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THE FILM CONSORTIUM LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024
The Film Consortium Limited is a private company limited by shares and registered in England & Wales. The address of its registered office and principal place of business is 14 Rathbone Place, London, W1T 1HT.
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.
The following principal accounting policies have been applied:
Revenue comprises royalties receivable from distribution of film and television rights and is recognised in the Statement of Income and Retained Earnings in the period it is contractually due.
Short term debtors are measured at the transaction price, less any impairment.
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Cash and cash equivalents
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Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours.
The Company only enters into basic financial instruments transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans to and from other third parties and related parties.
Short term creditors are measured at the transaction price, less any impairment.
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