NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 MARCH 2024
235 AF Limited is a private company, limited by shares, registered in England and Wales, registration number 14640978. The registered office address is Suite F7 Coveham House, Downside Bridge Road, Cobham, KT11 3EP.
The company was incorporated on 6 February 2023 and commenced trading on the same date.
The company has extended its accounting period from 28 February 2024 to 31 March 2024.
The principal activity of the company is that of the acquisition and management of music catalogue.
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.
Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount.
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.
Included within intangible assets is a music catalogue and the music catalogue is amortised over a 10 year period.
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.
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, including loans, 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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