NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 MARCH 2024
Futuresonic Records Limited is a private company, limited by shares, registered in England and Wales, company registration number 14301413. The registered office is 4th Floor 95 Gresham Street, London, United Kingdom, EC2V 7AB. There is no principal place of business.
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 FRS 102 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland' and the requirements of the Companies Act 2006. The disclosure requirements of Section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
The following principal accounting policies have been applied:
At the balance sheet 31 March 2024 the company shows a deficiency of total assets over total liabilities of £250,271 (2023: £37,882). Due to the ongoing support of directors, and expectation regarding future trading performance, the company expects to meet its liabilities as they fall due, the company has prepared its financial statements on a going conern basis.
Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is generated through music production and is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes
Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a first in, first out basis. Work in progress and finished goods include labour and attributable overheads.
At each reporting date, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to complete and sell. The impairment loss is recognised immediately in profit or loss.
The Company has elected to apply the provisions of Section 11 “Basic Financial Instruments” of FRS 102 to all of its financial instruments.
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The average monthly number of employees, including directors, during the period was 2 (2023 - 1).
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