JASK INTERNATIONAL LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 2 SEPTEMBER 2023
JASK International Limited is a private company limited by shares and incorporated in England and Wales on 4 March 2022. Its registered office address is Salisbury House, Station Road, Cambridge, CB1 2LA.
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 incurred a loss during the period and had net liabilities of £249,196 as at the year end. The financial statements have been prepared on the going concern basis on the assumption that the Company will continue to receive financial support from it's shareholders to provide sufficient funds to enable it to meet its liabilities as they fall due.
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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.
Turnover is rocgnised to the extent that it is probable that the economic benefits will flow to the Company and the turnover can be reliably measured. Turnover is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.
Turnover from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion on the contract when the following conditions are satisfied. The amount of turnover can be reliably measured, it is probable that the Company will receive the consideration due under the contract, the stage of completion of the contract at the reporting period can be measured reliably, and the costs incurred and costs to complete the contract can be measured reliably.
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