Registered Number 02590549
WORLD TELEVISION LTD.
Abbreviated Accounts
31 December 2014
Notes | 31/12/2014 | 30/06/2014 | |
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£ | £ | ||
Fixed assets | |||
Tangible assets | 2 |
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Current assets | |||
Stocks |
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Debtors |
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Cash at bank and in hand |
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Prepayments and accrued income |
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Creditors: amounts falling due within one year |
( |
( |
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Net current assets (liabilities) |
( |
( |
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Total assets less current liabilities |
( |
( |
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Creditors: amounts falling due after more than one year |
( |
( |
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Accruals and deferred income |
( |
( |
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Total net assets (liabilities) |
( |
( |
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Capital and reserves | |||
Called up share capital | 3 |
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Share premium account |
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Other reserves |
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Profit and loss account |
( |
( |
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Shareholders' funds |
( |
( |
Approved by the Board on
And signed on their behalf by:
1 Accounting Policies
Basis of measurement and preparation of accounts
The financial statements have been prepared under the historical cost convention and are in accordance with applicable accounting standards.
Change of financial year end
The financial year end of the Company was changed from 30 June to 31 December.
Accordingly, the comparative figures for the profit and loss, balance sheet and the related notes are for twelve months from 1 July 2013 to 30 June 2014.
Turnover policy
Tangible assets depreciation policy
Depreciation is charged so as to allocate the cost of each asset less its estimated residual value to the periods expected to benefit from its use at the following rates:
Leasehold improvements - 20% straight line
Computer and office equipment - 33% straight line
Specialist equipment - 20% straight line
Other accounting policies
The company is supported by its parent company, WTV SA. The directors consider that WTV SA has sufficient funds to continue funding the company's business. On this basis the directors believe the going concern basis is appropriate, as they believe that WTV SA will make sufficient funds available to the company.
Cash flow statement and related party disclosures
The company is a wholly-owned subsidiary of WTV SA and is included in the consolidated financial statements of WTV SA, which are publicly available. Consequently, the company has taken advantage of the exemption from preparing a cash flow statement under the terms of Financial Reporting Standard 1 (Revised).
Stocks
Stocks are stated at the lower of cost and net realisable value. Provision is made for obsolete, slow moving or defective items where appropriate.
Long term contracts and work in progress
Amounts recoverable on long term contracts, which are included in debtors as accrued income, are stated at the net sales value of the work done less amounts received as progress payments on account. Excess progress payments are included in creditors as deferred income. Cumulative costs incurred net of amounts transferred to cost of sales, less provision for contingencies and anticipated future losses on contracts, are included as work in progress balances in stock.
Leased assets
Where assets are financed by leasing agreements that give rights approximating to ownership ('finance leases'), the assets are treated as if they had been purchased outright. The amount capitalised is the present value of the minimum lease payments payable during the lease term. The corresponding leasing commitments are shown as payable to the lessor. Depreciation on the relevant assets is charged to the profit and loss account.
Lease payments are analysed between capital and interest components so that the interest element of the payment is charged to the profit and loss account over the period of the lease and represents a constant proportion of the balance of capital repayments outstanding. The capital part reduces the amounts payable to the lessor.
All other leases are treated as operating leases. Their annual rentals are charged to the profit and loss account on a straight-line basis over the term of the lease.
Pensions
Contributions made by the company to money purchase pension schemes are charged to the profit and loss account in the period to which they relate. Differences between contributions payable in the period and contributions actually paid are shown as either accruals or prepayments in the balance sheet.
Foreign currency
Transactions in foreign currencies are recorded at the rate of exchange at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies at the balance sheet date are reported at the rates of exchange prevailing at that date. All exchange differences are included in the profit and loss account.
£ | |
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Cost | |
At 1 July 2014 |
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Additions |
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Disposals |
( |
Revaluations |
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Transfers |
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At 31 December 2014 |
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Depreciation | |
At 1 July 2014 |
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Charge for the year |
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On disposals |
( |
At 31 December 2014 |
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Net book values | |
At 31 December 2014 | 49,000 |
At 30 June 2014 | 78,000 |