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EMPORIUM PRODUCTIONS LIMITED
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
Emporium Productions Limited is a private limited liability company incorporated in England and Wales, with its registered office address at 7 Savoy Court, London, WC2R 0EX and trading office address at Front Suite First Floor, Montague House, Woodside Road, Amersham, Buckinghamshire, HP6 6AA.
The principal activity of the Company is that of creation of content for broadcast media.
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 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:
Turnover is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured.
Turnover comprises of production fees measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.
Production turnover and gross profit are recognised over the period of the production, on a stage of completion and straight line basis respectively.
Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.
Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives.
Depreciation is provided on the following basis:
The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.
Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in the Statement of Comprehensive Income.
Short term debtors are measured at the transaction price.
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