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ASPEN FILM PRODUCTIONS LTD
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 MAY 2024
Aspen Film productions Ltd is a private company, limited by shares, registered in England and Wales, registration number 14274612. The registered office address is 104, Market street, Hollingworth, Hyde, England, SK14 8JA.
The principal activity of the company is that of motion picture production activities.
During the period, the company extended its accounting period from 10 February 2024 to 31 May 2024.
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 company's functional and presentational currency is pound sterling.
The following principal accounting policies have been applied:
The financial statements have been prepared on the going concern basis as the director has confirmed that they will continue to provide necessary funding in order for the company to maintain operations and meet liabilities in full for at least the next 12 months. On this basis, the director is satisfied that the financial statements should be prepared on a going concern basis.
Turnover from motion picture production activities 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. Turnover is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.
Interest income is recognised in profit or loss using the effective interest method.
All borrowing costs are recognised in profit or loss in the period in which they are incurred.
Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.
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.
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