MY PLANET NOW LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2023
My Planet Now 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 9 Perseverance Works, Kingsland Road, London, E2 8DD.
The comparative figures cover the period from 29 November 2021, the date of incorporation, to 30 November 2022.
2.Accounting policies
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Basis of preparation of financial statements
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he 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:
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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.
Production costs incurred in producing a film are recognised in the Statement of income and retained earnings as cost of sales in the period in which they are incurred.
Stocks take the form of work in progress. Work in progress relates to direct production costs, net of tax credits, incurred on film 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, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to complete and sell. The impairment loss is recognised immediately in profit or loss.
Short-term debtors are measured at transaction price, less any impairment.
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