NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
1.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 functional and presentational currency of the Company is Pounds Sterling (GBP) as that is the primary currency in which the entity operates.
The following principal accounting policies have been applied:
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Exemption from preparing consolidated financial statements
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The Company, and the Group headed by it, qualify as small as set out in section 383 of the Companies Act 2006 and the parent and Group are considered eligible for the exemption to prepare consolidated accounts.
The director has considered the ability of the Company to continue as a going concern for at least 12 months from the date of approval of these financial statements. They intend to operate the Company as a non-trading holding company with any financial support required being provided by the ultimate parent company, BitGo Holdings Inc, who have provided written confirmation that they intend to support the entity for at least 12 months. For this reason the director has adopted the going concern basis in preparing these financial statements.
Investments in subsidiaries are measured at cost less accumulated impairment. Investments in overseas operations are translated at the exchange rate on the date of investment.
Short term debtors are measured at transaction price, less any impairment.
Capital contributions are measured at transaction price and held in equity at their historic cost.
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Judgments in applying accounting policies and key sources of estimation uncertainty
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The director has considered the valuation of the investment its subsidiaries and the value in use of each subsidiary based on the current and expected trading results of each entity. The director has confirmed there is no impairment based on there being no indicators of impairment evident from the annual review. This is a significant judgement which may cause material misstatement to these financial statements.
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