|
|
|
NEMO ENTERTAINMENT LIMITED
|
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
Nemo Entertainment Limited is a private limited liability company registered in England and Wales.Its registered office address is at 5 Elstree Gate, Elstree Way, Borehamwood, Hertfordshire WD6 1JD.
The principal activity of the company during the year was that of the production of content for broadcast media.
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:
The company at the reporting date has net liabilities. The director, who is also the controlling party, has confirmed that he has the ability and will financially support the company so that it will be able to meet its financial obligations as and when they fall due. Therefore the accounts have been prepared under the going concern basis.
Turnover represents amounts receivable in respect of the sales of broadcast media content, exclusive of value added tax. Revenue is recognised when the media content is delivered.
Work in progress comprises of costs incurred on development projects and productions in progress at the year end, less production advances.
|
|
Basic financial instruments
|
The company only enters into transactions that result in basic financial instruments such as trade and other debtors, trade and other creditors, cash at bank and in hand, loans to/from related parties.
Trade debtors, other debtors and loans to related parties are recognised initially at the transaction price less attributable transaction costs. Trade creditors, other creditors and loans from related parties are recognised initially at transaction price plus attributable transaction costs. Subsequently they are measured at amortised cost using the effective interest method, less any impairment losses in the case of trade and other debtors, and loans to related parties.
Interest bearing borrowing, such bank loans, classified as basic financial instruments are recognised initially at the present value of future payments discounted at a market rate of interest. Thereafter they are stated at amortised cost using the effective interest method.
Cash and cash equivalents comprise cash balances and call deposits. Bank overdrafts that are repayable on demand and form an integral part of the company's cash management.
|