NULOGY UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2021
Nulogy UK Ltd (Company) is a company incorporated in the United Kingdom under the Companies Act. The Company is a private company, limited by shares, registered in England and Waled. The registered office is Suit 2, First Floor, 10 Temple Back, Bristol, BS1 6FL.
The Company was incorporated on 28 November 2019. The directors have extended the first period of account in order to align with that of its parent company and therefore chosen a December period end. The comparatives of these financial statements present the first period from 28 November 2019 to 31 December 2020.
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 is due to undertake a liquidation process, therefore, the directors have prepared the financial statements on a basis other than that of a going concern. No material adjustments arose as a result of ceasing to apply the going concern basis. The directors of Nulogy Corporation, its parent Company, have provided a commitment to provide any financial support which may be necessary in order that the Company can meet its liabilities, as they fall due, and for the foreseeable future until such point that the Company has been liquidated.
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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.
Foreign exchange gains and losses resulting from the settlement of transactions and from the translation at period-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in profit or loss except when deferred in other comprehensive income as qualifying cash flow hedges.
Foreign exchange gains and losses that relate to borrowings and cash and cash equivalents are presented in the Profit and Loss Account within 'finance income or costs'. All other foreign exchange gains and losses are presented in profit or loss within 'other operating income'.
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