YKONE UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2023
Ykone UK Limited is a private company, limited by shares, incorporated in England and Wales, registration number 14614462. The registered office is 3rd Floor, Waverley House, 7-12 Noel Street, London, W1F 8GQ. The Company was incorporated on 24 January 2023.
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 preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgment in applying the Company's accounting policies (see note 3).
The following principal accounting policies have been applied:
The Company has reported a loss for the period of £48,402 and at the period-end the Company’s total liabilities exceeded its total assets by £48,302. The Company is in its start up phase and is expected to be loss making in the short / medium term and as such, does not have a free cash flow on statutory level and requires significant intercompany injections to expand its operations to the level that is planned.
From inception, the Company has relied on the parent company for liquidity. The parent company has indicated that it is willing to provide ongoing support to the Company in order to meet its financial obligations as they fall due. The Directors are therefore satisfied that the statutory financial statements can be 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 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.
The Company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in ordinary shares.
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