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NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 AUGUST 2023
Tokyo Films Ltd is a private company, limited by shares, registered in England and Wales, registration number 13263926. The registered office address is 50-54 Clerkenwell Road, London, EC1M 5PS.
The principal activity of the company is that of television production activities.
The company has extended its accounting period from 31 March 2023 to 31 August 2023.
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 company's functional and presentational currency is pound sterling.
The following principal accounting policies have been applied:
Turnover from television production activities 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. Turnover from television production activities is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.
Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.
The company is eligible to claim a tax credit on High-End Television 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.
Work in progress represents the cost of producing television programme activities. Television production costs are amortised to the Profit and loss account over the period in which the rights
to the relevant film is 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.
Short-term creditors are measured at the transaction price. Other financial liabilities are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.
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