GLENHAWK TECHNOLOGIES LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024
Glenhawk Technologies Ltd is a private company, limited by shares, and incorporated in England and Wales. The company registration number is 11166489 and the registered office is 2nd Floor, Mutual House, 70 Conduit Street, London, W1S 2GF.
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 financial statements are prepared in sterling, the functional currency, rounded to the nearest £1.
The following principal accounting policies have been applied:
At the balance sheet date there are net current liabilities of £Nil (2023: £531,211) and total net liabilities of £Nil (2023: £531,211).
On 28 February 2021 the company ceased to trade. During the year to 30 September 2024, the company did not trade other than for writing-in amounts owed to group undertakings. During this period of non-trading, the director is considering the future direction of the company. The financial statements have been prepared on a going concern basis. The parent company has indicated its willingness and ability to support the company for at least 12 months from the date of approval of the financial statements.
The company adopts a policy of capitalising qualifying development expenditure in accordance with FRS102 s18.8H.
Intangible assets are initially recognised at cost. After recognition, under the cost model, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.
At each reporting date the company assesses whether there is any indication of impairment. If such indication exists, the recoverable amount of the asset is determined which is the higher of its fair value less costs to sell and its value in use. An impairment loss is recognised where the carrying amount exceeds the recoverable amount.
All intangible assets are considered to have a finite useful life. If a reliable estimate of the useful life cannot be made, the useful life shall not exceed ten years.
Computer software is amortised on a straight line basis over its estimated useful life, being the period over which the technology is expected to be utilised. Amortisation is only charged when such software is bought into use by the business.
|