Registered Number 08136318
10 THINGS FILMS LIMITED
30 July 2014
Notes to the Abbreviated Accounts for the period ended 30 July 2014
Basis of measurement and preparation of accounts
The financial statements are prepared under the historical cost convention and in accordance with the Financial Reporting Standard for Smaller Entities (effective April 2008).
At 30 July 2014 the company's balance sheet showed a negative profit and loss account. The directors have pledged their continued support to provide financial assistance to the company as required and as such believe it is appropriate to prepare the accounts on a going concern basis, which assumes that the company will continue in operational existence for the forseeable future. If the company was unable to continue in operational existence for the forseeable future, adjustments would have to be made to reduce the balance sheet values of assets to their recoverable amounts and to provide any further liabilities that might arise, and to reclassify assets and long term liabilities as current assets and liabilities.
Compliance with accounting standards
The financial statements are prepared in accordance with applicable United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), which have been applied consistently (except as otherwise stated).
Other accounting policies
Revenue is recognised as earned when, and to the extent that, the company obtains the right to consideration in exchange for its services of film production.
Deferred taxation is provided in full in respect of taxation deferred by timing differences between the treatment of certain items for taxation and accounting purposes. The deferred tax balance has not been discounted.
2Fixed assets Investments
Fixed asset investments are stated at cost less provision for diminution in value.