ONW (UK) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2024
ONW (UK) Limited is a private company, limited by shares, incorporated in England and Wales with registration number of 08529699. The registered office is Eighth Floor, 6 New Street Square, New Fetter Lane, London, EC4A 3AQ.
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 financial statements have been prepared on the basis that O'Neal Webster, a BVI incorporated entity, has indicated its willingness to support the company for all third party liabilities for a period of at least twelve months from the date of signing of these financial statements and will not seek repayment of the amount owed to it until the company has resources to pay that amount. Accordingly these financial statements have been prepared on a going concern basis.
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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.
Investments are measured at cost less accumulated 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.
The company has not traded during the year or the preceding financial year. During these periods, the company received no income and incurred no expenditure and therefore made neither a profit or loss.
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