NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024
Wikitribune Ltd is a limited liability company registered in England and Wales. Its registered office address is at Connaught House 2nd Floor, 1-3 Mount Street, London, W1K 3NB.
The principal activity of the company is that of the provision of an on-line news platform.
2.Accounting policies
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Basis of preparation of financial sttaements
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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 balance sheet date, the company had net current liabilities and net liabilities. The director, who is also the sole shareholder, will make funds available to the company so that it wil be able to carry on trading and meet its financial obligations as and when they fall due for a least twelve months from the date the accounts are approved. The accounts have been prepared under going concern on this basis.
Turnover is recognised to the extent that it is probable that the economic benefits will flow to the Company and the turnover can be reliably measured. Turnover is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.
Supporters contributions are recognised at the point of receipt of the contributions.
Grant income is recognised on completion of millstones set out as per the grant agreement.
In the development phase of an internal project it is not possible to demonstrate that the project will generate future economic benefits and hence all expenditure on research shall be recognised as an expense when it is incurred.
Defined contribution pension plan
The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations.
The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Statement of Financial Position. The assets of the plan are held separately from the Company in independently administered funds.
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