CONTINENTAL DISC UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022
Continental Disc UK Limited is a private company limited by shares and is incorporated in England and Wales. The Company was incorporated under the Company registration number 02727841. The registered office is 910 The Crescent, Colchester Business Park, Colchester, CO4 9YQ.
The financial statements are rounded to the nearest British Pound, which is the functional currency of the Company.
The significant accounting policies applied in the presentation of these financial statements are set out below:
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 a going concern basis. A group company, Continental Disc Corporation LLC, has confirmed in writing that it will provide sufficient financial support, should it be required, for the Company to meet its operating costs as they fall due for a period of at least 12 months from the date of approval of these financial statements.
The Directors are therefore satisfied that based on the availability of group financial support it is appropriate for the financial statements to be prepared on a going concern basis and that there is not a material uncertainty.
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:
Revenue for Continental Disc UK Limited is comprised of intercompany recharges.
Short term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.
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Cash and cash equivalents
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Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.
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