|
|
|
SILVERWORKS ISLAND LIMITED
|
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 MARCH 2023
Silverworks Island Limited is a private limited liability company registered in England and Wales. Its registered office is 30 Water Street, Canary Wharf, London, E14 5GX and its principal place of business is Silvertown Square, Royal Victoria Dock, Connaught Bridge, North Woolwich Road, London, E16 2BU.
The company was incorporated on 2 March 2022 and commenced trading on 1 April 2022.
The company changed its name from Dockyards London Limited to Silverworks Island Limited on 28 July 2023.
The principal activity of the company was the development and management of corporate and ticketed live music event venues.
The company's functional and presentational currency is £ Sterling.
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:
Turnover comprises revenue recognised by the company in respect of the hiring out of live music and corporate venues, event management fees and production fees.
Revenue is recognised when the events take place and it is probable that economic benefits will flow to the company. It is exclusive of Value Added Tax and trade discounts.
|
|
Operating leases: the Company as lessee
|
Rentals paid under operating leases are charged to profit or loss on a straight-line basis over the lease term.
Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.
At each reporting date the Company assesses whether there is any indication of impairment. If such indication exists, the recoverable amount of the asset is determined which is the higher of its fair value less costs to sell and its value in use. An impairment loss is recognised where the carrying amount exceeds the recoverable amount.
|