CENTRE CREATIVE LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
The principle activity of Centre Creative Limited ("The Company") continues to be that of a website design agency.
The Company is a private company limited by shares incorporated in England and Wales.
The registered office is Unit B, Premier Park, Premier Park Road, London, United Kingdom, NW10 7NZ..
2.Accounting policies
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Basis of preparation of financial statements
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The Company will cease to trade within 12 months from the date of signing of these financial statements. The financial statements have, therefore, been prepared on a basis other than going concern basis. The financial statements were prepared under the historical cost convention and in accordance with Section 1A of Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland ("FRS 102") and the Companies Act 2006, and do not include any provision for the future costs of terminating the business except to the extent that costs were committed at the balance sheet date.
The following principal accounting policies have been applied:
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Foreign currency translation
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Functional and presentation currency
The Company's functional and presentational currency is GBP.
Transactions and balances
Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions.
At each period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined.
Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.
Revenue is recognised once the website design services have been provided.
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