LONDON CITY BALLET LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 OCTOBER 2023
London City Ballet Limited is a private company limited by shares incorporated in the United Kingdom. The address of its registered office is 27 Old Gloucester Street, London, England, WC1N 3AX.
The company weas incorporated on 17 October 2022 and started trading in May 2023.
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.
Functional and presentation currency
The Company's functional and presentational currency is GBP.
The following principal accounting policies have been applied:
The company is showing net liabilities at the reporting date. In order to continue traiding it is dependent on the continued financial support from the company director who has confirmed his intention to continue his support for the foreseeable future.On these grounds, the director considers it appropriate to prepare the financial statements on a going concern basis.
Production costs comprise all costs incurred in the staging of ballet performances. These costs are recognised in the Statement of Income and Retained Earnings in the period the production commences. If the production is yet to commence at the reporting date, all costs are carried forward in the Statement of Financial Position as stock .
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 other third parties and related parties
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Judgments in applying accounting policies and key sources of estimation uncertainty
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The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported for assets and liabilities as at the reporting date and the amounts reported for revenues and expenses during the year. However, the nature of estimation means that actual outcomes could differ from those estimates.
Accruals
The company makes an estimate of accruals at the year end based on invoices received after the year end and work undertaken which has not been invoiced based on quotations or estimates of amounts that may be due for payment.
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