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THE PRODUCERS (FILMS UK) LIMITED
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2024
The Producers (Films UK) Limited is a private limited liability company incorporated in England and Wales, with its principal place of business at 111 Priory Road, London NW6 3NN.
The principal activity of the Company is that of film and television production services.
The Company's functional and presentational currency is £ Sterling.
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:
The financial statements have been prepared on a going concern basis which is dependent upon the continued support of the director who was owed £597,760 at the reporting date. In the opinion of the director the Company will continue to receive such financial support as may be required to enable it to meet its liabilities for at least 12 months following the date of her approval of the financial statements and on this basis have prepared the financial statements on a going concern basis.
Turnover comprises revenue recognised by the Company in respect of services supplied during the period, exclusive of Value Added Tax.
Turnover from production services recorded as contract activity progresses to reflect the proportion of work carried out during the period.
Royalties are accounted for on a receipts basis.
Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.
Depreciation is provided on the following basis:
The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.
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