ART TALENT LIMITED (FORMERLY ANDREW ROACH TALENT LIMITED)
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022
ART Talent Limited (formerly Andrew Roach Talent Limited to 24 March 2023) is a private company limited by shares and is incorporated in England. The Company's registered office is located at 10 Bedford Square, London, England, WC1B 3RA.
2.Accounting policies
|
|
Basis of preparation of financial statements
|
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:
|
|
Basis other than going concern
|
After the reporting period the company has commenced taking the necessary steps to cease to trade with the expectation of closing the company once that process has been completed. The directors have prepared statements on the basis that the company is no longer a going concern.
No material adjustments arose as a result of ceasing to apply the going concern basis.
Revenue 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. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts and rebates.
Revenue comprises agency commissions due to the company and is recognised in the period in which the relevant performance or event has taken place.
Defined contribution pension plan
The company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the company pays fixed contributions into a separate entity. Once the contributions have been paid the company has no further payment obligations.
The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Balance Sheet. The assets of the plan are held separately from the company in independently administered funds.
Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.
|