|
THREE SIX ZERO RECORDINGS UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
Three Six Zero SPV7 Limited is a limited company incorporated and registered in England and Wales. Its registered office is C/O Hillier Hopkins LLP, Ground Floor, 45 Pall Mall, London, SW1Y 5JG.
The principal activity of the Company is the provision of artist management services.
2.Accounting policies
|
|
|
Basis of preparation of financial statements
|
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:
The balance sheet dows the Company has a net liability position of £451,383. Liabilities owed to group undertakings total £583,005, as disclosed in the notes to the financial statements. Without creating a contractual obligation, the parent company has stated its intention to provide continued financial support to the Company for the foreseeable future.
Based on the operating position of the group and its activities. It is well placed to provide sufficient and continued support to the Company to allow it to continue to operate normally in almost all of the likely risk scenarios.
As such, the Director considers that the going concern basis to be appropriate.
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:
Rendering of services
Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:
∙the amount of revenue can be measured reliably;
∙it is probable that the Company will receive the consideration due under the contract;
∙the stage of completion of the contract at the end of the reporting period can be measured reliably; and
∙the costs incurred and the costs to complete the contract can be measured reliably.
Interest income is recognised in profit or loss using the effective interest method.
|