THE LIGHTHOUSE FILM AND TELEVISION (SCOOP) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 MAY 2024
The Lighthouse Film and Television (Scoop) Limited is a private company, limited by shares, incorporated in England & Wales, registration number 14405161. The company's registered office is 3rd Floor, Waverley House, 7-12 Noel Street, London, W1F 8GQ. The accounting period was shortened from 31 December 2024 to 31 May 2024, therefore these financial statements cover a 5 month period. The comparative period ran from 7 October 2022 to 31 December 2023.
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 nature of the Company’s principal activity means that there is significant expenditure during active television production phases and substantially lower costs outside of these periods. The Company’s robust financial planning and funding arrangements ensure operational continuity and financial stability throughout. Therefore, the fluctuating costs associated with our production cycles do not pose a threat to our status as a going concern. As a result, the directors believe that it remains appropriate to continue to adopt the going concern basis in preparing these financial statements.
Revenue 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. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:
Rendering of services
Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:
∙the amount of revenue can be measured reliably;
∙it is probable that the Company will receive the consideration due under the contract;
∙the stage of completion of the contract at the end of the reporting period can be measured reliably; and
∙the costs incurred and the costs to complete the contract can be measured reliably.
Other income relates to proceeds received from insurance claims during the production and has been recognised over the period to which it relates.
Tax credit income is based on UK qualifying production expenditure and as such is recognised in the period in which the claim is made.
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