COW FILM LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2023
Cow Film Limited 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 111 Woolstone Road, London, SE23 2TQ.
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 FRS 102 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland' and the requirements of the Companies Act 2006. The disclosure requirements of Section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
The company's functional and presentational currency is GBP.
The following principal accounting policies have been applied:
Turnover in the statement of comprehensive income relates to amounts earned in relation to film production and distribution. Production funding is recognised in the statement of comprehensive income over the period of the production. Where production funds received exceed costs incurred to date, the balance is treated as deferred income and held on the balance sheet until further costs are incurred. At this point the deferred income is released to the statement of comprehensive income as turnover.
Distribution income is reflected in the period it relates to.
Film 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.
Short term debtors are measured at transaction price, less any impairment.
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Cash and cash equivalents
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Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours.
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.
Short term creditors are measured at the transaction price.
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