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ITALIAN CIRCUS IP LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022
Italian Circus IP Limited is a private company, limited by shares, registered in England and Wales.
The registered office is:
10 Queen Street Place
London
EC4R 1AG
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 Company is reliant on the Group's cash resources to meet its obligations. The parent company, Inception Ventures Group ("IVG"), has signed a letter of support which confirms its intention to support its subsidiaries for at least 12 months from the date of signing these financial statements.
Based on the availability of support to date and the conclusion within IVG's group financial statements the directors also continue to adopt the going concern basis in the preparing the Company financial statements.
Intangible assets are initially recognised at cost. After recognition, under the cost model, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.
All intangible assets are considered to have a finite useful life. If a reliable estimate of the useful life cannot be made, the useful life shall not exceed ten years.
The estimated useful lives range as follows:
Short term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.
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, loans from banks and other third parties, loans to related parties and investments in ordinary shares.
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