ZALACAIN LIMITED
Notes to the financial statements
For the year ended 31 December 2023
Zalacain Limited is a private company limited by shares and is incorporated in the United Kingdom and registered in England and Wales. The registered office is 55 Kempe Road, London, England, NW6 6SN.
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 preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgment in applying the Company's accounting policies.
The following principal accounting policies have been applied:
Despite an excess of liabilities over total assets of £101,125, the accounts have been prepared on the going concern basis as the director considers this to be appropriate as they have stated that they will provide the company with whatever financial support may be necessary in order to enable the company to meet its liabilities and commitments as they fall due for the foreseeable future.
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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 profit or loss except when deferred in other comprehensive income as qualifying cash flow hedges.
Turnover comprises of wayfinding design service fees receivable during the year, exclusive of Value Added Tax. Design service fees are recognised in the period in which the services are provided in accordance with the stage of completion of the contract.
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