TRONGATE PRODUCTIONS (NO.2) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2022
Trongate Productions (No. 2) Limited is a private company limited by shares and registered in Scotland. The address of its registered office is James Miller Building, 4th Floor, 98 West George Street, Glasgow, Scotland, G2 1PJ.
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.
The following principal accounting policies have been applied:
The company meets its day to day working capital requirements through the utilisation of its own funds, banking and loan facilities, and a loan from itsimmediate parent undertaking.
After reviewing the company's funding facilities, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. The company therefore continues to adopt the going concern basis in preparing its financial statements, but with the proviso that a material uncertainly exists over the company’s future.
Revenue comprises production income and is recognised in the Statement of Income and Retained Earnings in the period it is contractually due and expended on production and other costs.
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 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.
Stocks comprise production costs, which are recorded as a current asset net of the relevant tax credit. Production costs are amortised to the Statement of Income and Retained Earnings over the period in which rights to the relevant production are being exploited by the Company.
Short term debtors are measured at the transaction price, less any impairment.
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