NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
The company is a private limited liability company incorporated in England and Wales with its registered office at 27 Neville Street, London, United Kingdom, SW7 3AS .
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.
Turnover comprises revenue recognised by the company in respect of goods supplied during the year, exclusive of Value Added Tax.
Revenue is recognised in the period in which the goods are sold.
The company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade debtors, other debtors, creditors and loans from related parties.
Short term creditors are measured at the transaction price.
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Foreign currency translation
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Functional and presentation currency
The company's functional and presentational currency is £ sterling.
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.
Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.
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