HAMPSTEAD THEATRE PRODUCTIONS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
Hampstead Theatre Productions Limited is a private company limited by shares and registered in England & Wales. The address of its regustered office is Eton Avenue , Swiss Cottage, London, NW3 3EU.
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 statement of financial position shows that the company had net liabilities at the balance sheet date of £9,860 (2023: £9,860) and is dependent on the support of its parent undertaking. The directors have received assurances from the parent undertaking that it will support the company for the foreseeable future. The financial statements have therefore been prepared on a going concern basis.
Existing funding facilities, forecasts and projections indicate that the company has adequate resources to continue with some level of activity from minimal to full levels.
After reviewing the company's forecasts and projections, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. The company therefore continues to adopt the going concern basis in preparing its financial statements, but with the proviso that a material uncertainty exists over the long-term future of the company.
Revenue is recognised on an accruals basis and comprises box office sales from theatrical productions where the company is the principal producer, royalty income based on relevant contracts in place, income in excess of costs recouped on co-productions, amounts receivable from subscribers in connection with co-productions and grants receivable for theatrical productions. Revenue is measured as the fair value of the consideration receivable.
Interest income is recognised in profit or loss using the effective interest method.
Short term debtors are measured at transaction price, less any impairment.
|
|
Cash and cash equivalents
|
Cash is represented by cash in hand and deposits with financial institutions repayable without penalty of notice of not more than 24 hours.
|