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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
Nonemore Limited is a private company, limited by shares, incorporated in England and Wales. Its registered office and business address is 1 Stephen Street, London, W1T 1AL.
The principal activity of the Company is the operation of arts facilities.
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:
At the reporting date the Company had net current liabilities and net liabilities of £224,118 (2023 - £228,056). The director is satisfied that the Company will have sufficient funds to meet its financial obligations as and when they fall due for at least twelve months from the date the accounts are approved. Therefore, the director has prepared the accounts on a going concern basis.
Turnover comprises revenue recognised by the Company in respect of the sale of art and sales commissions, exclusive of Value Added Tax.
Revenue in respect of both the sale of art sale and commissions is recognised at the point of sale.
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Operating leases: the Company as lessee
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Rentals paid under operating leases are charged to profit or loss on a straight-line basis over the lease term.
Interest income is recognised in profit or loss using the effective interest method.
Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.
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.
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