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FORJA ENTERTAINMENT LIMITED
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2023
Forja Entertainment Limited is a private limited liability company registered in England and Wales. Its registered office address is at 5 Elstree Gate, Elstree Way, Borehamwood, Hertfordshire WD6 1JD.
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The principal activity of the company continued to be that of motion picture production.
The company's functional and presentational currency is £ sterling
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 company made a loss for the year and at the reporting date has net current liabilities and net liabilities. The director, who is also the ultimate controlling party, has confirmed that he has the ability and will support the company so that it will be able to meet its financial obligations as and when they fall due for at least twelve months from the date the accounts are approved. The financial statements have been prepared on the going concern basis on this assumption.
Turnover represents revenue generated from the sale of media content. Revenue is recognised when the content is downloaded.
Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.
At each reporting date the company assesses whether there is any indication of impairment. If such indication exists, the recoverable amount of the asset is determined which is the higher of its fair value less costs to sell and its value in use. An impairment loss is recognised where the carrying amount exceeds the recoverable amount.
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