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DAVID PARADINE PRODUCTIONS LIMITED
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
The Company's legal form is that of a private limited liability company registered in England & Wales with its registered office and business address at 5 Elstree Gate, Elstree Way, Borehamwood, WD6 1JD.
The activity of the Company is that of television production.
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:
Turnover comprises revenue recognised by the company in respect of services supplied during the year, exclusive of Value Added Tax.
Production revenue is recognised as production activity progresses to reflect the value of work carried out during the year.
Sums receivable from distributors are recognised on a receivable basis in accordance with distribution agreements, unless an advance is received, in which case turnover is then recognised on the later of the licence period start date or completion of all deliverables.
Royalties receivable are accounted for on a royalty earnings basis as part of turnover. Non-returnable, recoupable advances are accounted for on completion of delivery requirements.
Work in progress represents the costs incurred on development projects and productions in progress at the year end.
Short term debtors are measured at the transaction price.
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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.
The Company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, and loans to and from related parties.
Short term creditors are measured at the transaction price.
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