NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 MARCH 2024
King Music Ltd is a private company, limited by shares, registered in England and Wales, registration number 14704953. During the period, the company change its registered office address from 27 Mortimer Street, London, W1T 3BL to its current registered office address Elsley Court, 20-22 Great Titchfield Street, London, W1W 8BE.
The company was incorporated on 3 March 2023 and commenced trade on the same date.
The principal activity of the company is that of sound recording and music publishing activities.
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 presentation currency
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The company's functional and presentational currency is pound sterling.
The financial statements have been prepared on the going concern basis as the director has confirmed he will continue to provide the necessary funding in order for the company to maintain operations and meet liabilities in full for at least the next 12 months. On this basis, the director is satisfied that the financial statements should be prepared on a going concern basis.
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.
The company enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities such as other creditors and loans with related party.
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The average monthly number of employees, including the director, during the period was 1.
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