STUBBORN HEART FILMS (HEART OF SOUL PRODUCTIONS) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2017
Stubborn Heart Films (Heart of Soul Productions) Limited is a private company limited by shares and registered in England and Wales. The address of its registered office is 124 Finchley Road, London, NW3 5JS and the principal place of busines is 85 Essex Road, London N1 2SF.
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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
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The following principal accounting policies have been applied:
At the balance sheet date the company had net liabilities of £54,480 and is dependent on the support of its directors who have confirmed their intention to support the company. As a result the directors believe it is appropriate to prepare the accounts on the going concern basis.
Revenue comprises distribution revenue receivable and is recognised in the Statement of Comprehensive Income in the period it is contractually due and expended on production and other costs.
Stocks comprise film production costs, which are recorded as a current asset. Film production costs are amortised to the Statement of Comprehensive Income over the period in which rights to the relevant film 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.
The Company only enters into basic financial instruments transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors and loans from related parties.
Short term creditors are measured at the transaction price.
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