STVS FILMS LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2021
STVS Films Ltd is a private company limited by shares incorporated in the United Kingdom and registered in England & Wales. The address of its registered office is 124 Finchley Road, London, NW3 5JS and the address of its principal place of business is Ground Floor, 10 Amwell Street, London, EC1R 1UQ.
The company was incorporated on 17 December 2020.
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:
The directors have considered the impact that Covid-19 has had on the business and have a reasonable expectation that the company will continue in operational existence for the foreseeable future. The directors believe that the company will have sufficient funds to settle all of its debts as they fall due for at least 12 months from signing the accounts and therefore consider it appropriate to prepare the financial statements on a going concern basis.
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Foreign currency translation
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Functional and presentation currency
The company's functional and presentational currency is GBP.
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.
Turnover represents income due to the company in respect of TV production and sales made during the period. This is recognised when the company has satisfied the relevant conditions in its agreements with respect to delivery of the underlying materials to the various distributors.
TV production costs incurred in producing a television series are recognised in the profit and loss account as cost of sales in the period in which they are incurred.
Work in progress is comprised of production costs and is valued at the lower of cost and net realisable value.
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