SPUSU UK LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2021
Spusu UK Ltd is a private company limited by shares incorporated in England and Wales. The address of its registered office is 27 Old Gloucester Street, London, England, WC1N 3AX.
The financial statements are presented in Sterling (£). Monetary amounts in these financial statements are rounded to the nearest £.
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 preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgment in applying the company's accounting policies.
The following principal accounting policies have been applied:
The financial statements have been prepared on a going concern basis. The company is reliant on the support of the parent company, and have received a letter confirming its continued support for at least the next twelve months.
The directors have made an assessment of the going concern status of the parent company in determining the appropriateness of the letter of support. In making their assessment they have reviewed the financial statements of the parent company and have determined that the parent company has sufficient headroom to support the UK company.
In July 2022, the company commenced an office rental and has recently employed its first employee. The directors have assessed that the parent company has the resources to meet these costs in the pre-trading phase of the business.
Accordingly, the directors continue to adopt the going concern basis in preparing the financial statements.
The company has elected to apply Sections 11 and 12 of FRS 102 in respect of financial instruments.
Financial assets and financial liabilities are recognised when the company becomes party to the contractual provisions of the instrument.
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.
The company’s policies for its major classes of financial assets and financial liabilities are set out below.
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