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BROADGATE CIRCLE BAR LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
Broadgate Circle Bar Limited is a private company, limited by shares, and incorporated in England and Wales. The Company's registered number is 11187139 and registered office address is 10 Queen Street Place, London, United Kingdom, EC4R 1AG. The Company's principal place of business is 37 Broadgate Circle, London, EC2M 2QS.
The principal activity of the Company is to manage the long-term leasehold of a bar.
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 is reliant on the Group's cash resources to meet its obligations. Based on the availability of support to date and the conclusion within IVG's group financial statements the directors also continue to adopt the going concern basis in the preparing the Company financial statements.
Although the Company is in a net liability position, this is due to intercompany balances which demand for payment will not be made if the Company does not have to funds to repay.
Revenue principally consists of rent and other property related costs recharged during the year. Rent and property related costs are recharged at the point in time at which they are incurred.
Revenue is measured as the fair value of the consideration recieved or recievable, excluding valued added tax.
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Current and deferred taxation
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The tax expense for the year comprises current and deferred tax. 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.
Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the reporting date, except that:
∙The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and
∙Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.
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