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Jacobs Futura Trustee Limited
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Notes to the financial statements
For the period ended 31 December 2023
The company is a private company limited by guarantee and incorporated in England and Wales. Its registered office is 2 Park Street, London, W1K 2XA. The registered number is 14775871.
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 Republic of Ireland' ('FRS 102') 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 judgement in applying the company's accounting policies.
The following principal accounting policies have been applied:
At the balance sheet date, the company's liabilities exceeded its assets. The company has received assurance from Jacobs Futura Fund that they will continue to give financial support to the company for a period of at
least twelve months from the date of signing of these financial statements and defer repayment of any loans
in favour of other creditors as they will receive a commitment from the guarantor.
On this basis, the directors consider it appropriate to prepare the financial statements on a going concern
basis. However, should the financial support mentioned above not be forthcoming, the going concern basis
used in preparing the company's financial statements may be invalid and adjustments would have to be
made to reduce the value of assets to their realisable amounts and to provide for any further liabilities which
might be necessary should this basis not continue to be appropriate.
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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 except when deferred in other comprehensive income as qualifying cash flow hedges.
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