|
R2 PARIS LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 MAY 2025
R2 Paris Ltd is a private company limited by shares incorporated the United Kingdom and registered in England and Wales. The address of its registered office is 4th Floor, Fitzrovia House, 153-157 Cleveland Street, London, W1T 6QW.
The comparative figures cover the period from 1 March 2023, the date of incorporation, to 31 December 2023.
2.Accounting policies
|
|
|
Basis of preparation of financial statements
|
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:
|
|
|
Foreign currency translation
|
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.
Foreign exchange gains and losses resulting from the settlement of transactions and from the translation at period-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in profit or loss.
Turnover in the statement of comprehensive income relates to amounts earned in relation to film production.
Production funding is recognised in the statement of comprehensive income over the period of the production. Where production funds received exceed costs incurred to date, the balance is treated as deferred income and held on the balance sheet until further costs are incurred. At this point the deferred income is released to the statement of comprehensive income as turnover.
Film production costs incurred in producing a film are recognised in the statement of comprehensive income as cost of sales in the period in which they are incurred.
|