GLOBAL GROWTH CAPITAL ADVISORS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
Global Growth Capital Advisors Limited is a private company, limited by shares, incorporated in England and Wales, registration number 10853341. The registered address is Longbow House, 14-20 Chiswell Street, London, England, EC1Y 4TW.
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 Company reported a loss for the year of £139,278 (2022 - profit of £237,668) and at the year end the Company had net assets of £356,116 (2022 - £495,394).
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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.
Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:
Investment fund management income is initially recognised as accrued income and subsequently reversed out at the end of every quarter upon the invoice being raised.
Legal fee income represents legal fee expenses which are recharges at cost plus 5%. These are agreed with customers in advance and are generated on an ad hoc basis.
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