EHP ROOSTER LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 30 SEPTEMBER 2022
EHP Rooster Limited is a private company limited by shares and registered in England and Wales. The address of its registered office is 124 Finchley Road, London, NW3 5JS and the principal place of business is 1 Somerville Close, London, SW9 0DU.
The company was Incorporated on 15 September 2021 and began trading on this date.
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 following principal accounting policies have been applied:
Revenue comprises box office income, merchandise sales and sponsorships received.
Revenue relating to box office income is recognised at the end of the week in which the show is staged. Revenue is reported on all admissions and is exclusive of VAT. Revenue from admissions is reported as the amount received by the producer after the theatre have deducted relevant commissions and banking charges.
Revenue relating to merchandise sales is recognised when the sale takes place. Merchandise revenues represent the producer's share of merchandise sales, exclusive of VAT.
Sponsorships are recognised in the Statement of Income and Retained Earnings when income is probable and can be measured with sufficient reliability.
Tax is recognised in the Statement of Income and Retained Earnings. 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.
The Company is eligible to claim a tax credit on theatre 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.
Short term debtors are measured at the 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
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