OCTOBER MYSTERIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
October Mysteries Limited ('the company') is a private company limited by shares, incorporated under the UK Companies Act 2006 and domiciled in England.
The address of the company's registered office and principal place of business is Benwell Studios, 11-13 Benwell Road, London, N7 7BL.
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 preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgment in applying the company's accounting policies.
There were no significant judgments and/or sources of estimation uncertainty made in applying the company's accounting policies towards the preparation of these financial statements that may be considered as yielding a significant risk of a material adjustment being made to the carrying amounts of assets and/or liabilities reported in the balance sheet during the next financial reporting period.
After reviewing the company's forecast and projection, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. The company, therefore, continues to adopt the going concern basis in preparing its financial statements.
The comparatives of the financial statements were prepared for the period from 14 December 2021 to 31 December 2022, a period longer than one year as this was the first reporting period for the company.
Subsequently, the current year results were prepared for the year ended 31 December 2023, and therefore the comparatives are not entirely comparable.
Turnover comprises revenues receivable by the company during the financial reporting period in respect of the supply of film, television and over-the-top programming production services.
Revenues in respect of production services comprise fees and other pre-sales receivable, exclusive of Value Added Tax, in exchange for the provision of a contract for services; with recognition made by reference to the stage of completion of contract activity as at the balance sheet date. Where it is probable that the total costs on a contract will exceed total contract revenue, the expected loss is immediately recognised as an expense in profit or loss.
|