|
BLOCKBORN LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 30 APRIL 2025
Blockborn Ltd is a private limited company, registered in England and Wales. The address of its registered office is at 124 Finchley Road, London, NW3 5JS.
2.Accounting policies
|
|
|
Basis of preparation of financial statements
|
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:
Due to the winding down of operations, the company is no longer considered a going concern. As a result, the company's financial statements have been prepared on a break-up basis, with assets recorded at their realisable values.
Revenue comprises royalty receivable and is recognised in the Statement of Income and Retained Earnings in the period it is contractually due.
Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.
Tax is recognised in the Statement of Income and Retained Earnings. The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates income.
The company is eligible to claim a tax credit on video game production costs. The tax credit comprises relief based on total net costs and an additional deduction for enhanceable expenditure. The company claims a payment based on the amount of enhanceable expenditure and carries losses arising from total net costs forward against future profits.
Stocks comprise video game production costs, which are recorded as a current asset. Video game
production costs are amortised to the Statement of Income and Retained Earnings over the period in
which rights to the relevant video game are being exploited by the company.
Short term debtors are measured at transaction price, less any impairment.
|