DRIFTERS GIRL UK TOUR LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 26 NOVEMBER 2023
Drifters Girl UK Tour Ltd is a private company limited by shares and registered in England & Wales. The address of its registered office and principal place of business is 2nd Floor, 45 Monmouth Street, London, WC2H 9DG.
The company was incorporated on 2 October 2022 and began trading on this date.
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 FRS 102 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland' and the requirements of the Companies Act 2006. The disclosure requirements of Section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
The following principal accounting policies have been applied:
At the reporting date the company had net liabilities of £446,494 and is dependent on the support of a related company which has confirmed their intention to support the company. As a result the directors believe it is appropriate to prepare the accounts on the going concern basis. The financial statements do not include adjustments that would result from the withdrawal of this financial support.
Revenue comprises the company's share, as producer, of admissions receipts after the theatres have deducted relevant commissions and banking charges plus non returnable production funding. Revenue is recognised in the period to which the attendance occurs.
Interest income is recognised in profit or loss using the effective interest method.
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 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 enhanced expenditure and carries losses arising from total net costs forward against future profits.
Short term debtors are measured at the transaction price, less any impairment.
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