On Line Editing Limited - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 02287829 (England and Wales)

Financial Statements

for the Year Ended 31 August 2019

for

ON LINE EDITING LIMITED

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

3

DIRECTORS:

H M Lawson

J Bhakar

REGISTERED OFFICE:

375 City Road

London

EC1V 1NB

REGISTERED NUMBER:

02287829 (England and Wales)

AUDITORS:

Haines Watts Bristol Limited

Chartered Accountants and Statutory Auditors

Bath House

6-8 Bath Street

Bristol

BS1 6HL

FIXED ASSETS

Tangible assets

3

17,993

18,880

CURRENT ASSETS

Stocks

1,518

1,458

Debtors

4

826,986

528,350

Cash at bank

95,923

208,931

924,427

738,739

CREDITORS

Amounts falling due within one year

5

(155,457

)

(118,313

)

NET CURRENT ASSETS

768,970

620,426

TOTAL ASSETS LESS CURRENT LIABILITIES

786,963

639,306

PROVISIONS FOR LIABILITIES

(2,220

)

(2,316

)

NET ASSETS

784,743

636,990

CAPITAL AND RESERVES

Called up share capital

1,000

1,000

Share premium

735

735

Retained earnings

783,008

635,255

SHAREHOLDERS' FUNDS

784,743

636,990

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 and authorised for issue by the Board of Directors on 27 February 2020 and were signed on its behalf by:

J Bhakar - Director

1.	COMPANY INFORMATION

On Line Editing Limited is a private company, limited by shares , registered in England and Wales. The

company's registered number and registered office address can be found on the Company Information page.

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

These financial statements have been prepared in accordance with the provisions of Section 1A "Small

Entities" of Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and

Republic of Ireland" ("FRS 102") and the requirements of the Companies Act 2006.

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 financial statements have been prepared on the historical cost convention. The principal accounting

policies adopted are set out below.

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. Thus the directors

continue to adopt the going concern basis of accounting in preparing the financial statements.

Turnover

Turnover is measured at the fair value of the consideration received or receivable and represents amounts

receivable for goods and services provided in the normal course of business, net of discounts, VAT and other

sales related taxes.

When the outcome of a transaction can be estimated reliably, turnover from projects is recognised by reference

to the stage of completion at the balance sheet date. Stage of completion is measured by reference to the

percentage complete of each project.

Where the outcome cannot be measured reliably, turnover is recognised only to the extent of the expenses

recognised that are recoverable.

Tangible fixed assets

Tangible fixed assets are stated at cost less accumulated depreciation. Cost includes costs directly attributable

to making the asset capable of operating as intended.

Depreciation is provided on all tangible fixed assets, at rates calculated to write off the cost, less estimated

residual value, of each asset on a systematic basis over its expected useful life as follows:

Plant and machinery - 25% on reducing balance

Stocks

Stocks are stated at the lower of cost and net realisable value. Cost comprises direct materials and where

applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their

present location and condition.

Net realisable value is the estimated selling price less all estimated costs of completion and costs to be incurred

in marketing, selling and distribution.

Cash and cash equivalents

Cash and cash equivalents include cash in hand, deposits held at call with banks, other short-term liquid

investments with original maturities of three months or less, and bank overdrafts.

Financial instruments

The company has elected to apply the provisions of Section 11 'Basic Financial Instruments' and Section 12

'Other Financial Instruments Issues' of FRS 102 to all of its financial instruments. Financial instruments are

recognised when the company becomes party to the contractual provisions of the instrument. Financial assets

and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally

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.

Basic financial assets, which include trade and other debtors, amounts due from group undertakings and cash

and bank balances, are initially measured at transaction price including transaction costs and are subsequently

carried at amortised cost. 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.

Basic financial liabilities, including trade and other creditors and amounts due to group undertakings 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.

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method. Financial

liabilities are derecognised when, and only when, the company's contractual obligations are discharged,

cancelled, or they expire.

Taxation

The tax expense represents the sum of the current tax expense and deferred tax expense. Current tax assets are

recognised when tax paid exceeds the tax payable. Current and deferred tax is charged or credited to profit or

loss, except when it relates to items charged or credited to other comprehensive income or equity, when the tax

follows the transaction or event it relates to and is also charged or credited to other comprehensive income, or

equity. Current tax assets and current tax liabilities and deferred tax assets and deferred tax liabilities are

offset, if and only if, there is a legally enforceable right to set off the amounts and the entity intends either to

settle on the net basis or to realise the asset and settle the liability simultaneously.

Current tax is based on taxable profit for the year. Current tax assets and liabilities are measured using tax

rates that have been enacted or substantively enacted by the reporting period.

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

balance sheet date where transactions or events that result in an obligation to pay more tax in the future or a

right to pay less tax in the future have occurred at the balance sheet date. Timing differences between the

company's taxable profits and its results as stated in the financial statements that arise from the inclusion of

gains and losses in tax assessments in periods different from those in which they are recognised in the

financial statements.

Deferred tax is measured at the average tax rates that are expected to apply in the periods in which timing

differences are expected to reverse, based on tax rates and laws that have been enacted or substantively enacted

by the balance sheet date. Deferred tax is measured on a non-discounted basis.

3.	TANGIBLE FIXED ASSETS

Plant and

machinery

£

COST

At 1 September 2018

336,630

Additions

5,242

At 31 August 2019

341,872

DEPRECIATION

At 1 September 2018

317,750

Charge for year

6,129

At 31 August 2019

323,879

NET BOOK VALUE

At 31 August 2019

17,993

At 31 August 2018

18,880

4.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2019

2018

£

£

Trade debtors

193,551

81,862

Amounts owed by group undertakings

585,545

443,587

Other debtors

-

2,135

Tax

45,949

-

Prepayments and accrued income

1,941

766

826,986

528,350

5.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2019

2018

£

£

Payments on account

124,457

82,477

Trade creditors

364

-

Tax

-

18,350

Accruals and deferred income

30,636

17,486

155,457

118,313

6.	SECURED DEBTS

Any bank overdrafts and loans of this company or certain other companies of the Television and Film

Productions Plc group are secured by a composite inter-company guarantee between these group companies,

and a debenture over the assets of these companies. Total borrowing of the group as at 31 August 2019 was

£3,035,958 (2018 - £2,467,743).

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

The Report of the Auditors was unqualified.

Geoffrey Speirs BSc FCA (Senior Statutory Auditor)

for and on behalf of Haines Watts Bristol Limited

8.	CONTINGENT LIABILITIES

The company is registered with HMRC as a member of a group for VAT purposes and, as a result, is jointly

and severally liable on a continuing basis for amounts owing by other members of that group in respect of

unpaid VAT. The total value of VAT owed by the group at the period end was £275,417 (2018 - £243,727).

9.	ULTIMATE PARENT COMPANY

The company's parent company is Television and Film Productions Plc whose registered office is 375, City

Road, London, EC1V 1NB.

10.	EMPLOYEE NUMBERS

A fellow subsidiary, TVF Limited, employs the personnel who are involved in the activities of this company.

TVF Limited makes a charge for the cost of such personnel. Thus this company had no employees during the

year (2018 - nil), apart from the 2 directors (2018 - 2).