PALM RETAIL LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023
Palm Retail Limited is a private company limited by shares and is incorporated and domiciled in England. The address of its registered office is 71-75 Shelton Street, Covent Garden, London, WC2H 9JQ.
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:
After reviewing the company's forecast and projection, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future and has full support of its director/shareholder. The company therefore continues to adopt the going concern basis in preparing its financial statements.
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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.
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 vlue of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.
Revenue comprises of sale of goods and is recognised when goods have been delivered and the amount of revenue can be measured reliabily.
Short-term debtors are measured at transaction price, less any impairment.
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