Saffron Hill Ventures Limited
Notes to the financial statements
For the year ended 31 July 2023
Saffron Hill Ventures Limited is a private company, limited by shares, and is registered in England & Wales. The address of its registered office and principal place of business is Second Floor, 168 Shoreditch High Street, London, E1 6RA. The registered number of the company is 03973434.
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 Republic of Ireland', ('FRS 102') and the Companies Act 2006.
The following principal accounting policies have been applied:
The directors have considered the financial resources available to the company and the ability of the Company to meet its debts as they fall due.
The Company has received support from its principal creditors, included in other creditors, that they will not recall the amounts due for at least 12 months from the date of the signing these financial statements.
The directors are satisfied that the Company has adequate financial resources to continue operating for a period of at least 12 months from the date of signing these financial statements, and therefore that the going concern basis remains appropriate.
Turnover is recognised 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. The following criteria must also be met before turnover is recognised:
Rendering of services
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 of the contract when all of the following conditions are satisfied:
∙the amount of turnover can be measured reliably;
∙it is probable that the Company will receive the consideration due under the contract;
∙the stage of completion of the contract at the end of the reporting period can be measured reliably; and
∙the costs incurred and the costs to complete the contract can be measured reliably.
Turnover consists of:
• Profit shares for acting as the general partner of Saffron Hill Ventures 2 LP.
• Costs recharged to its wholly owned subsidiary company, Saffron Hill MGP2 Limited.
Investments in subsidiaries are measured at cost less accumulated impairment.
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