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ITALIA CONTI ASSOCIATES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2025
Italia Conti Associates Limited is a company incorporated in the United Kingdom, registered in England and Wales. The registered office is 45 Pall Mall, London, SW1Y 5JG.
The principal activity of the Company in the year under review was that of promoting, controlling and operating franchises of the Italia Conti Performing Arts local schools.
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 Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the requirements and 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 financial statements are prepared on the going concern basis which assumes that the company will be able to continue its operations in the foreseeable future, meaning for not less than twelve months following the approval of these financial statements.
The business of the Company is the franchising of educational activities to private performing arts schools around the United Kingdom. The Company is supported by its connected company, Italia Conti Arts Centre Limited in so far as is feasible, and the relatively modest costs of operation of the company are expected to allow it to continue its operations successfully and therefore the going concern basis is considered to be appropriate for the preparation of these financial statements.
Turnover comprises revenue recognised by the company in respect of franchise fees from associate schools receivable during the period. Revenues in respect of initial set-up fees for new franchise schools are recognised in the year the new school is established.
All revenue is exclusive of Value Added Tax and trade discounts.
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 balance sheet date in the countries where the Company operates and generates income.
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