EMPIRE STREET 2 LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 30 SEPTEMBER 2023
Empire Street 2 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 following principal accounting policies have been applied:
The company meets its day to day working capital requirements through its own resources and third party investor loans who have provided funds specifically to support the company.
IThe director has prepared forecasts and cash flow projections based on a number of potential scenarios. These, together with the reserves and cash held, indicate that the company has adequate resources to continue in operational existence for the foreseeable future. It is, however, difficult to determine the assumptions that will prove to be the most appropriate therefore there is an element of uncertainty existing.
After reviewing the forecasts and projections, at the time of approving these financial statements, the director has a reasonable expectation that the company has adequate resources to continue in operational existence for the next twelve months. The director therefore considers it appropriate to continue 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 as well as merchandise income and is exclusive of VAT. Revenue is recognised in the period to which the attendance occurred.
Interest income is recognised in profit or loss using the effective interest method.
Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.
The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the Company operates and generates income.
Short-term debtors are measured at transaction price, less any impairment.
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