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K-TEL ENTERTAINMENT (UK) LIMITED
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2022
K-Tel Entertainment (UK) Limited is a private company, limited by shares, domiciled in England and Wales, registration number 02477056. The registered office is Third Floor Lynton House, 7-12 Tavistock Square, London, WC1H 9LT.
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 financial statements are prepared in £ Sterling, rounded to the nearest £1.
The company has net liabilities of £2,891,494 at the balance sheet date. The financial statements have been prepared on a going concern basis as the shareholders have indicated their ability and willingness to support the company for atleast 12 months from the date of approval of the financial statements.
Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.
The Company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in ordinary shares.
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The average monthly number of employees, including directors, during the year was 1 (2021 - 1).
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