FORMOTION SERVICES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2023
ForMotion Services Ltd (company number: 13732865), is a private limited company incorporated in England and Wales, having its registered office at 1st Floor Sackville House, 143-149 Fenchurch Street, London, EC3M 6BL, and principal place of business at 99 Kings Road, London, SW3 4PA.
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 following principal accounting policies have been applied:
The Company has taken advantage of the exemption in the Financial Reporting Standard 102, Section 1A.7 from the requirement to provide a Statement of Cash Flows on the grounds that it is a small company.
At the Balance Sheet date the Company made a loss for the financial period of £37,022 (period ended 30 November 2022: £1,045,563) and had net assets at that date of £17,415 (30 November 2022: £54,437) with cash reserves of £12,103 (30 November 2022: £145,741).
The Company has the support of its directors and shareholders for the foreseeable future and for a period of at least 12 months from the date of signing these financial statements. On this basis the directors deem it appropriate to prepare these financial statements on the going concern basis.
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Foreign currency translation
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Functional and presentation currency
The Company's functional and 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.
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 the Statement of Comprehensive Income.
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