THIS IS ME BOUTIQUE
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 MAY 2024
1.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:
The company had net liabilities at 31st May 2024 of £3,634. However, the director is of the opinion that the company has and will continue to have the support of its creditors for the foreseeable future. In the light of these factors, the director considers it appropriate to adopt the going concern basis in the preparation of these financial statements.
Intangible assets are initially recognised at cost. After recognition, under the cost model, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.
All intangible assets are considered to have a finite useful life. If a reliable estimate of the useful life cannot be made, the useful life shall not exceed ten years.
The estimated useful lives range as follows:
Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.
This Is Me Boutique Limited is a private limited company incorporated on 10th May 2023 in England and Wales. The Registered Office is 76 Maltings Court, Maltings Lane, Witham, Essex CM8 1XG.
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The average monthly number of employees, including directors, during the period was 1.
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