BEARDED THEORY LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
1.Accounting policies
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Basis of preparation of financial statements
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Bearded Theory Ltd is a private company limited by shares and incorporated in England within the United Kingdom. The address of the registered office is given in the company information of these financial statements. The company's registration number is 07574230.
The financial statements have been prepared in accordance with applicable accounting standards including Financial Reporting Standard 102 The Financial Reporting Standard Applicable in the UK and Republic of Ireland (FRS 102) and the Companies Act 2006. The financial statements have been prepared on a going concern basis under the historical cost convention.
The financial statements are prepared in Sterling which is the functional currency of the company and have been rounded to the nearest £1.
The significant accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all years presented unless otherwise stated.
Debtors and creditors with no stated interest rate or that are receivable or payable are recorded at transaction price. Any losses arising from impairment are recognised in the statement of comprehensive income in other administrative expenses.
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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 judgments, estimates and assumptions that affect the amounts reported for assets and liabilities as at the balance sheet date and the amounts reported for revenues and expenses during the year. However, the nature of the estimation means that the actual outcomes could differ from those estimates. There are no significant judgments (apart from those involving estimates) which have had an effect on the amounts recognised in the financial statements.
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The Company has no employees other than the directors, who did not receive any remuneration (2022 - £NIL).
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