NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
SACEF GP Limited is a private company limited by shares operating as an investment company and is incorporated in England and Wales. The registered address is included on the company information page. The principal place of business is 4800 Montgomery Lane, Suite 450, Bethesda, MD 20814 USA.
The currency in which the financial statements are presented in US dollars as this is the functional currency of the company.
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:
At the balance sheet date the company had net liabilties of $103,132 (2022: $95,828).
The company has the ongoing support from the associated company which enables the company to meet creditors as they fall due and expects this to be the case for the forseeable future. Accordingly, the financial statements have been prepared on a going concern basis.
Investments in unlisted company shares, whose market value can be reliably determined, are remeasured to market value at each reporting date. Gains and losses on remeasurement are recognised in the Statement of Income and Retained Earnings for the period. Where market value cannot be reliably determined, such investments are stated at historic cost less impairment.
The company has elected to apply the provisions of Section 11 “Basic Financial Instruments” of FRS 102 to all of its financial instruments.
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The average monthly number of employees, including directors, during the year was 2 (2022 - 2).
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