NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 OCTOBER 2019
Nowhere Special Limited is a private limited company incorporated in England and Wales. Its registered office and principal place of business is 20th Century Fox Buliding C/O Red Wave Films Ltd, 31-32 Soho Square, London, W1D 3AP.
The company was incorporated on 28 February 2019 and commenced trading from that date.
The principal activity of the company during the year was that of motion picture production activities.
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 made a loss for the period and at the reporting date has net current liabilities and net liabilities. The directors have obtained assurances from the shareholders that funds will be made available to the company so that it will be able to meet its financial obligations as and when they fall due, for at least twelve months from the date the accounts are approved. Therefore the financial statements have been prepared under the going concern basis.
Turnover comprises revenue recognised by the company in respect of services supplied during the year, exclusive of Value Added Tax and trade discounts.
Revenue is recognised when the service is provided.
The company's functional and presentational currency is £ sterling.
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.
Foreign exchange gains and losses resulting from the settlement of transactions and from the translation at period-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in the Statement of Comprehensive Income.