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HELLION PICTURES LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2024
Hellion Pictures Ltd is a private company limited by shares and registered in Scotland. The address of its registered office/principal place of business is 106 Harriet Street, Kirkcaldy, Scotland, KY1 2AG.
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:
At the reporting date the company had net liabilities of £2,488 and is dependent on the support of its director and investors, who have confirmed their intention to support the company. As a result the director believes it is appropriate to prepare the accounts on the going concern basis. The financial statements do not include adjustments that would result from the withdrawal of this financial support.
Turnover is recognised to the extent that it is probable that the economic benefits will flow to the Company and the turnover 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. The following criteria must also be met before turnover is recognised:
Turnover comprises income from the sale of distirbution rights.
Income from the sale of distirbution rights is recognised in the Statement of Income and Retained Earnings in the period it is contractually due.
Interest income is recognised in profit or loss using the effective interest method.
Stocks comprise film production costs, which are recorded as a current asset net of the relevant tax credit. 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 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.
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