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The Marryat Players Limited
Notes to the Financial Statements
For the Year Ended 31 August 2022
The company is limited by shares and incorporated in the United Kingdom, company registration number 05451178. The address of the registered office is: 2nd Floor, Springfield House, Springfield Road, Horsham, West Sussex, RH12 2RG.
The principal activity of the company throughout the year under review was music education by the arrangement of youth orchestra concerts and professional concerts.
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:
Turnover represents donations, ticket sales and fees receivable for the period, in respect of the provision of youth orchestra concerts, professional concerts and events.
Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.
The financial statements have been prepared on a going concern basis. While the impact of the Covid-19 virus has been assessed by the directors, so far as reasonably possible, due to its unprecedented impact on the wider economy, it is difficult to evaluate with any certainty the potential outcomes on the company’s business, its customers and suppliers. However, taking into consideration the UK Government’s response and the company’s planning, the directors have a reasonable expectation that the company will continue in operational existence for the foreseeable future. This is mainly due to the reliance on the loans and support given by the directors.
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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. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.
The Company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities such as trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in ordinary shares.
Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.
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