|
|
|
|
|
AD NET ZERO LIMITED
(A Company Limited by Guarantee)
|
|
|
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2023
Ad Net Zero Limited is a private company limited by guarantee incorporated in England and Wales. The
registered office and principle place of business is given in the company information page of these financial
statements.
The financial statements are presented in sterling which is the functional currency of the company and rounded to
the nearest £.
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 FRS 102 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland' and the requirements of the Companies Act 2006. The disclosure requirements of Section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
The following principal accounting policies have been applied:
2023 was the first year of trading as Ad Net Zero Limited. The company was budgeted to be loss making due to this being in start-up phase and recruiting new supporters in the US. The company has grown and will continue to grow the programme in the UK as well as the US. The company has budgeted to make a surplus of £155k in 2024 and to grow further in 2025 with a revenue target of £2,371k and surplus of £207k, taking anticipated reserves to £100k at the end of 2025. The directors therefore believe that the company is a going concern and the accounts are accordingly prepared on the going concern basis.
|
|
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.
|