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LIVE AT THE RACES LIMITED
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
Live at the Races Limited is a limited liability company registered in England and Wales. Its registered office address is at 2nd Floor, Connaught House, 1-3 Mount Street, London, W1K 3NB and its principal place of business is at Floor 4, 101-102 Tunrmill Street, London, EC1M 5QP.
The principal activity of the company continued to be the management, marketing and sponsorship of live music and entertainment events at race courses throughout Britain.
The company's financial and presentational currency is £ Sterling.
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 Statement of Financial Position date the company had net current liabilities. The directors have obtained assurance from its parent undertaking that funds will be made available to the company so that it will be able to carry on trading and meet its financial obligations as and when they fall due for at least twelve months from the date the accounts are approved. The accounts have therefore been prepared under the going concern basis.
Turnover comprises revenue recognised by the company in respect of services supplied during the
year, exclusive of Value Added Tax.
Revenue is recognised in the period when the relevant performance takes place.
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Basic financial instruments
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The company only enters into transactions that result in basic financial instruments such as trade and other debtors, trade and other creditors, cash and cash equivalents, and loans to or from related parties.
Trade debtors, other debtors and loans to related parties are recognised initially at the transaction price less attributable transaction costs. Trade creditors, other creditors and loans from related parties are recognised initially at transaction price plus attributable transaction costs. Subsequently they are measured at amortised cost using the effective interest method, less any impairment losses in the case of trade and other debtors, and loans to related parties.
Interest bearing borrowings, such as bank loans, classified as basic financial instruments are recognised initially at the present value of future payments discounted at a market rate of interest. Thereafter they are stated at amortised cost using the effective interest method.
Cash and cash equivalents comprise cash balances and call deposits.
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