SQUATWOLF LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2022
Squatwolf Limited is a private company limited by shares and registered in England & Wales. The address of its registered office is 71-75 Shelton Street, Covent Garden, London, WC2H 9JQ.
The company was incorporated on 18 February 2022 and began trading on the same date.
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:
At the reporting date the company was in a net liabilities position. In order to continue trading it is dependent on the continued financial support of its group companies who have confirmed their intention to continue their support for the foreseeable future. The financial statements do not include any adjustments that would result in the withdrawal of the aforementioned support.
After reviewing the company's most recent results and forecasts the the director considers it appropriate to prepare the financial statements on 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 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.
Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:
Turnover comprises revenue recognised by the company in respect of the sale of sports clothing & shoes during the year. Revenue is recognised at the point of delivery where payments are made and the ownership of the goods are transferred to the customer.
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