HELLION PICTURES LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2023
Hellion Pictures Ltd is a private company limited by shares and registered in Scotland. The address of its registered office/principal place of business is 106 Harriet Street, Kirkcaldy, Scotland, KY1 2AG.
The company was incorporated on 2nd December 2022 and began trading on this date.
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:
Stocks comprise film production costs, which are recorded as a current asset net of the relevant tax credit. Film production costs are amortised to the statement of income and retained earnings over the period in which rights to the relevant production are being exploited by the company.
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, less any impairment.
The Company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties and loans to related parties.
|
The average monthly number of employees, including directors, during the period was 1.
|
|