WALLED GARDEN ENTERPRISES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 30 SEPTEMBER 2023
Walled Garden Enterprises Limited is a private company limited by shares and registered in England and Wales. The address of the 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 reporting period has been shortened during the year, the results for the current period reflect a 9 month period ended 30 September 2023.
The Company's functional and presentational currency is GBP.
The company is showing net liabilities at the reporting date. The company meets its day to day working capital requirements through its own resources, an intercompany loan and a loan from a third party investor who have provided funds specifically to support the company.
After reviewing the company's forecasts and projections, the director has a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. The director therefore continues to adopt the going concern basis in preparing the company's financial statements.
Revenue comprises of box office sales, net of commissions and banking charges and is exclusive of VAT. Revenue is recognised in the period to which the attendance occurred.
All borrowing costs are recognised in profit or loss in the period in which they are incurred.
Tax is recognised in the Statement of Income and Retained Earnings. The current income 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 countries where the company operates and generates income.
The company is eligible to claim a tax credit on theatre production costs. The tax credit comprises relief based on total net costs and an additional deduction for enhanceable expenditure. The company claims a payment based on the amount of enhanceable expenditure and carries losses arising from total net costs forward against future profits.
Short-term debtors are measured at transaction price, less any impairment.
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