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ROCKET TELEVISION LIMITED
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2019
Rocket Television Limited is a private limited liability company registered in England and Wales. Its registered office and business address is 1 Blythe Road, London, W14 0HG.
The principal activity of the the company during the year was that of a holding company.
The financial statements are presented in Sterling (£), which is the functional currency of the company.
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:
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Exemption from preparing consolidated financial statements
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The company, and the group headed by it, qualify as small as set out in section 383 of the Companies Act 2006 and the parent and group are considered eligible for the exemption to prepare consolidated accounts.
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Impairment of fixed assets and goodwill
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Assets that are subject to depreciation or amortisation are assessed at each reporting date to determine whether there is any indication that the assets are impaired. Where there is any indication that an asset may be impaired, the carrying value of the asset (or cash-generating unit to which the asset has been allocated) is tested for impairment. An impairment loss is recognised for the amount by which the asset's carrying amount exceeds its recoverable amount. The recoverable amount is the higher of an asset's (or CGU's) fair value less costs to sell and value in use. For the purposes of assessing impairment, assets are grouped at the lowest levels for which there are separately identifiable cash flows (CGUs). Non-financial assets that have been previously impaired are reviewed at each reporting date to assess whether there is any indication that the impairment losses recognised in prior periods may no longer exist or may have decreased.
Investments in subsidiaries are measured at cost less accumulated impairment.
The company only enters into transactions that result in basic financial instruments such as other debtors, other creditors, cash at bank and in hand and loans to/from related parties.
Other debtors and loans to related parties are recognised initially at the transaction price less attributable costs. Other creditors and loans from related parties are recognised initially at transaction price plus attributable costs. Subsequently they are measured at amortised cost using the effective interest method, less any impairment losses in the case of other debtors and loans to related parties.
Cash is represented by cash in hand and deposits with financial institutions repayable without penalty.
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