NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2019
Loud Audio UK Limited is a private company, limited by shares, domiciled and incorporated in England and Wales (registered number: 11420808). The registered office address is Legalinx Limited, Tallis House, 2 Tallis Street, Temple, London, EC4Y 0AB.
The Company's functional and presentational currency is GBP.
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 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
.
The following principal accounting policies have been applied:
The Company has net current liabilities of £32,523 (6-month period ended 31 December 2018: £3,218) as at 31 December 2019. The Company's parent undertaking, Loud Audio LLC, has agreed to provide financial support to the Company for at least 12 months from the signing of the Director's Report and Financial Statements. The director therefore considers the going concern basis to be appropriate in preparing the financial statements.
The director has carefully reviewed the future prospects of the Company and its future cash flows, including an assessment of the potential impact of the COVID-19 pandemic. The full impact of the COVID-19 pandemic on our business remains uncertain and as a result unquantifiable at this stage. Nevertheless, having assessed this the director has a reasonable expectation that the Company, through the support of its parent undertaking, has adequate resources to continue in operational existence for the foreseeable future being at least the next 12 months from signing of these financial statements.
The director therefore considers the going concern basis to be appropriate in preparing these financial statements.
Revenue comprises recharges made to group entities. The recharges relate to marketing related expenses only, with other administrative expenses not being recharged. A premium is added to all expenses recharged.
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