NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
Tileyard Records Limited is a private company, limited by shares, registered in England and Wales, company registration number 13918489. The registered office is Lynton House, 7-12 Tavistock Square, London,United Kingdom, WC1H 9LT and the principal place of business is First Floor, Unit 23, Tileyard Road, London, N7 9AH.
The company was incorporated on 16 February 2022 and the comparative period was prepared on a 13 month period from 16 February 2022 to 31 March 2023.
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 the Republic of Ireland and the Companies Act 2006.
The following principal accounting policies have been applied:
As at the period end the company had net current liabilities. The company has loans from companies with beneficial owners in common, that have been confirmed will only be repaid when the company is in a position to do so. The directors have assessed the working capital requirements and believe the company is able to meet the liabilities as they fall due. On this basis the directors have deemed it reasonable to prepare the accounts on a going concern basis.
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Foreign currency translation
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Functional and presentation currency
The Company's functional and presentational currency is GBP.
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 except when deferred in other comprehensive income as qualifying cash flow hedges.
Foreign exchange gains and losses that relate to borrowings and cash and cash equivalents are presented in the Statement of Income and Retained Earnings within 'finance income or costs'. All other foreign exchange gains and losses are presented in profit or loss within 'other operating income'.
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