xbrli:pureiso4217:DKK347264422021-01-012021-12-31347264422021-01-012021-12-311347264422021-01-012021-12-312347264422021-01-012021-12-313347264422021-01-012021-12-314347264422021-01-012021-12-311347264422021-01-012021-12-312347264422021-01-012021-12-311347264422020-01-012020-12-31347264422021-01-012021-12-31fsa:RetainedEarningsMember347264422020-01-012020-12-31fsa:RetainedEarningsMember347264422021-01-012021-12-31fsa:ContributedCapitalMember347264422021-01-012021-12-31fsa:RetainedEarningsMember347264422021-12-31347264422020-12-31347264422021-01-01fsa:ContributedCapitalMember347264422021-12-31fsa:ContributedCapitalMember347264422021-01-01fsa:RetainedEarningsMember347264422021-12-31fsa:RetainedEarningsMember347264422021-01-01Annual reportAuditor's report on audited financial statementsfalseReporting class BtruefalsefalseUnited Production ApSWorsaaesvej19, 4. sal1972Frederiksberg C347264422021-01-012021-12-312020-01-012020-12-312022-06-03Mads LundDuncan WalkerLisa PerrinLouise Saul EllerbækMads LundChairmanLouise Saul EllerbækMads LundPRICEWATERHOUSECOOPERS STATSAUTORISERET REVISIONSPARTNERSELSKABStrandvejen 442900Hellerup33771231United Production ApSWorsaaesvej 19, 4. sal1972 Frederiksberg C34726442The Board of Directors and the Executive Board have today discussed and approved the annual report of United Production ApS for the financial year 1 January – 31 December 2021. The annual report has been prepared in accordance with the Danish Financial Statements Act. In our opinion, the financial statements give a true and fair view of the Company's assets, liabilities and financial position at 31 December 2021 and of the results of the Company's operations for the financial year 1 January – 31 December 2021. Further, in our opinion, the Management's review gives a fair review of the matters discussed in the Management's review. We recommend that the annual report be approved at the annual general meeting.Frederiksberg2022-06-03To the Shareholders of United Production ApSOpinionIn our opinion, the Financial Statements give a true and fair view of the financial position of the Company at 31 December 2021, and of the results of the Company’s operations for the financial year 1 January - 31 December 2021 in accordance with the Danish Financial Statements Act. We have audited the Financial Statements of United Production ApS for the financial year 1 January - 31 December 2021, which comprise income statement, balance sheet, statement of changes in equity and notes, including a summary of significant accounting policies (“financial statements”).Basis for OpinionWe conducted our audit in accordance with International Standards on Auditing (ISAs) and the additional requirements applicable in Denmark. Our responsibilities under those standards and requirements are further described in the Auditor’s Responsibilities for the Audit of the Financial Statements section of our report. We are independent of the Company in accordance with the International Ethics Standards Board for Accountants’ International Code of Ethics for Professional Accountants (IESBA Code) and the additional ethical requirements applicable in Denmark, and we have fulfilled our other ethical responsibilities in accordance with these requirements and the IESBA Code. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.Management is responsible for the preparation of Financial Statements that give a true and fair view in accordance with the Danish Financial Statements Act, and for such internal control as Management determines is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. In preparing the financial statements, Management is responsible for assessing the Company’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting in preparing the financial statements unless Management either intends to liquidate the Company or to cease operations, or has no realistic alternative but to do so.Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs and the additional requirements applicable in Denmark will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements. As part of an audit conducted in accordance with ISAs and the additional requirements applicable in Denmark, we exercise professional judgment and maintain professional skepticism throughout the audit. We also: • Identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control. • Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Company’s internal control. • Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by Management. • Conclude on the appropriateness of Management’s use of the going concern basis of accounting in preparing the financial statements and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the Company’s ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our auditor’s report to the related disclosures in the financial statements or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our auditor’s report. However, future events or conditions may cause the Company to cease to continue as a going concern. • Evaluate the overall presentation, structure and contents of the financial statements, including the disclosures, and whether the financial statements represent the underlying transactions and events in a manner that gives a true and fair view. We communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit.Management is responsible for Management’s Review. Our opinion on the financial statements does not cover Management’s Review, and we do not express any form of assurance conclusion thereon. In connection with our audit of the financial statements, our responsibility is to read Management’s Review and, in doing so, consider whether Management’s Review is materially inconsistent with the financial statements or our knowledge obtained during the audit, or otherwise appears to be materially misstated. Moreover, it is our responsibility to consider whether Management’s Review provides the information required under the Danish Financial Statements Act. Based on the work we have performed, in our view, Management’s Review is in accordance with the Financial Statements and has been prepared in accordance with the requirements of the Danish Financial Statements Act. We did not identify any material misstatement in Management’s Review.Hellerup2022-06-03Nikolaj Erik JohnsenState Authorised Public Accountantmne35805Operating review Principal activities The objective of the Company is to develop and produce programmes for television and other media as well as related activities. Development in the Company's activities and financial position The Company have realized an increased activity compared to previous year, which have resulted in a profit after tax of DKK 3,580,395 against a profit after tax of DKK 1,911,733 in 2020. The balance sheet at 31 December 2021 shows an equity of DKK 38,812,590. Management considers the Company’s financial performance for the year as satisfactory. Events after the balance sheet date No significant events have occurred after balance sheet date.The annual report of United Production ApS for 2021 has been prepared in accordance with the provisions applying to reporting class B entities, with selected of certain provisions from reporting class C under the Danish Financial Statements Act. The accounting policies applied are consistent with prior year Basis of recognition and measurement Income is recognised in the income statement as earned, including value adjustments of financial assets and liabilities. All expenses, including amortisation, depreciation and impairment losses, are also recognised in the income statement. Assets are recognised in the balance sheet when it is probable that future economic benefits will flow to the Company and the value of the asset can be measured reliably. On initial recognition, assets and liabilities are measured at cost. On subsequent recognition, assets and liabilities are measured as described below for each individual accounting item. Certain financial assets and liabilities are measured at amortised cost using the effective interest method. Amortised cost is calculated as the historic cost less any instalments and plus/less the accumulated amortisation of the difference between the cost and the nominal amount. On recognition and measurement, allowance is made for predictable losses and risks which occur before the annual report is presented and which evidence matters existing at the balance sheet date.Gross profit Pursuant to section 32 of the Danish Financial Statements Act, the Company's revenue is not stated. Gross profit comprises revenue and production cost and other operating income. Revenue Income comprising the sale of television productions for large television broadcasters in Denmark and abroad is recognised in the income statement when delivery and transfer of risk to the buyer have taken place and provided that the income can be reliably measured and is expected to be received. Income for productions which contain several episodes are recognised as the individual episodes are delivered. Production costs Production costs comprise costs, including depreciation and amortisation and salaries, incurred in generating revenue for the year. Such costs include direct and indirect costs, wages and salaries, rent and leases and depreciation on production equipment. Administrative expenses Administrative expenses comprise expenses incurred during the year for management and administration of the Company, including expenses for administrative staff, management, office premises, office expenses and depreciation. Amortisation, depreciation and impairment losses Amortisation, depreciation and impairment losses comprise the year's amortisation, depreciation and impairment losses on intangible assets and property, plant and equipment. Financial income and expenses Financial income and expenses are recognised in the income statement at the amounts relating to the financial year. Financial income and expenses comprise interest income and expense, gains and losses on transactions in foreign currencies, etc. Tax on profit/loss for the year Tax for the year comprises current corporation tax for the year and changes in deferred tax, including changes in tax rates. The company is subject to the Danish legislation concerning compulsory joint taxation with ITV Studios Denmark Holdings ApS. United Production ApS is the administrative company for the joint taxation and accordingly settles all payments of corporation tax to the tax authoritiesProperty, plant and equipment Fixtures and fittings, tools and equipment are measured at cost less accumulated depreciation and impairment losses. Where individual components of an item of property, plant and equipment have different useful lives, they are accounted for as separate items, which are depreciated separately. The depreciable amount, which is calculated as cost less any projected residual values after the end of the useful life, is depreciated on a straight-line basis over the estimated useful life. The estimated useful lives are as follows: Fixtures and fittings, tools and equipment 3 - 5 years Leasehold improvements 3 - 5 years Depreciation is recognised as production costs and administrative expenses in the income statement. Gains and losses on the disposal of property, plant and equipment are stated as the difference between the selling price less selling costs and the carrying amount at the date of disposal. Gains and losses are recognised in the income statement as other operating income or other operating costs, respectively. Receivables Receivables are measured at amortised cost. Write-down is made for bad debt losses where there is an objective indication that an individual receivable has been impaired, write-down is made. Work in progress Work in progress is measured at selling price of the work performed calculated on the basis of the stage of completion, based on episodes and productions delivered within each individual contract. In cases where invoicing on account exceeds the recognised sales value of a contract, the exceeding amount has been included in current liabilities as part of advance payment from customers. Prepayments Prepayments comprise prepayment of costs incurred relating to subsequent financial years. Equity Dividends Proposed dividends are recognised as a liability at the date on which they are adopted at the annual general meeting (declaration date). The expected dividend payment for the year (declaration date) is disclosed as a separate item under equity. Corporation tax and deferred tax Current tax payable and receivable is recognised in the balance sheet as tax computed on the taxable income for the year, adjusted for tax on the taxable income of prior years and for tax paid on account. Deferred tax is measured using the balance sheet liability method on all temporary differences between the carrying amount and the tax value of assets and liabilities measured on the planned use of the asset or settlement of the liability, respectively. the expected value of their utilisation within the foreseeable future; either as a set-off against tax on future income or as a set-off against deferred tax liabilities. Any deferred net assets are measured at net realisable value. Deferred tax is measured in accordance with the tax rules and at the tax rates applicable at the balance sheet date when the deferred tax is expected to crystallise as current tax. Changes in deferred tax as a result of changes in tax rates are recognised in the income statement or equity, respectively. Liabilities other than provisions Other liabilities are measured at amortized cost normally equal to net realisable value. Prepayments Prepayments comprises payments received in respect of income in subsequent years. Foreign currency translation On initial recognition, transactions denominated in foreign currencies are translated at the exchange rates at the transaction date. Foreign exchange differences arising between the exchange rates at the transaction date and the date of payment are recognised in the income statement as financial income or financial expenses. Receivables, payables and other monetary items denominated in foreign currencies are translated at the exchange rates at the balance sheet date. The difference between the exchange rates at the balance sheet date and the date at which the receivable or payable arose or was recognised in the latest financial statements is recognised in the income statement as financial income or financial expenses.1492770612558588197754211518425048477152625662545078550130175325323646004692457927102007454619435803951911733358039519117330358039546745546671013840954708605864521418656925594703656925594703126278911161211006182421550121990399119286849665409066806331967292211076783045052732943321199143778927028968788311616073791669468950877668854827021366668001603800008000038732590351521953881259035232195800008000035152195387325903523219519910791151568446211014431603912291511173769405012012122756314010763276940831401076327694087021366668001603Wages and salaries 43,703,453 39,591,945 Pensions 1,684,422 919,098 Other social security costs 555,240 381,269 45,943,115 40,892,312 Staff costs are recognised in the financial statements as follows: Production costs (gross profit) 36,690,027 34,076,917 Administrative expenses 9,253,088 6,815,395 45,943,115 40,892,3125446Interest from group entities 38,729 69,742 Other financial income 15,778 15,759 54,507 85,501Current tax for the year 995,696 617,147 Deferred tax for the year 24,378 -70,953 1,020,074 546,194Fixtures and fittings, tools and equipment Leasehold improvements Total Cost at 1 January 2021 3,270,009 213,377 3,483,386 Additions for the year 332,781 140,157 472,938 Cost at 31 December 2021 3,602,790 353,534 3,956,324 Depreciation and impairment losses at 1 January 2021 2,803,299 158,669 2,961,968 Depreciation for the year 332,036 56,456 388,492 Depreciation and impairment losses at 31 December 2021 3,135,335 215,125 3,350,460 Carrying amount at 31 December 2021 467,455 138,409 605,864 Depriciation for the year is recognised in gross profit in the income statement.Value of production 47,823,825 49,604,608 Prepayments in total -47,830,625 -45,474,603 -6,800 4,130,005 Recognised as follows: Work in progress 19,903,991 19,286,849 Prepayments from customers -19,910,791 -15,156,844 -6,800 4,130,005The share capital consists of 800 shares of a nominal value of DKK 100 each. No shares carry any special rights. There have been no changes in the share capital during the last five years.The Company is a part of the consolidated financial statements of ITV PLC. The consolidated financial statements of ITV PLC can be obtained at www.itvplc.comContigent assets, liabilities and other financial obligations The Company has issued ordinary guarantees concerning the rights of films and ongoing media productions. The Company's leaseholds has a notice period of 11 months. The rent for the notice periods amounts to DKK 1,659 thousand. The Company is jointly taxed with other Danish companies in the ITV Group. Together with the other companies in the joint taxation, the Company has unlimited joint and several liability for Danish corporation taxes and withholding taxes on dividends, interest and royalties within the joint taxation.The following shareholders are recorded in the Company's register of shareholders as holding at least 5% of the votes or at least 5% of the share capital: ITV Studios Nordic AB