CCM TOUR LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2020
CCM Tour Limited is a private company limited by shares and registered in England. The address of its registered office is 187 Drury Lane, London WC2B 5QD.
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 is showing net liabilities at the balance sheet date of £230,003.
The company meets its day to day working capital requirements through its own resources and third party angel investor loans which have provided funds specifically to invest in theatrical productions.
At the time of approving these financial statements, government restrictions relating to the coranavirus pandemic have forced all theatres in the UK to close, the activities of which the company derives its revenue. Although the potential effect of the coravirus can be modelled, it is very difficult to determine the assumptions that will prove to be most appropriate and therefore there is an element of doubt existing that cannot be quantified.
The director has prepared forecasts and cash flow projections based on current and anticipated future activities and has a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. The director therefore continues to adopt the going concern basis in preparing the company's financial statements but with the proviso that a material uncertainty exists over the company's future.
Revenue comprises of box office sales, net of commission and banking charges and is exclusive of VAT. Revenue is recognised in the period to which the attendance occurs.
All borrowing costs are recognised in profit or loss in the year in which they are incurred.
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 balance sheet date in the countries where the Company operates and generates income.
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