DOLLY LEVI LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
Dolly Levi Ltd is a private company limited by shares and registered in England & Wales. The address of its registered office and principle place of business is 2nd Floor, 45 Monmouth Street, London, WC2H 9DG.
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 meets its day to day working capital requirements through the utilisation of its own funds and recoupable but not returnable funding from theatrical production angel investors.
In view of the terms of the funding, 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 12 months. The directors therefore consider it appropriate to adopt the going concern basis in preparing the company's financial statements.
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 period in which rights to the relevant production are being exploited by the company.
Short term debtors are measured at the 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, less any impairment.
The Company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from third parties.
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