Saracen Films Limited
Notes to the financial statements
For the year ended 31 December 2021
Saracen Films Limited is a private company limited by shares and is incorporated in England with the registration number 08273719. The address of the registered office is 2nd Floor, 168 Shoreditch High Street, London, E1 6RA.
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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 preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgement in applying the company's accounting policies.
The company's functional and presentational currency is pounds sterling. The financial statements are rounded to the nearest pound.
The following principal accounting policies have been applied:
The company has not actively traded following the period ended 31 December 2020. However, the accounts have been prepared on a going concern basis as the company's ultimate parent undertaking, The Chandler Corporation Limited, has confirmed that it will support the company and enable it to pay its debts as required.
Revenue is recognised to the extent that it is probable that the economic benefits will flow to the company and the revenue can be reliably measured. Revenue 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 revenue is recognised:
Rendering of services
Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:
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the amount of revenue can be measured reliably;
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it is probable that the company will receive the consideration due under the contract;
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the stage of completion of the contract at the end of the reporting period can be measured reliably; and
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the costs incurred and the costs to complete the contract can be measured reliably.
Turnover represents return on investments and royalties receivable during the year.
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