Registered number: 11922519
JDP SPY LTD
UNAUDITED
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2022
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JDP SPY LTD
REGISTERED NUMBER:11922519
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BALANCE SHEET
AS AT 30 JUNE 2022
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Debtors: amounts falling due within one year
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Creditors: amounts falling due within one year
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Total assets less current liabilities
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JDP SPY LTD
REGISTERED NUMBER:11922519
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BALANCE SHEET (CONTINUED)
AS AT 30 JUNE 2022
The director considers that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.
The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.
The financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The Company has opted not to file the statement of comprehensive income in accordance with provisions applicable to companies subject to the small companies' regime.
The financial statements were approved and authorised for issue by the board and were signed on its behalf by:
The notes on pages 3 to 6 form part of these financial statements.
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2022
JDP Spy Ltd is a private company, limited by shares, incorporated and domiciled in England and Wales. The address of the registered office is The Old Barn Kennel, Lodge Road, Bower Ashton, Bristol, BS3 2JT.
2.Accounting policies
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Basis of preparation of financial statements
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The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Section 1A of Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.
The following principal accounting policies have been applied:
We confirm that, in our opinion, the company is a going concern. The director is satisfied that the company can continue as a going concern for the foreseeable future and has agreed to continue to support the company for at least the next 12 months.
The Company has net current liabilities of £459,599 (2021 restated - £355,595). The company has a production contract to support the current production and the director has agreed to support the company as required.
Revenue from television productions is recognised to the extent that it is probable that the economic benefits will flow to the company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:
Rendering of services
Revenue from a contract to provide services is recognised in the period in which the services are
provided in accordance with the stage of completion of the contract when all of the following
conditions are satisfied:
• the amount of revenue can be measured reliably;
• it is probable that the company will receive the consideration due under the contract;
• the stage of completion of the contract at the end of the reporting period can be measured
reliably; and
• the costs incurred and the costs to complete the contract can be measured reliably
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2022
2.Accounting policies (continued)
High-end TV tax credit
The company’s business model incorporates claims under UK high-end TV tax credit legislation in relation to the production of Spy in the Ocean. High-end television tax credits are recognised on receipt of cash as this is the point at which the Director considers there to be sufficient certainty surrounding the claim.
Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.
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Cash and cash equivalents
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Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.
Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2022
2.Accounting policies (continued)
The Company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in ordinary shares.
Debt instruments (other than those wholly repayable or receivable within one year), including loans and other accounts receivable and payable, are initially measured at present value of the future cash flows and subsequently at amortised cost using the effective interest method. Debt instruments that are payable or receivable within one year, typically trade debtors and creditors, are measured, initially and subsequently, at the undiscounted amount of the cash or other consideration expected to be paid or received. However, if the arrangements of a short-term instrument constitute a financing transaction, like the payment of a trade debt deferred beyond normal business terms or in case of an out-right short-term loan that is not at market rate, the financial asset or liability is measured, initially at the present value of future cash flows discounted at a market rate of interest for a similar debt instrument and subsequently at amortised cost, unless it qualifies as a loan from a director in the case of a small company, or a public benefit entity concessionary loan.
Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in the Statement of Comprehensive Income.
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The average monthly number of employees, including directors, during the year was 1 (2021 -1).
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Prepayments and accrued income
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2022
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Creditors: Amounts falling due within one year
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Amounts owed to group undertakings
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Accruals and deferred income
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During the preparation of the financial statements for the year ended 30 June 2022, it was identified that the stage of completion and projected loss on the contract had not been accurately recorded in the statutory accounts as at 30 June 2021. In order to align the statutory accounts with the cost report at the same date, an adjustment has been recorded to reduce the loss provision by £149,372 (reported through other creditors) and decrease the associated cost of sales by the same amount. At the same time, an adjustment has been recorded to reduce revenue and increase deferred income by £161,757. The net impact on the loss reported for the year ended 30 June 2021 and the net liabilities at the same date was an increase of £12,385.
For clarity, amounts owed to the parent company at 30 June 2021 totalling £287,547 have been reclassified from accruals and deferred income to amounts owed to group undertakings. This adjustment has had no impact on the loss for the year ended 30 June 2021 or the net liabilities at the same date.
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