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MARCUS EVANS (HOLLAND) LIMITED
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2022
Marcus Evans (Holland) Limited is a private company limited by shares, registered in England and Wales. The address of its registered office and principal place of business is Magnus House, 7th Floor, 3 Lower Thames Street, London, EC3R 6HE.
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:
The Company has net liabilities of £175,608 (2021: £161,508) at the year end. However within total liabilities of £201,244 (2021: £188,890) there are intercompany creditors of £85,844 (2021: intercompany debtors of £5,207).
Marcus Evans Holdings (IOM) Ltd has confirmed that currently, as a major creditor of the UK company, it will not demand repayment of the amounts outstanding until such a time that the Company is able to make repayments without having a detrimental impact on the Company. The period for not demanding payment is at least 12 months from the date of signing these financial statements.
Marcus Evans Holdings (IOM) Ltd has also confirmed that it will currently continue to provide financial resources as may be required for the Company to meet its financial commitments as they fall due for at least twelve months from the date of approval of these financial statements.
At the time of approving the financial statements, the directors have reasonable expectation that the Company has adequate resources to continue in operational existence for the foreseeable future and Company also has group financial support available in case of financial difficulties. Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements.
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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.
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