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COMPANY REGISTRATION NUMBER: 14906077
Identical Productions Limited
Filleted Unaudited Accounts
31 December 2024
Identical Productions Limited
Statement of Financial Position
31 December 2024
2024
2023
Note
£
£
Current assets
Work in progress
918,635
Debtors
5
9,763,330
192,846
Cash at bank and in hand
2,073,173
152,026
-------------
------------
11,836,503
1,263,507
Creditors: amounts falling due within one year
6
( 11,836,493)
( 1,263,497)
-------------
------------
Net current assets
10
10
----
----
Total assets less current liabilities
10
10
----
----
Net assets
10
10
----
----
Capital and reserves
Called up share capital
7
10
10
----
----
Shareholders funds
10
10
----
----
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of comprehensive income has not been delivered.
For the year ending 31 December 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' responsibilities:
- The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476 ;
- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts .
These accounts were approved by the board of directors and authorised for issue on 7 May 2025 , and are signed on behalf of the board by:
N L Park
Director
Company registration number: 14906077
Identical Productions Limited
Notes to the Accounts
Year ended 31 December 2024
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is 7 Savoy Court, London, WC2R 0EX.
2. Statement of compliance
These accounts have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. Accounting policies
Basis of preparation
The accounts have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The accounts are prepared in sterling, which is the functional currency of the entity.
Foreign currencies
Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of the transaction. Exchange differences are taken into account in arriving at the operating profit.
Significant estimation technique adopted
Accruals are estimated by reference to purchase orders raised at the period end and estimates to complete. Payments received on account are estimated by reference to percentage of completion of the television production, as noted in "Revenue recognition" below.
Comparatives
The accounts cover the year to 31 December 2024. The comparatives cover the period from incorporation on 31 May 2023 to 31 December 2023 and as such, the comparatives are not entirely comparable.
Disclosure exemptions
The entity satisfies the criteria of being a qualifying small entity as defined in FRS 102. As such, advantage has been taken of the following disclosure exemptions available under section 1A of FRS 102: (a) No cash flow statement has been presented for the company. (b) Disclosures in respect of financial instruments have not been presented.
Revenue recognition
Turnover relates to the production of the television series entitled "The Undertow". It represents the value of the work done in the period, including estimates of amounts not invoiced and is stated after trade discounts, other taxes and net of VAT. Revenue from the rendering of services is measured by reference to the stage of completion of the service transaction at the end of the reporting period provided that the outcome can be reliably estimated. When the outcome cannot be reliably estimated, revenue is recognised only to the extent that expenses recognised are recoverable.
Income tax
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.
Work in progress
Work in progress represents the cost of television projects on which the company is currently in development. An assessment is made at the end of each financial period and those projects which are no longer likely to go into production are written off.
Government grants
Government grants are not recognised until there is reasonable assurance that the Company will comply with the conditions attaching to them and that the grants will be received. Government grants, including audio-visual expenditure credits, received towards staff costs and other expenses are recognised as other operating income. This recognition occurs over the periods necessary to match the grants with the related costs.
Financial instruments
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 entity after deducting all of its financial liabilities.
4. Employees
The company has been incorporated to produce a television series called "The Undertow". In common with the film and television industry the majority of crew are hired on short term contracts for the duration of principal photography or are self-employed.
None of the Directors received any form of remuneration.
5. Debtors
2024
2023
£
£
Amounts owed by group undertakings
2,180
VAT recoverable
76,816
76,960
Corporation tax recoverable
9,609,277
Other debtors
77,237
113,706
------------
---------
9,763,330
192,846
------------
---------
6. Creditors: amounts falling due within one year
2024
2023
£
£
Trade creditors
113,844
94,070
Accruals and deferred income
2,060,079
Corporation tax
2,402,319
Social security and other taxes
53,293
Production loan
7,206,958
Other creditors
1,169,427
-------------
------------
11,836,493
1,263,497
-------------
------------
The loan has been secured against the anticipated future audio-visual expenditure credit.
7. Called up share capital
Issued, called up and fully paid
2024
2023
No.
£
No.
£
Ordinary shares of £ 1 each
10
10
10
10
----
----
----
----
8. Contingencies
Charges have been made against the television series in favour of the following parties to secure their interests in the copyright of and title to the television series: Netflix Worldwide Entertainment, Llc
9. Related party transactions
During the period no related-party transactions took place. All transactions related to the production of the television series "The Undertow" and arose on an arm's-length basis through the normal course of business. No transactions with related parties were undertaken such as are required to be disclosed under FRS 102 Section 1A.
10. Controlling party
Throughout the period, the company was under the control of Complete Fiction Pictures Limited, a company incorporated in England and Wales.