DAVY FILMS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 21 AUGUST 2024
Davy Films 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 8 Hallam Grange Rise, Sheffield, South Yorkshire, S10 4BG.
The company was incorporated on 22 February 2023.
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 company's functional and presentational currency is GBP.
The following principal accounting policies have been applied:
Turnover comprises production income and net invoiced sales receivable in the period in respect of film production and distribution.
Film production costs incurred in producing a film are recognised in the profit and loss account as cost of sales in the period in which they are incurred.
Stocks take the form of work in progress. Work in progress comprises direct production costs, net of tax credits, incurred on film production which are held at the lower of cost and net realisable value.
At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss.
Short-term debtors are measured at 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.
|