NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 30 JUNE 2024
Loud Audio UK Limited is a private company, limited by shares, domiciled and incorporated in England and Wales (registered number: 11420808). The registered office address is 45 Gresham Street, London, EC2V 7BG.
The period of accounts is 18 months having been extended to 30 June 2024 in order to align with the wider group.
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 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 continues to rely entirely on Loud Audio LLC, its parent company, for provision of treasury and banking facilities; and for the continuation of the agreement to provide services at a pre agreed mark up on costs. In order to support the going concern assumption, the director has obtained parent company confirmation of its intention to continue providing the aforementioned facilities.
Whilst currently there is no indication that assistance from the parent company would be withdrawn, in practical terms the Company cannot obligate the parent company to continue to provide these facilities should the parent company so desire to remove it.
The director of the Company has also reviewed the financial status of the parent and its relevant forecasts and therefore they are able to assess that the parent is able to meet the company’s liabilities as they fall due for at least 12 months from the date of approval of the accounts. Based on the above the director believes that it is appropriate to consider the Company a going concern being a period of at least 12 months from the date of approval of the audit report.
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Foreign currency translation
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Functional and presentation currency
The Company's functional and presentational currency is GBP.
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. 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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