OVER A CLIFF LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 29 FEBRUARY 2024
Over A Cliff Limited is a private company limited by shares and registered in England & Wales. The address of its registered office is 40 Kenerne Drive, Barnet, EN5 2NN.
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 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:
Revenue comprises production income and donations received.
Production income is recognised in the Statement of Income and Retained Earnings in the period it is contractually due and expended on production and other costs.
Donations are recognised in the Statement of Income and Retained Earnings when income is probable and can be measured with sufficient reliability
Interest income is recognised in profit or loss using the effective interest method.
Tax is recognised in the Statement of Income and Retained Earnings. The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the Company operates and generates income.
The Company is eligible to claim a tax credit on film production costs; the tax credit comprises relief based on total net costs and an additional deduction for enhanceable expenditure. The Company claims a payment based on the amount of enhanced expenditure and carries losses arising from total net costs forward against future profits.
Stocks comprise film production costs, which are recorded as a current asset. 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 the transaction price, less any impairment.
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