NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2021
Vesalius Holding Limited is a limited liability company incorporated in England and Wales with its principal place of business and registered office at 6th Floor, One London Wall, London, EC2Y 5EB.
The principal activity of the Company continued to be that of software development.
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 is funded by the financial support of its shareholder. Based on this support, the directors are satisfied that the Company will continue to have sufficient resources made available to enable it to meet its working capital requirements and settle its liabilities as they fall due. Accordingly, they have continued to adopt the going concern basis.
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Foreign currency translation
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Functional and presentation currency
The Company's functional and presentational currency is £ Sterling .
Transactions and balances
Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions.
At each period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined.
Foreign exchange gains and losses resulting from the settlement of transactions and from the translation at period-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in profit or loss except when deferred in other comprehensive income as qualifying cash flow hedges.
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Intangible assets - research and development
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Research expenditure is expensed in the period in which it is incurred. Where a product is technically feasible, production and sale are intended, a market exists, expenditure can be measured reliably, and sufficient resources are available to complete the project, development costs are capitalised as an intangible asset and amortised on a straight-line basis over the estimated useful life of the respective product from the commencement of commercial exploitation.
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