Financial statements for the year ended 30th June 2015 
The right direction 3
	4 Overview - Financial highlights
	 4-16 Performance and Strategic report
	5 Chairman’s Statement
	 6-9 Chief Executive Officer’s Report
	 10-11 Chief Financial Officer’s Report
	 12 Proforma Balance Sheet- Unaudited
	 13 Our strategy 
	 14 Key performance Indicators - KPIs
	 14-16 Risks and uncertainties
	 17-19 Corporate governance 
	 17 Board of directors  
	 18-19 Corporate governance statement
	 20-23 Directors’ responsibilities and report 
	 20 Directors’ responsibilities statement 
21-23	 Directors’ report  
	 24  Independent auditor’s report - Consolidated accounts
	 25-58 Financial statements
	 25	 Consolidated income statement 
	 25  Consolidated statement of comprehensive Income
	 26 Consolidated statement of financial position
	 27 Consolidated statement of cash flows
	 28 Consolidated statement of changes in equity
	 29-48 Notes to the consolidated financial statements 
	 49 Independent auditor’s report - parent company 
	 50 Company balance sheet
	 51-55 Notes to the company financial statements
	 56-58	 Notes of annual general meeting 
Contents
Company no SC075133 Overview and financial highlights
Our three expert divisions offer a fully integrated  
service when it comes to content creation for  
television production, publishing and digital  
communications. 
Financial	performance
(Note	that	the	results	for	30	June	2014	are	for	a	15	 	
month	period)
• Group revenues of £20.47m (2014: £29.45m)
• Adjusted EBITDA loss of £(0.59)m (2014: £(1.13)m)
• Loss before tax £1.32m (2014: £2.56m)
• Diluted loss per share from continuing activities (0.48)p  
(2014: (1.01)p)
• Total assets £14.47m (2014: £15.35m)
• Gross Debt at £9.01m (2014: £8.45m) 
• Cash at £1.91m (2014: £2.58m)
• Net Debt at £7.1m (2014: £5.87m)
Highlights
•  Second half growth across all three divisions - Television,  
Publishing and Communication and all profitable at an  
operational level
•  Following the July 2015 refinancing, gross debt reduced  
to £2m (2014: £8.45m) 
• Strengthened Board of Directors, with the additions of  
Luke Johnson and Jonathan Goodwin as non-executive  
directors
• Current TV order book at 42% of revenues, cross-Group  
at 40% as at the end of Q1
Post	year-end	activity	&	Outlook
Full-year revenue at £20.47m (2014: £29.45m) and EBITDA  
loss of £(0.59)m (2014: £(1.13)m) were in line with our  
expectations and reflect a turn-around in performance, with  
all of the Group’s divisions operating profitably in the second 
half. Comparative figures shown in respect of the 2014 period 
are for the fifteen months ended 30 June 2014.
In July 2015, post year end, the Group completed a major 
refinancing, raised £4.5m in new equity and acquired Reef TV, 
a programme production business. It also took the opportunity 
to restructure its balance sheet, which involved the conversion 
of approximately £7m of debt to equity and preference shares 
which resulted in debt being reduced to £2m (2014: £8.48m). 
Trading since the start of the new financial year has been  
encouraging in all sectors of the Group and we have secured 
around 40% of the current year’s target revenue. As such  
we are well placed to achieve our current objectives, while  
positioning the Group for long-term growth as a TV, digital  
content and publishing business. 
4				 Financial statements for the year ended 30th	June	2015
We are a multimedia producer of TV programming together with  
publishing and communications content. We bring insight and  
clever strategic thought together with compelling ideas and stories, 
combining these with top creative and technical skills.
Creating a high quality 
content producer 5
Chairman’s Statement
The Group has reduced losses, increased its  
revenue potential via the acquisition and  
organic growth in TV, moved to a single  
London location and revamped the Board.
The Board is pleased to report the successful  
completion of a major restructure and refinance.  
As outlined above we have been able to convert  
approximately £7m of debt into equity and preference 
shares, raise £4.5m in new funds and complete the  
acquisition of Reef TV, which helped scale and  
improve the commerciality of our TV operations.
The Board is appreciative of our major shareholders and 
debt-holders for facilitating the restructuring and to the 
new investors who have shown confidence in the planned 
trajectory of the business.
On July 2014 we appointed Mark Wood as a  
non-executive Director and in December 2014 he  
became Chief Executive Officer. He brings a wealth of  
experience in television, digital content and publishing. 
We are delighted to welcome Luke Johnson and  
Jonathan Goodwin who joined as new non-executive 
Board members in July 2015, both of whom participated 
in the recent fund raise. They each have stellar  
reputations in the UK business community and bring not 
only a wealth of experience but a commitment to helping 
map a strategy for faster growth for the Ten Alps business. 
Furthermore, we are grateful to Bob Geldof, Tim Hoare 
and Brian Walden, who all stepped down from the Board 
during 2015, for their continued support of Ten Alps and 
we wish them well for the future.
Ten Alps is looking and acting like a new business.  
The CEO and management team have not only returned 
the business to profitability at an operational level but  
focussed it for growth in sectors of the media markets 
which look set for continued expansion. There is a  
palpable energy across the Group and a confidence that 
we will create value for investors in the periods ahead. 
Finally, the Board would once again like to thank all our 
employees for their professional and dedicated work 
across the Group.
Peter	Bertram	 Chairman 6				 Financial statements for the year ended 30th	June	2015
Chief Executive’s statement
Chief	Executive	Mark	Wood	commented:
“We have successfully refocussed the Ten Alps’ business and 
brought it back to profitability on an operational level.
“We have created a television production business of scale, 
transformed previously under-performing publishing assets 
and positioned our communications business for growth in 
both corporate communications and content marketing. 
Overall, the business is now improving. 
“The post-acquisition integration of Reef has gone smoothly 
and it is now co-located with Ten Alps’ own operations in 
its new single London office. Reef is currently performing to 
plan and Senior Reef executives are now a key part of the 
Group’s senior management team.
“Trading since the start of the new financial year has  
been encouraging and all business units are forecast to 
operate profitably throughout the current financial year.  
We are now seeing great momentum behind the Group  
and have secured 40% of our target full-year revenues  
before the end of the first quarter. 
“We will continue to pursue growth, both organically and 
through acquisition, to achieve scale as one of the UK’s 
leading content creation and story-telling businesses.”
TV
Publishing
Communication  
0 1m 2m  3m 4m 5m 6m 7m 8m 9m 10m
£0.6
£2.8
£8.2
Millions of pounds sterling
Order	book
We have successfully refocussed the  
Ten Alps’ business and brought it back 
to profitability on an operational level 7
Chief Executive Officer’s report
Performance 
We achieved a significant transformation of the Ten Alps’  
business over the 12 months under review. We also completed  
a restructuring and refinancing in July 2015. This has  
reinvigorated the business, reduced our debt levels significantly 
and, thanks to new investment,  
enabled us to scale up our media 
business by the acquisition of Reef 
TV . Ten Alps is now one of the  
largest independent television  
production businesses in the UK.
We have set out clear targets  
to return the business to profitability across all units. Although 
we reported a loss of £1.32m for the full year in 2015, the  
business was going through a period of change which put it 
into positive territory in the second half. Our current pace  
of trading gives us a degree of assurance for the 2016  
financial year.
Action has been taken to reorganise underperforming units, 
reduce operating costs and forge a new management culture. 
Overall we are making steady progress in our aim of improving 
operating margins across the businesses. 
Ten Alps operates in markets where there are strong growth 
trends and it is our ambition to achieve consistent growth  
both organically and through targeted acquisitions. 
The Group has become a magnet for commercial and creative 
talent. Significant new recruits include Greg Sanderson, joining 
from a senior BBC role as managing director of Brook Lapping, 
and Annette Clowes, former managing director of Loot, who 
has taken over our Macclesfield-based publishing operations 
and home improvement portfolio.  
Our television business, which now includes Reef TV , is  
securing new commissions at a faster rate and we are  
focussed on growing our international presence in the sector. 
The publishing business has been refocussed around a series  
of simplified verticals where we are creating new revenue 
streams from digital distribution and events. The communication 
unit is expanding its core business in production of digital  
educational content and is starting to build new business  
in content marketing and corporate communications.
Television	–	delivering	engaging,	intelligent	and	 	
entertaining	content	
The TV Division (Blakeway, Brook Lapping, Films of Record) 
improved profits over the prior year and has been enhanced  
by the acquisition of Reef TV, which brings in expertise  
daytime programming and higher-margin 
long-running series. Recent new commissions 
have also enabled Reef TV to diversify genres 
and broadcast customers and develop new 
formatted returnable series. In July 2015 we 
have made a direct investment into Chrysalis 
Vision, a drama start-up pitching for  
long-running series, increasing our overall 
investment over an 18 month period.  
Ten Alps has an option to acquire a majority holding if the  
business is a success. 
We have, we believe, created a solid platform for sustained 
growth and are also laying the groundwork for new revenue  
generation opportunities. There is now a drive to pitch for  
larger-budget, repeatable series across serious factual and  
factual entertainment programming. Another objective will  
be to increase non-UK revenues through co-production  
partnerships, to target growth in royalty revenues through sale  
of current and past catalogues on a more ambitious scale  
and a drive to sell series and formats into other major markets,  
including the US.
The division has performed well with revenues of £10.01m  
(2014: 15mth period £10.73m) and segment EBITDA of  
£0.43m (2014: 15 mth period £0.32m) before allocation of  
plc costs. 
Publishing	-	B2B	and	consumer	content	which	informs	and	
helps	decision-making
In publishing, we have moved well beyond the heavily  
print-based model of the past and are growing a diversified 
revenue base from new websites and from events such  
conferences, awards and seminars. We recently launched the 
Director of Finance Awards, aimed at recognising the most  
innovative, vigorous and dynamic teams and individuals from 
the financial management profession. The inaugural event  
was held on 9 July 2015 to positive feedback.
As the division continues to focuses on higher margin owned 
assets and exiting third party low margin contracts the revenue 
has declined to £8.44m (2014: 15mth period £15.87m). Segment 
EBITDA was a loss of £(0.51m) down from 2014 loss of £(0.73m) 
before allocation of plc costs. 
Creating content 
that counts
...delivering engaging,  
intelligent and  
entertaining content 8				 Financial statements for the year ended 30th	June	2015
Communication	–	creating	content	that	counts	
We see significant potential in the development of content 
marketing and corporate ‘story-telling’ markets in the UK  
and the aim is to make the Group a bigger player in this  
fast-growing industry. We are now producing branded  
programming and short-form corporate video and are  
engaged with a number of organisations on long-term  
communications planning.
During the year we relocated our London television,  
publishing and communication businesses to new premises. 
The relocation also provided an opportunity to integrate the  
Reef TV business, a move which is already producing cost  
efficiencies and enables us to capture synergies across the 
business; most importantly in sharing digital and social  
media expertise.
The division reported revenues of £1.84m (2014:15mth period 
£2.42m) with segment EBITDA of £0.13m (2014: 15mth period 
£0.15m) before allocation of plc costs.
Publishing	
• Secured new 5-year contract to produce planning guidelines 
for local authorities across UK and sell trader advertising. 
Transitioning from print products to e-books and building 
‘Home & Build’ website, as nationwide directory of trusted 
(and council endorsed) trades people.
• Farming division launches new conferences in dairy farming 
and animal husbandry 
• Director of Finance awards and Community Practitioner 
awards launched sell out first events
• Redeveloped our digital offering making all titles available 
through desktop, mobile and tablet, predominantly via own 
apps in the android and Apple stores. Websites are also 
being developed to help readers cut through the volume of 
information available to them
• Our consumer division won a bid to sell advertising for  
the BA staff publications, pitching against many rival  
publishing houses
Chief Executive Officer’s report 9
Television
Ten Alps produces television programming under the Blakeway, 
Brook Lapping and Films of Record and now Reef TV (a post 
year end acquisition) brands:
• Benidorm ER: fourth season of popular factual series  
produced for Channel 5 
• Shakespeare Uncovered/My Shakespeare: second season 
produced for Sky Arts and PBS
• Great Ormond Street: a third season of the acclaimed series 
delivered to BBC2 
• Hockney: first full-length documentary film, launched with a 
Q&A with David Hockney beamed live by satellite to over 
230 cinemas across the UK, which was in competition in the 
London Film Festival
• Hunted, the War against Gays in Russia: produced for  
Channel 4’s Dispatches, wins Best Documentary on  
Current Affairs at the prestigious Grierson awards.  
Screened in the US by HBO and nominated for an Emmy  
for News and Documentary
• Hiroshima: The Aftermath: marking the 70th anniversary of 
the dropping of the bomb, a major co-production involving 
NHK Japan, Arte France, Channel 5 and BBC Worldwide
• Panorama: Ebola Frontline: nominated for Current Affairs 
BAFTA and wins Popular Features Award in the One World 
Media Awards 2015  
• Churchill: A Nation’s Farewell: presented by Jeremy Paxman 
on BBC1 to mark the 50th anniversary of Churchill’s funeral
• The Iraq War: Regime Change: wins Best Historical  
Documentary the Griersons 2014
• Panorama: After Paris: The Battle for British Islam:  
presented by reporter John Ware and delivered immediately 
after the Paris attacks
• Reef TV: following the acquisition, our portfolio now includes 
long-running daytime series such as ‘French Collection’ and 
‘Dealers – Put Your Money Where Your Mouth Is’ to music 
special ‘La Traviata’ 
Communication	
• Transport for London 
Following a 12 month competitive tender process, we  
renewed an existing contract to create and manage  
a comprehensive, London-centric, digital road safety  
educational campaign for pre-school children. The new 
contract worth over £1 million per annum, which represents 
an increase of approximately 30 per cent. of the value  
of the previous contract, commenced on 1 April 2015 for  
a minimum of 3.5 years, with a potential to extend it for  
a further 3 years at the end of the initial term
• BTG 
Created short form video for this international  
pharmaceutical company covering internal  
communications about corporate values
• Nationwide Building Society 
Developed the ‘Big Money Movie Pitch’ competition for  
students aged 11 to 14 across UK, bringing financial  
capability to life by creating a film. The winning entry  
was made into a short film by industry professionals  
and premiered at Vue Westfield London
• Stabilo 
We have developed the EASTstart Writing Box for  
leading pen manufacturer Stablio to support the  
fundamental understanding of how to write letters in  
a way that inspires curiosity and is based on the  
scientific development of fine motor skills
• Cartoon Network 
We have developed a suite of resources to support the 
launch of Cartoon Network’s imagination studios awards,  
a competition for 6 to 11 year olds where they create a  
character, storyboard or animation inspired by the theme  
of ‘friendship’
Outlook	
Trading since the start of the new financial year has been 
encouraging in all sectors of the Group and we are well placed 
to achieve our current objectives, while positioning the business 
for long-term growth as a TV and digital content business.  
The integration of previously disparate business units at a 
single London location has created a new dynamism and is 
facilitating a mix of TV and digital expertise which we believe 
few media businesses can match. 
Reef TV joins Ten Alps 10				 Financial statements for the year ended 30th	June	2015
Chief Financial Officer’s report
Financial	Review
We are confident the Group is now moving in the right  
direction. The extensive divisional consolidation  
programme over the last few years has been completed and 
the results are starting to show stability and future growth  
potential. We believe we have stable foundations to build  
upon and see an encouraging new business pipeline.
Revenue from continuing operations for the 12 month period 
was £20.47m (2014:15 month period £29.45m) and gross profit 
was £6.79m (2014: £9.42m). As expected the main variance in  
revenues was in the Group’s publishing, which saw a decrease  
of 32.9% or £4.13m year on year, as the unit continued to 
streamline its portfolio and exit non-profitable, low margin  
contracts. TV increased it revenues year on year from £8.7m  
to £10.01m being 15.1% and Communicate had a small  
decrease of 3.7% to £1.84m compared to £1.91m.
Gross margin increased from 32% to 33.2% in the year, with  
operating expenses representing 36% of revenues (2014: 
35.8%). This is a consequence of significant restructuring  
undertaken by the Group over the last three years and the aim 
is for this figure to drop below 30% by 2015/16. The charge for 
reorganisation and restructuring was £0.12m (2014: £0.33m). 
Adjusted EBITDA equated to a loss of £0.59m (2014: £1.13m). 
Operating loss decreased to £0.82m (2014: £1.99m) after an 
amortisation charge of £0.04m (2014: £0.35m). 
The loss was mainly attributable to one of the four units within 
publishing, which has since been scaled back and refocused.  
All other parts of the businesses were operating profitably  
before allocation of central overheads of publishing and  
plc costs. 
As the Group made overall losses for the year to 30 June 2015 
there was no corporation tax charge in the year. The Group 
reflected no movement in the deferred tax asset for the year 
(2014: £(0.25)m). The asset carried on the balance sheet is 
£0.49m (2014: £0.49m).
For the fifteen month period ended 30 June 2014 discontinued 
operations relate to the Fareham Agency held within  
publishing which was considered a non-core business unit  
and was disposed of in May 2013. The results for the year  
include a gain on discontinued operations of £Nil (2014:  
profit of £0.24m).
Earnings per share
Basic and diluted loss per share from continuing operations 
in the year was 0.48p (2014: loss 1.01p) and was calculated on 
the losses for the year attributable to Ten Alps shareholders 
of £1.32m (2014: loss £2.8m) divided by the weighted average 
number of shares in issue during the year being 276,666,012 
(2014: 276,666,012). 
Statement of Financial Position
Assets 
The Group’s non-current assets comprise of goodwill of £6.9m 
(2014: £6.95m), reflecting no impairment for the year ended 
30 June 2015 (2014: £Nil), property, plant and equipment of 
£0.16m (2014: £0.19m) and deferred tax asset of £0.49m  
(2014: £0.49m). 
Inventories and trade receivables have decreased by £0.48m to 
£3.06m (2014: £3.54m) reflecting the impact of the disposals in 
the previous year and reduction in publishing revenues. Other 
receivables have increased to £1.94m (2014: £1.6m) reflecting 
an increase in accrued income in the year. 
The Group had a cash balance of £1.91m as at 30 June 2015 
(2014: £2.58m). The balance is lower than last year, reflecting 
the unfavourable movement in net working capital in the year 
of £0.88m (2014: £1.87m) and reduced net financing activities  
of £0.25m (2014: £1.25m)
Total assets for the Group were £14.46m (2014: £15.35m).  11
Equity and Liabilities 
Retained losses as at 30 June 2015 were £24.18m (2014: losses: 
£22.85m) and total shareholders’ equity at that date was a  
liability of £2.72m (2014: liabilities of £1.4m). 
During the year, the Group announced that it received  
unsecured loan notes of £0.3m for business development and 
general working capital requirements and were due within  
one year. As the long term debt was reclassified as current  
the debt increased to £9.01m (2014: £Nil). The Group had an  
outstanding long term debt debt of £Nil (2014: £8.45m) as  
at 30 June 2015.
Prior to the debt conversion, completed in July 2015 (further  
detail of which is discussed below at Post Balance Sheet 
Events), the Company’s borrowings were split into three  
categories: an unsecured debt facility of £4.4m (2014: £4.37m), 
secured loan notes of £2.62m (2014: £2.32m) and unsecured 
loan notes of £1.99m (2014: £1.76m). The debt facility was due 
in February 2016 and the loan notes in March 2016 with no 
mandatory repayments on either of these amounts until the 
final repayment dates. Net debt as at 30 June 2015 was  
£7.1m (2014: £5.87m).
Current liabilities consisting of trade and other creditors  
have decreased by £0.13m to £8.17m (2014: £8.3m). Deferred 
income of £1.3m (2014: £2.04m) has decreased due to  
reduced revenue in certain units. 
Cash flows
The Group used cash of £0.88m in the year (2014:15 month 
period £1.87m) in its operations. The net movement in the year 
was a decrease in cash of £0.67m (2014: increase of £0.56m) 
after financing activity cash inflow of £0.25m (2014: £1.25m).
Post	Balance	Sheet	Events	
On 17 June 2015, the Group announced that it had agreed to 
acquire Reef TV, an award-winning producer of innovative  
content for multiple broadcasters, for a total consideration  
of approximately £5 million (comprising £2 million initial  
consideration and deferred consideration of approximately  
£3 million plus an additional amount of earn-out consideration) 
(the “Acquisition”).
The Group raised £4.5 million (before expenses) by way of  
a placing and subscription of 225,000,000 of new ordinary 
shares to fund the initial consideration due in respect of the 
Acquisition and for working capital purposes generally. The 
Acquisition constituted a reverse takeover of the Group for 
the purposes of the AIM Rules for Companies and therefore 
required shareholder approval at the General Meeting. 
The Group also carried out a debt conversion which resulted  
in a reduction of the Group’s total debt obligations to  
£2 million (2014: £8.76m) and a reduction in certain  
short-term debt obligation to £Nil (2014: £0.25m). 
The Group has received shareholder approval for a share  
capital reorganisation which is subject to Court Approval.  
This would lead to £5.12m in share capital and £15.23m  
of share premium being transferred to retained earnings.
Please refer to page 12 and Note 34 for an unaudited  
proforma of the balance sheet of the Group as at 30 June 2015 
reflecting the PBSE transaction having completed at year end. 12				 Financial statements for the year ended 30th	June	2015
Pro-forma balance sheet
Assets    
Non-current    
Goodwill and intangibles 6,898  2,245  9,143  6,953 
Other intangible assets -  2,950  2,950  - 
Property, plant and equipment 155  34  189  186 
Deferred tax 493  (592) (99) 493 
  7,546  4,637  12,183  7,632 
Current assets    
Inventories 780  -  780  989 
Trade receivables 2,282  214  2,496  2,552 
Other receivables 1,941  42  1,983  1,596 
Cash and cash equivalents 1,914  3,098  5,012  2,578 
  6,917  3,354  10,271  7,715 
Total Assets 14,463  7,991  22,454  15,347 
Equity and liabilities    
Shareholders’ equity    
Called up share capital 5,534  (5,115) 419  5,534 
Share premium account * 15,228  (15,228)* -  15,228 
Merger reserve 696  -  696  696 
Preference Shares  -  2,909  2,909  - 
Retained earnings * (24,178) 28,782* 4,604  (22,854)
Total Shareholders’ Equity (2,720) 11,348  8,628  (1,396)
Liabilities    
Non-current    
Borrowings -  2,000  2,000  8,447 
Other non-current liabilities -  3,000  3,000  - 
  -  5,000  5,000  8,447 
Current liabilities    
Trade payables 2,733  (300) 2,433  3,013 
Other payables 5,440  953  6,393  5,283 
Borrowings - current 9,010  (9,010) -  - 
  17,183  (8,357) 8,826  8,296 
Total equity and liabilities 14,463  7,991  22,454  15,347 
• Awaiting Court Approval
 Audited
30 June
2014
£‘000
Unaudited
30 June
2015
£‘000
Unaudited
Proforma
adj
£‘000
 Audited
30 June
2015
£‘000
Ten Alps plc consolidated unaudited pro-forma balance sheet as at 30 June 2015 reflecting PBSE transactions 13
Our Strategy
In accordance with Section 414A of the Companies Act 2006, 
the directors serving during the year ended 30 June 2015 and 
up to the date of signing the financial statements are pleased 
to present their Strategic Report on the development and 
performance of the Group during the year ended 30 June 2015, 
the financial position of the Group as at 30 June 2015 and the 
principal risks to which the Group is exposed to.
This report is a key component of the annual report and  
accounts which provides an opportunity for the directors to 
communicate our strategy and goals (Our	Strategy) , the  
measures we use to determine how well the business is  
performing (Key	Performance	 	
Indicators) and the principal risks 
(Principal	Risks) faced by the business 
which could prevent these goals  
being achieved.
We also provide an overview of  
how our business is structured (Our	 	
Business-	per	below)	 and a review  
of the Group’s performance for the 
year ended 30 June 2015 (Review	 	
of	Performance-as	above) in order  
to add context to the results shown in 
the financial statements. This review includes commentary  
on the three main pillars of our business model.
Our	Strategy	and	Business	-	storytelling	through	 	
compelling	content
Our strategy is to create and produce a high quality business. 
Ten Alps has three business divisions: Television, Publishing  
and Communication. 
TV programme production is under four brands: Blakeway, 
Brook Lapping and Films of Record produce current affairs  
programming and documentaries and Ten Alps regularly  
produces Panorama and Dispatches broadcasts for BBC  
and Chanel 4. Reef TV is strong in daytime TV, producing  
a number of long-running popular factual series. The  
acquisition of Reef TV has helped to create an ‘indie’  
television business with suitable scale.
The Publishing division has been restructured around a  
series of high-value B2B audiences, including finance, SME  
management, pharmaceuticals, farming, trade, logistics and 
home improvement, and is growing revenues from digital  
delivery and events. In a series of recent divisional changes,  
the Group has redesigned and relaunched core print titles, 
developed websites and made provision for the delivery of  
its content to mobile devices, in addition to building event  
revenues with awards and specialised conferences. The aim 
is to increase the size and value of the specialist audiences 
targeted in each of these areas and to build steadily on these 
high-value databases.
Ten Alps Communicate manages a 
digital, cross-platform education  
programme for Transport for London 
(The Children’s Traffic Club) and  
educational websites for Siemens, 
BMW, Nationwide, AstraZeneca and 
other major organisations. The aim  
is to make the Group a bigger player 
in the fast-growing corporate and  
commercial market for high-quality 
digital content. It intends to expand 
into content marketing, brand building and corporate  
communications, targeting large-scale international  
organisations seeking high-quality content and  
editorial production.
The Board aims to focus the Group on growing revenues 
primarily in the expanding, high-margin television and digital 
content markets. As well as bringing in the commercial and 
creative talent needed to drive organic growth, the Group will 
continue to review further opportunities for growth through 
strategic acquisitions, where it sees relevant opportunities  
at acceptable valuations.
The overall improvements reflect systematic implementation 
of a strategy to focus the Group on growth as a high-quality 
content producer and to diversify revenues streams.
The Directors of the Company and its subsidiary undertakings  
(which together comprise “the Group”) present their Strategic  
Report for the year ended 30 June 2015.
Our Strategy  
and Business -  
storytelling through  
compelling content Strategic report
14				 Financial statements for the year ended 30th	June	2015
Growth	in	Revenue	and	Order	Book	(%)
Revenue was £20.47m for the year and on a like for like basis 
decreased by £3.05m from £23.52m on an annualised basis. 
This has been mainly in the publishing unit where revenue  
decreased by £4.13m in the year as the unit reduced  
the number of publications and continued to exit from  
non-profitable contracts. 
Gross	margin	(%)
Gross margin is the ratio of gross profit to sales expressed as 
a percentage. Gross margin has increased on last year to 33% 
(2014: 32%) and reflects the change of the product mix and  
better cost control.
Growth	in	Earnings	before	Interest,	Tax,	Depreciation	and	
Amortisation	(EBITDA)	(%)
This is a key measure we use to assess the results of the Group 
in any one year/period as growth in the adjusted EBITDA 
figure ensures that the Group can increase margins as well as 
revenue and cashflows. The Group recorded a loss in the year 
of £0.59m (2014: loss of £1.13m) as described in the overall 
financial review section.
Cashflow
This is a key KPI and is constantly under review and updated. 
The Group has implemented more focused strategies on cash 
generation and conversion and has looked to rebalance the 
working capital as it aimed to reduce trade and other payables 
significantly. The Group will continually target positive cash 
generation as it aims to return to profitability, reduced  
restructuring costs going forward and restructured balance 
sheet including long term debt. In the year to 2015 the Group 
cash outflowed before investing activities by £0.88m (2014: 
£1.87m). Borrowings increased by £0.25m (2014: £1.25m).
Capital	Management	
The Group aims to maintain manageable and cautious capital 
ratios in the coming years with a focus on the EBITDA/Debt 
and Interest Cover ratios. In relation to the former, the Group 
will look to maintain a ratio below 3 times as soon as possible 
and in the latter look to maintain cover of at least 3.5 times or 
more going forward.
Improving	Creative	Capabilities	
The Group constantly aims to create high quality content  
and our ideas are therefore key. With targeted training and 
recruitment of high calibre talent across the divisions we can 
deliver on this KPI. As a testament the Group wins numerous 
awards for the content it creates.
Risks	and	Uncertainties
In this section we describe the principal risks and uncertainties 
that the Directors believe could materially affect our business. 
Sound risk management is an essential discipline for running 
the business efficiently and pursuing our strategy successfully.
The Group operates in a highly competitive environment that  
is subject to constant and unpredictable changes in client  
demand and the advertising economy. In order to remain  
competitive it must continue to invest in and adapt its TV,  
Publishing and Communication businesses.
Risk is reduced by creating and maintaining a balanced  
portfolio of products which evolves to meet the needs of our 
clients. Investing internally in people and infrastructure while 
maintaining the highest quality in the factual media content  
we produce and manage will further mitigate these risks. 
Key	customers	and	potential	impact	on	Group	cashflows
The Group relies on a number of key customers, such as  
Channel 4 and the BBC. The business plan produced by  
management assumes new and continuing revenue from  
such key customers. In the event that existing contracts were 
terminated or new revenue streams were to fail to materialise, 
this could affect the projected growth of the Group.  
Furthermore, Ten Alps’ core production businesses are  
dependent on the BBC, Channel 4, ITV, Channel 5 and various 
international broadcasters as key clients and as such are  
vulnerable to BBC budget cuts, advertising pressure on  
commercial broadcasters and market trends.
Given the significance of this concentration, the revenue profile 
of the Group and the nature of the projects, particularly in the 
TV and Communications divisions, mean that any delay in  
commissions, which may or may not be in the control of the 
Group, could have a material impact on the revenue,  
forecasting and cash flow. 
We seek to mitigate this by establishing good relations with 
clients, enhance our reputation and delivery and increase  
code of conduct and quality of creative output. 
Royalty	income
Across the TV industry royalty income can be a significant profit 
generator for the intellectual property holder. This income can 
vary in amounts, be difficult to forecast, require continuous 
monitoring and upgrading with new products to maintain a 
steady stream of income. There is a risk that the development 
of new programmes and formats will not generate the same 
level of income in the future, as is derived from current products 
in the portfolio of Reef and Ten Alps. 
To mitigate this risk the Group invests in the development of 
new ideas and intellectual property assets that will, hopefully, 
be attractive to its client base. 15
Key	relationships
Both Ten Alps and Reef rely on the strong relationships within 
their respective television businesses that its key employees 
have established with its broadcasting clients. The loss of  
one or more of these key business relationships may have a  
material adverse effect on the Group’s revenues. Furthermore, 
the loss of key management or other key personnel,  
particularly to competitors, and, as a consequence, the loss  
of these key relationships, could have adverse consequences 
for the Group. Again we seek to mitigate this by continually 
fostering strong relationships with key clients.
Ability	to	attract	and	retain	employees
The Group depends on its key management and qualified  
and experienced employees, especially in relation to its  
creative and development staff, to enable it to generate and 
retain business. Furthermore, the Group’s ability to manage  
its financing and development activities will depend in large  
part on the efforts of these individuals. 
Key staff are incentivised through a mixture of sales  
commissions, profit related bonuses and participation in  
employee share incentive plans, however should the Group be 
unable to attract new employees or retain existing employees 
this could have a material adverse effect on the Group’s ability  
to grow or maintain its business.
Terms	of	trade
The Group’s TV division trades with UK broadcasters who  
are bound by the Terms of Trade of the Code of Practice  
introduced under the 2003 Communications Act. Due to  
recent consolidation of the UK TV independent sector, the  
Directors expect that certain broadcasters will lobby OFCOM 
for these Terms of Trade to be renegotiated in the coming 
years, one potential consequence of which being that the 
current position relating to intellectual property rights may 
change. There is, therefore, a risk that the share of revenue 
generated from intellectual property rights which the Group is 
currently entitled to could be reduced in the future, which could 
have a subsequent impact on the financial performance of  
the Group. Our individual TV subsidiaries are all members of 
the Producers Association of Cinema and Television (PACT),  
a trade body that lobbies to secure the best possible  
regulatory and legislative environment for the independent 
production sector and defend their member’s position,  
particularly in respect of any changes to these Terms of Trade. 
International	sales,	geographic	expansion	and	foreign	
exchange	risk
The Group intends to increase sales in new and existing 
overseas markets. This inevitably brings risk such as capacity, 
managerial, operational and financial issues. The ability to 
manage future growth will depend on the Group’s ability  
to implement and manage these issues efficiently and  
adequately. Geographic expansion, which may be a potential 
strategy the Group could deploy, brings with it economic,  
foreign exchange, legislative and political risks. All these 
factors and risks may affect the Group’s ability to grow and 
expand and could therefore reduce revenues, cashflows and 
profitability in the future.
Technology
The creative industry and in particular the media industry is 
experiencing a fundamental technology change, the so called 
‘digital revolution’. As a consequence the market is evolving 
rapidly and constantly. The Group cannot anticipate accurately 
or respond strategically to all technology advancements in  
a timely and effective manner. There is a risk that product  
development could fail to meet market expectations.
The	Group	may	not	be	able	fully	to	realise	the	benefits	of	
the	Acquisition	(PBSE)	and	Future	Acquisitions
The Group’s success will partially depend upon the Directors’ 
ability following the Acquisition to integrate the Reef and  
Ten Alps businesses without significant disruption to either. 
This integration process may divert management’s attention 
from the ordinary course of operation of the business and raise 
unexpected issues and may take longer or prove more costly 
than anticipated.
Although the Directors believe that such disruption is unlikely, 
issues may come to light during the course of integrating Reef 
and Ten Alps that may have an adverse effect on the financial 
condition and results of operations of the Group. There is no 
assurance that the Company will realise the potential benefits 
of the Acquisition including, without limitation, potential  
synergies and cost savings (to the extent and within the time 
frame contemplated). If the Company is unable to integrate 
the Reef and Ten Alps businesses successfully into the Group 
then this could have a significantly negative impact on the 
results of operations and/or financial condition of the Group. 
There is no certainty that customers of Ten Alps and Reef  
will continue to be customers of the Group following the  
Acquisition, particularly if customer service is affected whether 
before or after completion of the Acquisition or in the  
event that strategic decisions taken by the Directors after 
completion of the Acquisition cause customers to terminate 
contractual relations.
An effective acquisition strategy will be a key plank to deliver 
the Group’s anticipated growth and profitability aspirations. 
There is a risk that its ability to target, execute and integrate 
such acquisitions may fail and thereby reduce the Group’s 
growth and profitability targets. Further, it may require  
additional funding to pursue such acquisitions through the  
issue of equity or debt.
To	mitigate	these	risks	the	Group	follows:
• A tried and tested procedure for integrating acquisitions 
• Application of strict financial criteria to any potential  
acquisition 
• A formal legal, financial and tax due diligence process
• Constant monitoring and review of the acquisition’s  
performance 16				 Financial statements for the year ended 30th	June	2015
Market	and	competition
The Group will operate in highly competitive markets which 
are rapidly evolving and adapting, in particular due to  
factors such as consumer tastes, trends and technology  
advancements, and which may become more competitive. 
Key clients can change programming, strategy and  
advertising priorities at short notice, which could lead to  
volatility in revenues, or in the predictability thereof, for  
the Group. Furthermore, due to the increased level of  
opportunities for independent television producers, in  
particular in light of the anticipated change in policy by  
the BBC in relation to commissioning quotas, this may result 
in an increased number of competitors entering the market, 
and there can be no guarantee that the Group’s competitors 
will not develop similar or superior commission proposals 
which may render the Group uncompetitive.
Intellectual	property	rights
The commercial success of the Group depends in part on its 
ability to protect its intellectual property rights. The Group 
relies upon various intellectual property protections, including 
trademarks and contractual provisions, to preserve its  
intellectual property rights. No assurance is given that the 
Group will be able to protect and preserve its intellectual  
property rights.
Substantial costs may be incurred if the Group is required 
to defend its intellectual property rights and trade marks 
against third parties. Other parties may copy without  
authorisation the Group’s intellectual property. Due to the 
Group’s size and resources, it may not be able effectively  
to detect and prevent any infringement of its intellectual 
property rights. Policing unauthorised use of intellectual  
property is difficult, and some foreign laws do not protect 
proprietary rights to the same extent as the laws of the 
United Kingdom. 
To protect the Group’s intellectual property, the Group may  
become involved in litigation, which, even if successful could  
result in substantial expense, divert the attention of its  
management, cause significant delays, materially disrupt  
the conduct of the Group’s business or adversely affect its  
revenue, financial condition and results of operations.
In any event, the Group’s intellectual property rights may not 
provide meaningful commercial protection of its content.  
There can be no assurance that the Group will not receive 
communications from third parties asserting that the Group’s 
content and other intellectual property infringe, or may  
infringe, their proprietary rights. Any such claims, with or  
without merit, could be time consuming, result in costly  
litigation and the diversion of technical and management  
personnel, cause delays or require the Group to enter into  
royalty or licensing agreements or re-brand products. Such  
royalty or licensing agreements, if required, may not be  
available on terms acceptable to the Group or at all. In  
the event of a successful claim of infringement against the 
Group’s business, operating results or financial condition  
could be materially adversely affected.
Exposure	to	economic	cycle
The Group is exposed to the general economic cycle through 
its customers’ ability to purchase new content. Such content 
could be vulnerable to delay or cancellation in the event of  
a continuing and prolonged downturn.
Litigation	risks
All industries are subject to legal claims, with and without 
merit. The Group may become involved in legal disputes in 
the future. Defence and settlement costs can be substantial, 
even with respect to claims that have no merit. Due to the 
inherent uncertainty of the litigation process, there can be  
no assurance that the resolution of any particular legal  
proceeding will not have a material effect on the Group.
By order of the Board
Peter	Bertram 	
Chairman
Mark	Wood	 	
CEO
Nitil	Patel 	
CFO
Strategic report 17
Chairman: Peter Bertram
Peter is currently Senior Independent  
Non-executive Director of Microgen  
plc. He was previously Chairman of  
Alphameric plc, AttentiV Systems Group 
plc and Phoenix IT Group plc and also a 
Non-executive director of Anite plc and 
Psion plc. Peter was chief executive of Azlan Group plc from 
1998 until its takeover in 2003. He is a fellow of the Institute  
of Chartered Accountants in England and Wales.
Chief Executive Officer: Mark Wood
Mark is known in the media industry for  
his digital expertise and for refocusing  
traditional media businesses. He was 
Chief Executive at Future plc from 2010 
to 2014 and is currently a non-executive 
director of Future pl. He accelerated  
the growth of Future’s digital business. Future was named 
Consumer Digital Publisher of the Year in the industry’s annual 
awards three years in succession from 2011. Mark was Chief 
Executive of ITN, the television news organisation, from 2002 to 
2010, where he developed a range of digital ventures, including 
a world-leading online image business. He began his career as 
a foreign correspondent for Reuters and was based in Berlin, 
Moscow, Bonn and Vienna. Mark is a director of Citywire  
Holdings Limited and is a member of the PwC Advisory Board.
Chief Financial Officer: Nitil Patel
Nitil has been a key member of the team 
from the inception of Ten Alps. He worked 
with Sayers Butterworth before joining TV 
production business Planet 24, where he 
worked as an accountant on productions 
such as the Big Breakfast. He is a  
member of the Institute of Chartered Accountants in England  
and Wales.
Non-Executive Director: Luke Johnson 
(Joined on 10th July 2015)
Luke Johnson is the Chairman of private 
equity house Risk Capital Partners LLP .  
He is Chairman and part-owner of  
Patisserie Holdings plc and Bread Ltd.  
He is also Chairman and majority owner 
of cruise holiday website operator Cruise.co.uk and Neilson  
Active Holidays. In 1993, Luke took control of Pizza Express  
with partners, subsequently becoming Chairman, and grew the 
business from 12 owned restaurants to over 250, and the share 
price from 40p to over 900p. Luke was Chairman of Channel 
4 from January 2004 to January 2010, during which time he 
appointed a new CEO, restructured the board and saw the 
organisation enjoy record ratings, revenues and surplus.
Non-Executive Director: Jonathan  
Goodwin (Joined on 10th July 2015)
Jonathan Goodwin founded Lepe Partners 
in 2011. Lepe Partners is a merchant bank 
created to help entrepreneurs and CEOs in 
the media, consumer and internet sectors 
grow their businesses. Prior to founding 
Lepe, Jonathan was CEO and Co-founder of LongAcre Partners, 
where he built the company into Europe’s leading mid-market 
media and corporate finance house prior to selling it to Jeffries 
in 2007. To date, Jonathan has advised on over 100 transactions 
in the media and internet space. In 2006, Jonathan created the 
Founders Forum, an entrepreneur’s event held annually in  
London, New York, Brazil and India. In 2009, Jonathan also  
Co-Founded PROfounders Capital, an early stage fund backed 
by entrepreneurs for digital entrepreneurs. Previously, Jonathan 
focused on the media sector at Apax Partners and later joined 
the MBI team of Talk Radio, backed by News Corporation and 
Liberty Media. Talk Radio then became the foundation for  
The Wireless Group PLC, where Jonathan was Group  
Managing Director. Jonathan is also currently on the advisory 
board of Opera Solutions and Kelkoo.
Corporate governance statement
The Company is controlled through a Board of Directors,  
comprising of a Chairman, two executive directors and two  
non-executive directors. 
Short biographies of each director are below and set out on www.tenalps.com/investors/governance. 18			 Financial statements for the year ended 30th	June	2015
Corporate governance statement
The Chairman is responsible for the leadership of the Board, 
ensuring its effectiveness in all aspects of its role and setting  
its agenda. The Chairman also ensures that the directors  
receive accurate, timely and clear information and that there  
is effective communication with shareholders. 
The Board is authorised to manage the business of the  
Company on behalf of the shareholders and in accordance 
with the Company’s Articles of Association. The Board is  
responsible for overseeing the management of the business 
and for ensuring high standards of corporate governance  
are maintained throughout the Group. 
This is delivered through its own decision making and  
authority to manage the business to the Chairman and  
the executive directors. 
The Board of Tenalps plc which is chaired by Peter Bertram, 
meets a set number of times a year and at other times as 
necessary, to discuss a formal schedule of matters specifically 
reserved for its decision.  
These	matters	routinely	include:
• the Group’s strategy and associated risks
• financial performance of the business and approval of  
annual budgets, the half year results, annual report and  
accounts and dividends
• changes relating to the Group’s capital structure 
• appointments to and removal from the Board and  
Committees of the Board
• acquisitions, disposals and other material transactions
• actual or potential conflicts of interest relating to  
any Director
Number	of	Board	Meetings	attended
Board Meetings - 9 in the year
Peter	Bertram 9 
Mark	Wood 8 
Nitil	Patel 9
Brian	Walden 5  
(resigned after 7th meeting on 30th March 2015)  
Tim	Hoare 6 
Bob	Geldof 2
In addition there were a number of informal meetings of  
the Board.
Financial	reporting
The Board places considerable emphasis on ensuring that  
all communications with shareholders present a balanced  
and transparent assessment of the Group’s position and  
prospects. The Board or a subcommittee of the Board reviews 
and approves results announcements, interim reports, annual  
reports, the Chairman’s AGM statement and trading  
updates prior to their release. 
The Statement of Directors’ Responsibility in respect of the 
preparation of financial statements is set out on page 20  
and the auditor’s statement on the respective responsibilities  
of directors and the auditor is included within their report on  
page 24. 19
Internal	controls	and	risk	management
The Board is responsible for maintaining a sound system of 
internal control to safeguard shareholders’ investments and the 
Company’s assets. Such a system is designed to manage rather 
than eliminate the risk of failure to achieve business objectives 
and can provide only reasonable and not absolute assurance 
against material misstatement or loss. 
The Board has considered the need for an internal audit  
function, but has concluded that the internal control  
systems in place are appropriate for the size and complexity  
of the Company.
The Board is also responsible for the identification and  
evaluation of major risks faced by the Group and for  
determining the appropriate course of action to manage  
those risks
Committees	of	the	Board		
The Board has two committees, being the Audit Committee 
and the Remuneration Committee.
Senior	Management	Team
This comprises of the Chairman, the CEO and the CFO  
together with the key directors of:
TV	Division Fiona Stourton 
 Richard Farmbrough  
 (since 14th July 2015)
Publishing	Division Annette Clowes 
 (since 24th August 2015)
 Stuart Hall
 Alan Whibley 
Communication Bharti Bhikha
Board	Committees:
Audit	committee
The audit committee is charged with making recommendations 
to the Board on the appointment of auditors and the audit fee, 
for reviewing the conduct and control of the annual audit and 
for reviewing the operation of the internal financial controls. 
 It also has responsibility for reviewing financial statements 
prior to publication. The Chief Financial Officer and other 
senior finance management also attend committee meetings 
by invitation. The Committee has unrestricted access to the 
Company’s auditor.
The	members	of	the	Audit	Committee	are:	
Peter	Bertram (Chairman of the Audit Committee)
Luke	Johnson (since 10th July 2015)
Jonnie	Goodwin (since 10th July 2015)
The Committee considers all proposals for non-audit services 
and ensures that these do not impact on the objectivity and 
independence of the auditor. The Audit Committee in its 
meetings with the external auditor reviews the safeguards and 
procedures developed by the auditor to counter threats or  
perceived threats to their objectivity and independence and  
assess the effectiveness of the external audit. The Group’s 
policy on non-audit services performed by the external auditor 
is to address any issues on a case by case basis.
The Group has no internal audit function. The Audit Committee 
believes that the controls of the Group, considering its size  
and complexity, are sufficient as to not to require the extra 
administration and expense of an internal audit function. 
Remuneration	committee
The remuneration committee reviews the performance of  
the executive directors, sets the scale and structure of their  
remuneration and the basis of their service agreements with 
due regard to the interests of shareholders and reviews  
and approves any proposed bonus entitlement. It will also 
determine the allocation of share options to employees. 
The	members	of	the	Remuneration	Committee	are:	
Luke	Johnson (Chairman of the Remuneration  
Committee - (since 10th July 2015)
Peter	Bertram	
Jonnie	Goodwin (since 10th July 2015) 
Brian Walden, Bob Geldof and Tim Hoare all resigned from  
the audit and remuneration committees on the 30th March, 
17th June and 10th of July 2015 respectively.
AGM
The Board uses the Annual General Meeting to communicate 
with both institutional and private shareholders. Resolutions 
are proposed on each substantially separate issue and the 
agenda includes a resolution to adopt the Group’s Annual 
Report and Accounts. Details of the proxy votes for and  
against each resolution are announced after the result of  
the hand votes is known. 20			 Financial statements for the year ended 30th	June	2015
Statement of directors’ responsibilities
Company law requires the Directors to prepare financial 
statements for each financial year. Under that law the  
Directors have elected to prepare financial statements  
in accordance with International Financial Reporting  
Standards (IFRS) as adopted by the European Union.  
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 and profit  
or loss of the Group for that period. 
In	preparing	those	financial	statements,	the	Directors	
are	required	to:
• select suitable accounting policies and then apply 
them consistently
• make judgements and estimates that are reasonable 
and prudent
• state whether applicable IFRS accounting standards 
have been followed, subject to any material departure 
disclosed and explained in the financial statements
• prepare the financial statements on the going concern 
basis, unless it is inappropriate to presume that the 
Group will continue in business
The Directors are responsible for keeping adequate  
accounting records that are sufficient to show and explain 
the Company and the Group’s transactions and disclose 
with reasonable accuracy at any time the financial position 
of the Company and the Group and to 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 the Group 
and hence for taking reasonable steps for the prevention 
and detection of fraud and other irregularities.
The Directors are responsible for the maintenance and 
integrity of the corporate and financial information included 
on the Group’s website. Legislation in the United Kingdom 
governing the preparation and dissemination of financial 
statements may differ from legislation in other jurisdictions.
Disclosure	of	information	to	auditor
The Directors confirm that, so far as they are each aware, 
there is no relevant audit information of which the Group’s 
auditors are unaware; and each director has taken all the 
steps that they ought to have taken as a director to  
make themselves aware of any relevant audit information 
and to establish that the Group’s auditors are aware of  
that information.
On behalf of the board
N. Patel
The Directors are responsible for preparing the annual report  
and the financial statements in accordance with applicable law  
and regulations. 21
Directors report 
Results
The results for the year ended 30 June 2015 are set out on page 25. Note that the results for 30 June 2014 are for a 15  
month period.
The Group made an operating loss in the year of £0.82m, from continuing operations (2014: loss of £1.99m) and the retained  
loss for the year after interest, taxation, discontinued operations and minority interests of £1.32m (2014: loss of £2.56m).
Dividends
The Directors do not recommend the payment of a dividend for the year.
Directors	and	their	interests
The Directors who served during the year were as follows:
P .	Bertram	 R.F.Z.	Geldof	KBE	 */^^^
M	Wood	 ^	 T.	D.	Hoare	 */^^^^
N	Patel	 L	O	Johnson	 */**
A	B	Walden	 */^^	 J	Goodwin	 */**
* Non-Executive
^ M Wood was appointed Non-Executive Director on 28 July 2014 and CEO on 11 Dec 2014
^^	 A B Walden resigned on 30 March 2015
^^^ R F Z Geldof resigned on 17 June 2015
^^^^ T Hoare resigned on 10 July 2015
** L O Johnson and J Goodwin were appointed to the Board on 10 July 2015
According to the register of Directors’ interests maintained under the Companies Act, the following interests in the shares of 
Group companies were held by the Directors in office at the year end:
 Ordinary shares of 2p each
 Nature of interest 1 July 2014 30 June 2015
R.F .Z. Geldof KBE  Beneficial 15,124,728 15,124,728
T Hoare Beneficial 9,161,000 9,161,000
P Bertram Beneficial 2,812,500 2,812,500
N Patel Beneficial 1,430,500 1,430,500
A.B. Walden Beneficial 68,750  -
Options over 2p ordinary shares of the Company were held by the following:
 Exercise As at 31 As at 30 Dates normally
 Price March 2014 June 2015 Exercisable
P Bertram  2p  2,250,000 2,250,000 2012 to 2022
R.F .Z. Geldof KBE  67.5p 100,000 100,000 2006 to 2116
 55p 150,000 150,000 2011 to 2118
 25p 200,000 200,000 2011 to 2118
 27p 92,000 92,000 2012 to 2019
N. Patel  2p 2,250,000 2,250,000       2012 to 2022 22				 Financial statements for the year ended 30th	June	2015
Post	Balance	Sheet	Event	
On the 10th July 2015 the Group raised £3.48m (before  
expenses) via the placement of 173,900,000 New Ordinary 
Shares at 2 pence per New Ordinary Share of 0.1p each.  
Further, the Group completed the subscription it announced  
on 11th December 2014 to raise c£1m via the issue of New  
Ordinary shares of 51,100,00 at 2 pence per New Ordinary 
Share of 0.1p each.
The Group sought and received shareholder approval for  
the reorganisation of existing Share Capital via a 10 to 1  
consolidation and as part of the overall share issue and  
reorganisation the Group converted existing debt in to new 
equity and preference shares. As a consequence new equity  
of £2.8m was issued at 2p to existing debt holders, conversion 
of £2.87m of long term dent in to Preference shares and  
£1.45m of accrued interest was waived by the debt holders. 
This has resulted in Group debt of £2m outstanding under the  
existing terms with interest of 4% above monthly LIBOR with  
the exception of the due date now being a bullet payment  
on 31 December 2017. 
The Group adopted New Articles of Association in substitution 
and exclusion of the existing articles. The Group has received 
shareholder approval for a share capital reorganisation which 
is subject to Court Approval. This would lead to £5.12m in share 
capital and £15.23m of share premium being transferred to 
retained earnings.
On the 14th of July the Group successfully completed the 
acquisition of a TV production company called Reef Television 
Limited and further details of the terms and asset and liabilities 
purchased are given in Note 19.
To give the user an understanding of the impact the above 
would have on the Balance Sheet an unaudited proforma has 
been prepared and shown under Chief Financial Officer Report 
and per Note 34.
Substantial	Shareholdings	
The Company has been informed of the following  
shareholdings on 13 July 2015 each representing 3%  
or more of the current issued share capital:
 No of Ordinary Shares  %
Herald Investment Management  144,870,422 34.54
Artemis Alpha Trust plc  65,307,978 15.57
Luke Johnson  50,000,000 11.92
Broadwalk Asset Management LLP  27,500,000 6.56
John Booth and The John Booth  
Charitable Foundation  27,146,355 6.47
N+1 Singer  19,050,000 4.54
Charles Street Securities LLP  15,000,000 3.58
Share	Capital
Details of share capital are given in Note 22 to the financial 
statements.
Employees
The Group operates an equal opportunities employment 
policy. The Group’s policy on recruitment, development,  
training and promotion includes provision to give full and  
fair consideration to disabled persons, having particular  
regard to their aptitudes and abilities.
The Group appreciates and values the input of all its  
employees and encourages development and training to 
enhance employee skills. The Group ensures that employees 
are aware of any important matters that may impact on the 
performance of the Group.
Going	Concern
The Group’s business activities and analysis for the year are 
detailed in the Performance Statement on page 4 to 16 of the 
Annual Report and Accounts for the year ended 30 June 2015. 
The financial results and cash position including borrowing  
facilities are described in the Financial Review on pages 10 
to 11 of the Annual Report and Accounts for the year ended 
30 June 2015 with further details in the Notes to the Accounts 
numbers 1.2.1, 17 and 18.
The Group will benefit from the recent funding activity,  
restructuring of debt and acquisition and the Directors  
believe they are beginning to see the impact on the results and 
financial position of the Group. As a guide to reflect the post 
balance sheet events, the Group has prepared an unaudited 
pro-forma balance sheet which shows a positive net current  
asset of £0.9m (2014: £(1.55)m) and overall debt levels falling 
from £8.76m in 2014 to £2m in 2015 after the issuance of  
£2.87m in 4.5% preference shares.
The Group continues to be successful in raising finance as in 
the past and implementing restructures quickly and efficiently, 
although there is no assurance that it will be able to obtain 
adequate finance in the future. The Directors however are  
confident one of the strategies will be achieved.
After making enquiries, the Directors have a reasonable  
expectation that the Group has adequate resources to  
continue in operational existence for the foreseeable future. 
The Group therefore continues to adopt the going concern 
basis in preparing its consolidated financial statements.
Future	Development	of	the	Group
Future developments of the Group are stated in the Strategic 
Report on page 13.
Directors report  23
Financial	risk	management	objectives	and	policies
The Group uses various financial instruments. These include 
loans, cash and various items, such as trade receivables and 
trade payables that arise directly from its operations. The main 
purpose of these financial instruments is to raise finance for the 
company’s operations.
An analysis of the Group’s financial assets and liabilities  
(excluding short term trade debtors and trade creditors),  
together with the associated financial risks, are set out in  
Note 18.
The principal risks to which the business is exposed are set out 
below. Although not exhaustive, this highlights the risks that  
are currently considered to be of most significance to the 
Group’s activities.
The main risks arising from the company’s financial instruments 
are market risk, currency and cash flow interest rate risk and  
liquidity risk. The Directors review and agree policies for 
managing each of these risks and they are summarised below. 
These policies have remained unchanged from previous years. 
Market	risk
Market risk encompasses three types of risk, being currency 
risk, fair value interest rate risk and price risk. The company’s 
policies for managing interest rate risk are considered along 
with those for managing cash flow interest rate risk and are  
set out in the subsection entitled “interest rate risk” below.
Currency	risk
The Group’s sales are primarily invoiced in sterling and  
occasionally in US dollars and euros. The Directors continually 
monitor currency exposure. 
Liquidity	risk
The Group seeks to manage financial risk by ensuring sufficient 
liquidity is available to meet foreseeable needs and to invest 
cash assets safely and profitably. The maturity of borrowings  
is set out in note 17 to the financial statements.  
Interest	rate	risk
The Group finances its operations through borrowings. The 
Group’s exposure to interest rate fluctuations on its borrowings 
is managed by the use of floating facilities.  
Auditors
A resolution to re-appoint Grant Thornton UK LLP as auditor 
for the ensuing year will be proposed at the annual general 
meeting in accordance with Section 487(2) of the Companies 
Act 2006. 
Annual	General	Meeting
The Annual General Meeting is to be held at 13th Floor,  
Portland House, Bressenden Place, Victoria SW1E 5BH at 
9.30am on 8th December 2015. Notice of the meeting is set  
out at the end of the Report and Accounts. 
In addition to the adoption of the Accounts, the reappointment 
of the auditors and the election of Luke Johnson and Jonathan 
Goodwin as Non-executive Directors , there are three other 
matters which will be considered at the Annual General  
Meeting. 
The first is to give the Directors general power to allot shares 
up to an aggregate nominal amount of £209,699 (equal to  
approximately 50% of the issued ordinary share capital as at 
the date of this report). 
The second is to give the Directors authority to issue shares 
having an aggregate nominal value of £41,939 (being 10% of 
the issued ordinary share capital as at the date of this report) 
for cash without first offering them to the existing shareholders 
on a pro-rata basis. 
The third is to give the Directors authority to purchase some 
of the Company’s ordinary shares in the market. No purchase 
would be made unless the Directors were of the opinion that it 
would result in an increase in earnings per share, the authority 
would be used with discretion and purchases would be made 
only from funds not required for other purposes and in the 
light of prevailing market conditions. The Directors would also 
take into account the Company’s cash resources, the effect of 
gearing and other possible investment opportunities before 
deciding whether to exercise this authority. 
The proposed authority will be limited by the terms of the 
special resolution to the purchase of up to 41,898 ordinary 
shares, which represents 9.99 per cent of the issued ordinary 
share capital as at 31 July 2015. The minimum price payable 
per share would be its nominal amount (this being 0.01p) and 
the maximum price (exclusive of expenses) would be five per 
cent above the average of the middle market quotation of the 
ordinary shares, derived from the London Stock Exchange, for 
the five business days immediately preceding any purchase. 
Any such purchases would be made on the market and would 
be paid for out of distributable profits. Shares purchased would 
be cancelled. The authorised ordinary share capital figure 
would remain unaffected.
Details of any shares purchased pursuant to the proposed  
authority will be notified to a Regulatory Information Service  
as soon as possible and in any event by 7.30a.m. on the  
business day following the purchase and the Registrar of  
Companies will be so notified within 28 days. Details will  
also be included in the Company’s Annual Report in respect  
of the financial year in which any purchases take place. 
Each of these authorities will expire on the earlier of one year 
from the passing of the resolution and the date of the 2016  
Annual General Meeting.
By order of the Board 
N.	Patel , Company Secretary 24			 Financial statements for the year ended 30th	June	2015
Independent	auditor’s	report	to	the	members	of	 	
Ten	Alps	plc	
We have audited the Group financial statements of Ten  
Alps plc for the year ended 30 June 2015 which comprise the 
consolidated income statement, the consolidated statement  
of comprehensive income, the consolidated statement of  
financial position, the consolidated statement of changes in 
equity, the consolidated statement of cash flows and the  
related notes. The financial reporting framework that has  
been applied in their preparation is applicable law and  
International Financial Reporting Standards (IFRSs) as  
adopted by the European Union.
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.
Respective	responsibilities	of	Directors	and	auditor
As explained more fully in the Directors’ Responsibilities  
Statement set out on page 20, the Directors are responsible  
for the preparation of the Group financial statements and  
for being satisfied that they give a true and fair view. Our  
responsibility is to audit and express an opinion on the Group 
financial statements in accordance with applicable law and 
International Standards on Auditing (UK and Ireland). Those 
standards require us to comply with the Auditing Practices 
Board’s (APB’s) Ethical Standards for Auditors.
Scope	of	the	audit	of	the	financial	statements
A description of the scope of an audit of financial statements  
is provided on the FRC’s website at  
www.frc.org.uk/apb/auditscopeukprivate.
Opinion	on	financial	statements
In our opinion the Group financial statements:
• give a true and fair view of the state of the Group’s affairs  
as at 30 June 2015 and of its loss for the year then ended; 
• have been properly prepared in accordance with IFRSs  
as adopted by the European Union; and
• have been prepared in accordance with the requirements  
of the Companies Act 2006.
Opinion	on	other	matter	prescribed	by	the	Companies	 	
Act	2006
In our opinion the information given in the Strategic and  
Directors’ Report for the financial year for which the Group 
financial statements are prepared is consistent with the  
Group financial statements.
Matters	on	which	we	are	required	to	report	by	exception
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:
• 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.
Other	matter
We have reported separately on the parent company financial 
statements of Ten Alps plc for the year ended 30 June 2015.
Nicholas	Page	 	
Senior Statutory Auditor 
for and on behalf of Grant Thornton UK LLP 
Statutory Auditor, Chartered Accountants  
London, UK
Independent auditor’s report - Consolidated accounts  25
Consolidated income statement
Continuing operations   
Revenue 2 20,467  29,454 
Cost of sales 3 (13,679) (20,030)
Gross Profit  6,788  9,424 
Operating expenses 3 (7,373) (10,549)
Adjusted EBITDA  (585) (1,125)
Reorganisation and restructuring costs 6 (120) (330)
Depreciation 12 (71) (179)
Amortisation and impairment of intangible assets 11 (43) (352)
Operating loss  (819) (1,986)
Finance costs 7 (505) (570)
Loss before tax  (1,324) (2,556)
Taxation 8 -  (247)
Loss for the year/period   (1,324) (2,803)
Discontinued operations   
Profit for the year  from discontinued operations 9 -  243 
Loss for the year/period   (1,324) (2,560)
Continuing operations attributable to:   
Equity holders  (1,324) (2,803)
Discontinued operations attributable to:   
Equity holders  -  243 
Retained loss for the year/period   (1,324) (2,560)
   
Basic earnings per share   
From continuing operations 10 (0.48)p (1.01)p
From discontinued operations 10 Nil p 0.09p
Total  (0.48)p (0.92)p
Diluted earnings per share   
From continuing operations 10 (0.48)p (1.01)p
From discontinued operations 10 Nil p 0.09p
Total  (0.48)p (0.92)p
The accompanying principal accounting policies and notes from part of these consolidated financial statements.
15 months 
to 30 June
2014
£’000
Year to
30 June
2015
£’000 Notes
Consolidated statement of comprehensive income
Loss for the year   (1,324) (2,560)
Other comprehensive income   
Total comprehensive income for the year    (1,324) (2,560)
Attributable to:   
Equity holders  (1,324) (2,560)
    (1,324) (2,560)
15 months 
to 30 June
2014
£’000
Year to
30 June
2015
£’000 26				 Financial statements for the year ended 30th	June	2015
Consolidated statement of financial position
Assets   
Non-current   
Goodwill and intangibles 11 6,898  6,953 
Property, plant and equipment 12 155  186 
Deferred tax 20 487  493 
    7,540  7,632 
Current assets   
Inventories 13 780  989 
Trade receivables 14 2,282  2,552 
Other receivables 14 1,941  1,596 
Cash and cash equivalents 15 1,914  2,578 
    6,917  7,715 
Total assets  14,457  15,347 
Equity and liabilities   
Shareholders’ equity   
Called up share capital 22 5,534  5,534 
Share premium account 22 15,228  15,228 
Merger reserve  696  696 
Retained earnings  (24,178) (22,854)
Total shareholders’ deficit   (2,720) (1,396)
Total equity   (2,720) (1,396)
   
Liabilities   
Non-current   
Borrowings 17 -  8,447 
    -  8,447 
Current liabilities   
Trade payables 16 2,733  3,013 
Other payables 16 5,434  5,283 
Borrowings – current 17 9,010  - 
  17,177  8,296 
Total equity and liabilities   14,457  15,347 
As at
30 June
2014
£‘000
As at
30 June
2015
£‘000 Notes
The consolidated financial statements were approved by the Board on  25th	Sept	2015 and are signed on its behalf by M Wood 
Company no SC075133 27
Consolidated statement of cash flows
Cash flows from operating activities   
Loss for the year/period   (1,324) (2,560)
Adjustments for:   
Income tax expense 8 -  247 
Depreciation 12 71  179 
Amortisation and impairment of intangibles 11 43  354 
Finance costs 7 505  570 
(Profit) on disposal of subsidiaries  -  (237)
Loss on sale of property, plant and equipment  - 4 
  (705) (1,443)
Decrease in inventories  209  709 
(Increase)/Decrease in trade and other receivables  (71) 1,483 
(Decrease) in trade and other payables  (314) (2,323)
Cash used in operations  (881) (1,574)
Finance costs paid  -  (295)
Net cash flows used in operating activities  (881) (1,869)
Investing activities   
Disposal of subsidiary undertakings, net of cash and overdrafts acquired  -  163 
Payment of contingent consideration  -  (100)
Purchase of property, plant and equipment 12 (40) (5)
Proceeds of sale of property, plant and equipment  -  3 
Net cash flows used in investing activities  (40) 61 
Financing activities   
Borrowings paid  (50) - 
Borrowings received  300  1,250 
Net cash flows from financing activities  250  1,250 
Net (decrease) in cash and cash equivalents  (671) (558)
Translation differences  7  6 
Cash and cash equivalents at 1 July  15 2,578  3,130 
Cash and cash equivalents at 30 June 2015 and 2014 15 1,914  2,578 
15mth 
Period ended 
30 June 2014 
£’000
Year ended 
30 June
2015
£’000 Notes Consolidated statement of changes in equity
28				 Financial statements for the year ended 30th	June	2015
   
Balance at 1 April 2013 5,534 15,228 696 (20,294) 1,164
Loss for the Year - - - (2,560) (2,560)
Other comprehensive income     
Translation differences - - - - -
Total comprehensive income - - - (2,560) (2,560)
Equity-settled share-based payments - - - - -
Disposal of non-controlling interest - - - - -
Shares issued - - - - -
Balance at 30 June 2014 5,534 15,228 696 (22,854) (1,396)
       
  
Balance at 1 July 2014 5,534 15,228 696 (22,854) (1,396) 
Loss for the year - - - (1,324) (1,324) 
Foreign investment translation differences - - - - - 
Total comprehensive income - - - (1,324) (1,324) 
Equity-settled share-based payments - - - - - 
Dividends paid - - - - - 
Shares issued - - - - - 
Balance at 30 June 2015 5,534 15,228 696 (24,178) (2,720) 
Total
£000
Retained
earnings
£000
Merger
reserve
£000
Share
premium
£000
Share
capital
£000 29
Notes to the consolidated financial statements
1)	ACCOUNTING	POLICIES
1.1)	General	Information
Ten Alps plc and its subsidiaries (the Group) is a multi-media 
Group which produces high quality TV and radio together  
with integrated publishing and communications content. 
Ten Alps plc is the Group’s ultimate parent and is a public 
listed company incorporated in Scotland. The address of its 
registered office is 7 Exchange Crescent, Conference Square, 
Edinburgh EH3 8AN. Its shares are traded on the AIM Market  
of the London Stock Exchange plc (LSE:TAL).
These consolidated financial statements have been approved 
for issue by the Board of Directors on 25 September 2015.
1.2)	Basis	of	Preparation
The financial statements of the Group have been prepared in 
accordance with International Financial Reporting Standards 
(“IFRS”) as adopted by the European Union (EU) and the  
Companies Act 2006 applicable to companies reporting under 
IFRS. The financial statements have been prepared primarily 
under the historical cost convention. Areas where other bases 
are applied are identified in the accounting policies below. 
Following the transition to IFRS, the Group’s accounting policies 
as set out below, have been applied consistently throughout 
the Group to all the years and periods presented, unless  
otherwise stated. 
1.2.1)	Going	Concern
Although the Group has incurred losses during the year, it has 
completed and implemented significant funding activities,  
debt refinancing and cost restructurings to mitigate this. The 
Group has long term debt due in December 2017 on which the  
financial covenants have been waived by the debt holders.
 The Group’s forecasts and projections, taking account of  
reasonably possible changes in trading performance, show  
that the Group should be able to operate within the level of  
its current financing.  
Management’s strategy has been incorporated into scenario 
based forecasts which highlight the Group’s need to raise 
additional finance and/or dispose of assets, however certain 
mitigating actions could be taken to manage cash resources  
if required. Although the Group continues to be successful in 
raising finance as in the past, there is no assurance that it will 
be able to obtain adequate finance in the future.
After making enquiries, the Directors have a reasonable  
expectation that the Group has adequate resources to  
continue in operational existence for the foreseeable future. 
The Group therefore continues to adopt the going concern 
basis in preparing its consolidated financial statements.
1.2.2)	Standards,	amendments	and	interpretations	to	 	
existing	standards	that	are	not	yet	effective	and	have	 	
not	been	early	adopted	by	the	Group	in	the	30	June	2015	
financial	statements:
At the date of authorisation of these financial statements 
certain new standards, amendments and interpretations to 
existing standards have been published but are not yet  
effective. The Group has not early adopted any of these  
pronouncements. The new Standards, amendments and  
Interpretations are as follows:
Standard/	 Content	 Applicable	for	 	
interpretation	 	 financial	years 	
	 	 beginning	on/after	
IFRS 9 Financial instruments: 1 January 2018 
 Classification and  
 measurement 
In November 2009, the Board issued the first part of IFRS 9 
relating to the classification and measurement of financial  
assets. IFRS 9 will ultimately replace IAS 39. The standard  
requires an entity to classify its financial assets on the basis of 
the entity’s business model for managing the financial assets 
and the contractual cash flow characteristics of the financial 
asset, and subsequently measures the financial assets as either 
at amortised cost or fair value. The new standard is mandatory 
for annual years beginning on or after 1 January 2018.
1.3)	Basis	of	Consolidation
The consolidated financial statements comprise the financial 
statements of the Group and its subsidiaries as at 30 June 
2015. Control is achieved when the Group is exposed, or has 
rights, to variable returns from its involvement with the investee 
and has the ability to affect those returns through its power 
over the investee. Generally there is a presumption that a  
majority of voting rights result in control. To support this  
presumption and when the Group has less than a majority  
of the voting or similar rights of an Invested, the Group  
considers all relevant facts and circumstances In assessing 
whether it has power over an investee.
Consolidation of a subsidiary begins when the Group obtains 
control over the subsidiary and ceases when the Group loses 
control of the subsidiary. Assets, liabilities, income and  
expenses of a subsidiary acquired or disposed of during the 
year are included in the consolidated financial statements  
from the date the Group gains control until the date the  
Group ceases to control the subsidiary.
All infra-group assets and liabilities, equity, Income, expenses 
and cash flows relating to transactions between members of 
the Group are eliminated in full on consolidation. Notes to the consolidated financial statements
1.4)	Revenue
Revenue is recognised when it is probable that the economic 
benefits will flow to the Group and the revenue can be reliably 
measured. Revenue is measured at the fair value of the  
consideration received or receivable from customers, net of 
trade discounts, VAT, other sales related taxes. Revenue is 
recognised as follows:
TV
Production revenue comprises broadcaster licence fees and other 
pre-sales receivable for work carried out in producing television 
programmes. T o the extent that they meet the requirements 
of IAS 11, certain customer-specific production contracts are 
reported using the percentage-of-completion method. 
In this method, revenues and gains on customer-specific  
contracts are recognised on the basis of the stage of  
completion of the respective project concerned. The  
percentage of completion is calculated as the ratio of the 
contract costs incurred up until the end of the year to the total 
estimated project cost (cost-to-cost method). Irrespective  
of the extent to which a project has been completed, losses  
resulting from customer-specific contracts are immediately  
recognised in full in the year in which the loss is identified.  
Gross profit on production activity is recognised over the year 
of the production. Overspends on productions are recognised 
as they arise and underspends are recognised on completion 
of the productions.
Revenue also includes sums receivable from the exploitation  
of programmes in which the company owns rights and is  
recognised when all of the following criteria have been met:
i) an agreement has been executed by both parties;
ii) the programme is available for delivery; and
iii) the arrangements are fixed and determinable.
Net revenue from the exploitation of programme rights is  
recognised when receivable.
Publishing 
Revenue is recognised in the accounting year in which the 
goods or services are rendered by reference to stage of  
completion of the specific transaction assessed on the basis  
of the actual service provided as a proportion of the total  
services to be provided.
Publishing: advertising revenue is recognised on the date  
publications are dispatched to customers. 
Online: revenue is recognised at the point of delivery or  
fulfilment for single/discrete services.
Exhibitions: revenue is recognised when the show has been 
completed. Deposits received in advance are recorded as  
deferred income on the Statement of Financial Position.
When a service consists of one or more of the above named 
elements, the value of the service is attributed to the different 
elements and the revenue recognition criteria are applied to 
each component separately.  
Communicate
Revenue is recognised in the accounting year in which the 
goods or services are rendered by reference to stage of  
completion of the specific transaction assessed on the basis  
of the actual service provided as a proportion of the total  
services to be provided.
1.5)	Production	Costs
In the majority of cases, when the Group is commissioned to 
make a programme by a broadcaster, the broadcaster pays 
a licence fee for the programme in their own territory and the 
Group retains the right to exploit the programme elsewhere.
Where the licence fee exceeds the cost of production, then,  
due to the uncertain nature of other future revenues, the  
Group writes off 100% of the production cost against the 
licence fee income.
1.6)	Property,	plant	and	equipment
Property, plant and equipment are stated at cost net of  
depreciation and any provision for impairment.
Depreciation is calculated to write down the cost less  
estimated residual value of all property, plant and equipment 
by equal annual instalments over their expected useful lives. 
The rates generally applicable are:
Leasehold premises  over the term of the lease
Motor vehicles   20% on cost
Office equipment   10%-20% on cost
Computer Equipment  20%-33% on cost
Useful economic lives are reviewed annually. Depreciation is 
charged on all additions to, or disposals of, depreciating assets 
in the year of purchase or disposal. Any impairment in values is 
charged to the income statement.
1.7)	Intangible	assets
Goodwill
Business combinations are accounted for by applying the  
acquisition method. Goodwill represents the difference  
between the cost of the acquisition and the fair value of the  
net identifiable assets acquired. Identifiable intangibles are 
those which can be sold separately or which arise from legal 
rights regardless of whether those rights are separable.
Goodwill is stated at cost less any accumulated impairment 
losses. Goodwill is allocated to cash-generating units and is 
not amortised but tested annually for impairment. 
30				 Financial statements for the year ended 30th	June	2015 31
1.8)	Leased	assets
The economic ownership of a leased asset is transferred to the 
lessee if the lessee bears substantially all the risks and rewards 
related to the ownership of the leased asset. The related asset 
is recognised at the time of inception of the lease at the fair 
value of the leased asset or, if lower, the present value of the 
minimum lease payments plus incidental payments, if any, to 
be borne by the lessee.
A corresponding amount is recognised as a finance leasing 
liability. The interest element of leasing payments represents a 
constant proportion of the capital balance outstanding and is 
charged to the income statement over the year of the lease.
All other leases are regarded as operating leases and the  
payments made under them are charged to the income  
statement on a straight line basis over the lease term.
Lease incentives received are recognised in the income  
statement as an integral part of the total lease expense.
1.9)	Inventories
TV
Inventories comprise of costs on productions that are  
incomplete at the year-end less any amounts recognised  
as cost of sales.
Publishing
Inventories comprise cumulative costs incurred in relation to  
unpublished titles or events, less provision for future losses  
and are valued on the basis of direct costs plus attributable  
overheads based on a normal level of activity. No element of 
profit is included in the valuation of inventories.
Communicate 
Inventories comprise of costs of unsold publishing stock and 
costs on projects that are incomplete at the year-end less any 
amounts recognised as cost of sales.
1.10)	Programmes	in	progress	at	year	end
Where productions are in progress at the year end and where 
the sales invoiced exceed the value of work done the excess is 
shown as deferred income; where the sales recognised exceed 
sales invoiced the amounts are classified as accrued income. 
Where it is anticipated that a production will make a loss, the 
anticipated loss is provided for in full.
1.11)	Impairment	of	assets
For the purposes of assessing impairment, non-financial assets 
are grouped at the lowest levels for which there are separately 
identifiable cash flows (cash-generating units). As a result, 
some assets are tested individually for impairment and some 
are tested at the cash-generating unit level. 
Goodwill is allocated to those cash generating units that are 
expected to benefit from the synergies of the related business 
combination and represent the lowest level within the Group at 
which management monitors the related cash flows. All other 
individual assets or cash-generating units are tested for  
impairment whenever events or changes in circumstances  
indicate that the carrying amount may not be recoverable.
An impairment loss is recognised for the amount by which the 
assets or cash-generating unit’s carrying amount exceeds its  
recoverable amount. The recoverable amount is the higher  
of fair value, reflecting market conditions less costs to sell,  
and value in use based on an internal discounted cash flow  
evaluation. Impairment losses recognised for cash-generating 
units, to which goodwill has been allocated, are credited 
initially to the carrying amount of goodwill. Any remaining 
impairment loss is charged pro rata to the other assets in the 
cash generating unit. With the exception of goodwill, all assets 
are subsequently reassessed for indications that an impairment 
loss previously recognised may no longer exist.
1.12)	Cash	and	cash	equivalents
Cash and cash equivalents comprise cash balances and call 
deposits with maturity of less than three months.
1.13)	Equity
Equity comprises the following:
• Share capital represents the nominal value of equity shares.
• Share premium represents the excess over nominal value  
of the fair value of consideration received for equity shares, 
net of expenses of the share issue.
• Merger Reserve represents the excess over nominal value 
of the fair value of consideration received for equity shares, 
where ordinary shares are issued as consideration for the  
purchase of subsidiaries in which the Group hold a 90% 
interest or above
• Retained earnings represent retained losses.
1.14)	Current	and	Deferred	taxation
Current tax is the tax currently payable based on taxable profit 
for the year.
Deferred income taxes are calculated using the liability method 
on temporary differences. Deferred tax is generally provided 
on the difference between the carrying amounts of assets and 
liabilities and their tax bases. 
Deferred tax is not recognised in respect of: 
• the initial recognition of goodwill that is not tax deductible 
and
• the initial recognition of an asset or liability unless the  
related transaction is a business combination or affects tax 
or accounting profit. In addition, tax losses available to be 
carried forward as well as other income tax credits to the 
Group are assessed for recognition as deferred tax assets. 32			 Financial statements for the year ended 30th	June	2015
Notes to the consolidated financial statements
Deferred tax liabilities are provided in full, with no discounting. 
Deferred tax assets are recognised to the extent that it is  
probable that the underlying deductible temporary differences 
will be able to be offset against future taxable income. Current 
and deferred tax assets and liabilities are calculated at tax 
rates and laws that are expected to apply to their respective 
year of realisation, provided they are enacted or substantively 
enacted at the reporting date.
Changes in deferred tax assets or liabilities are recognised as 
a component of tax expense in the income statement, except 
where they relate to items that are charged or credited directly 
to equity in which case the related deferred tax is also charged 
or credited directly to equity.
1.15)	Financial	Instruments
Financial assets and liabilities are recognised on the Group’s 
Statement of Financial Position when the Group becomes a 
party to the contractual provisions of the instrument.
Financial	Assets
Trade and other receivables
Trade and other receivables are initially recognised at fair  
value, adjusted for transaction costs, and subsequently  
measured at amortised cost using the effective interest  
rate method.
Financial	Liabilities
Financial liabilities and equity
Financial liabilities and equity instruments are classified  
according to the substance of the contractual arrangements 
entered into. An equity instrument is any contract that  
evidences a residual interest in the assets of the Group  
after deducting all of its liabilities.
Bank Borrowings
Interest bearing bank loans and overdrafts are initially  
recognised at fair value, adjusted for transaction costs, and 
subsequently measured at amortised cost using the effective 
interest rate method.
Finance charges, including premiums payable on settlement 
and direct issue costs, are accounted for on an effective  
interest method and are added to the carrying amount of  
the instrument to the extent that they are not settled in the  
year in which they arise.
Loan Notes
Loan notes are initially recognised at fair value, adjusted for 
transaction costs, and subsequently measured at amortised 
cost using the effective interest rate method.
Finance charges, including premiums payable on settlement 
and direct issue costs, are accounted for on an effective  
interest method and are added to the carrying amount of the 
instrument to the extent that they are not settled in the year  
in which they arise.
Trade and other payables
Trade and other payables are initially recognised at fair value, 
adjusted for transaction costs, and subsequently measured at 
amortised cost using the effective interest rate method.
1.16)	Employee	Benefits
Share-based Payments
Under IFRS 2, all share-based payment arrangements granted 
after 7 November 2002 that had not vested prior to 1 April 2006 
are recognised in the financial statements.
Where employees are rewarded using share-based payments, 
the fair values of employees’ services are determined indirectly 
by reference to the fair value of the instrument granted to the 
employee. This fair value is appraised at the grant date and 
excludes the impact of non-market vesting conditions.
All equity-settled share-based payments are ultimately  
recognised as an expense in the income statement with  
a corresponding credit to reserves.
If vesting years apply, the expense is allocated over the vesting 
year, based on the best available estimate of the number  
of share options expected to vest. Estimates are revised  
subsequently if there is any indication that the number of  
share options expected to vest differs from previous estimates.  
Any cumulative adjustment prior to vesting is recognised in  
the current year. No adjustment is made to any expense  
recognised in prior years if share options that have vested  
are not exercised.
Upon exercise of share options, the proceeds received net  
of attributable transaction costs are credited to share capital, 
and where appropriate share premium.
When the terms of an equity-settled transaction award are 
modified, the minimum expense recognised is the expense  
as if the terms had not been modified, if the original terms of 
the award are met. An additional expense is recognised for  
any modification that increases the total fair value of the  
share-based payment transaction, or is otherwise beneficial  
to the employee as measured at the date of modification.
When an equity-settled award is cancelled, it is treated as if  
it vested on the date of cancellation, and any expense not  
yet recognised for the award is recognised immediately.  
This includes any award where non-vesting conditions within 
the control of either the entity or the employee are not met.  
However, if a new award is substituted for the cancelled  
award, and designated as a replacement award on the date 
that it is granted, the cancelled and new awards are treated  
as if they were a modification of the original award, as  
described in the previous paragraph.
Retirement benefits
Obligations for contributions to defined contribution pension 
plans are recognised as an expense in the income statement 
when they are due. 33
1.17)	Provisions
Provisions are recognised when: the group has a present  
legal or constructive obligation as result of past events; it is 
probable that an outflow of resources will be required to settle 
the obligation; and the amount has been reliably estimated.
Provisions are measured at the present value of the  
expenditures expected to be required to settle the obligation 
using a pre-tax rate that reflects current market assessments  
of the time value of money and the risks specific to the  
obligation. Any increase in the provision due to the passage  
of time is recognised as interest expense.
1.18)	Profit	or	loss	from	discontinued	operations
A discontinued operation is a component of the Group that 
either has been disposed of, or classified as held for sale, and:
• represents a separate major line of business or  
geographical area of operations;
• is part of a single co-ordinated plan to dispose of a  
separate major line of business or geographical area  
of operations; or
• is a subsidiary acquired exclusively with a view to resale.
Profit or loss from discontinued operations, including prior year 
components of profit or loss, is presented in a single amount 
in the income statement. These amounts, which comprises the 
post-tax profit or loss on discontinued operations and the  
post-tax gain resulting from the measurement and disposal 
of assets classified as held for sale, is further analysed in note 
9. Any gain or loss arising on the disposal of subsidiaries is 
included within restructuring costs.
The disclosures for discontinued operations in the prior year 
relate to all operations that have been discontinued by the 
reporting date of the latest year presented.
1.19)	Significant	judgements	and	estimates
The preparation of consolidated financial statements under 
IFRS requires the Group to make estimates and assumptions 
that affect the application of policies and reported amounts. 
Estimates and judgements are continually evaluated and are 
based on historical experience and other factors including 
expectations of future events that are believed to be  
reasonable under the circumstances. Actual results may differ 
from these estimates. The estimates and assumptions which 
have a significant risk of causing a material adjustment to the 
carrying amount of assets and liabilities are discussed below.
Discontinued operations
The Group has classified certain cash generating units as  
discontinued operations during last year. See note 9. In  
determining whether or not to classify a cash generating 
unit as a discontinued operation, the Group must determine 
whether or not a cash generating unit represents a separate 
major line of business or is part of a single co-ordinated plan  
to dispose of a separate major line of business or geographical 
area of operations, as well as being disposed, abandoned  
or terminated.
Impairment of goodwill
The Group is required to test, at least annually, whether  
goodwill has suffered any impairment. The recoverable amount 
is determined based on value in use calculations. The use of 
this method requires the estimation of future cash flows and 
the choice of a suitable discount rate in order to calculate the 
present value of these cash flows. Actual outcomes could vary. 
See note 11.
Intangible assets
The Group recognises intangible assets acquired as part of 
business combinations at fair value at the date of acquisition. 
The determination of these fair values is based upon  
management’s judgement and includes assumptions on the 
timing and amount of future incremental cash flows generated 
by the assets and selection of an appropriate cost of capital. 
Furthermore, management must estimate the expected useful 
lives of intangible assets and charge amortisation on these  
assets accordingly. See note 11.
Revenue recognition on Publishing goods or services consisting 
of more than one element
Where the goods or services of the Publishing division consist 
of one or more elements described in para.1.4, the Group must 
make an allocation to be attributable to each of the elements 
in using a fair value estimate in accordance with IAS18. In  
particular, where an offering, such as a Media Package,  
consists of a publishing element and an on-line element,  
management makes an estimate on the fair value  
attributable to each element on a product by product basis.  
Such estimates are made using feedback from the customers 
and sales teams, the payment terms achieved on each  
product and other factors.
1.20)	Segmental	reporting
In identifying its operating segments, management follows the 
Group’s service lines, which represent the main products and 
services provided by the Group. The activities undertaken by 
the TV segment include the production of television and radio 
content; and the creation and management of websites and 
online TV channels. The Publishing unit (formerly B2B) includes 
publishing, websites, event management, video production 
and specialised communications services. The Communications 
Agency unit specialises in digital marketing services.
Each of these operating segments is managed separately 
as each service line requires different technologies and other 
resources as well as marketing approaches. All inter-segment 
transfers are carried out at arm’s length prices.
The measurement policies the Group uses for segment  
reporting under IFRS 8 are the same as those used in its  
financial statements. 34				 Financial statements for the year ended 30th	June	2015
Notes to the consolidated financial statements
2)	SEGMENTAL	INFORMATION
Management currently identifies the Group’s three service lines as three operating segments TV, Publishing and Communicate 
and further described in the accounting policy note. These operating segments are monitored and strategic decisions are made 
on the basis of adjusted segment operating results.
In addition, items included under ‘Central and Plc’ relate mainly to Group activities based in the United Kingdom. Note that the 
results for 30 June 2014 are for a 15 month period.
The internal reporting of the Group’s performance does not require that costs and/or Statement of Financial Position information 
is gathered on the basis of the geographical streams. 
The Group’s principal operations are in the United Kingdom. Its revenue from external customers in the United Kingdom was 
£18.17m (2014: £25.12m), and the total revenue from external customers in other countries was £2.3m (2014: £4.33m).
 TV Publishing  Communicate Central and PLC Total
 2015  2014 2015 2014 2015 2014 2015 2014 2015 2014
Continuing Operations £‘000 £‘000 £‘000 £‘000 £‘000 £‘000 £‘000 £‘000 £‘000 £‘000
Revenue 10,013  10,733  8,443  15,874  1,843  2,423  168  424  20,467  29,454 
EBITDA 428  321  (506) (733) 127  152  (634) (865) (585) (1,125)
Restructuring costs (15) -  (71) (284) (9) (45) (25) -  (120) (329)
Depreciation (17) (51) (44) (111) (10) (17) -  -  (71) (179)
Amortisation -  - (43) 16  -  (74) -  (295) (43) (353)
Impairment loss -  -  -  -  -  -  -  -  -  - 
Operating profit/(loss) 396  270  (664) (1,112) 108  16  (659) (1,160) (819) (1,986)
Segment Assets 5,081  5,101  7,646  8,709  1,499  1,600  237  (63) 14,463  15,347 
Segment Liabilities (2,386) (2,661) (2,979) (4,140) (446) (512) (11,372) (9,430) (17,183) (16,743)
Other Segment Items:
Expenditure on intangible  
assets
 
-  -  -  -  -  - -  -  -  - 
Expenditure on tangible  
assets
 
15  -  23  4  2  1  -  -  40  5 
3)	EXPENSES	BY	NATURE 
 2015 2014
  £’000 £’000
Cost of sales  
Direct media buying and selling costs 3,580  5,587 
Production costs 7,041  9,319 
Salary costs 2,227  3,615 
Royalties 474  572 
Distribution costs 357  582 
Movement in WIP/stock -  355 
Total costs of sales 13,679  20,030 
Operating expenses  
Salary costs 4,386  6,047 
Leases on premises 317  493 
Other administrative expenses 2,655  3,958 
Foreign exchange loss 15  51 
Total operating expenses 7,373  10,549  35
Included in other administrative expenses is the auditors’ remuneration, including expenses for audit and non-audit services,  
as follows:
 2015 2014
  £’000 £’000
Statutory audit services  
Annual audit of the company and the consolidated accounts 28 22
Non-audit services    
Audit of subsidiary companies 45 45
Tax advisory services 19  17 
Other services 20  25 
 Total 112  109 
4)	STAFF	COSTS
 2015 2014
  £’000 £’000
Wages & salaries 5,861  8,601 
Social security & other costs 629  957 
Pension costs 123  103 
Total 6,613  9,661 
The average number of employees employed by the Group during the year was: 
  2015 2014
TV 70  63 
Publishing 95  107 
Communicate 21  23 
Other 5  4 
Total 191  197 
Directors’	emoluments	
  *  The benefits in kind shown in the above table relate principally to a fully expensed medical health cover for the Executive Directors and  
   their immediate family.
  **  During the year, £17,000 (2014: £37,000 - 15 month period) was paid with respect to personal pension schemes for 1 Director (2014: 1).
  *** M Wood elected to waive his full salary for 3 months to 31st March 2015
  ^ M Wood was appointed Non-Executive Director on 28 Jul 2014 and CEO on 11 Dec 2014
  ^^ A B Walden resigned on 30 Mar 2015
  ^^^ R F Z Geldof resigned on 17 Jun 2015
  ^^^^ T Hoare resigned on 10 Jul 2015
     
 Salaries and Fees Bonus Benefits in kind * Pension ** Total Total
  £’000 £’000 £’000 £’000 £’000 £’000
Executive Directors      
M. Wood ^/*** 70 - - - 70 -
N. Patel 155 - 2 17 174 233
Non-Executive Directors      
P . Bertram (Chairman) 50 - - - 50 63
A.B. Walden ^^ 0 - - - 0 31
R.F .Z. Geldof KBE ^^^ 100 - - - 100 94
T. Hoare ^^^^ 50 - - - 50 - 
 Total 425 0 2 17 444 421
30 June 
2014
30 June  
2015 36				 Financial statements for the year ended 30th	June	2015
Notes to the consolidated financial statements
The Group considers that the Directors are the Key Management personnel. The amount for share based payments charge  
(see Note 5) which relates to the Directors was £Nil (2014: £Nil). Total remuneration for directors for the 12 months to June 2015 
was £425,000 (15 month 2014: £421,000).
5)	SHARE	BASED	PAYMENTS
The charge for share based payments arises from the following schemes:
Share	Option	Schemes
Under the terms of the approved and unapproved share option schemes, the Board may offer options to purchase ordinary  
share options to employees and other individuals. Share options granted under the company’s schemes are normally  
exercisable for an eight to ten year period. The vesting year ranges from the date of grant up to three years. There are no  
performance criteria that need to be met before options vest.
Details of the number of share options and the weighted average exercise price (WAEP) outstanding during the year are  
as follows:
Approved	share	option	scheme
 2015 2014 
 £000 £000
Unapproved share option scheme -  -
Total -  -
The options outstanding as at 30 June 2015 have the following weighted average exercise prices and expire in the following  
financial years:
 2015  2014
  Number WAEP £ Number WAEP £
Outstanding at the beginning of the year 385,000  0.53  485,000  0.53 
Lapsed during the year (260,000)   -  (100,000)   - 
Outstanding at the end of the year 125,000  0.53  385,000  0.53 
Exercisable at the end of the year 125,000  0.53  385,000  0.53 
Unapproved	share	option	scheme
 2015  2014
  Number WAEP £ Number WAEP £
Outstanding at the beginning of the year 17,574,000  0.048  17,574,000  0.048 
Outstanding at the end of the year 17,574,000  0.048  17,574,000  0.048 
Exercisable at the end of the year 17,699,000  0.048 17,959,000  0.048 
  Exercise 
Expiry  Price 2015 2014
  £ No No
31 March 2015   0.33  -  260,000 
31 March 2016   0.63  100,000  100,000 
31 March 2019   0.40  650,000  650,000 
31 March 2020   0.27  199,000  199,000 
31 March 2023  0.03 16,750,000  16,750,000 
Total   17,699,000  17,959,000 37
No options were exercised or cancelled during the year (2014: Nil). Any options cancelled were fully vested at the time of  
cancellation. No additional charges were expensed in the year. 260,000 share options lapsed in the year (2014:100,000).
The fair value of equity settled transactions is estimated at the date of grant. Fair values were determined according to  
the Black-Scholes option pricing model using the following:
 2015
Scheme EMI Unapproved
Number granted -  17,750,000 
Weighted average share price at grant -  0.025 
Weighted average share exercise price -  0.026 
Weighted average expected volatility - 45%
Average expected life (years) - 3 
Weighted average risk free rate - 2.58%
Expected dividend yield -  0%
The expected volatility was calculated using the historic volatility of the company’s share price over the year since listing.  
The weighted average risk free rate has been calculated using the gilt rates on the date of grant. The expected life of the  
options is based on the assumption that on average, the options will be exercised evenly over their life.
6)	RESTRUCTURING	COSTS
Restructuring Costs are presented separately as, due to their nature or for the infrequency of the events giving rise to them, this  
allows shareholders to understand better the elements of financial performance for the year, to facilitate comparison with prior  
year’s and to assess better the trends of financial performance.
 2015 2014
  £’000 £’000
Restructuring Costs  
Redundancy 120 117 
WIP write off on relocation of unit - 213 
Total 120 330 
7)	FINANCE	COSTS	AND	INCOME
 2015 2014
  £’000 £’000
Finance Costs  
Interest payable on bank borrowings (191) (245)
Amortisation of origination costs on bank borrowings (39) (48)
Interest payable on loan note (275) (277)
Interest payable on finance leases - -
Finance Costs (505)  (570) 
  38				 Financial statements for the year ended 30th	June	2015
Notes to the consolidated financial statements
8)	INCOME	TAX	EXPENSE
Taxation	Charge
 2015 2014
  £’000 £’000
Current tax expense:  
current year before exceptional items -  - 
adjustment for prior years - -
 - -
Deferred tax   
Origination and reversal of temporary differences (see note 20) - 132 
Impact in change of corporate tax rate - 115   
Total income tax expense - 247 
Reconciliation	of	taxation	expense:
 2015 2014
  £’000 £’000
Loss before tax (1,324) (2,556)
Taxation expense at UK corporation tax rate of 20.75% (2014: 21%) (274) (537)
Non-taxable income/non-deductible expenses 208  268 
Losses carried forward and temporary differences not recognised 66  516 
Overprovision in prior years - -
Adjustments for discontinued operations  
Total income tax expense - 247
9)	DISCONTINUED	OPERATIONS
During the period to 30 June 2014, the Fareham Agencies unit in the Publishing and Communication division was disposed of.  
Analysis of the result of the discontinued operations is as follows:
 2015 2014
   £’000 £’000
Revenue - 333 
Cost of sales  - (250)
Gross Profit - 83 
Operating expenses - (77)
Depreciation - (1)
Operating profit  - 5 
Profit before tax - 5
Pre-tax gain on disposal of discontinued operations - 238
Profit for the year from discontinued operations  - 243 39
The net cash flows attributable to the discontinued operations are as follows:
 2015 2014
   £’000 £’000
Operating cash flows -  110
Total cash flows  - 110	
10)	EARNINGS	PER	SHARE
 2015 2014
Weighted average number of shares used in basic  
earnings per share calculation 276,666,012 276,666,012
Dilutive effect of share options - -
Weighted average number of shares used in diluted 276,666,012 276,666,012
earnings per share calculation  
 £’000 £’000
Loss for year attributable to shareholders (1,324) (2,803)
Amortisation and impairment of intangible assets adjusted for deferred tax impact 18 327
Restructuring 120 329
Adjusted loss for year attributable to equity holders of the parent (1,186) (2,147)
Profit for year/period from discontinued operations attributable to shareholders - 243
Continuing	operations:	 	
Basic Loss per Share (0.48)p (1.01)p
Diluted Loss per Share (0.48)p (1.01)p
Adjusted Basic Loss per Share (0.43)p (0.78)p
Adjusted Diluted Loss per Share (0.43)p (0.78)p
Discontinued	operations:	 	
Basic Profit per Share Nil	p  0.09 p
Diluted Profit per Share Nil	p  0.09 p
11)	INTANGIBLE	ASSETS
  Goodwill Customer Magazine Customer Websites Total
   Relationships  titles Contracts  
  £’000 £’000 £’000 £’000 £’000 £’000
Cost      
At 1 April 2013 25,662  3,818  1,118  171  1,310  32,079 
At 30 June 2014 25,662  3,818  1,118  171  1,310  32,079 
Additions -  -  -  -  -  - 
At 30 June 2015 25,662  3,818  1,118  171  1,310  32,079 
Amortisation       
At 1 April 2013 (18,765) (3,728) (1,104) (171) (1,006) (24,774)
Charge for the period -  (90) (14) -  (248) (352)
At 30 June 2014 (18,765) (3,818) (1,118) (171) (1,254) (25,126)
Charge for the year -  -  -  -  (43) (43)
Disposals & retirements -  -  -  -  (12) (12)
At 30 June 2015 (18,765) (3,818) (1,118) (171) (1,309) (25,181)
Net Book Value      
At 30 June 2015 6,897  -  -  -  1  6,898 
At 30 June 2014 6,897  -  -  -  56  6,953  40				 Financial statements for the year ended 30th	June	2015
Notes to the consolidated financial statements
Goodwill
Goodwill arising on acquisitions after the date of transition to IFRS is attributable to operational synergies and earnings potential 
expected to be realised over the longer term.
Customer	Relationships
Customer relationships relating to contract publishing relationships are amortised over an 8 year which is representative of the 
average length of the contract publishing relationships acquired.
Magazine	Titles
Magazine titles are magazines for which the intellectual property is wholly owned by the company.  
Websites
Development costs of revenue generating websites are capitalised as intangible assets.
Impairment	Tests	for	Goodwill
The carrying amount of goodwill by operating segment is:
Goodwill is not amortised but tested annually for impairment with the recoverable amount being determined from value in  
use calculations. The key assumptions for the value in use calculations are those regarding the discount rate, growth rates  
and forecasts in income and costs. 
The Group assessed whether the carrying value of goodwill was supported by the discounted cash flow forecasts of operating 
segment based on financial forecasts approved by management covering a seven-year period, taking in to account both past 
performance and expectations for future market developments. 
Management has used a seven year model predominately because the earnout models used on acquisitions have been based  
on seven year scenarios. Management estimates the discount rate using a pre-tax rate that reflects current market assessments  
of the time value of money and the risks specific to media businesses.  
In assessing the divisions the Group reviewed the management forecasts. The Group evaluated the impact of various strategic 
investments made in the year via new executive producers and management, creation and expansion of the events portfolio, 
enhanced offering across various media platforms, increased in house editorial and content creation and further cost control  
via margin and third supplier contracts. 
In regard to the 2017, management used a growth rate of 2.5% in line or below the long term growth rate and was based on the 
enhanced expectations of the forecasts of 2016 following the implementations mentioned above. Management believe this rate 
does not exceed the growth rate of the industry and the UK economy in the long term. After the 2 year period, management 
reflected the significant cost benefits and restructure incurred by the Group over the last three years into the forecasts and  
concluded that no further benefit or growth rate would be applied thereafter. The management forecasts include restructurings 
which have been completed prior to 30 June 2015. 
In evaluating the recoverable amount, we employ the discounted cash flow methodology, which is based on making assumptions 
and judgements on forecasts, margins, discount rates and working capital needs. These estimates will differ from actuals in the 
future and could therefore lead to material changes to the recoverable amounts. The key assumptions used for estimating  
cash flow projections in the Group’s impairment testing are those relating to revenue growth and operating margin. The key  
assumptions take account of the businesses’ expectations for the projection period. These expectations consider the  
macroeconomic environment, industry and market conditions, the unit’s historical performance and any other circumstances  
particular to the unit, such as business strategy and client mix.
 2015  2014 
  £’000 £’000
Publishing 4,399  4,399 
TV 1,611  1,611 
Agency 887  887 
Total 6,897  6,897  41
As all the segments operate in a similar media landscape the discount rate applied across to the segments for 2015 was 9.1% 
(2015: 7.5%). The increase reflects the weighting of the debt and equity valuation of the Group based on the unaudited proforma 
balance sheet with the overall calculation and methodology remaining unchanged from prior years. As the debt has decreased 
and the equity value increased in the year, the discount rate has risen to reflect the lower debt borrowing costs and higher cost  
of equity. A sensitivity analysis of an increase in the discount rate by 2% is shown below.
TV
A pre-tax discount rate of 9.1% (2014: 7.5%) has been used. The main assumptions on which the forecast cash flows were based 
include revenue growth and margin growth. All key assumptions used by management within the cash flow forecasts are based  
on past experience and sector experience.
Publishing
A pre-tax discount rate of 9.1% (2014: 7.5%) has been used. The main assumptions on which the forecast cash flows were based 
include revenue growth and margin growth. All key assumptions used by management within the cash flow forecasts are based  
on past experience and sector experience.
Communicate
A pre-tax discount rate of 9.1% (2014: 7.5%) has been used. The main assumptions on which the forecast cash flows were based 
include revenue growth and margin growth. All key assumptions used by management within the cash flow forecasts are based  
on past experience and sector experience.
Changes in these assumptions can have a significant effect on the recoverable amount and therefore the value of the  
impairment recognised.
Assumption	 Judgements		 Sensitivity
Discount	Rate	 As	indicated	above	the	rate	used	is	9.1%	 
Growth	Rate	and		 	
Strategic	plans	
 
Cashflows
As indicated above the rate used is 9.1% 
Strategic investment, restructuring and growth of 
owned assets assumed for 2016
A rate of 2.5% has been used for the 2017.
Cash collection is consistent with previous years 
with no significant bad debts being incurred 
due to write offs taken in the previous years and 
provisions for this year.
Cash collection is consistent with previous years 
with no significant bad debts being incurred  
due to write offs taken in the previous years  
and provisions for this year.
An increase in the discount rate by 2% will  
result in a decrease in the overall goodwill  
carried at the yearend by £0.25m. A decrease  
in the discount rate by 1% will result in no  
impairment charge.
If 0% growth rate was applied after 2016 and  
all benefits from the strategic investment,  
restructuring and reorganisation were  
eliminated then the Publishing unit would be 
impaired by £2.1m. TV and Communicate  
would not be impaired.
A 15% fall in cashflow estimates would result in 
an overall impairment of £0.63m in the year. 42				 Financial statements for the year ended 30th	June	2015
Notes to the consolidated financial statements
12)	PROPERTY,	PLANT	AND	EQUIPMENT
 Short leasehold  Office and 
 land and  Motor computer 
 buildings vehicles equipment Total
 £’000 £’000 £’000 £’000
Cost    
At 1 April 2013 112  8  1,348  1,468 
Additions -  -  5  5 
Disposals & retirements -  (8) (25) (33)
At 30 June 2014 112  -  1,328  1,440 
Additions -  -  40  40 
At 30 June 2015 112  -  1,368  1,480 
Depreciation    
At 1 April 2013 (91) (3) (1,043) (1,137)
Charge for the period (19) -  (160) (179)
Disposals & retirements (2) 3  61  62 
At 30 June 2014 (112) -  (1,142) (1,254)
Charge for the year -  -  (71) (71)
At 30 June 2015 (112) -  (1,213) (1,325)
Net Book Value at 30 June 2015 -  -  155  155 
At 30 June 2014 -  -  186  186 
13)	INVENTORIES		
 2015 2014
  £’000 £’000
Work in progress - Publishing 501  657 
Work in progress – TV 139  197 
Stock – Communicate 140  135 
Total Inventories 780  989 
14)	TRADE	AND	OTHER	RECEIVABLES		
 2015 2014
  £’000 £’000
Current  
Trade receivables 2,502  2,895 
Less provision for impairment (220) (343)
Net trade receivables 2,282  2,552 
Other receivables 359  7 
Prepayments 317  393 
Accrued income 1,265  1,196 
Total 4,223  4,148 
  43
During the year the Directors reviewed the trade receivables and concluded that the carrying amount of trade and other  
receivables approximates to their fair value. The creation and release of provision for impaired receivables have been  
included in administration expenses in the income statement. 
The maximum exposure to credit risk at the reporting date is the carrying value of each class of asset above. The Group does  
not hold any collateral as security for trade receivables. The Group is not subject to any significant concentrations of credit risk.
Trade receivables that were past due but not impaired relating to a number of customers with no recent history of default  
are as follows:
 2015 2014
  £’000 £’000
Not more than 3 months 707  906 
More than 3 months but less than 1 year 464  261 
More than 1 year 71  118 
Total  1,242  1,285 
15)	CASH	AND	CASH	EQUIVALENTS
 2015 2014
  £’000 £’000
Total Cash and cash equivalents 1,914 2,578
The Group’s credit risk exposure in connection with the cash and cash equivalents held with financial institutions is managed  
by holding funds in a high credit worthy financial institution (Moody’s A2- stable).
16)	TRADE	AND	OTHER	PAYABLES
 2015  2014
  £’000  £’000
Current  
Trade payables 2,733  3,013 
Shares to be issued 960 -
Other payables 113  717 
Other taxes and social security 597  584 
Accruals 2,460  1,941 
Deferred income 1,304  2,041 
Total 8,167  8,296 
The Directors consider that the carrying amount of trade and other payables approximates to their fair value. The Group’s  
payables are unsecured. 44				 Financial statements for the year ended 30th	June	2015
Notes to the consolidated financial statements
17)	BORROWINGS	AND	OTHER	FINANCIAL	LIABILITIES
 Carrying Value  Fair Value
 2015 2014 2015 2014
  £’000 £’000 £’000 £’000
Current    
Loan notes - secured and unsecured 9,010  -  250  - 
Sub total 9,010 - 250 - 
Non-current    
Debt facility - unsecured -  4,369  4,000  3,793 
Loan notes - secured -  2,323  2,114  2,161 
Loan notes - unsecured -  1,755  1,429  1,632 
Sub total -  -  7,543  -
Total 9,010  8,447  7,793  7,586 
The fair value of current borrowings equals their carrying amount, as the impact of discounting is not significant. The fair value of  
the debt facility is based on the value paid by the Lenders on the assignment of the Bank Loan. The fair value of the secured Loan 
Notes are based on estimated discounted cash flows using the IRR of the Lenders in regards to the Debt Facility, calculated at  
21.06% (2014: 21.06%).
Debt	Facility
Loans totalling £4.43m are held by Herald Investment Trust Plc, Artemis Alpha Trust Plc and The John Booth Charitable  
Foundation, together known as the new “lenders.” The interest on the facility is based on monthly LIBOR plus a margin of 4%.  
The Debt Facility is unsecured and is repayable in full on the 11th of February 2016. There are no financial covenants in force  
in respect on this debt facility.  
The lenders have also entered into a call deed with the Group, giving the Group the option to repurchase amounts of the  
Facilities at a discounted rate. The Group incurred £151,000 costs in respect to the assignment and these costs have reduced  
the carrying value of the debt as they will be amortised over the length of the repayment schedule as an interest expense.
Loan	notes	-	unsecured
The unsecured Loan Notes of £1.99m (2014: £1.76m) relates to an agreement with Herald Investment Trust plc, a related party 
through shareholding. Interest is based on monthly Libor plus a margin of 6%.The interest is accrued and is repayable along  
with the principle on 31 March 2016. 
Maturity	of	Financial	Liabilities
The maturity of borrowings is as follows: 
 2015 2014
  £’000 £’000
Repayable within one year and on demand:  
Loan notes 9,010  - 
Finance leases -  - 
Trade payables 2,733  3,013 
Sub total 11,743  3,013 
Repayable between one and two years:  
Sub total -  - 
Repayable between two and five years:  
Debt facility -  4,433 
Loan notes -  4,078 
Sub total -  8,511 
Total 11,743 11,524 
  45
Loan	notes	-	secured
The secured Loan Notes of £2.62m (2014: £2.32m) relate to a debenture with Herald GP II Limited, a related party through  
shareholding, and are secured by a floating charge over the assets of all the Group companies. Interest is based on monthly  
Libor plus a margin of 6%. The interest is accrued and is repayable along with the principal on 31 March 2016.
PBSE
On 10th July 2015 the Group also carried out a Debt Conversion which resulted in a reduction of the Group’s total debt  
obligations to £2 million (2014: £8.76m) and a reduction in certain short-term debt obligation to £Nil (2014: £0.25m).  
Further details of the transaction are in the Director’s Report page 22.
18)	FINANCIAL	INSTRUMENTS
Financial risk management
The Group’s financial instruments, other than derivatives, comprise borrowings, cash and liquid resources and various items,  
such as trade receivables and trade payables that arise directly from its operations. The main purpose of these financial  
instruments is to raise finance for the Group’s operations.
The principal financial risks faced by the Group are liquidity/funding, interest rate, foreign currency and counterparty risks.  
The policies and strategies for managing these risks are summarised as follows:
Risk Potential impact How it is managed 
The Group’s debt servicing requirements and 
investment strategies, along with the diverse  
nature of the Group’s operations, means that 
liquidity management is recognised as an  
important area of focus.
Liquidity issues could have a negative  
reputational impact, particularly with suppliers.
The Group’s exposure to interest rate risk is 
shown (by way of sensitivity to changes in interest 
rates) in the rate risk table below.
Transactional foreign currency exposures arise 
from both the export of services from the UK to 
overseas clients, and from the import of services 
directly sourced from overseas suppliers.
The Group’s treasury function is principally  
concerned with internal funding requirements, 
debt servicing requirements and funding of  
new investment strategies.
Internal funding and debt servicing requirements 
are monitored on a continuing basis through the 
Group’s management reporting and forecasting.  
The Group also maintains a continuing dialogue 
with the Group’s lenders as part of its informa-
tion covenants. The requirements are maintained 
through a combination of retained earnings,  
asset sales or capital markets.
New investments strategies are to be funded 
through the use of shareholder loans or where 
possible capital markets. 
The Group’s debt currently consists of variable 
rate debt. The Group’s policy is to enter into  
interest rate caps with the associated lender.  
As at 30 June 2015 no hedging instruments were 
in place, but the Group is actively monitoring  
this position.
The Group is primarily exposed to foreign  
exchange in relation to sterling against  
movements in US$ and euro€ but is not  
considered by management to be significant.
Liquidity
Interest	rate	 	
fluctuations
Exchange	rate	 	
fluctuations 46				 Financial statements for the year ended 30th	June	2015
Interest	Sensitivity	analysis
The table below illustrates the estimated impact on the income statement as a result of market movements in interest rates in  
relation to all of the Group’s financial instruments. The Group considers a 2% increase or no decrease in interest rates to be  
reasonably possible based on observation of current market conditions. All other variables are held constant. However, this  
analysis is for illustrative purposes only.
The impact in the income statement due to changes in interest rates reflects the effect on the Group’s floating rate debt as at  
the reporting date.
19)	BUSINESS	COMBINATIONS
Acquisition after reporting period- Reef Television Limited 
On 14th July 2015 the Group acquired 100% of the share capital of an English registered company called Reef Television Limited. 
The Group paid initial £2.55m cash for its 100% holding with a further £3m payable via redeemable loan notes and shares on 
certain earn out targets being met between 2016 and 2018. The balance sheet acquired was £0.92m in net assets. The directors 
consider the £3m deferred consideration will be met over the 3 year period. The assets and liabilities arising from the acquisition 
are as follows:
    
     Fair Value 
    Book Value  Adjustments  Fair Value
    £’000 £’000  £’000
Intangible assets -  2,950  2,950
Property, plant and equipment 34 -  34 
Trade and other receivables 536  -  536 
Cash and cash equivalents 2,584  -  2,584 
Trade and other payables (1,634)  (1,634)
Current tax liabilities (601) -  (601)
Deferred tax (2) (590) (592)
Net assets acquired 917  2,360 3,277 
Goodwill capitalised    2,245
Consideration given     5,522 
Satisfied by:   
Cash   2,522 
Deferred contingent consideration   3,000 
 Total     5,522 
Notes to the consolidated financial statements
 0.25%  No  2%
 decrease in decrease in  increase in
 interest rates interest rates  interest rates
 £’000 £’000  £’000
At 30 June 2015  
Impact on income statement and equity: (loss) - - (180)
At 30 June 2014  
Impact on income statement and equity: (loss) - - (170)
The fair value adjustments made to book value relate to the intangible assets identified on the acquisition. Goodwill relating to the 
acquisition of Reef amounted to £2,244,570.  
Earnout	Details
The earnout consists of three elements: •   Loan Note Consideration of up to £1.5 million
• Deferred Consideration of up to £1.5 million and •   Additional bonus amount of earn out consideration above £3 million 47
 Accelerated  Losses  Share Other 
 capital carried Intangible based temporary 
 allowances forward assets payments  differences Total
 £’000 £’000 £’000 £’000 £’000 £’000
At 1 April 2014 509  241  (61) -  53  742
Recognised in the income statement (73) (101) 25  -  15  (134)
Charge due to change in tax rate (65) (32) (8) -  (10) (115)
At 30 June 2014 371  108  (44) -  58  493
Recognised in the income statement -  -  -  -  -  - 
Charge due to change in tax rate (8)  1  1  -  -  (6)
At 30 June 2015  363  109 (43) -  58  487 
 
The Loan Note Consideration and the Deferred Consideration will be settled in cash or Ordinary Shares, at the Company’s  
discretion, subject to a maximum of 50 per cent. of the Loan Note Consideration and the Deferred Consideration being able to be 
settled in Ordinary Shares. Any issue of new Ordinary Shares to the Vendors will be subject always to the resultant shareholding of 
the Vendors being not greater than 29.99 per cent. of the issued share capital of Ten Alps, as enlarged by the issue of that tranche 
of Ordinary Shares. The Ordinary Shares will be valued at the average mid-market closing share price of the Company over the 
five Business Days prior to the finalisation of the relevant accounts.
The Loan Note Consideration is redeemable and the Deferred Consideration is payable in three tranches of up to £500,000 each, 
subject to the level of gross profitability of Reef Television for the financial years ended 30 June 2016, 30 June 2017 and 30 June 
2018. In respect of the 2016 financial year, the maximum
Loan Note Consideration and Deferred Consideration payment of £1,000,000 is subject to Reef Television achieving  
at least £1,800,000 in gross profits and to be adjusted downwards thereafter on a straight-line basis to a minimum level of 
£1,500,000, below which point none of the first tranche of Loan Note Consideration and Deferred Consideration will be paid.  
The same performance metrics will apply to the second and third tranches of Loan Note Consideration and Deferred  
Consideration due in respect of the 30 June 2017 and 2018 financial years, with the target gross profit ranges of £2,000,000  
to £1,500,000 and £2,200,000 to £1,500,000, respectively.
If there is an over-achievement in either of the 2016 or 2017 years the excess will be carried forward to the next financial year of 
assessment and if there is an over-achievement in either of the 2017 or 2018 years the Vendors will have the ability to claim back 
amounts not paid due to under-performance in previous years. An additional amount of earn-out consideration is payable by the 
Company if the aggregate gross profit for the three years exceeds £6 million. Subject to certain conditions, the Company will pay 
50 per cent. of such gross profit excess to the Vendors in either cash or by the issue of Ordinary Shares (in respect of up to 50  
per cent. of this additional consideration) at the Company’s option. No provision has been made for this element of deferred  
consideration, due to the uncertainty of future gross profit revenue streams being greater than £6m  
over the three year period. 
20)	DEFERRED	TAX
Deferred tax is calculated in full on temporary differences under the liability method using a tax rate of 20% for UK differences.  
The movements in deferred tax assets and liabilities during the year are shown below.
Deferred tax assets estimated at £3.19m (2014: £3.09m) in respect of losses carried forward have not been recognised due to  
uncertainties as to whether or not income will arise against which such losses will be utilised.
21)	PROVISIONS	FOR	OTHER	LIABILITIES
A provision in the amount of £Nil (2014: £Nil) has been recognised in the current year in other creditors to reflect an onerous  
contract held with one of our clients.  22)	SHARE	CAPITAL
  2015   2014
  Share Share  Share  Share  
 Shares capital premium Shares capital premium  
  £’000 £’000   £’000 £’000
Authorised ordinary shares of 2p each No Maximum N/A   No maximum N/A  
Allotted, called up and fully paid ordinary of  
2p each:      
At start of year 276,666,012  5,534  15,228  276,666,012   5,534   15,228  
Shares issued as consideration -  -  -  -  -  - 
Shares issued as remuneration -  -  -  -  - - 
Shares issued as private placement -  -  -  - -  - 
At end of period/year 276,666,012 5,534 15,228 276,666,012 5,534 15,228
23)	CONTINGENCIES	AND	COMMITMENTS
Capital	Commitments
The Group had capital commitments of £Nil as at 30 June 2015 (2014: £Nil).
Operating	Leases
The future minimum rentals under non-cancellable operating leases are as follows:
48				 Financial statements for the year ended 30th	June	2015
Notes to the company financial statements
 30 June 2015  30 June 2014
 Land and  Land and 
 buildings Other buildings Other
 £’000 £’000 £’000 £’000
Within one year 276  -  404  1 
Between one and five years -  -  124  7 
After five years -  -  -  - 
Total 276  -  528  8 
24)	RELATED	PARTY	TRANSACTIONS
Transactions between the Company and its subsidiaries, which 
are related parties, have been eliminated on consolidation and 
are not disclosed in this note.
Loan	Note	
On 24 July 2014, the Company announced that it received an 
unsecured loan note of £150,000 for business development and 
general working capital requirements from Herald Investment 
Trust (HIT) (2014: £1.25m).
On 24 July 2014 the Company issued a Loan Note of £50,000 to 
Tim Hoare, a non-executive director of the Company. The loan 
was repaid in September 2014.
Subscription	Letter	
On 04 December 2014 the Company entered in to an underwriting 
agreement with certain existing shareholders and directors of the 
Company to subscribe for ordinary shares of the Company of up 
to an aggregate value of approximately £1 million.
Under the Subscription letter certain directors of the Company 
being Peter Bertram, Mark Wood and Tim Hoare will each  
subscribe for £50,000 and Nitil Patel for £20,000. 
Under the Subscription letter certain shareholders of the  
Company being Herald Investment Trust, Artemis Alpha Trust, 
John Booth and John Booth Charitable Trust and Banque  
Heritage will each subscribe for a certain amount of ordinary 
shares in the Company.
The Company entered into the Subscription Letter in order  
to strengthen the business and to give it greater flexibility  
to pursue growth opportunities as they arise. 
Director	Transactions
Timothy Hoare
Timothy Hoare did not have a formal letter of appointment  
with the Company but was entitled to an annual fee of £50,000 
and expenses. Following his resignation he was paid £50,000  
in respect of his accrued but unpaid fees to be settled by the  
issue of 2,500,000 Ordinary Shares in July 2015. 
Bob Geldof
It was agreed that Bob Geldof will be paid £100,000 to be  
settled by the issue of 5,000,000 Ordinary Shares in settlement  
of the outstanding fees which were due to him prior to his  
resignation on 16 June 2015.
The above Director transactions were approved by the  
shareholders on the 10 July 2015. 49
Independent auditor’s report - parent company
Independent	auditor’s	report	to	the	members	of	Ten	Alps	plc	
We have audited the parent company financial statements of 
Ten Alps plc for the year ended 30 June 2015 which comprise  
the parent company balance sheet and the related notes.  
The financial reporting framework that has been applied in  
their preparation is applicable law and United Kingdom  
Accounting Standards (United Kingdom Generally Accepted  
Accounting Practice).
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.
Respective	responsibilities	of	Directors	and	auditor
As explained more fully in the Directors’ Responsibilities  
Statement set out on page 20, the Directors are responsible  
for the preparation of the parent company financial statements 
and for being satisfied that they give a true and fair view. Our 
responsibility is to audit and express an opinion on the parent 
company financial statements in accordance with applicable  
law and International Standards on Auditing (UK and Ireland). 
Those standards require us to comply with the Auditing  
Practices Board’s (APB’s) Ethical Standards for Auditors.
Scope	of	the	audit	of	the	financial	statements
A description of the scope of an audit of financial statements is 
provided on the FRC’s website at 
www.frc.org.uk/apb/auditscopeukprivate.
Opinion	on	financial	statements
In our opinion the parent company financial statements:
• give a true and fair view of the state of the company’s  
affairs as at 30 June 2015; 
• 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.
Opinion	on	other	matter	prescribed	by	the	Companies	 	
Act	2006
In our opinion the information given in the Strategic and  
Directors’ Report for the financial year for which the financial 
statements are prepared is consistent with the parent company 
financial statements.
Matters	on	which	we	are	required	to	report	by	exception
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 by the  
parent company, or returns adequate for our audit have  
not been received from branches not visited by us; or
• the parent company 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.
Other	matter
We have reported separately on the Group financial statements 
of Ten Alps plc for the year ended 30 June 2015.
Nicholas	Page 	
Senior Statutory Auditor 
for and on behalf of Grant Thornton UK LLP 
Statutory Auditor, Chartered Accountants 
London 50				 Financial statements for the year ended 30th	June	2015
Company	balance	sheet	as	at	30	June	2015
 30 June 2015  30 June 2014
  Note £‘000 £‘000 £‘000 £‘000
Fixed assets     
Investments in Subsidiaries 27  6,543   6,543 
Tangible assets 28  2  - 
      6,545    6,543 
Current assets     
Debtors 29 1,960   10,578  
Cash at bank  97   88  
    2,057    10,666   
Creditors     
Amounts falling due within one year 30 (12,681)  (1,953) 
Net current assets     (10,624)   8,713 
Total assets less current liabilities     (4,079)   15,256 
Creditors     
Amounts falling due after more than one year 31  -   (8,447)
Net assets     (4,079)   6,809 
Capital and reserves     
Called up share capital 22  5,534   5,534 
Share premium account 32  16,054   16,054 
Capital reserve 32  111   111 
Other reserve 32  2   2 
Profit and loss account 32   (25,780)  (14,892)
Shareholders’ deficit/funds     (4,079)   6,809 
Company balance sheet 51
Notes to the company financial statements - parent company
25)	ACCOUNTING	POLICIES	-	COMPANY
The financial statements are prepared in accordance with  
United Kingdom generally accepted accounting standards.  
The principal accounting policies of the Company are set  
out below. The policies have remained unchanged from the  
previous year.
(a) Accounting convention
The accounts are prepared under the historical  
cost convention.
The parent company has taken advantage of section 408 of 
the Companies Act 2006 and has not included its own profit 
and loss account in these financial statements. The parent 
company’s loss for the year ended 30 June 2015 was £10.89m 
(2014: £1.21m).
(b) Going concern
The Going concern is addressed in the consolidated financial 
statements of the Group per note 1.1.2 and in the Directors’ 
Report page 21.
 (c) Investments
Investments held as fixed assets are stated at cost less  
provision for impairment.
(d) Pensions
Obligations for contributions to defined contribution pension 
plans are recognised as an expense in the profit and loss  
account when they are due.
(e) Deferred taxation
Deferred tax is provided in full on timing differences which  
result in an obligation at the balance sheet date to pay  
more tax, or a right to pay less tax at a future date, at rates 
expected to apply when they crystallise based on current tax 
rates and law. Timing differences arise from the inclusion of 
items of income and expenditure in taxation computations in 
years different from those which are included in the financial 
statements. Deferred tax assets are recognised to the extent 
that it is regarded as more likely than not that they will  
be recovered. Deferred tax assets and liabilities are  
not discounted.
(f) Share based payments
All share-based payment arrangements granted after 7  
November 2002 that had not vested prior to 1 April 2006  
are recognised in the financial statements.
All goods and services received in exchange for the grant of 
any share-based payment are measured at their fair values.  
Where employees are rewarded using share-based payments, 
the fair values of employees’ services are determined indirectly 
by reference to the fair value of the instrument granted to the  
employee. This fair value is appraised at the grant date and  
excludes the impact of non-market vesting conditions (for  
example, profitability and sales growth targets).
All equity-settled share-based payments are ultimately  
recognised as an expense in the profit and loss account  
with a corresponding credit to “profit and loss account”.
If vesting years or other non-market vesting conditions apply,  
the expense is allocated over the vesting year, based on the  
best available estimate of the number of share options  
expected to vest. Estimates are revised subsequently if there  
is any indication that the number of share options expected  
to vest differs from previous estimates. Any cumulative  
adjustment prior to vesting is recognised in the current year.  
No adjustment is made to any expense recognised in prior 
years if share options that have vested are not exercised.
Upon exercise of share options, the proceeds received net of  
attributable transaction costs are credited to share capital,  
and where appropriate share premium. Notes to the company financial statements - parent company
52				 Financial statements for the year ended 30th	June	2015
26)	EMPLOYEES	-	COMPANY
 30 June 2015 30 June 2014
  £’000 £’000
Wages and salaries 426  504 
Social security costs 25  44 
Other pension costs 19  40 
Total 470  588
Average number of employees  
Management  5  6 
Administration 1  1 
Total 6  7 
The costs related to the Directors are disclosed in note 4.
27)	INVESTMENT	IN	SUBSIDIARIES	-	COMPANY
  £’000
Total cost of acquisitions at 1 July 2014 6,543 
Investment in subsidiaries at 30 June 2015 6,543 
Investment in subsidiaries at 30 June 2014 6,543 
The principal subsidiaries of the Group during the year were:
 Country of 
 incorporation,  
 registration and Class
 operation of capital % held Description of activity
Ten Alps Media Limited England & Wales Ordinary 100% Direct Contract Publishing
Blakeway Productions Limited England & Wales Ordinary 100% Direct TV and Radio Production
Brook Lapping Productions Limited England & Wales Ordinary 100% Direct TV and Radio Production
Ten Alps Communicate Limited England & Wales Ordinary 100% Direct Digital Marketing
Films of Record Limited England & Wales Ordinary 100% Direct TV Production
+Grove House Publishing Limited England & Wales Ordinary 100% Indirect B2B Publishing
Ten Alps Communications Limited England & Wales Ordinary 100% Direct Contract Publishing & Advertising
Ten Alps TV Limited England & Wales Ordinary 100% Direct TV and Radio Production
+ Subsidiary of Ten Alps Communications Limited   
The following dormant subsidiaries were held via Ten Alps Communications limited   Country of 
 incorporation,  
 registration and Class
 operation of capital % held Description of activity 
Ten Alps RMA Limited England & Wales Ordinary 100% Direct Dormant
Ten Alps Vision (Edinburgh) Limited  Scotland Ordinary 100% Direct Dormant
Ten Alps Creative & Media Limited England & Wales Ordinary 100% Direct Dormant
Index Media Limited England & Wales Ordinary 100% Direct Dormant
T G Scott & Son Limited England & Wales Ordinary 100% Direct Dormant
Link 2 Trade Ltd England & Wales Ordinary 100% Direct Dormant
Ten Alps Agency Limited  England & Wales Ordinary 100% Direct Dormant
Interface Media Services Limited England & Wales Ordinary 100% Direct Dormant
Children’s Traffic Club Limited England & Wales Ordinary 100% Direct Dormant 
Cameron Publishing Ltd England & Wales Ordinary 100% Direct Dormant 
Cairns Veterinary Books & Supplies Ltd England & Wales Ordinary 100% Direct Dormant 
Sovereign Publications Ltd England & Wales Ordinary 100% Direct Dormant 
Interact Digital Media Limited England & Wales Ordinary 100% Direct Dormant 
Planet 64 Ltd England & Wales Ordinary 100% Direct Dormant 
Interact Creative and Media Limited England & Wales Ordinary 100% Direct Dormant 
Atalink Limited  England & Wales Ordinary 100% Direct Dormant
 
The following dormant subsidiary was held via Ten Alps Communicate limited   
       
DBDA Limited  England & Wales Ordinary 100% Direct Dormant
28)	TANGIBLE	FIXED	ASSETS	-	COMPANY
  Office and  
  computer  
  equipment Total
Cost  £000’s £000’s
At 1 July 2014  7  7 
Additions   2  2 
At 30 June 2015   9  9 
Accumulated Depreciation 
At 1 July 2014  (7) (7)
At 30 June 2015   (7) (7)
Net Book Value
At 30 June 2015   2  2 
At 30 June 2014   -  - 
29)	DEBTORS	-	COMPANY
  2015 2014
   £’000 £’000
Amounts owed by subsidiary undertakings  1,514  10,535 
Other debtors  384  9 
Deferred taxation  23  23 
Prepayments and accrued income  39  11 
Total  1,960  10,578 
53 54				 Financial statements for the year ended 30th	June	2015
Notes to the company financial statements - parent company
30)	CREDITORS:	AMOUNTS	FALLING	DUE	WITHIN	ONE	YEAR	-	COMPANY
  2015 2014
  £’000 £’000
Debt Facilities 4,658  - 
Loan notes 4,353  - 
Trade creditors 512  129 
Amounts due to subsidiary undertakings 1,501  1,381 
Shares to be issued 960 -
Other creditors 174  174 
Accruals and deferred income 492  238 
Corporation tax 31  31 
 Total 12,681  1,953 
31)	CREDITORS:	AMOUNTS	FALLING	DUE	AFTER	MORE	THAN	ONE	YEAR	–	COMPANY
 2015 2014
  £’000 £’000
Debt facilities -  4,369 
Loan notes -  4,078 
Total -  8,447 
32)	RESERVES	-	COMPANY
 Share  
 premium Capital Other Profit and
 account reserve reserve loss account
  £’000 £’000 £’000 £’000
Balance at 1 July 2014 16,054  111  2  (14,892)
Retained loss for the year -  -  -  (10,888)
Balance at 30 June 2015 16,054  111  2  (25,780)
33)	RELATED	PARTY	TRANSACTIONS
The Company has taken advantage of the exemptions available under Financial Reporting Standard 8, “Related Party Disclosures”, not to disclose 
transactions with its subsidiary undertakings. Please refer to Note 24 in the Group accounts for all external transactions. 55
34)	UNAUDITED	PROFORMA	BALANCE	SHEET
Ten Alps plc consolidated unaudited balance sheet- proforma reflecting restructure and refinance transaction (PBSE)
  Audited Unaudited Unaudited  Audited
 30 June Proforma 30 June 30 June
 2015 adj 2015 2014
  £‘000 £‘000 £‘000 £‘000
Assets    
Non-current    
Goodwill and intangibles 6,898  2,245  9,143  6,953 
Other intangible assets -  2,950  2,950  - 
Property, plant and equipment 155  34  189  186 
Deferred tax 493  (592) (99) 493 
  7,546  4,637  12,183  7,632 
Current assets    
Inventories 780  -  780  989 
Trade receivables 2,282  214  2,496  2,552 
Other receivables 1,941  42  1,983  1,596 
Cash and cash equivalents 1,914  3,098  5,012  2,578 
  6,917  3,354  10,271  7,715 
Total Assets 14,463  7,991  22,454  15,347 
    
Equity and liabilities    
Shareholders’ equity    
Called up share capital 5,534  (5,115) 419  5,534 
Share premium account 15,228  (15,228) -  15,228 
Merger reserve 696  -  696  696 
Preference Shares  -  2,909  2,909  - 
Retained earnings (24,178) 28,782  4,604  (22,854)
Total Shareholders’ Equity (2,720) 11,348  8,628  (1,396)
    
Liabilities    
Non-current    
Borrowings -  2,000  2,000  8,447 
Other non-current liabilities -  3,000  3,000  - 
  -  5,000  5,000  8,447 
Current liabilities    
Trade payables 2,733  (300) 2,433  3,013 
Other payables 5,440  953  6,393  5,283 
Current tax liabilities -    
Borrowings - current 9,010  (9,010) -  - 
  17,183  (8,357) 8,826  8,296 
Total equity and liabilities 14,463  7,991  22,454  15,347  56				 Financial statements for the year ended 30th	June	2015
Notice of Annual General Meeting
If you have sold or otherwise transferred all your shares in  
Ten Alps plc (the “Company”), please forward this notice, 
together with the accompanying documents, as soon as  
possible either to the purchaser or transferee or to the person 
who arranged the sale.
Notice	is	hereby	given that the annual general  
meeting (“AGM”) of the Company will be held at  
13th	Floor,	Portland	House,	Bressenden	Place,	 	
Victoria,	London	SW1E	5BH	at	9.30	a.m.	on	 	
Tuesday	8	December	2015 to transact the  
following business. Resolutions 1 to 6 inclusive will  
be proposed as ordinary resolutions. Resolutions 7 
and 8 will be proposed as special resolutions:
1.	 THAT the Company’s audited financial statements for the 
year to 30 June 2015, and the Strategic and Directors’ 
report and the auditors’ report on those financial  
statements, be received and adopted.
2.	 THAT Grant Thornton LLP be reappointed as auditors  
of the Company to hold office until the conclusion of the  
next general meeting at which accounts are laid before  
the Company. 
3.	 THAT the directors be authorised to determine the  
auditors’ remuneration.
4.	 THAT Luke Johnson be appointed as a director of  
the Company. 
5.	 THAT Jonathan Goodwin be appointed as a director of  
the Company.
6.	 THAT the directors be generally and unconditionally  
authorised pursuant to and in accordance with section 
551 of the Companies Act 2006 (the “Act”) to allot shares 
in the Company or grant rights to subscribe for or convert  
any security into shares in the Company (together,  
“Relevant	Securities” ) of up to maximum nominal value 
of £209,669 (equal to approximately 50% of the issued 
ordinary share capital as at the date of this resolution) 
such authority to be in substitution for and to the  
exclusion of any previous authority to allot Relevant  
Securities conferred upon the directors and such  
authority to expire at the conclusion of the Company’s 
next annual general meeting or, if earlier, 15 months from 
the date of this resolution, save that the Company may 
before such expiry make an offer or agreement which 
might require Relevant Securities to be allotted after  
such expiry date and the directors may allot Relevant  
Securities in pursuance of such offer or agreement as if 
the authority conferred by this resolution had not expired.
This Notice of Meeting is important and requires your immediate  
attention
If you are in any doubt as to what action you should take, you  
should consult your stockbroker, bank manager, solicitor,  
accountant or other independent adviser authorised under  
the Financial Services and Markets Act 2000. 57
7.	 THAT conditional upon and subject to the passing of 
resolution 6 above, the directors be generally and  
unconditionally authorised pursuant to sections 570  
and 573 of the Act to make allotments of equity  
securities (within the meaning of section 560 of the Act) 
for cash pursuant to the authority conferred by resolution 
6 as if section 561 of the Act did not apply to any such  
allotment provided that such power shall be limited to: 
(a) the allotment of equity securities in connection with 
or pursuant to any issue or offer by way of rights or other 
pre-emptive offer to the holders of ordinary shares of 
0.01p each in the capital of the Company (“Ordinary	
Shares”) and other persons entitled to participate 
therein in proportion (as nearly as practicable) where the 
equity securities respectively attributable to the interest 
of holders of the Ordinary Shares are proportionate as 
nearly as maybe practicable to the respective amounts 
of Ordinary Shares held by them on a fixed record date, 
but subject to such exclusions or other arrangements 
as the directors may deem necessary or expedient in 
relation to legal or practical issues under the laws of, or 
as a requirement of, any regulatory or stock exchange 
authority in any jurisdiction or territory or in relation to 
fractional entitlements; and/or
(b) the allotment of equity securities in connection with 
or pursuant to the terms of warrants to subscribe for 
equity securities or any share option scheme or plan 
or any long term incentive scheme or plan or any 
plan or option scheme in respect of Ordinary Shares 
for employees and directors of the Company  
approved by the Company in general meeting 
whether before or after the date of this resolution; 
and/or
(c)	the allotment (otherwise pursuant to subparagraph 
(a) or (b) of this resolution) of equity securities up to 
an aggregate nominal value of £41,939 (being 10% 
of the issued ordinary share capital as at the date  
of the notice of this resolution),  
such authority to expire at the conclusion of the  
Company’s next annual general meeting or, if earlier, 
15 months from the date of this resolution, save that 
the Company may before such expiry make an offer 
or agreement which would or might require equity 
securities to be allotted after such expiry date and 
the directors may allot equity securities in pursuance 
of such offer or agreement notwithstanding that the 
power conferred by this resolution had expired.
8.	 THAT the Company be and is hereby generally and 
unconditionally authorised pursuant to section 701 of the 
Act to make one or more market purchases (within the 
meaning of section 693(4) of the Act) of Ordinary Shares 
provided that:
(a) the maximum aggregate number of Ordinary  
Shares hereby authorised to be purchased  
shall be 41,939,692 (representing 9.99% of the  
Company’s issued Ordinary Share capital as at  
31 July 2015); 
(b)	the minimum price which may be paid for an  
Ordinary Share (exclusive of expenses) shall be  
0.01 pence per Ordinary Share;
(c) the maximum price which may be paid for an  
Ordinary Share (exclusive of expenses) shall not be  
more than the higher of:
i.	105% of the average of the middle market closing 
price for an Ordinary Share taken from the London 
Stock Exchange Daily Official List for the five  
business days immediately preceding the day  
on which the Ordinary Share is purchased; and
ii. the value of an Ordinary Share calculated on the 
basis of the higher of:
a. the last independent trade of; or
b. the highest current independent bid for,
any number of Ordinary Shares on the trading venue 
where the market purchase by the Company will be 
carried out; 
(d) unless previously renewed, varied or revoked, the  
authority hereby conferred shall expire at the  
conclusion of the Company’s next annual general 
meeting or, if earlier, 15 months from the date of this 
resolution; and 
(e) the Company may make a contract to purchase  
Ordinary Shares under the authority hereby,  
conferred prior to the expiry of such authority which 
will or may be executed wholly or partly after the 
expiry of such authority, and may make a purchase 
of Ordinary Shares in pursuance of such contract.
By order of the Board
Nitil	Patel
Secretary
Date: 
Registered	office: 7 Exchange Crescent, Conference Square, 
Edinburgh EH3 8AN 58				 Financial statements for the year ended 30th	June	2015
Notes to the Annual General Meeting
Notes:
1. A shareholder entitled to attend and vote at the AGM is entitled to 
appoint a proxy or proxies to attend, speak and vote instead of  
him/her. A proxy need not be a shareholder of the company. A  
shareholder may appoint more than one proxy in relation to the  
AGM provided that each proxy is appointed to exercise the rights  
attached to a different share or shares held by that shareholder. 
2. To be valid, a Form of Proxy must be completed and any power of  
attorney or other authority under which it is executed (or a duly 
certified copy thereof) must be received by the Company’s Registrar 
(Capita Asset Services, PXS1, 34 Beckenham Road, Beckenham, 
Kent BR3 4ZF) not less than 48 hours before the time for holding 
the meeting. Completion and return of a Form of Proxy will not 
preclude a shareholder subsequently from personally attending 
and voting at the AGM (in substitution for their proxy vote) if the 
shareholder decides to do so.
3. The Form of Proxy must be executed by or on behalf of the  
shareholder making the appointment. A corporation may execute 
the Form of Proxy either under its common seal or under hand of a 
duly authorised officer. A	vote	withheld	option	is	provided	on	the	
Form	of	Proxy	to	enable	you	to	instruct	your	proxy	not	to	vote	
on	any	particular	resolution.	However,	it	should	be	noted	that	
a	vote	withheld	in	this	way	is	not	a	‘vote’	in	law	and	will	not	be	
counted	in	the	calculation	of	the	proportion	of	votes	‘For’	and	
‘Against’	a	resolution .
4. In the case of joint holders, the vote of the senior who tenders a 
vote, whether in person or by proxy, will be accepted to the  
exclusion of the votes of the other joint holders and for this purpose 
seniority will be determined by the order in which the names stand 
on the Register of members in respect of the relevant joint holdings.
5. Pursuant to regulation 41 of the Uncertified Securities Regulations  
2001, the Company specifies that only those members registered on 
the Register of members of the Company as at 6 p.m. on Friday 4  
December 2015 or, if the Meeting is adjourned, on the Company’ s 
Register of members 48 hours before the time fixed for the adjourned 
meeting, shall be entitled to attend and/or vote at the Meeting in  
respect of the number of shares registered in their names at that time. 
Changes to entries on the Register of members after 6 p.m. on Friday 
4 December 2015 or, if the Meeting is adjourned, 48 hours before the 
time fixed for the adjourned Meeting, shall be disregarded in  
determining the rights of any person to attend or vote at the Meeting.
6. CREST members who wish to appoint a proxy or proxies through 
the CREST electronic proxy appointment service may do so 
for the AGM to be held on Tuesday 8 December 2015 and any 
adjournment(s) thereof by using the procedures described in 
the CREST Manual. CREST Personal Members or other CREST 
sponsored members, and those CREST members who have been 
appointed a voting service provider(s), should refer to their CREST 
sponsor or voting service provider(s), who will be able to take the 
appropriate action on their behalf. 
In order for a proxy appointment or instruction made using the 
CREST service to be valid, the appropriate CREST message (a 
“CREST	Proxy	Instruction” ) must be properly authenticated in  
accordance with specifications of Euroclear UK and Ireland Limited 
(“EUKI”) and must contain the information required for such  
instructions, as described in the CREST Manual. The message, 
regardless of whether it constitutes the appointment of a proxy or 
to an amendment to the instruction given to a previously appointed 
proxy must, in order to be valid, be transmitted so as to be received 
by the issuer’s agent (ID RA10) by the latest time(s) for receipt of 
proxy appointments specified in the notice of meeting. For this  
purpose, the time of receipt will be taken to be the time (as  
determined by the timestamp applied to the message by the 
CREST Applications Host) from which the issuer’s agent is able  
to retrieve the message by enquiry to CREST in the manner  
prescribed by CREST. After this time any change of  
instructions to proxies appointed through CREST should be  
communicated to the appointee through other means.
CREST members and, where applicable, their CREST sponsors or  
voting service providers should note that EUKI does not make  
available special procedures in CREST for any particular messages. 
Normal system timings and limitations will therefore apply in relation 
to the input of CREST Proxy Instructions. It is the responsibility of the 
CREST member concerned to take (or, if the CREST member is a 
CREST personal member or sponsored member or has appointed a 
voting service provider(s) to procure that his CREST sponsor or voting 
service provider(s) take(s)) such an action as shall be necessary to  
ensure that a message is transmitted by means of the CREST system 
by any particular time. In this connection, CREST members and, 
where applicable, their CREST sponsors or voting service providers 
are referred, in particular, to those sections of the CREST Manual  
concerning practical limitations of the CREST system and timings.
The Company may treat as invalid a CREST Proxy Instruction in  
the circumstances set out in Regulation 35(5)(a) of the Uncertified 
Securities Regulations 2001.
7. The quorum for the AGM will be two persons entitled to vote upon 
the business to be transacted, each being a shareholder or a  
proxy for a shareholder or a duly authorised representative of a  
corporation which is a shareholder.
8. Any corporation which is a member can appoint one or more  
corporate representatives who may exercise on its behalf all of  
its powers as a member provided that they do not do so in relation  
to the same shares. Ten	Alps	plc	head	office
13th floor 
Portland House 
Bressenden Place 
London SW1E 5BH 
t  020 7878 2311
Registered	office	 	
&	company	name 	
7 Exchange Crescent 
Conference Square 
Edinburgh 
EN3 8AN
Registrars
Capita Registrars 
The Registry 
34 Beckenham Road 
Beckenham 
Kent 
BR3 4TU 
t 0871 664 0300
Nominated	Adviser	&	Broker
N+1 Singer 
One Bartholomew Lane 
London 
EC2N 2AX 
t 020 7496 3000
Banker
Barclays Bank plc 
93 Baker Street 
London 
W1A 4SD 
t 0800 096 2382
Auditor
Grant Thornton UK LLP 
Grant Thornton House 
Melton Street 
London 
NW1 2EP 
t 020 7383 5100
Solicitors	
Nabarro LLP 
125 London Wall 
London 
EC2Y 5AL 
t 020 7524 6000  
Key contacts
www.tenalps.com Company no SC075133