|
CLASSIC MUSIC LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
Classic Music Limited is a private company, limited by shares, registered in England and Wales, registration number 03308056. The registered office address is 27 Abbey Gardens, London, NW8 9AS.
The principal activity of the company continued to be that of music publishing.
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 company's functional and presentational currency is pound sterling.
The following principal accounting policies have been applied:
The parent company has committed to continue to support the company for a period of not less than one year from the date of signing of the financial statements. On this basis, the director considers it appropriate to prepare the financial statements on the going concern basis. The financial statements do not include any adjustments that would result from the withdrawal of this support.
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 music publishing is recognised as the related performance obligations are satisfied and when it is probable the business will receive the rights to the consideration due under the contract.
Royalties receivable are recognised at the year end date by the company per the royalty statement.
Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.
The current corporation tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the company operates and generates income.
Short-term debtors are measured at transaction price, less any impairment.
3
|