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PTARMIGAN CAPITAL LIMITED (FORMERLY HBS LONDON LIMITED)
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
Ptarmigan Capital Limited is a private limited company registered in England and Wales. Its registered office is at 2nd Floor Connaught House, 1-3 Mount Street, London W1K 3NB. Its business address is at 2nd Floor, 48 Charles Street, Mayfair, London W1J 5EN.
The principal activity is that of asset management and other financial services.
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, the validity of which is dependent upon the continued support of the directors and shareholders. The directors are satisfied that adequate resources will continue to be made available for at least twelve months from the date of approval of these financial statements and that the company will be able to meet its working capital requirements for the foreseeable future.
The company made a loss for the year but at the Statement of Financial Position date had net current assets and net assets. The directors expect to raise capital through external funding in Q2 of 2024 to provide working capital for the company for the near future. The directors are also willing and able to provide personal funds if required to support the company so that it will be able to carry on trading and meet its financial obligations as and when they fall due for at least twelve months from the date of approval of these financial statements. The financial statements have therefore been prepared on a 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 £ Sterling.
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.
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