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MARCUS EVANS SUMMITS GERMANY LTD
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 30 SEPTEMBER 2022
Marcus Evans Summits Germany Limited is a private company limited by shares, registered in England and Wales. The address of its registered office is Magna House, 7th Floor, 3 Lower Thames Street, London, EC3R 6HE. Its principal place of business is Axel-Springer-Strasse 54b, 10117 Berlin, Germany.
The company incorporated on 4 March 2022 and commenced trading from this date.
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:
Company has net liabilities of £127,815 for its first period of trading to 30 September 2022., which was expected due to the entity being in its infancy.
Marcus Evans Holdings (IOM) Ltd has 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.
Directly attributable event expenses are recognised in the year in which the event has been completed. Expenses that relate to an event taking place in a subsequent finanicial year but not paid prior to the year end are recorded as prepayments in the statement of financial position.
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