HOGG STRATEGIC CAPITAL LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2024
Hogg Strategic Capital Limited is a private company, limited by shares, incorporated in England and Wales with registration number 13855306. The registered office address is Eighth Floor, 6 New Street Square, New Fetter Lane, London, EC4A 3AQ.
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 which assumes that the company will continue in operational existence for the foreseeable future. The company expects the continued support of its shareholder, who has confirmed they will provide such financial support as is necessary for the company to meet its liabilities as they fall due and continue in operation for a period of at least twelve months from the date of signing of the financial statements of the company.
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Foreign currency translation
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Functional and presentation currency
The company's functional currency and presentational currency is USD.
Previously the company's functional currency and presentational currency was British Pounds ("GBP"), albeit during the time the company had minimal trading activities. Following a review by the director, the functional and presentational currency was changed from British Pounds ("GBP") to United States dollars ("USD"). The effective date of change 1 February 2022 and so accordingly the prior period results and balances have been restated, where applicable, to be presented in USD.
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.
Interest income is recognised in profit or loss using the effective interest method.
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