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REGISTERED NUMBER:
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UNAUDITED FINANCIAL STATEMENTS |
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FOR THE YEAR ENDED 31 DECEMBER 2018 |
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UPFRONT TELEVISION LIMITED |
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REGISTERED NUMBER:
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UNAUDITED FINANCIAL STATEMENTS |
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FOR THE YEAR ENDED 31 DECEMBER 2018 |
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FOR |
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UPFRONT TELEVISION LIMITED |
UPFRONT TELEVISION LIMITED (REGISTERED NUMBER: 02660496) |
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CONTENTS OF THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 DECEMBER 2018 |
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Company Information | 1 |
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Statement of Financial Position | 2 |
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Notes to the Financial Statements | 4 |
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UPFRONT TELEVISION LIMITED |
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COMPANY INFORMATION |
FOR THE YEAR ENDED 31 DECEMBER 2018 |
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DIRECTORS: |
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SECRETARY: |
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REGISTERED OFFICE: |
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BUSINESS ADDRESS: |
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REGISTERED NUMBER: |
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ACCOUNTANTS: |
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Chartered Accountants |
89 King Street |
Maidstone |
Kent |
ME14 1BG |
UPFRONT TELEVISION LIMITED (REGISTERED NUMBER: 02660496) |
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STATEMENT OF FINANCIAL POSITION |
31 DECEMBER 2018 |
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31.12.18 | 31.12.17 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Tangible assets | 5 |
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Investments | 6 |
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CURRENT ASSETS |
Debtors | 7 |
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Cash at bank |
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CREDITORS |
Amounts falling due within one year | 8 |
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NET CURRENT ASSETS |
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TOTAL ASSETS LESS CURRENT
LIABILITIES |
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PROVISIONS FOR LIABILITIES |
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NET ASSETS |
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CAPITAL AND RESERVES |
Called up share capital | 9 |
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Retained earnings |
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SHAREHOLDERS' FUNDS |
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The directors acknowledge their responsibilities for: |
(a) |
ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies
Act 2006 and |
(b) |
preparing financial statements which give a true and fair view of the state of affairs of the company as at the end
of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company. |
UPFRONT TELEVISION LIMITED (REGISTERED NUMBER: 02660496) |
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STATEMENT OF FINANCIAL POSITION - continued |
31 DECEMBER 2018 |
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In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered. |
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The financial statements were approved by the Board of Directors on
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UPFRONT TELEVISION LIMITED (REGISTERED NUMBER: 02660496) |
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NOTES TO THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 DECEMBER 2018 |
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1. | STATUTORY INFORMATION |
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Upfront Television Limited is a
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company's registered number and registered office address can be found on the Company Information page. |
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The presentation currency of the financial statements is the Pound Sterling (£). |
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2. | STATEMENT OF COMPLIANCE |
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3. | ACCOUNTING POLICIES |
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Basis of preparing the financial statements |
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Significant judgements and estimates |
In the application of the company's accounting policies, management is required to make judgements, estimates |
and assumptions about the carrying value of assets and liabilities that are not readily apparent from other |
sources. The estimates and underlying assumptions are based on historical experience and other factors that |
are considered 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 |
to which the estimate is revised if the revision affects only that period or in the period of the revision and future |
periods if the revision affects both current and future periods. The key sources of estimation uncertainty that |
have a significant effect on the amounts recognised in the financial statements are the depreciation charges that |
are calculated with reference to the useful economic life of fixed assets. |
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Turnover |
Turnover represents net invoiced sales of services, excluding value added tax. |
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Tangible fixed assets |
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Office equipment | - |
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Computer equipment | - |
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Investments in subsidiaries |
Investments in subsidiary undertakings are recognised at cost. |
UPFRONT TELEVISION LIMITED (REGISTERED NUMBER: 02660496) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 DECEMBER 2018 |
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3. | ACCOUNTING POLICIES - continued |
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Financial instruments |
The company enters into basic financial instruments that result in the recognition of financial assets and |
liabilities like trade and other accounts receivable and payable, loans from banks and other third parties and |
loans to related parties. |
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a) Trade and other debtors |
Trade and other debtors are initially recognised at fair value and thereafter stated at amortised cost using the |
effective interest method, less impairment losses for bad and doubtful debts except where the effect of |
discounting would be immaterial. In such cases, the receivables are stated at cost less impairment losses for |
bad and doubtful debts. |
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b) Cash and cash equivalents |
Cash and cash equivalents comprise cash at bank and on hand. |
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c) Impairment of financial assets |
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. |
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For financial assets measured at amortised cost, the impairment loss is measured as the difference between an |
asset's carrying amount and the present value of estimated cash flows discounted at the asset's original |
effective interest rate. If a financial asset has a variable interest rate, the discount rate for measuring any |
impairment loss is the current effective interest rate determined under the contract. |
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For financial assets measured at cost less impairment, the impairment loss is measured as the difference |
between an asset's carrying amount and the best estimate, which is an approximation, of the amount that the |
company would receive for the asset if it were to be sold at the reporting date. |
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d) Trade and other creditors |
Debt instruments like loans and other accounts receivable and payable are initially measured at present value of |
the future payments and subsequently at amortised cost using the effective interest method. Debt instruments |
that are payable or receivable within one year, typically trade payables or receivables, are measured, initially |
and subsequently, at the undiscounted amount of the cash or other consideration expected to be paid or |
received. However, if the arrangements of a short-term instrument constitute a financing transaction, like the |
payment of a trade debt deferred beyond normal business terms or financed at a rate of interest that is not a |
market rate or in case of an outright short-term loan not at market rate, the financial asset or liability is |
measured, initially and subsequently, at the present value of the future payments discounted at a market rate of |
interest for a similar debt instrument. |
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Financial assets and liabilities are offset and the net amount reported in the statement of financial position 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. |
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UPFRONT TELEVISION LIMITED (REGISTERED NUMBER: 02660496) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 DECEMBER 2018 |
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3. | ACCOUNTING POLICIES - continued |
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. |
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Current or deferred taxation assets and liabilities are not discounted. |
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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 statement of financial position date. |
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Deferred tax |
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the |
statement of financial position date. |
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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. |
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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. |
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Foreign currencies |
Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the |
statement of financial position 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. |
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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 profit or loss in the period to which they relate. |
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Impairment of non-financial assets |
At each reporting date non-financial assets not carried at fair value, like plant and equipment, are reviewed to |
determine whether there is an indication that an asset may be impaired. If there is an indication of possible |
impairment, the recoverable amount of any asset or group of related assets, which is the higher of value in use |
and the fair value less cost to sell, is estimated and compared with its carrying amount. If the recoverable |
amount is lower, the carrying amount of the asset is reduced to its recoverable amount and an impairment loss |
is recognised immediately in profit and loss. |
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Inventories are also assessed for impairment at each reporting date. Each item of inventory is compared to the |
last sold date and an impairment loss recognised on a percentage basis in profit and loss. |
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If an impairment loss is subsequently reversed, the carrying amount of the asset or group of related assets is |
increased to the revised estimate of its recoverable amount, but not to exceed the amount that would have been |
determined had no impairment loss been recognised for the asset or group of related assets in prior periods. A |
reversal of an impairment loss is recognised immediately in profit and loss. |
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4. | EMPLOYEES AND DIRECTORS |
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The average number of employees during the year was
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UPFRONT TELEVISION LIMITED (REGISTERED NUMBER: 02660496) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 DECEMBER 2018 |
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5. | TANGIBLE FIXED ASSETS |
Office | Computer |
equipment | equipment | Totals |
£ | £ | £ |
COST |
At 1 January 2018 |
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Additions |
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At 31 December 2018 |
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DEPRECIATION |
At 1 January 2018 |
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Charge for year |
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At 31 December 2018 |
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NET BOOK VALUE |
At 31 December 2018 |
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At 31 December 2017 |
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6. | FIXED ASSET INVESTMENTS |
Shares in |
group |
undertakings |
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COST |
At 1 January 2018 |
and 31 December 2018 |
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NET BOOK VALUE |
At 31 December 2018 |
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At 31 December 2017 |
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7. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
31.12.18 | 31.12.17 |
£ | £ |
Trade debtors |
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Amounts owed by associates |
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Other debtors |
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Prepayments |
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UPFRONT TELEVISION LIMITED (REGISTERED NUMBER: 02660496) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 DECEMBER 2018 |
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8. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
31.12.18 | 31.12.17 |
£ | £ |
Trade creditors |
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Other taxes and PAYE taxes |
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VAT | 3,079 | - |
Accrued expenses | 1,460 | 1,700 |
Directors' Current Accounts | 63 | 699 |
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9. | CALLED UP SHARE CAPITAL |
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Allotted, issued and fully paid: |
Number: | Class: | Nominal | 31.12.18 | 31.12.17 |
value: | £ | £ |
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Ordinary | £1 | 100 | 100 |