NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
AIME Inc UK Limited is a private limited liability company incorporated in England and Wales. Its registered office is at 2nd Floor Connaught House, 1-3 Mount Street, London, United Kingdom, W1K 3NB.
The principal activity of the company is that of a cosmetics retailer.
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.
At the reporting date the company had net current liabilities and net liabilities. The director has obtained assurance from the parent company that funds will be made available to the company so that it will be able to carry on trading and meet its financial obligations as and when they fall due for at least twelve months from the date the accounts are approved. Based on this the accounts have been prepared on a going concern basis.
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Basic financial instruments
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The company only enters into transactions that result in basic financial instruments such as trade
and other debtors, trade and other creditors, cash at bank and in hand and loans with related
parties.
Trade debtors, other debtors and loans to related parties are recognised initially at the transaction
price less attributable transaction costs. Trade creditors, other creditors and loans from related
parties are recognised initially at transaction price plus attributable costs. Subsequently they are
measured at amortised cost using the effective interest method, less any impairment losses in the
case of trade and other debtors and loans to related parties.
Cash is represented by cash in hand and deposits with financial institutions.
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Foreign currency translation
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The company's functional and presentational currency is £ sterling.
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 the profit and loss account.
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