COSMIC CIRCLES LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2023
Cosmic Circles Ltd is a private company limited by shares. The company was incorporated in the United Kingdom and is registered in England and Wales. The company registration number is 14528862. The company's registered office is 38 - 43, Lincoln's Inn Fields, London, United Kingdom, WC2A 3PE.
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 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 following principal accounting policies have been applied:
At the year end, the Company had net liabilities of £170,216 principally arising due to costs incurred due to the Lush investment as detailed in note 5.
The Company’s directors, having assessed the availability of funding across the group companies based on their forecasts for at least 12 months from the date of signing of these accounts, have concluded that they have a reasonable expectation that the Company will be able to obtain sufficient funding through intercompany arrangements or other means within the group to continue in operational existence for at least twelve months from the date of approval of these financial statements.
Investments in subsidiaries are measured at cost less accumulated impairment.
Investments in unlisted Company shares, whose market value can be reliably determined, are remeasured to market value at each balance sheet date. Gains and losses on remeasurement are recognised in the Statement of Income and Retained Earnings for the period. Where market value cannot be reliably determined, such investments are stated at historic cost less impairment.
Investments in listed company shares are remeasured to market value at each balance sheet date. Gains and losses on remeasurement are recognised in profit or loss for the period.
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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