SEEDCAMP SERVICES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
Seedcamp Services Limited (the 'Company') is a private company limited by shares, incorporated in the UK and registered in England & Wales with company number 11050531. The registered address of the Company is 16 Great Queen Street, London WC2B 5AH. Its principal activity is the provision of support services.
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 Company discloses net liabilities. It is reliant on the support of its parent. The parent has indicated that it will continue to support the Company for at least the next twelve months from the date of approval of the financial statements. Therefore the directors have prepared the financial statements on the going concern basis.
Revenue represents amounts receivable for services rendered and is recognised when the services are provided. It is stated net of discounts and value added tax.
Defined contribution pension plan
The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations.
The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Balance Sheet. The assets of the plan are held separately from the Company in independently administered funds.
Tax is recognised in profit or loss.
The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the Company operates and generates income.
Tangible fixed assets are stated at historical cost less accumulated depreciation.
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