OPM PRODUCTIONS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 MARCH 2024
OPM Productions Limited is a private company limited by shares and incorporated in England. The address of the registered office is 124 Finchley Road, London NW3 5JS.
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 a third party investor which provide funds specifically to invest in theatrical productions.
The directors have prepared forecasts and cash flow projections based on a number of potential scenarios. These, together with the support of the third party loan participants, indicate that the company has adequate resources to continue in operational existence for the foreseeable future.
After reviewing the forecasts and projections, at the time of approving these financial statements, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the next twelve months. The directors therefore consider it appropriate to continue to adopt the going concern basis in preparing the company's financial statements.
Revenue comprises net box office sales net of commission and banking charges and is exclusive of VAT. Revenue is recognised in the period to which the attendance occurs.
Interest income is recognised in profit or loss using the effective interest method.
Production costs are stated at the lower of cost and net realisable value.
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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