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30/06/2021
2021-06-30
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No description of principal activities is disclosed
2020-07-01
Sage Accounts Production 2020 Update 1 - FRS102_2019
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2021-06-30
08661148
2021-06-30
08661148
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2019-07-01
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08661148
2020-06-30
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2019-06-30
08661148
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2020-07-01
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08661148
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08661148
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2021-06-30
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2020-07-01
2021-06-30
08661148
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2020-07-01
2021-06-30
08661148
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2021-06-30
08661148
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2021-06-30
08661148
core:RetainedEarningsAccumulatedLosses
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2020-06-30
08661148
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2020-07-01
2021-06-30
08661148
core:WithinOneYear
2021-06-30
08661148
core:WithinOneYear
2020-06-30
08661148
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2021-06-30
08661148
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2021-06-30
08661148
core:ShareCapital
2020-06-30
08661148
core:RetainedEarningsAccumulatedLosses
2021-06-30
08661148
core:RetainedEarningsAccumulatedLosses
2020-06-30
08661148
core:ShareCapital
2019-06-30
08661148
core:RetainedEarningsAccumulatedLosses
2019-06-30
08661148
core:CostValuation
core:Non-currentFinancialInstruments
2021-06-30
08661148
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2021-06-30
08661148
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2020-06-30
08661148
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2020-07-01
2021-06-30
08661148
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2020-07-01
2021-06-30
08661148
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2020-07-01
2021-06-30
08661148
bus:SmallCompaniesRegimeForAccounts
2020-07-01
2021-06-30
08661148
bus:PrivateLimitedCompanyLtd
2020-07-01
2021-06-30
Company registration number:
08661148
HUM Network UK Ltd
Trading as
HUM Network UK LTD
Abridged filleted financial statements
30 June 2021
HUM Network UK Ltd
Contents
Directors and other information
Directors responsibilities statement
Abridged statement of financial position
Statement of changes in equity
Notes to the financial statements
HUM Network UK Ltd
Directors and other information
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Directors
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Mr Duraid Qureshi
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Ms Sultana Siddiqui
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Secretary
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Mr Muhammad Arif
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Company number
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08661148
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Registered office
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38P Alum Rock Road
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Birmingham
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B8 1JA
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Business address
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2 Hamlet Mews
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London
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SE21 8HG
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Auditor
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Meer & Co
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Chartered Accountants and Statutory Auditors
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No1 Cochrane House
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Admirals Way
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Canary Wharf
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London
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E14 9UD
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Accountants
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Ruhaan and Co Accountants
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Suite 38-P
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Alum Rock Road
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Birmingham
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B8 1JA
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HUM Network UK Ltd
Directors responsibilities statement
Year ended 30 June 2021
The directors are responsible for preparing the directors report and the financial statements in accordance with applicable law and regulations.
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 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 judgments and accounting estimates that are reasonable and prudent; 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.
HUM Network UK Ltd
Abridged statement of financial position
30 June 2021
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2021
|
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|
2020
|
|
|
|
|
Note
|
£
|
|
£
|
|
£
|
|
£
|
|
|
|
|
|
|
|
|
|
|
Fixed assets
|
|
|
|
|
|
|
|
|
|
Intangible assets
|
|
5
|
242,875
|
|
|
|
259,250
|
|
|
Tangible assets
|
|
6
|
1,918
|
|
|
|
2,311
|
|
|
Investments
|
|
7
|
3
|
|
|
|
3
|
|
|
|
|
|
_______
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|
|
|
_______
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|
|
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|
244,796
|
|
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|
261,564
|
|
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|
|
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Current assets
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|
|
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|
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Debtors
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1,249,316
|
|
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|
1,872,905
|
|
|
Cash at bank and in hand
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|
|
149,308
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|
213,462
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|
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|
_______
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_______
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1,398,624
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2,086,367
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Creditors: amounts falling due
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within one year
|
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(
2,116,231)
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(
2,446,143)
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|
_______
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_______
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|
Net current liabilities
|
|
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|
|
(
717,607)
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|
|
(
359,776)
|
|
|
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|
|
_______
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|
_______
|
Total assets less current liabilities
|
|
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|
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(
472,811)
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|
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(
98,212)
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Creditors: amounts falling due
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|
|
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|
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after more than one year
|
|
8
|
|
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(
47,500)
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|
|
|
-
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|
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|
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|
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|
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|
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Provisions for liabilities
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(
50,000)
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|
-
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|
|
|
|
|
|
|
|
|
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_______
|
|
|
|
_______
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Net liabilities
|
|
|
|
|
(
570,311)
|
|
|
|
(
98,212)
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|
|
|
|
|
_______
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_______
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Capital and reserves
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|
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|
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Called up share capital
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|
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553,677
|
|
|
|
553,677
|
Profit and loss account
|
|
|
|
|
(
1,123,988)
|
|
|
|
(
651,889)
|
|
|
|
|
|
_______
|
|
|
|
_______
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Shareholders deficit
|
|
|
|
|
(
570,311)
|
|
|
|
(
98,212)
|
|
|
|
|
|
_______
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|
|
|
_______
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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 Section 1A of 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 abridged statement of comprehensive income has not been delivered.
All of the members have consented to the preparation of the abridged statement of comprehensive income and the abridged statement of financial position for the current year ending 30 June 2021 in accordance with Section 444(2A) of the Companies Act 2006.
These financial statements were approved by the
board of directors
and authorised for issue on
15 October 2021
, and are signed on behalf of the board by:
Mr Duraid Qureshi
Director
Company registration number:
08661148
HUM Network UK Ltd
Statement of changes in equity
Year ended 30 June 2021
|
|
Called up share capital
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Profit and loss account
|
Total
|
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|
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|
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£
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£
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£
|
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|
|
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|
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|
|
|
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|
|
|
|
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|
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|
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At 1 July 2019
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|
553,677
|
|
(
410,814)
|
142,863
|
|
|
|
|
|
|
|
|
|
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|
|
|
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Loss for the year
|
|
|
|
(
241,075)
|
(
241,075)
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|
|
|
|
|
|
|
_______
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_______
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_______
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Total comprehensive income for the year
|
|
-
|
|
(
241,075)
|
(
241,075)
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_______
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_______
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_______
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At 30 June 2020 and 1 July 2020
|
|
553,677
|
|
(
651,889)
|
(
98,212)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Loss for the year
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|
|
|
(
472,099)
|
(
472,099)
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|
|
|
|
|
|
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_______
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|
_______
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_______
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|
|
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|
Total comprehensive income for the year
|
|
-
|
|
(
472,099)
|
(
472,099)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
_______
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|
_______
|
_______
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|
|
|
|
|
At 30 June 2021
|
|
553,677
|
|
(
1,123,988)
|
(
570,311)
|
|
|
|
|
|
|
|
_______
|
|
_______
|
_______
|
|
|
|
|
|
|
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|
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|
|
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HUM Network UK Ltd
Notes to the financial statements
Year ended 30 June 2021
1.
General information
The company is a private company limited by shares, registered in United Kingdom. The address of the registered office is HUM Network UK LTD, 38P Alum Rock Road, Birmingham, B8 1JA.
2.
Statement of compliance
These financial statements have been prepared in compliance with the provisions of FRS 102, Section 1A, 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'. The Triennial review 2017 amendments to the standard have been early adopted.
3.
Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Going concern
The directors are of the opinion that the company is a going concern because of the continued longterm support from the parent company and benefits to be realised from cost savings and efficiency measures.
Consolidation
The company has taken advantage of the option not to prepare consolidated financial statements contained in Section 398 of the Companies Act 2006 on the basis that the company and its subsidiary undertakings comprise a small group.
Revenue
The company owns television channels broadcasting news and entertainment programmes to the Asian community in the UK and Europe. Revenue from advertisement is recognised when the related advertisement or commercial appears before the public i.e. telecast and is measured at fair value of the consideration received for services rendered net of discounts and Value Added Tax.
Revenue from the rendering of services is measured by reference to the stage of completion of the service transaction at the end of the reporting period provided that the outcome can be reliably estimated. When the outcome cannot be reliably estimated, revenue is recognised only to the extent that expenses recognised are recoverable.
Taxation
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in the statement of comprehensive income, except to the extent that it relates to items recognised in other comprehensive income or directly in capital and reserves. In this case, tax is recognised in other comprehensive income or directly in capital and reserves, 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 profit or loss.
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.
Intangible assets
Intangible assets are initially recorded at cost, and are subsequently stated at cost less any accumulated amortisation and impairment losses. Any intangible assets carried at a revalued amount, are recorded at the fair value at the date of revaluation, as determined by reference to an active market, less any subsequent accumulated amortisation and subsequent accumulated impairment losses. Intangible assets acquired as part of a business combination are only recognised separately from goodwill when they arise from contractual or other legal rights, are separable, the expected future economic benefits are probable and the cost or value can be measured reliably.
Amortisation
Amortisation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful life of that asset as follows:
|
|
|
|
Broadcasting channels |
- |
5 % |
straight line
|
|
|
|
|
If there is an indication that there has been a significant change in amortisation rate, useful life or residual value of an intangible asset, the amortisation is revised prospectively to reflect the new estimates.
Tangible assets
tangible assets are initially recorded at cost, and are 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. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in capital and reserves, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in capital and reserves in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in capital and reserves in respect of that asset, the excess shall be recognised in profit or loss.
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:
|
|
|
|
|
|
Fittings fixtures and equipment
|
-
|
20 %
|
reducing balance
|
|
|
|
|
|
If there is an indication that there has been a significant change in depreciation rate, useful life or residual value of tangible assets, the depreciation is revised prospectively to reflect the new estimates.
Fixed asset investments
Investments in subsidiaries are held at cost less any accumulated impairment losses. Investments are measured at fair value, with changes in fair value being recognised in profit or loss.
Impairment
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. When it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that are largely independent of the cash inflows from other assets or groups of assets. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the company are assigned to those units.
Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event; it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised in finance costs in profit or loss in the period it arises.
Financial instruments
A financial asset or a financial liability is recognised only when the company becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Debt instruments are subsequently measured at amortised cost. Where investments in non-convertible preference shares and non-puttable ordinary shares or preference shares are publicly traded or their fair value can otherwise be measured reliably, the investment is subsequently measured at fair value with changes in fair value recognised in profit or loss. All other such investments are subsequently measured at cost less impairment. Other financial instruments, including derivatives, are initially recognised at fair value, unless payment for an asset is deferred beyond normal business terms or financed at a rate of interest that is not a market rate, in which case the asset is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Other financial instruments are subsequently measured at fair value, with any changes recognised in profit or loss, with the exception of hedging instruments in a designated hedging relationship.
Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately. For all equity instruments regardless of significance, and other financial assets that are individually significant, these are assessed individually for impairment. Other financial assets or either assessed individually or grouped on the basis of similar credit risk characteristics. Any reversals of impairment are recognised in profit or loss immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised.
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.
4.
Employee numbers
The average number of persons employed by the company during the year amounted to
1
(2020:
1
).
5.
Intangible assets
|
|
|
|
|
|
|
|
|
|
£
|
|
|
|
|
|
|
Cost
|
|
|
|
|
|
|
|
At 1 July 2020 and 30 June 2021
|
327,500
|
|
|
|
|
|
|
|
_______
|
|
|
|
|
|
|
Amortisation
|
|
|
|
|
|
|
|
At 1 July 2020
|
68,250
|
|
|
|
|
|
|
Charge for the year
|
16,375
|
|
|
|
|
|
|
|
_______
|
|
|
|
|
|
|
At 30 June 2021
|
84,625
|
|
|
|
|
|
|
|
_______
|
|
|
|
|
|
|
Carrying amount
|
|
|
|
|
|
|
|
At 30 June 2021
|
242,875
|
|
|
|
|
|
|
|
_______
|
|
|
|
|
|
|
At 30 June 2020
|
259,250
|
|
|
|
|
|
|
|
_______
|
|
|
|
|
|
|
|
|
|
|
|
|
|
6.
Tangible assets
|
|
|
|
|
|
|
|
|
|
|
£
|
|
|
|
|
|
|
|
Cost
|
|
|
|
|
|
|
|
|
At 1 July 2020
|
4,663
|
|
|
|
|
|
|
|
Additions
|
86
|
|
|
|
|
|
|
|
|
_______
|
|
|
|
|
|
|
|
At 30 June 2021
|
4,749
|
|
|
|
|
|
|
|
|
_______
|
|
|
|
|
|
|
|
Depreciation
|
|
|
|
|
|
|
|
|
At 1 July 2020
|
2,352
|
|
|
|
|
|
|
|
Charge for the year
|
479
|
|
|
|
|
|
|
|
|
_______
|
|
|
|
|
|
|
|
At 30 June 2021
|
2,831
|
|
|
|
|
|
|
|
|
_______
|
|
|
|
|
|
|
|
Carrying amount
|
|
|
|
|
|
|
|
|
At 30 June 2021
|
1,918
|
|
|
|
|
|
|
|
|
_______
|
|
|
|
|
|
|
|
At 30 June 2020
|
2,311
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|
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_______
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7.
Investments
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£
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|
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Cost
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|
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At 1 July 2020 and 30 June 2021
|
3
|
|
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|
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|
_______
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Impairment
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|
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At 1 July 2020 and 30 June 2021
|
-
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_______
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Carrying amount
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|
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|
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At 30 June 2021
|
3
|
|
|
|
|
|
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|
_______
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|
|
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At 30 June 2020
|
3
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_______
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The company owns 100% of the equity share capital of each of the following companies; Hum News Limited, Hum Masala Television Limited, Hum Sitaray Limited.
8.
Creditors: amounts falling due after more than one year
The six year Government backed monthly repayment loan was taken on 26th March 2021, carrying 2. 5% fixed interest rate for the duration of the loan. No repayment of capital during the first year and the UK Government will pay interest due during the first year to the bank..
9.
Summary audit opinion
The auditor's report for the year dated
15 October 2021
was unqualified.
The senior statutory auditor was
Haroon Rafique
for and on behalf of
Meer & Co
10.
Controlling party
The ultimate controlling party and also the parent company is HUM Network Limited. Copies of consolidated financial statements can be obtained from Hum TV, Plot No. 10/11, Hassan Ali Street, Off. I.I Chundrigar Road, Karachi -74000, Pakistan.
11.
Going Concern
The directors are of the opinion that the company is going concern because of the continued long term support from the parent company and benefits to be realised from cost savings and efficiency measures. The company incurred a net loss of £472,099 during the year ended 30 June 2021 and, as of that date, the company's current liabilities exceeded its total assets by £472,811.
12.
Provisions contingencies
The Company has included within the financial statements a provision for a legal claim of £50, 000.