FWS FILM LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2023
FWS Film Limited is a private company limited by shares incorporated in the United Kingdom and registered in England. 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.
2.Accounting policies
|
|
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 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:
Stocks take the form of work in progress. Work in progress relates to direct production costs, net of tax credits, incurred on television programme productions not yet delivered. Production costs are recognised in the income statement as soon as the production is delivered and the related sale is recognised.
At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.
Short term debtors are measured at the transaction price, less any impairment.
|
|
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.
Short term creditors are measured at the transaction price.
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 plus loans from related parties.
The previous period of accounts covered the period from 13 August 2020, the date of incorporation, to 31 January 2022.
|