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ISLINGTON FILMS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2025
Islington Films Limited is a private company limited by shares and registered in England and Wales. The address of its registered office is 339 Upper Street, London, N1 0PB.
In the prior period, the company shortened its accounting period from 31 December 2024 to 31 October 2024 in line with the completion of its television programme. The current period results are therefore not comparable.
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:
Revenue comprises distribution revenue receivable and is recognised in the Statement of Income
and Retained Earnings in the period it is contractually due. Where revenue received exceeds costs
incurred to date and profits are not anticipated, the balance is treated as deferred income and held
on the Statement of Financial Position until further costs are incurred or profits anticipated. At this
point the deferred income is released to the Statement of Income and Retained Earnings.
Tax is recognised in the Statement of Income and Retained Earnings. The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the Company operates and generates income.
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.
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.
Short term creditors are measured at the transaction price.
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