ARTATTACK LONDON LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2017
Artattack London Limited is a private company limited by shares and registered in England & Wales. The address of its registered office is 138 (Top Floor), Fleet Road, London, NW3 2QX.
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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 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
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The following principal accounting policies have been applied:
At the balance sheet date the company had net liabilities of £7,813 and is dependent on the support of its creditors who have confirmed their intention to support the company. As a result the directors believe it is appropriate to prepare the accounts on the going concern basis.
Revenue comprises the sale of artwork via the company's web-based application and is recognised at the point of sale.
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Intangible assets and amortisation
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The company has developed a web-based application as a platform for the sale of artwork and a forum for art lovers. The external costs of development have been capitalised as an intangible asset. The company amortises the asset over its useful economic life.
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Cash and cash equivalents
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Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours.
The Company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, and loans from related parties.
Short term creditors are measured at the transaction price, less any impairment.
Interest income is recognised in the statement of comprehensive income using the effective interest method.
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