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FASHION EAST (OTB) LIMITED
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024
Fashion East (OTB) Limited is a private limited liability company registered in England and Wales, with its registered office and business address at 91 Brick Lane, London, E1 6QL.
The principal activity of the company is that of promoting the fashion industry to young designers by assisting them to obtain sponsorships, by way of bursaries and show-casting their collections.
The financial statements are presented in Sterling (£), which is the functional currency of the company.
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 has net current liabilities and net liabilities. The controlling party has confirmed that he has the ability and will continue to provide financial support to the company so that it will be able to meet its financial obligations as and when they fall due. Therefore the accounts have been prepared under the going concern basis.
Turnover comprises of sponsorship monies and grants receivable from enterprises within the fashion industry. They are recognised when the sponsorship event occurs and can be reliably measured.
Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.
At each reporting date the company assesses whether there is any indication of impairment. If such indication exists, the recoverable amount of the asset is determined which is the higher of its fair value less costs to sell and its value in use. An impairment loss is recognised where the carrying amount exceeds the recoverable amount.
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