NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 MARCH 2023
Spaces & Stories Limited is a private limited liability company registered in England and Wales. Its registered office and principal place of business is 30 Water Street, Canary Wharf, London, E14 5GX.
The company was incorporated on 27 May 2022 and commenced trading on that date.
The principal activities of the company were the provision of sales and marketing services for other group undertakings and the development and management of corporate and ticketed live music event venues.
The company's functional and presentational currency is £ Sterling.
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:
At the reporting date the company had net current liabilities and net liabilities. The group that the company is a member of was profitable in the year and the ultimate parent undertaking continues to receive financial support from its investors, has strong cash reserves and expects its profitability to continue. The directors have obtained assurance from the ultimate parent undertaking that funds will continue to be made available to the company so that it will be able to carry on trading and meet its financial obligations as and when they fall due for at least twelve months from the date the accounts are approved. Therefore the accounts have been prepared under the going concern basis.
Turnover comprises revenue recognised by the company in respect of sales and marketing services provided to group undertakings and the hiring out of live music and corporate venues, event management fees and production fees. Turnover is recognised when it is probable that economic benefits will flow to the company. It is exclusive of Value Added Tax and trade discounts.
Sales and marketing income is recognised when the work is carried out and venue hire fees are recognised when the events take place.
The company is a member of a Group who's parent undertaking contributes to a defined contribution plan for the Group's employees. The company reimburses the parent undertaking for the pension costs of its employees. A defined contribution plan is a pension plan under which the Group pays fixed contributions into a separate entity. Once the contributions have been paid the Group has no further payment obligations. The contributions are recognised as an expense in the Statement of comprehensive income when they fall due to the parent undertaking. The assets of the plan are held separately from the Group in independently administered funds.
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