The Directors present their Strategic Report for High Street TV Holdings Limited (the "Company") together with its subsidiaries (the "Group") for the year ended 30 June 2025.
The Group delivered a strong performance in FY25 despite operating against a challenging external backdrop characterized by:
Low consumer confidence: Consumer confidence recovered modestly in HY1 from the historic lows of 2022 before weakening again in HY2 due to increased taxation and global trade concerns.
High freight costs: Freight costs remained significantly above historical averages throughout FY25, driven by longer routes and higher insurance premiums following instability affecting the Suez region.
Continued relative GBP weakness: GBP/USD strengthened moderately but remained below its 10-year average, continuing to place pressure on USD‑denominated input costs.
The Group continued to invest in brand and portfolio development and to enhance customer engagement through:
Creation of new brands:
Spring & Spruce – expanding the Group’s laundry and home- care portfolio with innovative cleaning solutions and proven customer favorites such as heated airers.
Garden Force – strengthening the Group’s gardening capability and extending its range, including Amazon’s category‑leading jet sprayer and the newly launched Leaf Chief.
Expansion of retail and Drop Ship Vendor (DSV) partnerships, enabling faster product launches across retail partner platforms.
Restructuring HSTV’s media strategy to expand reach through Freeview, Live Streaming and TikTok Shop, and to adapt content formats to reflect the growing demand for shorter‑form video across Meta and Amazon.
Robust cost control and proactive efficiency initiatives delivered meaningful year‑on‑year savings, supporting a strong foundation for FY26.
The group’s strategy continues to be centred on five core pillars:
1. Optimise Products
Building strong, trusted consumer brands.
Maintaining high quality through long‑term manufacturer partnerships.
Accelerating innovation via fast‑to‑market, low‑risk products.
2. Optimise Sales:
Operating a competitive “Always On Promotion” model supported by key suppliers.
Using exclusive products and colourways to reduce cross‑channel price competition.
Managing seasonal purchasing to maximise sell‑through and minimise markdown risk.
Using a structured product lifecycle framework to guide B2B expansion and media allocation.
Reviewing 3rd‑party products and removing those failing to meet profitability thresholds.
Expanding distribution through new retail partnerships.
3. Optimise Media
Leveraging emerging media trends to maximise reach.
Monitoring media efficiency at product level to ensure optimal spend.
4. Optimise Customer Service
Delivering best‑in‑class service through KPI‑driven coaching, monitoring and technology, reflected in strong Trustpilot and Amazon ratings.
5. Optimise Costs
Conducting Board‑led reviews and applying AI‑enabled tools to deliver sustainable cost savings.
are monitored by the Board of Directors on an ongoing basis and strategies are developed as appropriate to mitigate such risks and minimise their impact. The principal risks and the strategies adopted are set out below:
Regulatory environment
The business sector the Group operates in is regulated by the Advertising Standards Agency (ASA). The Group has an in-house team who ensure all the Group’s advertisements fully complied with the ASA codes of conduct. The Group also works closely with industry experts and with Clearcast to pre-approve all content before airing on TV.
Financial risk management
The principal financial risks are credit risk and fluctuations in foreign exchange rates.
The group's principal credit risk arises from trade debtors. Credit limits are closely monitored, and insurance policies are in place, so the perceived risks to the company are low.
The group purchases stock and freight in foreign currencies and uses forward currency transactions to hedge against this exposure.
Liquidity risk
The group seeks to manage liquidity risk by ensuring it has sufficient liquidity available to meet its foreseeable needs and to invest cash assets safely and profitably. The Directors review the group's detailed cash projections on a regular basis to ensure the business has adequate liquidity and working capital.
The group has loan notes outstanding at the year end to Endless Funds IVA and IVB and to shareholders (together totaling £18.7m). These are not due for repayment until at least 1 April 2027.
Promoting the success of the group
The sectors in which the group operate continue to offer expansion prospects into new product areas and new ways of connecting with our consumers. We are continuously assessing the strategies for our key routes to market, so that we can move swiftly to maximise new opportunities. Our primary routes to market are:
Direct to Consumer – This approach continues to offer exciting organic growth prospects as the group introduces new products to existing brands, such as New Image, Drew&Cole and SmartAir and leverages relationships with specialist manufacturers to develop new brands and products to meet ever changing consumer trends.
Wholesale and International – The HSTV group continues to develop its track record of successfully launching new brands and products into retail by working closely with the group's key retail partners. As the group widens its range of brands and products it has a greater number of opportunities to both strengthen its relationship with its key retail partners and to build relationships with new partners.
Group outlook
The group has developed a stable and efficient cost base which facilitates delivery of the following key objectives:
A sustainably profitable, cash generative business.
Continuous review of financial and operational reporting to support and accelerate decision making.
Leveraging the company's considerable experience in video-based advertising to drive sales.
Driving quality through embedded relationships with best-in-class product manufacturers.
The directors of High Street TV Holdings Limited manage the company’s risks and those of its subsidiaries, at a group level. The financial key performance indicators the group uses are turnover, earnings before interest, taxation, depreciation and amortisation (‘EBITDA’), profit, and cash generation. All of these are measured monthly and assessed by the Board of Directors.
Non-financial performance is measured across the group via growth of the customer database, customer satisfaction, staff excellence and the group profile.
KPI | 30-Jun-25 | 30-Jun-24 | Comment |
£’000 | £’000 | ||
Turnover | 37,563 | 35,632 | Turnover increases by 5.4% YOY driven by HSTVs new sales strategy |
Adjusted EBITDA | 1,905 | (830) | YOY improvement driven by higher turnover, combined with a focus on improving sales mix and rigourous cost control |
Profit before tax | 921 | (1,701) |
|
Cash generation | (74) | (1,061) | Additional funding in the form of a new stock facility has underpinned HSTV's sales expansion |
* Adjusted EBITDA moves infomercial production into PBT recognising that the useful life of infomercials spans several financial reporting periods.
S172 Statement
The Board always endeavours to act in a way that promotes the success of the Group for the benefit of its members, and ensures consideration of:
the likely consequences of any decision in the long term
the interests of the Group’s employees
the need to foster the Group’s business relationships with suppliers, customers and others
the impact of the Group’s operations on the community and the environment
the desirability of the Group maintaining a reputation for high standards of business conduct, and
the need to act fairly between members of the Company.
Stakeholder Engagement
The Board considers that the key stakeholders of the group are: our employees, customers, suppliers, the local communities in which the group operates and also our shareholders. We understand that the long-term sustainable success of our business is dependent on building and maintaining positive relationships with stakeholders and considering the external impact of the group's activities.
Employees
Regular, clear and comprehensive employee engagement is embedded within our culture. Monthly town halls delivered by the directors provide clarity to all colleagues on financial results, current and future successes and any challenges the business is facing. In addition, the annual Personal Development Plan process provides an opportunity for both coaching and feedback. Key feedback themes are coordinated and addressed centrally.
The Board is clear that the health and wellbeing of our employees is a priority and have implemented robust actions to ensure this is delivered:
HSTV’s programme for physical wellbeing includes team events and monthly challenges to participate in exercise and group physical exercise classes open to all staff. Achievements are celebrated by the CEO at monthly company meetings.
Investors in People assessment, The Board were proud to improve from a silver to a gold rating in FY25 and continue to use the IIP process to solicit, listen and where possible, implement employee feedback.
Charity work is important to HSTV. The board are working with Martin House for a third year and all colleagues are encouraged and supported to fundraise both collectively via inclusive HSTV led events and individually.
The Board have continued to facilitate hybrid working and flexible working patterns which meet the needs of the business while allowing colleagues to match their working hours to their personal commitments.
Customers
The business continuously invests in customer engagement strategies to ensure delivery on the key requirements of value for money and customer satisfaction. To this end, the business engages with customers through Trustpilot scores, social media platforms, call-centre contacts and the corporate website.
Our Retail and International customers have dedicated HSTV account teams ensuring regular communication on deliverables and to assist with future planning requirements.
All customer and consumer communications are passed to the appropriate departments to facilitate a process of continuous improvement in line with customer feedback.
Suppliers
The business continues to build long-lasting and mutually beneficial partnerships with our suppliers, both UK based and overseas. The Board's objective in developing these partnerships is to ensure the long-term stability of the relationships by treating our suppliers ethically and fairly. Key accounts have direct contact with the relevant departmental heads, and the business systems and controls are developed to ensure that invoices are processed on a timely basis. Additional IT integrations have been developed where possible to enable reporting insights into the deliverables of key suppliers.
Communities
The Board recognises that as a responsible business, our impact on local communities and the environment influences our ability to grow sustainably.
The Board has appointed a leading carbon and energy management company to independently assess its Greenhouse Gas (GHG) emissions in accordance with the UK Government’s ‘Environmental Reporting Guidelines: Including Streamlined Energy and Carbon Reporting Guidance’. The report provides insights into the energy consumed by the business and makes recommendations as to how this might be reduced. See the Energy and Carbon Report section in the directors’ report for further information.
Our business continues to partner with a nominated charity each year to raise awareness and organises fundraising events that are wholeheartedly supported by employees.
Shareholders
We have an open and constructive dialogue with our external shareholders (through the non-executive directors who sit on the Board) and internal shareholders through monthly board meetings and monthly management meetings. Shareholders play a key role in our decision-making process, financial performance, business modelling and strategic outlook. This ensures that our business strategy is aligned with the interests of our shareholders whilst taking into consideration the potential impact of the Board’s decisions on other key stakeholders.
On behalf of the board
The directors present their annual report and financial statements for the year ended 30 June 2025.
The results for the year are set out on page 12.
No ordinary dividends were paid. The directors do not recommend payment of a final dividend.
The directors who held office during the year and up to the date of signature of the financial statements were as follows:
Sumer Auditco Limited were appointed as auditor to the company following BHP LLP becoming part of the Sumer Group on 31 December 2025, which required a change in audit firm to comply with applicable regulatory requirements.
In accordance with section 487(2) of the Companies Act 2006, Sumer Auditco Limited are deemed to be reappointed annually.
The GHG emissions have been assessed following the ISO 14064-1:2018 standard and have used the 2023 conversion factors published by the Department for Environment, Food and Rural Affairs (Defra) and the Department for Business, Energy and Industrial Strategy (BEIS). The assessment follows the market-based approach for assessing Scope 2 emissions from electricity usage. The operational control approach has been used.
The emissions above include both those generated directly and indirectly eg outsourced logistics.
The chosen intensity measurement ratio is total gross emissions in metric tonnes CO2e per £M turnover, the recommended ratio for the sector.
The group has continued to control emissions by using video conferencing facilities rather than physical meetings wherever possible, thus maintaining low rates on both company car emissions and rail travel.
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 United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). 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 of the profit or loss of the company for that period.
In preparing these financial statements, the directors are required to:
select suitable accounting policies and then apply them consistently;
make judgements and accounting estimates that are reasonable and prudent;
state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements; and
prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company 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 enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
We have audited the financial statements of High Street TV (Group) Limited (the 'company') for the year ended 30 June 2025 which comprise the statement of comprehensive income, the balance sheet, the statement of changes in equity and notes to the financial statements, including significant accounting policies. The 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).
Basis for 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 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.
Other information
Opinions on other matters prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of our audit:
the information given in the 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 strategic report and the directors' report have been prepared in accordance with applicable legal requirements.
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 trade;
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;
we assessed the extent of compliance with the laws and regulations considered above through making enquiries of management; 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; and
considering the internal controls in place to mitigate risks of fraud and non-compliance with laws and regulations.
To address the risks of fraud through management bias and override 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;
reading the minutes of meetings of those charged with governance;
enquiring of management as to actual and potential litigation and claims; and
discussions with senior management regarding relevant regulations and reviewing the company’s legal and professional fees.
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 director’s and other management and the inspection of regulatory and legal correspondence.
As part of our audit, we addressed the risk of management override of internal controls, including testing of journals and review of the nominal ledger. We evaluated whether there was evidence of bias by the directors that represented a risk of material misstatement due to fraud.
A further description of our responsibilities is available on the Financial Reporting Council’s website at: https://www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's 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 2006. Our 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 auditor's 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.
The profit and loss account has been prepared on the basis that all operations are continuing operations.
High Street TV (Group) Limited is a private company limited by shares incorporated in England and Wales. The registered office is Central House, Beckwith Knowle, Otley Road, Harrogate, HG3 1UF.
The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.
Other financial assets, including investments in equity instruments which are not subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the transaction price. Such assets are subsequently carried at fair value and the changes in fair value are recognised in profit or loss, except that investments in equity instruments that are not publicly traded and whose fair values cannot be measured reliably are measured at cost less impairment.
Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when the company transfers the financial asset and substantially all the risks and rewards of ownership to another entity, or if some significant risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party.
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.
Basic financial liabilities, including creditors, bank loans and loans from fellow group companies, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.
Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.
Derivatives, including interest rate swaps and forward foreign exchange contracts, are not basic financial instruments. Derivatives are initially recognised at fair value on the date a derivative contract is entered into and are subsequently re-measured at their fair value. Changes in the fair value of derivatives are recognised in profit or loss in finance costs or finance income as appropriate, unless hedge accounting is applied and the hedge is a cash flow hedge.
Financial liabilities are derecognised when the company’s contractual obligations expire or are discharged or cancelled.
Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.
The company uses forward foreign exchange contracts to hedge the foreign exchange risk from highly probable forecast stock purchases in US dollars. They are designated as cash flow hedges with fair value movements recognised directly in other comprehensive income. The amount recognised in other comprehensive income is transferred to the income statement in the same period that the hedged item affects profit or loss.
In the application of the company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.
Key sources of estimation uncertainty
The estimates and assumptions which have a significant risk of causing a material adjustment to the carrying amount of assets and liabilities are as follows.
Stock provisions
The Directors analyse stock turn days to calculate a provision against slow moving stock, considering seasonality or specific circumstances to each product line that may impact on the provision.
Rebates and returns provisions
Provisions for customer rebates and returns have been determined based on agreements in place and the company’s experience to date.
Impairment of investments
The Directors deem the investment held in HSTV Media Limited free from material impairment as it holds the channel licences which are integral to the operations of the group as a whole.
In the opinion of the directors, all sales are derived from the same class of business.
The average monthly number of persons (including directors) employed by the company during the year was:
Their aggregate remuneration comprised:
The Directors' remuneration is borne by another group company.
The actual charge for the year can be reconciled to the expected charge/(credit) for the year based on the profit or loss and the standard rate of tax as follows:
In addition to the amount charged to the profit and loss account, the following amounts relating to tax have been recognised directly in other comprehensive income:
Details of the company's subsidiaries at 30 June 2025 are as follows:
Job Pipe Limited was a subsidiary of the company which was dissolved on 21 January 2025.
Stocks are stated after provisions of £294,000 (2024: £400,000).
Trade debtors are stated after provisions for impairment of £nil (2024: £nil).
Amounts owed by group undertakings are unsecured, interest free and are repayable on demand.
Within other creditors falling due within one year are amounts due to invoice discounters of £3,480,940 (2024: £1,855,577). They are secured by a debenture, fixed charge on debts and a floating charge over the company's assets.
The following are the major deferred tax liabilities and assets recognised by the company and movements thereon:
The charge to the profit or loss arises in relation to movements in accelerated capital allowances and short term timing differences. Deferred tax recognised in other comprehensive income relates to cashflow hedging movements.
The company operates a defined contribution pension scheme for all qualifying employees. The assets of the scheme are held separately from those of the company in an independently administered fund. Contributions amounting to £14,942 (2024: £10,300) were payable to the fund at the year end and are included in creditors, amounts falling due within one year.
The company uses forward foreign currency contracts to hedge the foreign exchange risk from highly probable forecast stock purchases in US dollars. They are designated as cashflow hedges with fair value movements recognised directly in other comprehensive income. The amount recognised in other comprehensive income is transferred to the income statement in the same period that the hedged item affects profit or loss. At 30 June 2025, the outstanding contracts mature within twelve months (2024: twelve months). The company is committed to buy US$13.0 million (2024: US$6.5 million) and pay a fixed sterling amount.
The valuation of all financial derivative assets and liabilities carried at fair value by the company is based on hierarchy Level 2. Fair value hierarchy levels are defined as follows:
Level 1: quoted prices (unadjusted) in active markets for identical assets and liabilities.
Level 2: inputs other than quoted prices included within Level 1 that are observable for the asset or liability, either directly (i.e. as prices) or indirectly (i.e. derived from prices).
Level 3: inputs for the asset or liability that are not based on observable market data (unobservable inputs).
The fair value of forward exchange contracts has been determined based on discounted market forward currency exchange rates at the balance sheet date. The fair value of the forward foreign currency contracts gives rise to a liability of £599,235 (2024: £8,681).
Along with fellow subsidiaries, the company guarantees loan notes issued by its parent companies. The amount guaranteed totals £21.2m.
The company entered into a guarantee dated 27 September 2012 in favour of HMRC for £200,000 in relation to import taxes.
The company entered into a guarantee dated 6th March 2025 with Cynergy Business Finance. The debenture includes a fixed charge over all property, all present and future book debts, intellectual properties, uncalled capital, and investments in subsidiaries. A floating charge applies to all remaining assets, and a negative pledge prevents the creation of competing securities without Cynergy’s consent.
At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, which fall due as follows:
Key management are remunerated through a fellow group company and therefore no disclosure is required within these financial statements.
High Street TV Holdings Limited is the smallest and largest group for which consolidated financial statements are prepared. The company is included in the consolidated financial statements of High Street TV Holdings Limited which are publicly available. Consequently the company has taken advantage of the exemption, under paragraph 33.1A of FRS 102 "Related party disclosures" from disclosing related party transactions with entities that are part of the High Street TV Holdings Limited group. Copies of the financial statements of High Street TV Holdings Limited can be obtained by writing to High Street TV Holdings Limited, Central House, Beckwith Knowle, Otley Road, Harrogate, HG3 1UF.