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Raine International Holdings UK Limited
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Notes to the financial statements
For the year ended 31 December 2023
Raine International Holdings UK Limited is a private company, limited by shares, incorporated in England and Wales. Its registered office is 5th Floor, 25 Berkeley Square, London, W1J 6HN and its registered number is 13780881.
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 Republic of Ireland' ('FRS 102') and the Companies Act 2006.
The company has taken advantage of the exemption under Section 399(2A)(i) of the Companies Act 2006 to not prepare group accounts.
The following principal accounting policies have been applied:
The financial statements have been prepared on a going concern basis. As at 31 December 2023, the company had net liabilities of $9,586,356.
The company is reliant on support from its ultimate parent company, The Raine Group LLC. The company has received a letter from the ultimate parent company confirming they will continue to provide financial support to the company to enable it to meet all of its liabilities as they fall due, for a period of at least 12 months from the approval of these financial statements.
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Foreign currency translation
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Functional and presentation currency
The company's functional and presentational currency is USD.
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.
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 profit or loss.
Investments in subsidiaries are measured at cost less accumulated impairment.
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