SAVING GRACE STAGE PRODUCTION LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 29 FEBRUARY 2024
Saving Grace Stage Production Limited is a private company limited by shares and registered in England & Wales. The address of its registered office is 124 finchley Road, London, NW3 5JS and its principal place of business is Unit 1, Stamford Brook Road, London, W6 0XH.
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:
The company is financed by recoupable production funding which is only repayable from future production revenues.
After reviewing the company's funding and projections, 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 adopt the going concern basis in preparing the company's financial statements.
Revenue comprises the company's share, as producer, of admission receipts after the theatres have deducted relevant commissions and banking charges. Revenue is recognised in the period to which attendance occurs.
Interest income is recognised in profit or loss using the effective interest method.
Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.
The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the Company operates and generates income.
Stocks comprise theatre production costs, which are recorded as a current asset. Theatre production costs are amortised to the Statement of Income and Retained Earnings over the estimated life of the production on an anticipated revenue basis subject to any impairment.
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