Property TV Broadcasting Ltd

(Registration number: 08314162)
Balance Sheet as at 31 December 2017

	Note	2017		2016
		£	£	£	£
Fixed assets
Intangible assets	4		145,162		195,216
Current assets
Debtors	5	147,523		90,000
Cash at bank and in hand		(3,920)		457
		143,603		90,457
Creditors: Amounts falling due within one year	6	(584,721)		(697,491)
Net current liabilities			(441,118)		(607,034)
Net liabilities			(295,956)		(411,818)
Capital and reserves
Called up share capital		1,196		1,196
Share premium reserve		332,442		332,442
Profit and loss account		(629,594)		(745,456)
Total equity			(295,956)		(411,818)

For the financial year ending 31 December 2017 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's responsibilities:

•	The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and
•	The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

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

The notes on pages 3 to 6 form an integral part of these financial statements.

Page 1

Property TV Broadcasting Ltd

(Registration number: 08314162)
Balance Sheet as at 31 December 2017

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime and the option not to file the Profit and Loss Account has been taken.

Approved and authorised by the director on 17 January 2019
 

.........................................

Mr M Hammond

Director

The notes on pages 3 to 6 form an integral part of these financial statements.

Page 2

Property TV Broadcasting Ltd

Notes to the Financial Statements for the Year Ended 31 December 2017

1	General information

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

The address of its registered office is:
71 Shelton Street
Covent Garden
London
WC2H 9JQ

The principal place of business is:
The Studios Unit 3
Eden Business Centre
Ashford
TN23 7RS
United Kingdom

2	Accounting policies

Summary of significant accounting policies and key accounting estimates

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

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.The financial statements have been prepared under the historical cost convention and in accordance with FRS 105 'The Financial Reporting Standard applicable to the Micro-entities Regime'.

Basis of preparation

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

Revenue recognition

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

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

Page 3

Property TV Broadcasting Ltd

Notes to the Financial Statements for the Year Ended 31 December 2017

Goodwill

Goodwill arising on the acquisition of an entity represents the excess of the cost of acquisition over the company’s interest in the net fair value of the identifiable assets, liabilities and contingent liabilities of the entity recognised at the date of acquisition. Goodwill is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is held in the currency of the acquired entity and revalued to the closing rate at each reporting period date. Goodwill is amortised over its useful life, which shall not exceed ten years if a reliable estimate of the useful life cannot be made.

Intangible assets

Separately acquired trademarks and licences are shown at historical cost.

Trademarks, licences (including software) and customer-related intangible assets acquired in a business combination are recognised at fair value at the acquisition date.

Trademarks, licences and customer-related intangible assets have a finite useful life and are carried at cost less accumulated amortisation and any accumulated impairment losses.

Amortisation

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

Asset class	Amortisation method and rate
EPG Slot	7 years
Programme rights	in accordance with the contract
Programme concepts	2 years

Cash and cash equivalents

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

Trade debtors

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

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

Trade creditors

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

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

Page 4

Property TV Broadcasting Ltd

Notes to the Financial Statements for the Year Ended 31 December 2017

Borrowings

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

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

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

Leases

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

Share capital

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

3	Staff numbers

The average number of persons employed by the company (including the director) during the year, was 5 (2016 - 5).

Page 5

Property TV Broadcasting Ltd

Notes to the Financial Statements for the Year Ended 31 December 2017

4	Intangible assets

	Goodwill  £	Trademarks, patents and licenses  £	Internally generated software development costs  £	Total £
Cost or valuation
At 1 January 2017	190,000	15,423	91,635	297,058
At 31 December 2017	190,000	15,423	91,635	297,058
Amortisation
At 1 January 2017	40,714	15,384	45,744	101,842
Amortisation charge	27,143	39	22,872	50,054
At 31 December 2017	67,857	15,423	68,616	151,896
Carrying amount
At 31 December 2017	122,143	-	23,019	145,162
At 31 December 2016	149,286	39	45,891	195,216

5

Debtors

	2017 £	2016 £
Trade debtors	57,523	-
Other debtors	90,000	90,000
	147,523	90,000

6

Creditors

Creditors: amounts falling due within one year

	Note	2017 £	2016 £
Due within one year
Bank loans and overdrafts		261,355	264,838
Trade creditors		89,077	323,781
Taxation and social security		155,498	102,872
Other creditors		78,791	6,000
		584,721	697,491