PM VENTURE LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2023
PM Venture Ltd is a private company limited by shares and incorporated in England and Wales. The registered office is 101 New Cavendish Street, 1st Floor South, London, W1W 6XH.
The financial statements are presented in Sterling, which is the functional currency of the Company.
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:
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Associates and joint ventures
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Associates and Joint Ventures are held at cost less impairment.
The financial statements have been prepared on the going concern basis. The company is dependent on its directors for financial support. The directors will provide adequate finance to enable the company to continue in operational existence for the next 12 months and therefore it is appropriate to prepare the financial statements on the going concern basis.
Investments in subsidiaries are measured at cost less accumulated impairment.
Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.
Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.
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