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LIDO HOUSE LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
Lido House Limited is a private company limited by shares and incorporated in England and Wales. The address of its registered office is 124 Finchley Road, London, NW3 5JS, United Kingdom.
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 preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgment in applying the Company's accounting policies.
The Company ceased trading in the previous year, and was dormant for the current reporting period.
Functional and presentation currency
The Company's functional and presentational currency is GBP, rounded to the nearest £1.
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 measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:
Monetisation of client content on social media
Revenue generated via third parties is recognised in line with the revenues reported as received by the external party.
Revenue recognised on a fixed fee basis is recognised in line with the terms of the underlying agreement.
Tax is recognised in profit or loss and the current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates income.
Short-term debtors are measured at transaction price, less any impairment.
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