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ANNAPURNA THEATRE COMPANY UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
Annapurna Theatre Company UK Limited is a private company limited by shares and incorporated in England and Wales. The address of its registered office is 7 Savoy Court, London, WC2R 0EX.
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.
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Foreign currency translation
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Functional and presentation currency
The Company's functional and presentational currency is GBP, rounded to the nearest £1.
Transactions and balances
Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions.
At each period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined.
Turnover 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. Turnover comprises revenue recognised by the company in respect of producer fees, profit shares and royalties exclusive of Value Added Tax.
Distribution income from the sale of film rights
Revenue also relates to the sale of film rights to domestic and non-domestic broadcasters exclusive of Value Added Tax. Revenue in respect of distribution income is reflected at the start of the licence period in full.
Interest income is recognised in profit or loss using the effective interest method.
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