REGISTERED NUMBER: 09928703 (England and Wales)

FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024

FOR

TWO CITIES TELEVISION LIMITED

Page

Balance Sheet

1

Notes to the Financial Statements

2

FIXED ASSETS

Tangible assets

5

17,540

17,097

Investments

6

5

4

17,545

17,101

CURRENT ASSETS

Work in progress

139,899

21,784

Debtors

7

2,102,506

1,172,319

Cash at bank and in hand

1,531,332

126,494

3,773,737

1,320,597

CREDITORS

Amounts falling due within one year

8

1,329,625

1,209,268

NET CURRENT ASSETS

2,444,112

111,329

TOTAL ASSETS LESS CURRENT LIABILITIES

2,461,657

128,430

CAPITAL AND RESERVES

Called up share capital

9

15,385

13,333

Share premium

3,143,872

2,667,894

Retained earnings

(697,600

)

(2,552,797

)

SHAREHOLDERS' FUNDS

2,461,657

128,430

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 Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 26 September 2025 and were signed on its behalf by:

S Wright - Director

1.	STATUTORY INFORMATION

Two Cities Television Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address are as below:

Registered number:

09928703

Registered office:

18 Glasshouse Studios

Fryern Court Road

Fordingbridge

Hampshire

SP6 1QX

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.

The accounts are prepared in sterling, which is the functional currency of the company.

Going concern

At the time of approving the financial statements, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Therefore the directors continue to adopt the going concern basis of accounting in preparing the financial statements.

Preparation of consolidated financial statements

The company has taken advantage of the exemption under section 400 of the Companies Act 2006 not to prepare consolidated accounts. These financial statements present information about the company as an individual entity and not about its group.

Two Cities Television Limited is a subsidiary of STV Studios Limited and the results of the company are included in the consolidated financial statements of the ultimate parent undertaking, STV Group plc, which can be obtained from the company secretary at Pacific Quay, Glasgow, G51 1PQ.

Related party exemption

The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group.

Revenue

Revenue is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Revenue received or receivable for work carried out on producing television programmes is recognised on a straight line basis over the life of a production.

Royalties distributed by third parties are recognised on receipt.

Tangible assets

Tangible assets are recorded at cost less accumulated depreciation. Depreciation is calculated so as to write off the cost of fixed assets, less their estimated residual values, over the expected useful economic lives of the assets concerned. The principal annual rates used for this purpose are as follows:

Plant and machinery etc - 25% on cost

Investments in subsidiary undertakings

Investments in subsidiary undertakings are held at cost less accumulated impairment losses.

Work in progress

Work in progress is valued at the lower of cost and net realisable value.

Development costs are written off in the year in which they are incurred except where they relate to a clearly defined contract, the outcome of which has been assessed with reasonable certainty as to its success and commercial viability. In such cases the expenditure is recognised as work in progress to the extent that its recovery can be reasonably regarded as assured and the cost is written off against revenue over the period of the contract. The costs of abortive productions are taken directly to the Income Statement.

Convertible loan notes

Convertible loan notes issued by the company, where settlement depends on uncertain future events that are beyond the control of the company and the loan note holder, are treated as a financial liability of the company until vesting conditions are met.

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, 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.

Foreign currencies

Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result.

Hire purchase and leasing commitments

Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

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 the income statement in the period to which they relate.

4.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 6 (2023 - 5 ) .

5.	TANGIBLE ASSETS

Plant and

machinery

etc

£

COST

At 1 January 2024

23,728

Additions

5,354

At 31 December 2024

29,082

DEPRECIATION

At 1 January 2024

6,631

Charge for year

4,911

At 31 December 2024

11,542

NET BOOK VALUE

At 31 December 2024

17,540

At 31 December 2023

17,097

6.	INVESTMENTS

Shares in

group

undertakings

£

COST

At 1 January 2024

4

Additions

1

At 31 December 2024

5

NET BOOK VALUE

At 31 December 2024

5

At 31 December 2023

4

7.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2024

2023

as restated

£

£

Trade debtors

1,232,304

36,600

Amounts owed by group undertakings

540,175

677,993

Other debtors

330,027

457,726

2,102,506

1,172,319

8.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2024

2023

as restated

£

£

Bank loans and overdrafts

140

-

Trade creditors

18,514

179,401

Amounts owed to group undertakings

247,374

1

Taxation and social security

37,355

7,408

Other creditors

1,026,242

1,022,458

1,329,625

1,209,268

9.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

2024

2023

value:

£

£

7,538 (2023 - 10,000)

Ordinary

£1

7,538

10,000

7,847 (2023 - 3,333)

A Ordinary

£1

7,847

3,333

15,385

13,333

During the year, 2,052 A Ordinary shares of £1 each were allotted as fully paid at a premium of £231.9581 per share. 2,462 Ordinary shares of £1 each were also redesignated as 2,462 A Ordinary shares of £1 each.

10.	DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006

The Auditors' Report was unqualified.

Mr Jeremy Laurence Hyde FCCA (Senior Statutory Auditor)

for and on behalf of CG LEE Limited

11.	PENSION COMMITMENTS

At 31 December 2024, included in other creditors falling due within one year are unpaid contributions of £1,464 (2023 - £968) due to a defined contribution pension scheme.

12.	OTHER FINANCIAL COMMITMENTS

At the balance sheet date, the company had total financial commitments which are not included in the balance sheet of £Nil (2023 - £349).

13.	RELATED PARTY DISCLOSURES

14.	CONTROLLING PARTIES