GENIUS FILM PRODUCTIONS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024
Genius Film Productions Limited is a private company limited by shares and registered in England and Wales. The address of its registered office is Fourth Floor, Wyndham's Theatre, Charing Cross Road, London, WC2H 0DA.
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.
Included in the statement of financial position is a loan for of £69,098 which is only repayable against future distribution income. The directors consider the company has adequate resources and effective commercial arrangements in place to continue in operational existence for the foreseeable future. The company therefore continues to adopt the going concern basis in preparing its financial statements.
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Foreign currency translation
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Functional and presentation currency
The Company's functional and presentational currency is GBP.
Transactions and balances
Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions.
At each period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined.
Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.
Distribution Income
Revenue relates to the sale of film rights to domestic and non domestic broadcasters exclusive of Value Added Tax. Revenue is collected by Freeway CAM B.V collection agents who report to the company periodically. On receipt of the collection statement the company raises the sales invoice net of irrecoverable foreign taxes to the respective broadcaster.
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