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HAT TRICK (FLACK) LIMITED
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2021
Hat Trick (Flack) Limited is a limited liability company incorporated in England and Wales with its registered address is at 7 Savoy Court, London, WC2R 0EX and trading address at 33 Oval Road, London, NW1 7EA.
The principal activity of the company is that of creation of content for broadcast media.
The Company's functional and presentational currency is £ Sterling.
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 group companies 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.
Turnover 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 production fees measured at the fair value of the consideration received or receivable, excluding Value Added Tax.
Production turnover and gross profit are recognised over the period of the production, on a stage of completion and straight line basis respectively.
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 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.
Short term debtors are measured at the transaction price.
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