NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2023
1.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 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 Company was incorporated on 14 September 2022 and operations commenced on 08 February 2023. This is the first set of financial statements of the Company.
The following principal accounting policies have been applied:
The Company is in a net liability position of £11,916. The Company is reliant upon the continued support of the parent company, Trovata, Inc. in order to continue operating. As such, if this support was no longer available, the Company would not be able to continue.
The Company has received written confirmation from its parent company that it will continue to provide support for a period of at least 12 months from the date of signing these financial statements. Furthermore, the director has assessed the ability of the parent company to provide the support based upon their forecasts and has concluded that the parent will have sufficient working capital to provide necessary support. For this reason, the director continues to adopt the going concern basis in preparing the financial statements.
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Foreign currency translation
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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.
Short term debtors are measured at transaction price.
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Cash and cash equivalents
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Cash is represented by cash in hand and deposits with financial institutions.
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