NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2024
PSounds Limited is a private company, limited by shares, registered in England and Wales, registration number 11769917. The registered office address is Allestree, Elton Road, Newnham, England, GL14 1JQ.
The principal activity of the company is that of mobile application catered to the needs of music artists.
The company commenced trading on 16 May 2023.
During the year the company changed its registered office address from 5, Wentworth Close, Gloucester, GL2 9RB to Allestree, Elton Road, Newnham, GL14 1JQ.
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 requirements of the Companies Act 2006.
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Functional and presentation currency
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The company's functional and presentational currency is pound sterling.
Intangible assets are initially recognised at cost. After recognition, under the cost model, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.
All intangible assets are considered to have a finite useful life. If a reliable estimate of the useful life cannot be made, the useful life shall not exceed ten years.
The mobile application related to promoting sounds will be amortised over a 10 year period and this will commence when once the development of the application is completed and available for use.
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.
Short-term creditors are measured at the transaction price. Other financial liabilities, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.
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