Roseclaim Limited
Notes to the Financial Statements
For the Year Ended 31 December 2023
Roseclaim Limited is a private company limited by shares incorporated in England & Wales. The registered office is 3 Stockport Exchange, Stockport, Cheshire, SK1 3GG.
The principal activity of the Company continues to be that of concert promotions.
2.Accounting policies
|
|
Basis of preparation of financial statements
|
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 has net liabilities totalling £2,328,596 at 31 December 2023 (2022: £2,327,720). The directors anticipate that amounts owed to group undertakings and other creditors, totalling £2,328,596, will be waived by the respective creditors within 12 months from the date these financial statements are approved. Consequently, the directors will be able to proceed with their intention of striking the company off.
Based on the above, the directors have prepared the financial statements on a basis other than going concern.
Interest income is recognised in profit or loss using the effective interest method.
Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.
The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the Company operates and generates income.
Short term debtors are measured at transaction price, less any impairment.
|
|
Cash and cash equivalents
|
Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours.
Short term creditors are measured at the transaction price.
|