SEEDCAMP III (ENG) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
Seedcamp III (Eng) Limited (the 'Company') is a private company limited by shares, incorporated in the UK and registered in England & Wales with company number 12363388. The registered address of the Company is 16 Great Queen Street, London WC2B 5AH.
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 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 Company is reliant on the support of its parent. The parent has indicated that it will continue to support the Company for at least the next twelve months from the date of approval of the financial statements. Therefore the directors have prepared the financial statements on the going concern basis.
Investments are measured at cost.
The Company does not trade in financial instruments and all such instruments arise directly from operations.
All trade and other debtors are initially recognised at transaction value, as none contain in substance a financing transaction. Thereafter trade and other debtors are reviewed for impairment where there is objective evidence based on observable data that the balance may be impaired. The Company does not hold collateral against its trade and other receivables so its exposure to credit risk is the net balance of trade and other debtors after allowance for impairment.
Trade and other creditors and accruals are initially recognised at transaction value as none represent a financing transaction. They are only derecognised when they are extinguished.
As the Company only has short term receivables and payables, its net current asset position is a reasonable measure of its liquidity at any given time.
|
|
|
The Company has no employees other than the directors, who did not receive any remuneration (2023 -
£NIL).
The average monthly number of employees, including directors, during the year was 0 (2023 - 0).
|
|