NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
Neutron Records Limited is a private company, limited by shares, registered in England and Wales, registration number 01522908. The registered office address is Elsley Court, 20-22 Great Titchfield Street, London, W1W 8BE.
The principal activity of the company continued to be that of music production and live performance.
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 the Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.
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Functional and presentational currency
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The company's functional and presentational currency is pound sterling.
Turnover from music production and live performance is recognised to the extent that it is probable that the economic benefits will flow to the company and the turnover can be reliably measured. Turnover is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.
(i) Royalties receivable are recognised in the accounting year in which it was received.
(ii) Royalties payable are calculated by reference to statements of account used for determining royalties receivable.
Short-term debtors are measured at transaction price, less any impairment.
Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours.
The company enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities such as other debtors and other creditors.
Short-term creditors are measured at the transaction price.
Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.
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