REGISTERED NUMBER: SC218883 (Scotland)

TGSC LIMITED

Financial Statements for the Year Ended 30 June 2025

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTORS:

D W Morrison

A Morrison

REGISTERED OFFICE:

Portrona House

Rigs Road

Stornoway

Isle of Lewis

Western Isles

HS1 2RF

REGISTERED NUMBER:

SC218883 (Scotland)

ACCOUNTANTS:

Mann Judd Gordon Ltd

Chartered Accountants

26 Lewis Street

Stornoway

Isle of Lewis

HS1 2JF

BANKERS:

The Royal Bank of Scotland

17 North Beach Street

Stornoway

Isle of Lewis

HS1 2XH

FIXED ASSETS

Tangible assets

5

66,816

81,414

CURRENT ASSETS

Debtors

6

10,594

12,288

Cash at bank and in hand

453,356

425,589

463,950

437,877

CREDITORS

Amounts falling due within one year

7

106,676

100,244

NET CURRENT ASSETS

357,274

337,633

TOTAL ASSETS LESS CURRENT LIABILITIES

424,090

419,047

PROVISIONS FOR LIABILITIES

13,199

15,287

NET ASSETS

410,891

403,760

CAPITAL AND RESERVES

Called up share capital

4,750

4,750

Share premium

23,906

23,906

Capital redemption reserve

3,624

3,624

Retained earnings

378,611

371,480

SHAREHOLDERS' FUNDS

410,891

403,760

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 June 2025.

The members have not required the company to obtain an audit of its financial statements for the year ended 30 June 2025 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:

(a)	ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and

(b)

preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Profit and Loss Account has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 5 September 2025 and were signed on its behalf by:

A Morrison - Director

1.	STATUTORY INFORMATION

TGSC Limited is a private company, limited by shares , registered in Scotland. The company's registered number and registered office address can be found on the Company Information page.

The presentation currency of the financial statements is the Pound Sterling (£).

The accounting figures are rounded to the nearest £1.

2.	STATEMENT OF COMPLIANCE

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

3.	ACCOUNTING POLICIES

Basis of preparing the financial statements

The financial statements have been prepared under the historical cost convention.

Turnover

Turnover represents the income received from the production of television programmes during the period, after adjusting for deferred income, excluding VAT.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Edit equipment

-

20% depreciation on cost

Broadcast equipment

-

20% depreciation on cost

Office equipment

-

15% depreciation on reducing balance

Motor vehicles

-

25% depreciation on reducing balance

Computer equipment

-

25% depreciation on cost

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Profit and Loss Account, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Pension costs and other post-retirement benefits

The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

Government grants

Government grants received in respect of capital assets are recognised as deferred income in the financial statements and are written off to the profit and loss account in line with the rate of depreciation applied to the assets the grants were used to fund.

Government grants in relation to revenue expenditure are recognised in the profit and loss account in the period in which the expenditure is made.

Fixed asset investments

Investments in subsidiary undertakings are stated at cost less any provisions for impairment in value.

4.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 16 (2024 - 19 ) .

5.	TANGIBLE FIXED ASSETS

Edit

Broadcast

Office

equipment

equipment

equipment

£

£

£

COST

At 1 July 2024

94,028

75,122

9,330

Additions

11,089

2,883

2,282

Disposals

(6,439

)

-

(25

)

At 30 June 2025

98,678

78,005

11,587

DEPRECIATION

At 1 July 2024

56,415

45,497

5,524

Charge for year

11,454

10,821

869

Eliminated on disposal

(537

)

-

(21

)

At 30 June 2025

67,332

56,318

6,372

NET BOOK VALUE

At 30 June 2025

31,346

21,687

5,215

At 30 June 2024

37,613

29,625

3,806

Motor

Computer

vehicles

equipment

Totals

£

£

£

COST

At 1 July 2024

26,952

8,811

214,243

Additions

-

2,237

18,491

Disposals

-

(331

)

(6,795

)

At 30 June 2025

26,952

10,717

225,939

DEPRECIATION

At 1 July 2024

19,015

6,378

132,829

Charge for year

1,984

2,055

27,183

Eliminated on disposal

-

(331

)

(889

)

At 30 June 2025

20,999

8,102

159,123

NET BOOK VALUE

At 30 June 2025

5,953

2,615

66,816

At 30 June 2024

7,937

2,433

81,414

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

30.6.25

30.6.24

£

£

Trade debtors

-

192

VAT

7,990

8,151

Prepayments and accrued income

2,604

3,945

10,594

12,288

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

30.6.25

30.6.24

£

£

Trade creditors

2,524

3,641

Tax

4,352

21,432

Social security and other taxes

9,236

6,864

Pension control account

2,047

4,034

Other creditors

14,131

-

Deferred income

70,929

60,436

Accrued expenses

3,457

3,837

106,676

100,244

8.	RELATED PARTY DISCLOSURES

Consultancy payments of £13,125 (2024: £19,688) and Nil (2023: £1,400) respectively have been made during the year to Rathcone Limited. D W Morrison is a director of TGSC Ltd and Rathcone Ltd.

Consultancy payments of £5,000 (2024:£5,000) have been made during the year to Caiseal. A Morrison is a director of TGSC Ltd and proprietor of Caiseal.

Rent payments of £19,992 (2024: £19,992) were paid to the Partnership of Portrona House Holdings, in which D W Morrison and A Morrison are Partners.

Funds totalling £600 (2024:£600 were gifted to the TGSC Limited Employee Ownership Trust in the year.

9.	ULTIMATE CONTROLLING PARTY

The Ultimate controlling party are the Trustees of the TGSC Limited Employee Ownership Trust.