NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2017
Hat Trick Television Limited is a limited company incorporated in England and Wales, with its registered office address at Hanover House, 14 Hanover Square, London, W1S 1HP.
The principal activity of the company is that of creation of content for broadcast media.
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:
The company's forecast and projections, taking account of reasonably possible changes in trading performance and the continued financial support from a shareholder, show that the company should be able to continue to meet its operating liabilities as they fall due. Therefore the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for at least 12 months from the date of their approval of the financial statements. Accordingly, they continue to adopt the going concern basis in preparing the annual report and accounts.
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 comprises of production fees measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.
Production turnover and gross profit are recognised over the period of the production, on a stage of completion and straight line basis respectively.
Short term debtors are measured at transaction price, less any impairment.
The company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors and loans from related parties.
Short term creditors are measured at the transaction price.
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