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ICM CONFERENCES ESPANA LIMITED (PREVIOUSLY MARCUS EVANS (ESPANA) LIMITED)
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2022
ICM Conferences Espana Limited is a private company limited by shares, registered in England and Wales. The address of its registered office is Magnus House, 7th Floor, 3 Lower Thames Street, London, United Kingdom, EC3R 6HE. Its principal place of business is C/Rosario Pino, 61A, Madrid, 28020, Spain.
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 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.
The following principal accounting policies have been applied:
Company has net liabilities of £5,582,091 (2021 - £5,348,199) however within total liabilities of £5,657,509 there are intercompany creditors of £4,849,056.
Management made the decision to cease trading from 30 November 2021.
As such, the financial statements have been prepared on the basis other than going concern.
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Foreign currency translation
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Functional and presentation currency
The company's functional currency is the Euro, being the currency of the primary economic environment in which the company operates. The company's 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.
Revenue arises from the provision of services in respect of management and arrangement of conferences. Revenue is measured at the fair value of the consideration received or receivable and represents amounts for the provision of services in the normal course of business, net of discounts and other sales related taxes.
Revenue is recognised at the completion of the conference, until which point the amounts invoices are recorded as deferred income.
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