A MILLION FREDS PRODUCTIONS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 28 FEBRUARY 2023
A Million Freds Productions 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.
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 is showing a shortfall of shareholders' funds at the balance sheet date of £1,479,449 (2022: £1,469,179). In order to continue its operations it is dependent on the continuing support of its principal creditor and the director, neither of whom are pressing for immediate payment of loans totalling £1,486,059 (2022: £1,481,059).
The director has given assurances that this support will not be withdrawn and accordingly is continuing to rely upon it. Therefore after reviewing the company's funding resources, the director 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.
Turnover comprises the company's share, as producer, of admissions receipts and after the theatres have deducted their share, relevant commissions and banking charges. Revenue is recognised in the period to which the attendance occurs.
Revenue also comprises grants receivable as contributions towards the staging of theatrical productions and are recognised on receipt.
Interest income is recognised in profit or loss using the effective interest method.
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