NEXT GENERATION SCM SAUDI ARABIA LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 AUGUST 2024
The Company is a private company limited by shares and incorporated in England and Wales. Its registered office is 71-75 Shelton Street, Covent Garden, London, WC2H 9JQ. The financial statements cover the period from incorporation on 29 August 2023 to 31 August 2024. There have been no trading activities during the period and therefore no separate profit and loss account has been presented.
The functional and presentation currency of the Company is British Pounds and the financial statements are rounded to the nearest pound.
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:
The shareholder has agreed to support the Company for a period of at least 12 months from the date of approval of these financial statements.
As such, the directors consider it appropriate for the financial statements to be prepared on a going concern basis.
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. License rights are amortised over the license period which is currently 5 years.
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.
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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