NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
The Company's legal form is that of a private limited company registered in England & Wales. The Company's registered office is 5 Elstree Gate, Elstree Way, Borehamwood, WD6 1JD.
The principal activity of the Company continued to be that of the management of the business activities of the David Paradine group of companies. The principal activities of the subsidiary companies are the production of cinematographic films and television programmes.
The Company's functional and presentational currency is £ Sterling.
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 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:
|
|
Exemption from preparing consolidated financial statements
|
The Company, and the Group headed by it, qualify as small as set out in section 383 of the Companies Act 2006 and the parent and Group are considered eligible for the exemption to prepare consolidated accounts.
Turnover comprises revenue recognised by the company in respect of programme royalties and services supplied, exclusive of Value Added Tax.
Revenue from services is recognised in the period in which they are delivered. Programme royalties are recognised on an earnings basis.
Investments in subsidiaries are measured at cost less accumulated impairment.
Short term debtors are measured at the transaction price, less any impairment.
|
|
Cash and cash equivalents
|
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 instruments transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans to and from related parties and investments in non-puttable ordinary shares.
|