KOGOPAY (UK) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
KogoPay (UK) Limited is a private company, limited by shares, registered in England and Wales. The company's registered office address is Zrs- Building 3, Oakleigh Road South, London, N11 1NP.
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 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:
Notwithstanding net current liabilities of £87,585 as at 31st December 2023 and a loss for the year of £129,613, the financial statements have been prepared on a going concern basis.
The director believes the company will have sufficient funds for a period of at least 12 months from the date of approval of these financial statements, through funding from its parent company, Smile Money Ltd, to meet its liabilities as they fall due for that period.
Smile Money Ltd have indicated its intention to continue to make funds available as needed. As with any company placing reliance on other group entities for financial support, the director acknowledges that there is no certainty that this support will continue and will continue to monitor this position.
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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.
Foreign exchange gains and losses that relate to borrowings and cash and cash equivalents are presented in the Profit and Loss Account within 'finance income or costs'. All other foreign exchange gains and losses are presented in profit or loss within 'other operating income'.
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