NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
Andoke Brands Limited is a private company limited by shares incorporated in England and Wales. The registered office is Ryland House, 24A Ryland Road, Kentish Town, London, NW5 3EH.
The principal activity of the company continued to be that of the retail and wholesale of consumer products until 31 October when the company ceased trading (note 2.2).
2.Accounting policies
|
|
Basis of preparation of financial statements
|
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:
As of 31 October 2023, the Company’s trade, assets, and liabilities were hived up into One Retail Group Limited. All assets and liabilities were transferred at their carrying amounts under Merger Accounting. From this date onwards, the Company has ceased to trade and is no longer considered a going concern. Accordingly, the going concern basis of preparation is no longer appropriate and the financial statements have been prepared on a basis other than going concern. In the opinion of the directors there were no onerous contractual commitments or related closure costs at the statement of financial position date.
|
|
Foreign currency translation
|
Functional and presentation currency
The Company's functional and presentational currency is £ Sterling.
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.
Foreign exchange gains and losses resulting from the settlement of transactions and from the translation at period-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in profit or loss except when deferred in other comprehensive income as qualifying cash flow hedges.
|