WTFN PRODUCTIONS UK LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022
WTFN Productions UK Ltd (Company number: 09000581), having its registered office at 1st Floor Sackville House, 143-149 Fenchurch Street, London, EC3M 6BN, is a private limited company incorporated in England and Wales. The principal place of business is 5 Kew Road, Richmond, TW9 2PR.
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 has taken advantage of the exemption in Financial Reporting Standard 102, Section 1A.7, from the requirement to produce a Statement of Cash Flows on the grounds that it is a small company.
The Company has net liabilities of £576,262 (2021: £587,829) as at the Balance Sheet date. The directors consider it appropriate to prepare the accounts on the going concern basis as the ultimate parent company has pledged its support for a period of at least 12 months from the date of signing the financial statements.
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Restatement of comparatives
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The prior year comparatives have been restated to reclassify staff related costs totalling £137,552 from cost of sales to administrative expenses as this shows a better reflection of the nature of the expenditure.
Turnover is generated using a cost plus model with the parent entity.
Rendering of services
Turnover is recognised in the period in which the services are provided or the expenses incurred when all of the following conditions are satisfied:
∙the amount of turnover can be measured reliably; and
∙it is probable that the Company will receive the consideration due.
Short-term debtors are measured at transaction price, less any impairment.
Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours.
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