Debtor/
(Creditor)
Year ended 31 Dec 2023 Sales
Year ended 31 Dec 2023 Purchases
Year ended 31 Dec 2023 Debtor/
(Creditor)
        £
        £
        £
        £
        £
        £
Hat Trick Productions Limited

20,055

723,979

(507,655)
 
-
 
1,982,222

(1,064)

Hat Trick International Limited

2,725,031

-

(19,975)
 
2,470,745
 
688,476

(766)


2,745,086

723,979

(527,630)
 
2,470,745
 
2,670,698

(1,830)


The Company has taken advantage of the exemption under FRS102 33.1A Related Party Disclosures not to disclose transactions entered into between two or more members of a group, provided that any subsidiary undertaking which is a party to the transaction is wholly owned by a member of that group.
Key management personnel
During the year, the Group paid remuneration totalling £373,625 (2023 - £346,397) to its key management personnel.

 
Page 26