JOJI FILMS LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 30 APRIL 2023
Joji Films Ltd 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 Witham Reach, Witham Road, Long Bennington, Newark, NG23 5DS.
The company has extended its accounting period to 30 April 2023 in line with the stage of completion of the film. The comparative figures cover the year ended 31 October 2021.
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 company's functional and presentational currency is GBP.
The following principal accounting policies have been applied:
Turnover comprises production income received. Production income is recognised in the Statement of comprehensive income in the period it is contractually due and expended on production and other costs.
Where revenue received exceeds costs incurred to date and profits are not anticipated, the balance is treated as deferred income and held on the Statement of financial position until further costs are incurred or profits anticipated. At this point the deferred income is released to the Statement of comprehensive income.
Production costs incurred in producing a film are recognised in the Statement of comprehensive income as cost of sales in the period in which they are incurred.
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 film 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.
Short term debtors are measured at the transaction price, less any impairment.
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