MILTON MUSIC MANAGEMENT LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022
Milton Music Management Limited is a private company limited by share capital, incorporated in England and Wales, registration number 09569910. The address of the registered office is 5th Floor, 7-10 Chandos Street London, W1G 9DQ.
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:
Turnover comprises of revenue recognised by the company in respect of goods and services supplied during the period, exclusive of Value Added Tax and trade discounts.
The Company has a deficit on its balance sheet and is reliant upon the continuing support of its shareholders. On the basis that the shareholders have indicated that they are willing to support the company for the foreseeable future, the director considers it appropriate to prepare financial statements on the going concern basis.
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Foreign currency translation
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Functional and presentation currency
The Company's functional and presentational currency is Euros.
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.
Short-term debtors are measured at 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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