FORIS DAX UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022
Foris DAX UK Limited ("the Company") intends to provide services related to the management and operation of a wallet mobile application, a platform on which a number of assets, including without limitation virtual financial assets, may be bought, sold, transferred and tracked in accordance with the rules of the platform. As of 31 December 2022, the Company has no customers and no transactions.
The Company is a private company limited by shares and is incorporated in England and Wales. The address of the Company's registered office is Tricor Suite 4th Floor, 50 Mark Lane, London.
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 financial statements have been prepared on the going concern basis, which assumes that the Company will continue to operate for the foreseeable future, being a period of at least twelve months from the date of approval of these financial statements, and will be able to meet its debts as they fall due.
As at the reporting date, the Company had net liabilities of £289,039, and a loss of £89,008 for the year. The Company will continue to be supported by other group entities, therefore the directors are confident that the Company will continue to be a going concern for the forseeable future.
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Foreign currency translation
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Functional and presentation currency
The Company's functional and presentation currency is GBP.
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.
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