LOTD 25 LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 16 MARCH 2022
LOTD 25 Ltd is a private company limited by shares and registered in England & Wales. The address of its registered office is 5th Floor 104 Oxford Street, Fitzrovia, London, W1D 1LP.
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 FRS 102 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland' and the requirements of the Companies Act 2006. The disclosure requirements of Section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
The following principal accounting policies have been applied:
At the reporting date the company had net liabilities of £9,824 and is dependent on the support of its parent company which has undertaken to provide such financial support as is required in order for the company to meet its working capital requirements for the foresseeable future.
On this basis, the directors believe it is appropriate to prepare the financial statements on the going concern basis. The financial statements do not include adjustments that would result from the withdrawal of this financial support.
Revenue comprises production recharges and is recognised in the Statement of Income and Retained Earnings in the period it is contractually due.
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 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.
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 the rights to the relevant are exploited subject to any impairment.
Short term debtors are measured at the transaction price, less any impairment.
|