Company Registration No. 09509865 (England and Wales)
HIGH STREET TV BIDCO LIMITED
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 30 JUNE 2020
HIGH STREET TV BIDCO LIMITED
COMPANY INFORMATION
Directors
G Wilson
S Smith
(Appointed 30 September 2019)
A E Malcher
J E Coleman
Company number
09509865
Registered office
Central House
Beckwith Knowle
Otley Road
Harrogate
HG3 1UF
Auditor
BHP LLP
2 Rutland Park
Sheffield
S10 2PD
HIGH STREET TV BIDCO LIMITED
CONTENTS
Page
Strategic report
1
Directors' report
2 - 3
Independent auditor's report
4 - 5
Statement of comprehensive income
6
Balance sheet
7
Statement of changes in equity
8
Notes to the financial statements
9 - 17
HIGH STREET TV BIDCO LIMITED
STRATEGIC REPORT
FOR THE PERIOD ENDED 30 JUNE 2020
- 1 -
The directors present the strategic report for the period ended 30 June 2020.
Fair review of the business
During the year, the company was a wholly owned subsidiary of High Street TV Holdings Limited and a review of the group's business during the period, its future outlook and its financial position as at 30 June 2020 is given on pages 1 and 2 of the Annual report and consolidated financial statements of that company.
Results for the period
The company incurred a loss of £1,887,161 for the 18 month period (2018: loss of £661,649) resulting in net assets at 30 June 2020 being £3,636,964 (2018: £5,524,125).
Key performance indicators
The directors of High Street TV Holdings Limited manage the company's risks and those of its fellow subsidiaries, including High street TV Bidco Limited at group level. For this reason, the company's directors do not believe that a discussion of the principal risks facing the company or the KPIs used to analyse its performance is appropriate for an understanding of its development, performance or financial position. The KPIs used by the group and the principal business risks it faces, are discussed on pages 1 and 2 of High Street TV Holdings Limited's Annual report, which does not form part of this report.
S Smith
Director
23 December 2020
HIGH STREET TV BIDCO LIMITED
DIRECTORS' REPORT
FOR THE PERIOD ENDED 30 JUNE 2020
- 2 -
The directors present their annual report and financial statements for the period ended 30 June 2020.
Principal activities
The principal activity of the company continued to be that of a management services company, which has investments in its wholly owned subsidiary, High Street TV (Group) Limited.
Results and dividends
The results for the period are set out on page 6.
No ordinary dividends were paid. The directors do not recommend payment of a final dividend.
Directors
The directors who held office during the period and up to the date of signature of the financial statements were as follows:
N S Yewdall
(Resigned 30 September 2019)
G Wilson
S Smith
(Appointed 30 September 2019)
A E Malcher
J E Coleman
Auditor
BHP LLP were appointed as auditor to the company and in accordance with section 487(2) of the Companies Act 2006, are deemed to be reappointed.
Statement of directors' responsibilities
The directors are responsible for preparing the annual 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 of 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 judgements and accounting estimates that are reasonable and prudent;
-
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.
Statement of disclosure to auditor
So far as each person who was a director at the date of approving this report is aware, there is no relevant audit information of which the company’s auditor is unaware. Additionally, the directors individually have taken all the necessary steps that they ought to have taken as directors in order to make themselves aware of all relevant audit information and to establish that the company’s auditor is aware of that information.
HIGH STREET TV BIDCO LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE PERIOD ENDED 30 JUNE 2020
- 3 -
On behalf of the board
S Smith
Director
23 December 2020
HIGH STREET TV BIDCO LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF HIGH STREET TV BIDCO LIMITED
- 4 -
Opinion
We have audited the financial statements of High Street TV Bidco Limited (the 'company') for the period ended 30 June 2020 which comprise the statement of comprehensive income, the balance sheet, the statement of changes in equity and notes to the financial statements, including a summary of significant accounting policies.
The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including FRS 102
The Financial Reporting Standard applicable in the UK and Republic of Ireland
(United Kingdom Generally Accepted Accounting Practice).
In our opinion the financial statements:
-
give a true and fair view of the state of the company's affairs as at 30 June 2020 and of its loss for the period then ended;
-
have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
-
have been prepared in accordance with the requirements of the Companies Act 2006.
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the
Auditor's
responsibilities for the audit of the financial statements
section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard
, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
Conclusions relating to going concern
We have nothing to report in respect of the following matters in relation to which the ISAs (UK) require us to report to you where:
-
the directors' use of the going concern basis of accounting in the preparation of the financial statements is not appropriate; or
-
the directors have not disclosed in the financial statements any identified material uncertainties that may cast significant doubt about the company’s ability to continue to adopt the going concern basis of accounting for a period of at least twelve months from the date when the financial statements are authorised for issue
.
The other information comprises the information included in the annual report other than the financial statements and our auditor's report thereon. The directors are responsible for the other information. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.
In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether there is a material misstatement in the financial statements or a material misstatement of the other information. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.
We have nothing to report in this regard.
Opinions on other matters prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of our audit
:
-
the information given in the strategic report and the directors' r
eport for the financial period for which the financial statements are prepared is consistent with the financial statements
; and
-
the strategic report and the directors' report have been prepared in accordance with applicable legal requirements.
HIGH STREET TV BIDCO LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF HIGH STREET TV BIDCO LIMITED
- 5 -
Matters on which we are required to report by exception
In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identifie
d
material misstatements in the strategic report and the directors'
r
eport
.
We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion:
-
adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or
-
the financial statements are not in agreement with the accounting records and returns; or
-
certain disclosures of directors' remuneration specified by law are not made; or
-
we have not received all the information and explanations we require for our audit.
Responsibilities of directors
As explained more fully in the directors'
r
esponsibilities
s
tatement, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.
In preparing the financial statements, the directors are responsible for assessing the company
'
s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the company or to cease operations, or have no realistic alternative but to do so.
Auditor's responsibilities for the audit of the financial statements
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.
A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council’s website at: https://www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report.
This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in an auditor's report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members, as a body, for our audit work, for this report, or for the opinions we have formed.
Lisa Leighton (Senior Statutory Auditor)
For and on behalf of BHP LLP
23 December 2020
Chartered Accountants
Statutory Auditor
2 Rutland Park
Sheffield
S10 2PD
HIGH STREET TV BIDCO LIMITED
STATEMENT OF COMPREHENSIVE INCOME
FOR THE PERIOD ENDED 30 JUNE 2020
- 6 -
Period
Year
ended
ended
30 June
31 December
2020
2018
Notes
£
£
Turnover
3
2,177,678
1,981,216
Administrative expenses
(2,130,978)
(1,932,893)
Operating profit
46,700
48,323
Interest receivable and similar income
6
500,000
Interest payable and similar expenses
7
(1,824,222)
(1,217,260)
Loss before taxation
(1,777,522)
(668,937)
Tax on loss
8
(109,639)
7,288
Loss for the financial period
(1,887,161)
(661,649)
The profit and loss account has been prepared on the basis that all operations are continuing operations.
HIGH STREET TV BIDCO LIMITED
BALANCE SHEET
AS AT
30 JUNE 2020
30 June 2020
- 7 -
2020
2018
Notes
£
£
£
£
Fixed assets
Investments
10
25,138,856
25,138,856
Current assets
Debtors
12
8,103
117,749
Creditors: amounts falling due within one year
13
(6,294,252)
(4,516,737)
Net current liabilities
(6,286,149)
(4,398,988)
Total assets less current liabilities
18,852,707
20,739,868
Creditors: amounts falling due after more than one year
14
(15,215,743)
(15,215,743)
Net assets
3,636,964
5,524,125
Capital and reserves
Called up share capital
18
3,836,981
3,836,981
Profit and loss reserves
(200,017)
1,687,144
Total equity
3,636,964
5,524,125
The financial statements were approved by the board of directors and authorised for issue on 23 December 2020 and are signed on its behalf by:
S Smith
Director
Company Registration No. 09509865
HIGH STREET TV BIDCO LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE PERIOD ENDED 30 JUNE 2020
- 8 -
Share capital
Profit and loss reserves
Total
Notes
£
£
£
Balance at 1 January 2018
3,836,981
2,848,793
6,685,774
Year ended 31 December 2018:
Loss and total comprehensive income for the year
-
(661,649)
(661,649)
Dividends
9
-
(500,000)
(500,000)
Balance at 31 December 2018
3,836,981
1,687,144
5,524,125
Period ended 30 June 2020:
Loss and total comprehensive income for the period
-
(1,887,161)
(1,887,161)
Balance at 30 June 2020
3,836,981
(200,017)
3,636,964
HIGH STREET TV BIDCO LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 30 JUNE 2020
- 9 -
1
Accounting policies
Company information
High Street TV Bidco Limited is a
private
company
limited by shares
incorporated in England and Wales.
The registered office is
Central House, Beckwith Knowle, Otley Road, Harrogate, HG3 1UF.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 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 a
mounts
in these financial statements are
rounded to the nearest £.
The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
The company has taken advantage of the exemption under section 400 of the
Companies Act 2006 not to prepare consolidated accounts. The financial statements present information about the company as an individual entity and not about its group
.
High Street TV Bidco Limited is a wholly owned subsidiary of High Street TV Holdings Limited and the results of High Street TV Bidco Limited are included in the consolidated financial statements of High Street TV Holdings Limited which are available from Central House, Beckwith Knowle, Otley Road, Harrogate, HG3 1UF.
The company has taken advantage of the exemption from the requirement to produce a cash flow statement on the grounds that it is a subsidiary undertaking where 90 percent or more of the voting rights are controlled within the group.
1.2
Going concern
A
true
t the time of approving the financial statements
,
t
he directors have a reasonable expectation that the
company
has adequate resources to continue in operational existence for the foreseeable future.
The directors have confirmed that the company will continue to receive support from it's parent company so that it can meet its obligations as they fall due.
Thus
t
he directors continue to adopt the going concern basis of accounting in preparing the financial statements.
1.3
Reporting period
These financial statements represent an 18 month period to 30 June 2020. The comparative figures represent a 12 month period to 31 December 2018. Following the disruption from the Covid 19 pandemic the directors took the decision to extend the year end.
1.4
Turnover
Turnover
represents management fees receivable from the company's wholly owned subsidiary, High Street TV (Group) Limited.
1.5
Fixed asset investments
Interests in subsidiaries
are initially measured at cost and subsequently measured at cost less any accumulated impairment losses.
The investments are assessed for impairment at each reporting date
and
any
impairment
losses or reversals of impairment losses are recognised immediately in profit or loss.
A subsidiary is an entity controlled by the company
. Control is
the power to govern the financial and operating policies of
the
entity so as to obtain benefits from its activities.
HIGH STREET TV BIDCO LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 30 JUNE 2020
1
Accounting policies
(Continued)
- 10 -
1.6
Cash and cash equivalents
Cash and cash equivalents
are basic financial assets
and
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. Bank overdrafts are shown within borrowings in current liabilities.
1.7
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 in the company's balance sheet 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.
Other financial assets
Other financial assets, including investments in equity instruments which are not subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the transaction price. Such assets are subsequently carried at fair value and the changes in fair value are recognised in profit or loss, except that investments in equity instruments that are not publicly traded and whose fair values cannot be measured reliably are measured at cost less impairment.
Impairment of financial assets
Financial assets, other than those
held
at
fair value through profit and loss
, are assessed for indicators of impairment at each reporting end date.
Financial assets are impaired where there is objective evidence that, as a result of one or more events that occurred after the initial recognition of the financial asset, the estimated future cash flows have been affected.
If an asset is impaired, the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss is recognised in profit or loss.
If there is a decrease in the impairment loss arising from an event occurring after the impairment was recognised, the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been, had the impairment not previously been recognised. The impairment reversal is recognised in profit or loss.
Derecognition of financial assets
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
Basic financial liabilities, including loans from
fellow group companies 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
paymen
ts discounted at a market rate of interest.
Financial liabilities classified as payable within one year are not amortised.
HIGH STREET TV BIDCO LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 30 JUNE 2020
1
Accounting policies
(Continued)
- 11 -
Derecognition of financial liabilities
Financial liabilities are derecognised when the company’s contractual obligations
expire or are discharged or cancelled.
1.8
Equity instruments
Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.
1.9
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The
company’s
liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
Deferred tax
Deferred tax liabilities are generally recognised for all timing differences and 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. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.
The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the
company
has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.
1.10
Employee benefits
The costs of short-term employee benefits are recognised as a liability and an expense
.
1.11
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
1.12
Foreign exchange
Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation
in the period
are included in profit or loss.
HIGH STREET TV BIDCO LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 30 JUNE 2020
- 12 -
2
Judgements and key sources of estimation uncertainty
In the application of the company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be 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 in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.
3
Turnover and other revenue
In the opinion of the directors, all turnover is derived from the same class of business and is all generated within the United Kingdom.
2020
2018
£
£
Other significant revenue
Dividends received
-
500,000
4
Employees
The average monthly number of persons (including directors) employed by the company during the period was:
2020
2018
Number
Number
Management
10
8
Their aggregate remuneration comprised:
2020
2018
£
£
Wages and salaries
1,728,926
1,581,091
Social security costs
201,884
208,377
Pension costs
52,825
34,072
1,983,635
1,823,540
HIGH STREET TV BIDCO LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 30 JUNE 2020
- 13 -
5
Directors' remuneration
2020
2018
£
£
Remuneration for qualifying services
857,277
954,786
Company pension contributions to defined contribution schemes
30,641
887,918
954,786
The number of directors for whom retirement benefits are accruing under defined contribution schemes amounted to 3 (2018 - 2).
Remuneration disclosed above include the following amounts paid to the highest paid director:
2020
2018
£
£
Remuneration for qualifying services
359,416
380,535
Company pension contributions to defined contribution schemes
14,937
-
6
Interest receivable and similar income
2020
2018
£
£
Income from fixed asset investments
Income from shares in group undertakings
500,000
7
Interest payable and similar expenses
2020
2018
£
£
Interest on financial liabilities measured at amortised cost:
Interest payable on loan notes
1,824,222
1,217,260
8
Taxation
2020
2018
£
£
Deferred tax
Origination and reversal of timing differences
109,639
(7,288)
HIGH STREET TV BIDCO LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 30 JUNE 2020
8
Taxation
(Continued)
- 14 -
The actual charge/(credit) for the period can be reconciled to the expected credit for the period based on the profit or loss and the standard rate of tax as follows:
2020
2018
£
£
Loss before taxation
(1,777,522)
(668,937)
Expected tax credit based on the standard rate of corporation tax in the UK of 19.00% (2018: 19.00%)
(337,729)
(127,098)
Tax effect of expenses that are not deductible in determining taxable profit
135,562
93,043
Tax effect of income not taxable in determining taxable profit
(95,000)
Change in unrecognised deferred tax assets
311,806
Effect of change in corporation tax rate
(1,266)
Group relief
141,081
Deferred tax adjustments in respect of prior years
(18,048)
Taxation charge/(credit) for the period
109,639
(7,288)
9
Dividends
2020
2018
£
£
Final paid
500,000
10
Fixed asset investments
2020
2018
Notes
£
£
Investments in subsidiaries
11
25,138,856
25,138,856
Movements in fixed asset investments
Shares in group undertakings
£
Cost or valuation
At 1 January 2019 & 30 June 2020
25,138,856
Carrying amount
At 30 June 2020
25,138,856
At 31 December 2018
25,138,856
HIGH STREET TV BIDCO LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 30 JUNE 2020
- 15 -
11
Subsidiaries
Details of the company's subsidiaries at 30 June 2020 are as follows:
Name of undertaking
Registered office
Class of
% Held
shares held
Direct
Indirect
High Street TV (Group) Limited
Central House, Beckwith Knowle, Otley Road, HG3 1UF
Ordinary
100.00
-
New Image TV (International) Limited
As above
Ordinary
0
100.00
New Image TV (US) Limited
As above
Ordinary
0
100.00
High Street TV (Asia) Limited
As above
Ordinary
0
100.00
Job Pipe Limited
As above
Ordinary
0
100.00
HSTV Media Limited
As above
Ordinary
0
100.00
12
Debtors
2020
2018
Amounts falling due within one year:
£
£
Prepayments and accrued income
8,103
8,110
2020
2018
Amounts falling due after more than one year:
£
£
Deferred tax asset (note 16)
109,639
Total debtors
8,103
117,749
13
Creditors: amounts falling due within one year
2020
2018
£
£
Amounts owed to group undertakings
6,237,252
4,493,392
Taxation and social security
23,345
Accruals and deferred income
57,000
6,294,252
4,516,737
Amounts owed to group undertakings are unsecured, interest free and repayable on demand.
14
Creditors: amounts falling due after more than one year
2020
2018
Notes
£
£
Other borrowings
15
15,215,743
15,215,743
HIGH STREET TV BIDCO LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 30 JUNE 2020
- 16 -
15
Loans and overdrafts
2020
2018
£
£
Other loans
15,215,743
15,215,743
Payable after one year
15,215,743
15,215,743
Other loans are loan notes payable which are provided by Endless Fund IV A and B and Endless Fund II A and B. The loan notes bear an interest rate of 8% and have a redemption date of 15 December 2021. The loan notes are held at amortised cost.
16
Deferred taxation
The following are the major deferred tax liabilities and assets recognised by the company and movements thereon:
Assets
Assets
2020
2018
Balances:
£
£
Tax losses
-
109,639
2020
Movements in the period:
£
Asset at 1 January 2019
(109,639)
Charge to profit or loss
109,639
Liability at 30 June 2020
-
17
Retirement benefit schemes
2020
2018
Defined contribution schemes
£
£
Charge to profit or loss in respect of defined contribution schemes
52,825
34,072
The company operates a defined contribution pension scheme for all qualifying employees.
The assets of the scheme are held separately from those of the company in an independently administered fund.
HIGH STREET TV BIDCO LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 30 JUNE 2020
- 17 -
18
Share capital
2020
2018
£
£
Ordinary share capital
Issued and fully paid
3,836,981,100 of 0.001p each
3,836,981
3,836,981
19
Related party transactions
Remuneration of key management personnel
The remuneration of key management personnel is as follows.
2020
2018
£
£
Aggregate compensation
1,793,408
1,772,000
Other information
High Street TV Holdings Limited is the smallest and largest group for which consolidated financial statements are prepared. The company is included in the consolidated financial statements of High Street TV Holdings Limited which are publicly available. Consequently the company has taken advantage of the exemption, under paragraph 33.1A of FRS 102 "Related party disclosures" from disclosing related party transactions with entities that are part of the High Street TV Holdings Limited group. Copies of the financial statements of High Street TV Holdings Limited can be obtained by writing to High Street TV Holdings Limited, Central House, Beckwith Knowle, Otley Road, Harrogate, HG3 1UF..
Endless Fund IV A and B and Endless Fund II A and B
The company has loan notes with Endless Fund IV A and B, and Endless Fund II A and B. At the year end, the amounts owed were £15,215,743 (2018: £15,215,743), redeemable by 15 December 2021. The company paid interest at a rate of 8% on these loan notes which amounted to £1,824,222 (2018: £1,217,260) for the financial year. At the year end £574,787 in respect of interest was still owed to Endless and is included within other creditors due less than one year.
20
Ultimate controlling party
The company is a wholly owned subsidiary of High Street TV Holdings Limited, being the ultimate parent company of the group. The ultimate controlling party is Endless LLP, acting on behalf of Endless Funds IIA and IIB, and Endless Funds IVA and IVB.
2020-06-30
2019-01-01
false
CCH Software
CCH Accounts Production 2021.100
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G Wilson
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A E Malcher
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