NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2022
HTM (Payback) Limited is a private limited liability company registered in England and Wales. Its registered office address is at7 Savoy Court, London, United Kingdom, WC2R 0EX.
The principal activity of the Company is that of creation of content for broadcast media.
The company was incorporated on 12 November 2021 and commenced trading on 20 June 2022.
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
.
The following principal accounting policies have been applied:
The Company made a loss for the year and at the Statement of Financial Position date has net current liabilities and net liabilities. The directors have obtained assurance from the shareholders that funds will be made available to the Company so that it will be able to carry on trading and meet its financial obligations as and when they fall due for at least twelve months from the date the accounts are approved. The accounts have been prepared under going concern on this basis.
Turnover comprises income receivable in respect of Television production, exclusive of Value Added Tax.
Production turnover and gross profit are recognised over the period of the production, on a stage of completion and staright line basis respectively.
All borrowing costs are recognised in profit or loss in the Period 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 reporting date in the countries where the Company operates and generates income.
Short-term debtors are measured at the transaction price, less any impairment.
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