LONDON CITY BALLET LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2024
London City Ballet Limited is a private company limited by shares incorporated in the United Kingdom. The address of its registered office is 27 Old Gloucester Street, London, England, WC1N 3AX.
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.
Functional and presentation currency
The Company's functional and presentational currency is GBP.
The following principal accounting policies have been applied:
The company is showing net liabilities at the reporting date. In order to continue trading it is dependent on the continued financial support from the company director who has confirmed his intention to continue his support for the foreseeable future. On these grounds, the director considers it appropriate to prepare the financial statements on a going concern basis.
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 comprises the following:
Classes and workshop income
Revenue relating to the provision of classes and workshops is recognised when they take place. Income received in advance is deferred at the reporting date as applicable.
Box office and merchandise income
Turnover from the sale of theatre tickets is recognised on the date the performance takes place. Turnover generated from the sale of merchandise is recognised on the date the sale takes place. Statements are received in arrears of the performance date, therefore an adjustment is made at the year end and income is accrued accordingly.
Donations
The company is receiving donations which are being recognised when the company has entitlement and receipt is probable.
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