Look and Learn Limited
Notes to the financial statements
For the Year Ended 30 June 2023
Look and Learn Limited (the Company) is a limited company incorporated and domiciled in the United Kingdom. The address of its registered office is 2nd Floor, 168 Shoreditch High Street, London, E1 6RA and the address of its principal place of business is Office 370, 19-21 Crawford Street, London, W1H 1PJ. The company's principal activity during the year was that of an educational picture library.
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 Section 1A of Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.
The following principal accounting policies have been applied:
The accounts have been prepared on a going concern basis despite the company reporting net current liabilities of £334,861 (2022: £353,425) and net liabilities of £309,593 (2022: £320,656) at 30 June 2023. L. Heyworth, the director of the company, has confirmed that he will continue to provide all necessary finance in order for the company to meet its liabilities for the foreseeable future.
Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:
Sale of goods
Revenue from the sale of goods is recognised when all of the following conditions are satisfied:
∙the Company has transferred the significant risks and rewards of ownership to the buyer;
∙the Company retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold;
∙the amount of revenue can be measured reliably;
∙it is probable that the Company will receive the consideration due under the transaction; and
∙the costs incurred or to be incurred in respect of the transaction can be measured reliably.
Intellectual Property Rights and Licences are stated at cost less amortisation. Amortisation is provided at rates calculated to write off the cost less estimated residual value of each asset over its expected useful life as follows:
Amortisation is provided at the following rates:
Intellectual Property Rights - Straight line over twenty years
Page 2
|