NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2021
Simon Global Limited is a private company limited by shares, incorporated in England and Wales. It's registered office is Suite 1, 3rd Floor, 11-12 St. James's Square, London, SW1Y 4LB.
The principal activity of the company continued to be that of consultancy services to its parent company with regard to potential investments in property and the reviewing and developing of financing opportunities in the UK and throughout Europe.
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 accounts are prepared on a going concern basis notwithstanding the net liabilities as shown in the balance sheet. The going concern status of the company is dependent upon the continued support of the parent company. The directors expect this support to continue. At present they anticipate there will be limited activity in the company.
Taking into account a period exceeding 12 months from the date of approval of these financial statements, the Directors have a reasonable expectation that the Company has adequate resources to continue in operational existence and for that reason have prepared the financial statements using the going concern principle.
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.
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.
Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in the Statement of income and retained earnings.
Financial assets and liabilities are offset and the net amount reported in the Balance sheet when there is an enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
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.
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