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Registered number: 13600784









PROJECT 237 LIMITED









FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE PERIOD ENDED 31 DECEMBER 2023

 
PROJECT 237 LIMITED
REGISTERED NUMBER: 13600784

STATEMENT OF FINANCIAL POSITION
AS AT 31 DECEMBER 2023

31 December
31 December
2 September
2 September
2023
2023
2022
2022
Note
£
£
£
£

  

Current assets
  

Debtors: amounts falling due within one year
 4 
1,379,539
624,920

Cash at bank and in hand
  
290,458
259,765

  
1,669,997
884,685

Creditors: amounts falling due within one year
 5 
(1,669,897)
(884,585)

Net current assets
  
 
 
100
 
 
100

  

Net assets
  
100
100


Capital and reserves
  

Called up share capital 
  
100
100

  
100
100


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: 




N Howson
Director

Date: 28 October 2024

The notes on pages 2 to 4 form part of these financial statements.
Page 1

 
PROJECT 237 LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2023

1.


General information

The principal activity of the company is that of the production of broadcast content for distribution.
Project 237 Limited is a private company limited by shares incorporated in the United Kingdom and registered in England and Wales. The address of its registered office is 7 Savoy Court, London, WC2R 0EX.
The comparative figures cover the year from 3 September 2021, the date of incorporation, to 2 September 2022.

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland' and the requirements of the Companies Act 2006. The disclosure requirements of Section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The following principal accounting policies have been applied:

 
2.2

Foreign currency translation

Functional and presentation currency

The company's functional and presentational currency is Pound Sterling.

Transactions and balances

Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions.

At each period end foreign currency monetary items are translated using the closing rate.

Foreign exchange gains and losses resulting from the settlement of transactions and from the translation at period-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in profit or loss.

 
2.3

Revenue

Turnover in the Statement of comprehensive income relates to amounts earned in relation to television programme production.
Production funding is recognised in the Statement of comprehensive income over the period of the production. Where production funds received exceed costs incurred to date, the balance is treated as deferred income and held on the Statement of financial position until further costs are incurred. At that point the deferred income is released to the Statement of comprehensive income.

  
2.4

Cost of sales

Production costs incurred in producing a television programme are recognised in the Statement of comprehensive income as cost of sales in the period in which they are incurred.

Page 2

 
PROJECT 237 LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

 
2.5

Taxation

Tax is recognised in the Statement of comprehensive income. The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates income.
The company is eligible to claim a tax credit on television programme production costs. The tax credit comprises relief based on total net costs and an additional deduction for enhanceable expenditure. The company claims a payment based on the amount of enhanced expenditure and carries losses arising from total net costs forward against future profits.

 
2.6

Debtors

Short-term debtors are measured at the transaction price, less any impairment.

 
2.7

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours.

 
2.8

Creditors

Short-term creditors are measured at the transaction price.

 
2.9

Financial instruments

The company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities such as trade and other debtors and creditors.


3.


Employees

The average monthly number of employees, including directors, during the period was 4 (2022 - 3).


4.


Debtors

31 December
2 September
2023
2022
£
£


Other debtors
116,161
52,284

Tax recoverable
1,263,378
572,636

1,379,539
624,920


Page 3

 
PROJECT 237 LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2023

5.


Creditors: Amounts falling due within one year

31 December
2 September
2023
2022
£
£

Trade creditors
183,879
45,192

Amounts owed to group undertakings
550,408
-

Other creditors
927,610
118,078

Accruals and deferred income
8,000
721,315

1,669,897
884,585



6.


Related party transactions

No disclosure has been made of transactions with other wholly owned group companies in accordance with FRS 102 Section 1A paragraph 1AC.35.
During the period, Footwork Productions Limited, a connected company by virtue of its interest in DRJB Holdings Limited, charged fees amounting to £1,746,096 (2022: £596,347) to the company. At the reporting date, the balance owed to Footwork Productions Limited was £nil (2022: £117,647).


7.


Controlling party

At the reporting date, the parent of the smallest group for which consolidated accounts have been drawn up of which this company was a member is DRJB Holdings Limited, a company registered in England and Wales, whose registered office is 7 Savoy Court, London, WC2R 0EX.


8.


Auditors' information

The auditors' report on the financial statements for the period ended 31 December 2023 was unqualified.

The audit report was signed on 28 October 2024 by Richard Gilbert (Senior statutory auditor) on behalf of SRLV Audit Limited.

 
Page 4