Registered number:
10381441
LABEL1 TELEVISION LIMITED
UNAUDITED
FINANCIAL STATEMENTS
INFORMATION FOR FILING WITH THE REGISTRAR
FOR THE PERIOD ENDED 31 DECEMBER 2017
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LABEL1 TELEVISION LIMITED
REGISTERED NUMBER:
10381441
STATEMENT OF FINANCIAL POSITION
AS AT
31 DECEMBER 2017
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Debtors: amounts falling due within one year
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Creditors: amounts falling due within one year
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The directors consider that the company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the company to obtain an audit for the period in question in accordance with section 476 of Companies Act 2006.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
The
financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.
The financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The company has opted not to file the statement of comprehensive income in accordance with provisions applicable to companies subject to the small companies' regime.
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LABEL1 TELEVISION LIMITED
REGISTERED NUMBER:
10381441
STATEMENT OF FINANCIAL POSITION
(CONTINUED)
AS AT
31 DECEMBER 2017
The financial statements were approved and authorised for issue by the board and were signed on its behalf by
:
The notes on pages 4 to 7 form part of these financial statements.
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LABEL1 TELEVISION LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE PERIOD ENDED
31 DECEMBER 2017
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Comprehensive income for the period
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Total comprehensive income for the period
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Shares issued during the period
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Total transactions with owners
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The notes on pages 4 to 7 form part of these financial statements.
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Page 3
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LABEL1 TELEVISION LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2017
Label1 Television Limited is a private company limited by shares incorporated in the United Kingdom and registered in England & Wales. The address of its registered office is 55 New Oxford Street, 1st Floor, London, England, WC1A 1BS.
2.
Accounting policies
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Basis of preparation of financial statements
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The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Section 1A of
Financial Reporting Standard 102, the Financial Reporting Standard applicable in
the UK and the Republic of Ireland and the Companies Act 2006
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The following principal accounting policies have been applied:
Turnover comprises of revenues receivable by the company in respect of television programme development and production services supplied during the period, exclusive of Value Added Tax, and is recognised on an 'episodic basis' once delivery of the completed development or production to the customer has been made in accordance with the delivery pattern as outlined in the underlying contractual agreement.
Both under and overspends are accounted for once known and are recognised in accordance with the delivery pattern.
Provisions are made for any loss making contracts (i.e. expected overspend is in excess of originally anticipated margin) as soon as identified.
Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.
Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.
Depreciation is provided on the following basis:
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Short-term leasehold property
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Over the life of the lease
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The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.
Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in the Statement of comprehensive income.
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LABEL1 TELEVISION LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2017
2.
Accounting policies (continued)
Stocks comprise of costs incurred up to the balance sheet date on developments and productions yet to be delivered as at the balance sheet date and are valued at the lower of cost and net realisable value.
Net realisable value is based on estimated selling price less any further costs to completion expected to be incurred.
Short term debtors are measured at transaction price, less any impairment.
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Cash and cash equivalents
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Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours.
The company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors.
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 the Statement of comprehensive income.
Short term creditors are measured at the transaction price.
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Functional and presentational currency
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The company's functional and presentational currency is GBP.
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Operating leases: the company as lessee
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Rentals paid under operating leases are charged to the Statement of comprehensive income on a straight line basis over the lease term.
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The average monthly number of employees, including directors, during the period was
14
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LABEL1 TELEVISION LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2017
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Short-term leasehold property
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Charge for the period on owned assets
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Work in progress comprises of costs incurred up to the balance sheet date on developments and/or productions yet to be delivered by the balance sheet date.
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Prepayments and accrued income
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Page 6
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LABEL1 TELEVISION LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2017
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Creditors: Amounts falling due within one year
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Other taxation and social security
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Accruals and deferred income
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Commitments under operating leases
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At 31 December 2017 the company had future minimum lease payments under non-cancellable operating leases as follows:
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Later than 1 year and not later than 5 years
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