EMPIRE STREET 1 LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 28 FEBRUARY 2023
Empire Street 1 Limited is a private company limited by shares and registered in England & Wales. Its registered office is 124 Finchley Road, London, NW3 5JS.
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 is showing a shortfall of shareholders' funds at the balance sheet date of £3,749 and in order to continue in operation is dependent on the continuing support of it loan creditors from third party angel investors. The loans provided are only repayable out of surplus funds generated by the company's operations.
The director has considered the impact that Covid-19 has had on the business and has a reasonable expectation that the company will continue in operational existence for the foreseeable future. At the time of approving these financial statements, the director considers that the company will have sufficient funds to settle all of its debts as they fall due for at least 12 months. The director therefore considers it appropriate to prepare the company's financial statements on the going concern basis.
Production costs are amortised over the estimated life of the production on an anticipated revenue basis.
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 third parties, loans to related parties and investments in ordinary shares.
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The Company has no employees other than the director, who did not receive any remuneration (2022 - £NIL).
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The average monthly number of employees, including directors, during the period was 0 (2022 - 0).
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