PEKTRON SEV LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
Pektron SEV Limited is a private company limited by shares incorporated in England and Wales. The registered office is Alfreton Road, Derby, DE21 4AP.
2.Accounting policies
|
|
Basis of preparation of financial statements
|
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 accounts are rounded to the nearest £.
The following principal accounting policies have been applied:
The directors consider that it is appropriate to prepare the financial statements on a going concern basis. The directors have not considered necessary to prepare formal forecasts for the Company as it will continued to be supported by its main supplier, a company which is under common control.
The directors, therefore, consider that they have a reasonable expectation that the Company had adequate resources to continue in operational existence for the foreseeable future, for a variety of potential scenarios. The Company therefore, continues to adopt the going concern basis in preparing its financial statements.
|
|
Foreign currency translation
|
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.
Page 3
|