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PINK WEDNESDAY LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 27 OCTOBER 2024
Pink Wednesday Limited is a private company limited by shares and registered in England & Wales. The address of its registered office of business is 45 Monmouth Street, London, WC25 9DG
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:
The company meets its day to day working capital requirements through the utilisation of its own funds and recoupable but not returnable funding from theatrical production angel investors.
In view of the terms of the funding, at the time of approving these financial statements the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the next 12 months. The directors therefore consider it appropriate to adopt the going concern basis in preparing the company's financial statements.
Revenue comprises the company's share, as producer, of admission receipts after the theatreshave deducted relevant commissions and banking charges. Revenue is recognised in the period to which the attendance occurs.
Interest income is recognised in profit or loss using the effective interest method.
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 theatre 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 enhanced expenditure and carries losses arising from total net costs forward against future profits.
Short term debtors are measured at the transaction price, less any impairment.
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