G&R FILMS LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 MARCH 2022
G&R Films Ltd is a private company limited by sares incorporated in the United Kingdom and registered in England & Wales. The address of its registered office is 23 Snowbell Road, Kingsnorth, Ashford, TN23 3NF.
The company was incorporated on 23 March 2021.
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 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:
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Foreign currency translation
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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.
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 comprises production income received. Production income is recognised in the Statement of Comprehensive Income in the period it is contractually due and expended on production and other costs.
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 Comprehensive Income.
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.
Short-term debtors are measured at transaction price, less any impairment.
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