SPRING MUSIC GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2022
1.Accounting policies
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Basis of preparation of financial statements
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Spring Music Group Limited is a private company limited by shares and incorporated in England within the United Kingdom. The address of the registered office is given in the company information of these financial statements. The company's registration number is 09730228.
The financial statements have been prepared in accordance with applicable accounting standards including Financial Reporting Standard 102 The Financial Reporting Standard Applicable in the UK and Republic of Ireland (FRS 102) and the Companies Act 2006. The financial statements have been prepared on a going concern basis under the historical cost convention.
The financial statements are prepared in Sterling which is the functional currency of the company and have been rounded to the nearest £1.
The current year results cover the sixteen months to 31 December 2022 and the comparative information covers the year to 31 August 2021.
The significant accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all years presented unless otherwise stated.
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Financial Reporting Standard 102 - reduced disclosure exemptions
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The Company has taken advantage of the following disclosure exemptions in preparing these financial statements, as permitted by the FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland":
∙the requirements of Section 7 Statement of Cash Flows;
∙the requirements of Section 3 Financial Statement Presentation paragraph 3.17(d);
∙the requirements of Section 33 Related Party Disclosures paragraph 33.7.
This information is included in the consolidated financial statements of SJC 15 Limited as at 31 December 2022 and these financial statements may be obtained from 2 Lace Market Square, Nottingham, NG1 1PB. .
Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.
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Judgments in applying accounting policies and key sources of estimation uncertainty
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The preparation of the financial statements requires management to make judgments, estimates and assumptions that affect the amounts reported for assets and liabilities as at the balance sheet date and the amounts reported for revenues and expenses during the year. However, the nature of the estimation means that the actual outcomes could differ from those estimates. There are no significant judgments (apart from those involving estimates) which have had an effect on the amounts recognised in the financial statements.
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The Company has no employees other than the directors, who did not receive any remuneration (2021 - £NIL).
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