IMHOTEP PUBLISHING LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022
Imhotep Publishing Limited is a private company limited by share capital, incorporated in England and Wales, registration number 10066334. The address of the registered office is 16 - 19 Eastcastle Street, London, W1W 8DY.
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:
At the balance sheet date, the company's liabilities exceeded its assets. The company has received assurance from the parent undertaking that it will continue to give financial support to the company for a period of at least twelve months from the date of signing of these financial statements. On this basis, the director has considered it appropriate to prepare the financial statements on a going concern basis.
However, should the financial support mentioned above not be forthcoming, the going concern basis used in preparing the company's financial statements may be invalid and adjustments would have to be made to reduce the value of assets to their realisable amount and to provide for any further liabilities which might arise. The financial statements do not include any adjustment to the company's assets or liabilities that might be necessary should this basis not continue to be appropriate.
All turnover relates to music royalties. Music royalties revenue is credited to the profit and loss account in the period to which it relates, or if it cannot be reliably estimated, on a receipts basis.
Advances received under joint venture agreements, presented within creditors on the balance sheet, represent contributions received for advances paid to artists under contract. These advances, which are only recoverable against future royalties, are credited to the profit and loss account as they are recouped or, where the probability of future recoupment in respect of the advances paid is unlikely, full credit is made.
Advances to artists, presented within debtors on the balance sheet, represent advances paid to artists and other costs incurred on behalf of artists under contract. These advances, which are only recoverable against future royalties, are charged to the profit and loss account as they are recouped or where the probability of future recoupment in respect thereof is unlikely.
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