NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
Vesalius Holding Limited is a limited liability company incorporated in England and Wales with its principal place of business and registered office at 6th Floor, One London Wall, London, EC2Y 5EB.
The principal activity of the Company was that of software development. The Company ceased trading during 2022.
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.
As the Company has ceased trading and it is the intention of the directors to liquidate the Company as soon as practical, the financial statements have been prepared on a break up basis, writing down the Company's assets to net realisable value and making provision for any onerous contractual commitments at the Statement of Financial Position date, The financial statements do not include any provision for the future costs of closing down the Company except to the extent that such costs were committed at the Statement of Financial Position date.
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Foreign currency translation
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Functional and presentation currency
The Company's functional and presentational currency is £ Sterling .
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.
Exceptional items are transactions that fall within the ordinary activities of the Company but are presented separately due to their size or incidence.
Short term creditors are measured at the transaction price.
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