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NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 30 JUNE 2024
Young Songs Limited is a private company, limited by shares, registered in England and Wales, registration number 11254999. The registered office address is Rear of 85-87 Southgate Road, London, N1 3JS.
The principal activity of the company continued to be that of a publishing label.
On 22 April 2024, a written resolution was passed to extend the accouting reference date from 31 March 2024 to 30 June 2024.
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.
On the basis of information and enquiries that are pertinent to the company’s circumstances and which the director believes to be adequate, it is appropriate to continue to treat the company as a going concern. In particular, the director believes that adequate cash resources will be available to cover the company’s requirements for working capital for at least twelve months from the date of signing the financial statements and confirms that it continued to receive support from its director.
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Foreign currency translation
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Functional and presentation currency
The company's functional and presentational currency is pound sterling.
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 year 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 that relate to borrowings and cash are presented in the profit and loss account within 'administrative expenses'. All other foreign exchange gains and losses are presented in profit or loss statement.
Turnover is recognised to the extent that it is probable that the economic benefits will flow to the company and the turnover can be reliably measured. Turnover is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.
Turnover from record label is recognised when it is probable the company will receive the rights to the consideration due under the contract.
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