SPELL ON YOU PRODUCTIONS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 JULY 2022
Spell On You Productions Limited is a private company limited by shares and registered in England & Wales. The address of its registered office is 124 Finchley Road, London NW3 5JS.
2.Accounting policies
|
|
Basis of preparation of financial statements
|
The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.
The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgment in applying the Company's accounting policies.
The following principal accounting policies have been applied:
The company meets its day to day working capital requirements through the utlisation of recoupable but non-returnable production funding. At the reporting date the company had net liabilities of £3,993 which is supported by the production funding received.
At the time of approving these financial statements, the director has a rasonable expectation that the company has adequuate resources to continue in operational existemce for a period of at least 12 months from the date of approval of these financial statements. The director therefore considers it appropriate to adopt the going concern basis in preparing the company's financial statements.
Investments in subsidiaries are measured at cost less accumulated impairment.
Stocks comprise theatre production costs, which are recorded as a current asset. Theatre production costs are amortised to the Statement of Income and Retained Earnings over the period in which rights to the relevant production are being exploited by the Company.
Short term debtors are measured at the transaction price, less any impairment.
|
|
Cash and cash equivalents
|
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, less any impairment.
|