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GREASE PRODUCTIONS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
Grease Productions Limited is a private company limited by shares and registered in England & Wales. The address of its registered office is Unit 10 Archer Street Studions, 10-11 Archer Street, London W1D 7AZ.
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 third party angel investor loans which have provided funds specifically to invest in theatrical productions.
In March 2020 the World Health Organisation declared the Coronavirus a pandemic. Although there are currently no government restrictions preventing theatres in the UK being open without limiting capacity, the risk remains that rehearsals and performances could be delayed or cancelled because of positive cases within the performing company. However, with the continued success of the vaccination programme, audience confidence and attendance numbers at productions should improve.
The director has prepared forecasts and cash flow projections based on a number of potential scenarios. These, together with the reserves and cash held, indicate that the company has adequate resources to continue in operational existence for the foreseeable future. It is, however, difficult to determine the assumptions that will prove to be the most appropriate therefore there is an element of uncertainty existing.
After reviewing the forecasts and projections, at the time of approving these financial statements, the director has a reasonable expectation that the company has adequate resources to continue in operational existence for the next twelve months. The director therefore considers it appropriate to continue to adopt the going concern basis in preparing the company's financial statements.
Investments in subsidiaries are measured at cost less accumulated impairment.
Short term debtors are measured at transaction price, less any impairment.
Short term creditors are measured at the transaction price.
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 banks and other
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