|
|
|
WORLD FILM SERVICES LIMITED
|
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
World Film Services Limited is a private limited liability company incorporated in England and Wales with its registered office at 5 Elstree Gate, Elstree Way, Borehamwood Hertfordshire, WD6 1JD.
The principal activity of the Company continued to be that of the exploitation of an audio-visual film library.
The Company's functional and presentational currency is £ Sterling.
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 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 following principal accounting policies have been applied:
The director who is the ultimate shareholder of the Company's parent undertaking, World Group of Companies Limited, has indicated that he will continue to provide adequate financial support to the Company for the foreseeable future, to enable it to meet its liabilities as and when they fall due. The director has no reason to believe that this financial support will not continue in the future and considers it appropriate to adopt the going concern basis. The financial statements do not contain any adjustments that would be necessary should this basis not be appropriate.
Revenue comprises royalties receivable, exclusive of Value Added Tax.
Royalties receivable are accounted for on a royalty earnings basis as part of turnover.Royalty advances which are non-recoupable are accounted for on a receipts basis. Recoupable advances are accounted for when earned.
Short term debtors are measured at the transaction price, less any impairment.
|
|
Cash and cash equivalents
|
Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours.
Short term creditors are measured at the transaction price.
|