HANDLES FOR FORKS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2023
Handles For Forks Limited is a private company limited by shares and registered in England and Wales. The address of its registered office and the principal place of business is Old Post Office Cottage, The Ridings, Leafield, Oxon, OX29 9NN.
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 preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgement in applying the company's accounting policies. There are no areas involving a higher degree of judgement or complexity, or areas where assumptions and estimates are significant to the financial statements.
The following principal accounting policies have been applied:
The company's functional and presentational currency is GBP.
Turnover comprises revenue recognised by the company in respect of royalty income received from television broadcasters during the year, exclusive of Value Added Tax. Revenue is recognised on receipt of the funds from the broadcasters and is calculated in line with the royalty agreements.
Tax is recognised in the statement of income and retained earnings.
The current tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the United Kingdom.
This comprises Intellectual Property Rights. Subsequent to initial recognition, the asset is measured at cost less accumulated amortisation and accumulated impairment losses. It is amortised on a straight line basis to the Statement of income and retained earnings over its useful economic life which is considered to be twenty years.
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.
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The average monthly number of employees, including directors, during the year was 2 (2022 - 2).
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