NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 JANUARY 2018
Demon Dayz Limited is a private company, limited by shares, registered in England and Wales, registration number
10583920
. The registered office address is 5th Floor, 89 New Bond Street, London, W1S 1DA.
The company was incorporated on 25 January 2017 and commenced to trade on the same day.
The principal activity of the company is that of
music festival production
.
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 Section 1A of
Financial Reporting Standard 102, the Financial Reporting Standard applicable in
the UK and the Republic of Ireland and the Companies Act 2006
.
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. The following criteria must also be met before turnover is recognised:
Turnover from the sale of goods is recognised when the significant risks and rewards of ownership have been transferred to the buyer.
Turnover from the rendering of services is recognised when it is probable the company will receive the consideration due under the contract.
Tax is recognised in the Statement of comprehensive income, 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 corporate tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date.
Short term debtors are measured at transaction price, less any impairment.
Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours.
Short term creditors are measured at the transaction price.
The Company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities such as trade and other debtors and creditors.
2
|