Corporate Television Networks Limited Filleted accounts for Companies House (small and micro)

CORPORATE TELEVISION NETWORKS LIMITED - Company Information

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COMPANY REGISTRATION NUMBER: 02214359

Corporate Television Networks Limited

Filleted Financial Statements

31 March 2019

Corporate Television Networks Limited

Statement of Financial Position

31 March 2019

	2019		2018
Note	£	£	£

Fixed assets

Tangible assets	7		56,912	64,344

Current assets

Debtors	8	1,197,761	1,700,687
Cash at bank and in hand		816,308	223,485
		-------------	-------------
		2,014,069	1,924,172

Creditors: amounts falling due within one year	9	( 1,649,776)		( 1,717,871)
		-------------		-------------
Net current assets			364,293	206,301
			----------	----------
Total assets less current liabilities			421,205	270,645

Provisions

Taxation including deferred tax	–	35,758
	----------	----------
Net assets	421,205	306,403
	----------	----------

Capital and reserves

Called up share capital	1,000	1,000
Profit and loss account	420,205	305,403
	----------	----------
Shareholders funds	421,205	306,403
	----------	----------

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.

In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

These financial statements were approved by the board of directors and authorised for issue on 23 December 2019 , and are signed on behalf of the board by:

S H W Watson

Director

Company registration number: 02214359

Corporate Television Networks Limited

Notes to the Financial Statements

Year ended 31 March 2019

1. General information

The company is a private company limited by shares, registered in England and Wales. The address of the registered office is 114 St Martin's Lane, London, WC2N 4BE.

2. Statement of compliance

These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.

3. Accounting policies

Basis of preparation

The financial statements have been prepared on the historical cost basis. The financial statements are prepared in sterling, which is the functional currency of the entity.

Judgements and key sources of estimation uncertainty

The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. Accounting estimates and assumptions are made concerning the future and, by their nature, will rarely equal the related actual outcome. There are no key assumptions and other sources of estimation uncertainty that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities.

Revenue recognition

Turnover is measured at the fair value of the consideration received or receivable and represents amounts receivable for services rendered, stated net of discounts and of Value Added Tax. Revenue from a contract of services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied: a) the amount of revenue can be measured reliably; b) it is probable that the company will receive the consideration due under the contract; c) the stage of completion of the contract at the end of the reporting period can be measured reliably; and d) the costs incurred and the costs to complete the contract can be measured reliably.

Taxation

The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.

Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.

Foreign currencies

Foreign currency transactions are initially recorded in the functional currency, by applying the spot exchange rate as at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are translated at the exchange rate ruling at the reporting date, with any gains or losses being taken to the profit and loss account.

Operating leases

Lease payments are recognised as an expense over the lease term on a straight-line basis. The aggregate benefit of lease incentives is recognised as a reduction to expense over the lease term, on a straight-line basis. Lease income is recognised in profit or loss on a straight line basis over the lease term. The aggregate cost of lease incentives are recognised as a reduction to income over the lease term on a straight-line basis. Costs, including depreciation, incurred in earning the lease income are recognised as an expense.

Tangible assets

Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

Depreciation

Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:

Fixtures and fittings	-	Between 3 to 5 years on straight line basis
Equipment	-	Between 3 to 5 years on straight line basis

Financial instruments

The company only enters into basic financial instruments transactions that result in the recognition of a financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in non-puttable ordinary shares. 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 profit or loss. Financial assets and liabilities are offset and the net amount reported in the Balance Sheet when there is an enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Debtors

Basic financial assets, including trade and other debtors, are initially recognised at transaction price, 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. Such assets are subsequently carried at amortised cost using the effective interest method, less any impairment.

Cash and cash equivalents

Cash and cash equivalents are represented by cash in hand, deposits held at call with financial institutions, and other short-term 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.

Creditors

Basic financial liabilities, including trade and other creditors, loans from third parties and loans from related parties, 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. Such instruments are subsequently carried at amortised cost using the effective interest method, less any impairment.

Employee benefits

The company operates a defined contribution scheme for its employees. Contributions payable are charged to the profit and loss account in the year they are payable. It also pays contributions to eligible employee's individual personal pension plans. The pension charge in the profit and loss account includes the amount payable by the company to such plans in respect of the year.

4. Employee numbers

The average number of persons employed by the company during the year amounted to 12 (2018: 18 ).

5. Tax on profit/(loss)

Major components of tax expense/(income)

		Period from
	Year to	1 Jan 17 to
	31 Mar 19	31 Mar 18
	£	£

Current tax:

UK current tax expense	28,112	–
Adjustments in respect of prior periods	–	( 4,368)
	---------	-------
Total current tax	28,112	( 4,368)
	---------	-------

Deferred tax:

Origination and reversal of timing differences	35,758	( 44,356)
	---------	---------
Tax on profit/(loss)	63,870	( 48,724)
	---------	---------

6. Dividends

Dividends paid during the year (excluding those for which a liability existed at the end of the prior year):

	2019	2018
	£	£
Equity dividends on ordinary shares	170,000	35,000
	----------	---------

7. Tangible assets

	Fixtures and fittings	Equipment	Total
	£	£	£
Cost
At 1 April 2018	643,566	866,480	1,510,046
Additions	232	33,440	33,672
	----------	----------	-------------
At 31 March 2019	643,798	899,920	1,543,718
	----------	----------	-------------
Depreciation
At 1 April 2018	632,621	813,081	1,445,702
Charge for the year	7,400	33,704	41,104
	----------	----------	-------------
At 31 March 2019	640,021	846,785	1,486,806
	----------	----------	-------------
Carrying amount
At 31 March 2019	3,777	53,135	56,912
	----------	----------	-------------
At 31 March 2018	10,945	53,399	64,344
	----------	----------	-------------

8. Debtors

	2019	2018
	£	£
Trade debtors	584,847	1,222,125
Prepayments and accrued income	595,769	441,413
Corporation tax repayable	–	4,368
Directors loan account	–	8,635
Other debtors	17,145	24,146
	-------------	-------------
	1,197,761	1,700,687
	-------------	-------------

9. Creditors: amounts falling due within one year

	2019	2018
	£	£
Trade creditors	704,822	615,550
Amounts owed to group undertakings	6,838	6,218
Accruals and deferred income	722,757	806,989
Corporation tax	23,753	–
Social security and other taxes	75,528	243,109
Other creditors	116,078	46,005
	-------------	-------------
	1,649,776	1,717,871
	-------------	-------------

10. Deferred tax

The deferred tax included in the statement of financial position is as follows:

	2019	2018
	£	£
Included in provisions	–	( 35,758)
	----	---------

The deferred tax account consists of the tax effect of timing differences in respect of:

	2019	2018
	£	£
Unused tax losses	–	( 35,758)
	----	---------

11. Operating leases

The total future minimum lease payments under non-cancellable operating leases are as follows:

	2019	2018
	£	£
Not later than 1 year	355,000	355,000
Later than 1 year and not later than 5 years	976,250	1,331,250
	-------------	-------------
	1,331,250	1,686,250
	-------------	-------------

12. Summary audit opinion

The auditor's report for the year dated 23 December 2019 was unqualified.

The senior statutory auditor was Jayantkumar Maganlal Mistry , for and on behalf of MMA Partnership LLP .

13. Directors' advances, credits and guarantees

During the year the directors entered into the following advances and credits with the company:

	2019
	Balance brought forward	Advances/ (credits) to the directors	Amounts repaid	Balance outstanding
	£	£	£	£
S H W Watson	8,635	–	( 8,635)	–
	-------	----	-------	----

	2018
	Balance brought forward	Advances/ (credits) to the directors	Amounts repaid	Balance outstanding
	£	£	£	£
S H W Watson	( 32,913)	52,940	( 11,392)	8,635
	---------	---------	---------	-------

14. Related party transactions

The company has taken advantage of the exemption provided in FRS 102 Section 1A from disclosing transactions with members of the same group that are wholly owned.