RYAN HUGH MACKEY PRODUCTIONS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 29 FEBRUARY 2024
Ryan Hugh Mackey Productions Limited is a private company limited by shares and incorporated in England. The address of the registered office is Flat 13, Alina Court, 58 Lomond Grove, London SE5 7LE.
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 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 meets its day to day working capital requirements through its own resources and third party loans which have provided funds specifically to invest in theatrical productions.
The director has prepared forecasts and cash flow projections based on a number of potential scenarios. These, together with the reserves and cash held, indicate that the company has adequate resources to continue in operational existence for the foreseeable future. It is, however, difficult to determine the assumptions that will prove to be the most appropriate therefore there is an element of uncertainty existing.
After reviewing the forecasts and projections, at the time of approving these financial statements, the director has a reasonable expectation that the company has adequate resources to continue in operational existence for the next twelve months. The director therefore considers it appropriate to continue to adopt the going concern basis in preparing the company's financial statements.
Interest income is recognised in profit or loss using the effective interest method.
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Stocks - Production development costs
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Production development costs comprise the cumulative amounts incurred prior to the theatre production going to stage. This cost will be amortised to the statement of income and retained earnings over the period in which the production is due to take place.
Short-term debtors are measured at transaction price, less any impairment.
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Cash and cash equivalents
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Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours.
Short-term creditors are measured at the transaction price.
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