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REDBREAST RECORDING LIMITED
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025
Redbreast Recording Limited is a private limited liability company registered in England and Wales. Its registered office address and principal place of business is at Suite 3, Old Kings Head Court, High Street, Dorking, Surrey, RH4 1AR.
The principal activity of the Company is that of music recording.
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:
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Foreign currency translation
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Functional and presentation currency
The Company's functional and presentational currency is £ 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 period 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 resulting from the settlement of transactions and from the translation at period-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in profit or loss except when deferred in other comprehensive income as qualifying cash flow hedges.
Revenue comprises royalties receivable, exclusive of Value Added Tax.
Royalties receivable are accounted for on a royalty earnings basis as part of turnover. Where the only performance obligation is to licence rights in exchange for a non-refundable minimum guarantee that is recouped against sales based royalties, the non-refundable element is recognised at the beginning of the licence period and any additional amounts earned above the minimum guarantee are recognised as they occur.
Interest income is recognised in profit or loss using the effective interest method.
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