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THE BIG EVENTS COMPANY LIMITED
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2021
The Big Events Company Limited is a limited company incorporated in England and Wales, with its principal place of business and registered office at 1st Floor, 47a Firth Street, Soho, London, W1D 4HT.
The principal activity of the Company continued to be the marketing of televised events on a worldwide basis.
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 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 Company's activities are funded by an interest free loan from M Watt, a director and the sole shareholder. At the Statement of Financial Position date, the Company owed £ 4,101,415 (2020 - £4,016,476) to M Watt, included in other creditors. The directors have prepared the financial statements on a going concern basis on the assumption that M Watt will continue to provide such financial support as may be required by the Company to meet its liabilities as they fall due for at least 12 months following the date of approval of the financial statements.
The Directors have considered the impact of recent worldwide events in relation to the COVID-19 pandemic and are satisfied that the going concern basis continues to be appropriate.
Short term debtors are measured at the transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.
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Foreign currency translation
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Functional and presentation currency
The Company's functional and presentational currency is £ Sterling.
Transactions and balances
Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions.
At each period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined.
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