TAB LONDON TRADE LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
Tab London Trade Limited is a company limited by shares, registered in England and Wales (registered number: 12024202). The registered address of the Company is 101 New Cavendish Street, 1st Floor South, London, W1W 6XH.
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:
In assessing the ability of the Company to operate as a going concern, management have evaluated current and forecasted operational results, and the solvency of the Company. Given that the Company is in a net deficit position, the director has obtained assurances from the Company's parent entities to continue to provide adequate funds to meets its obligations, and not to demand repayment of any funds due to them until the Company is in a financial position to do so. As a result, the director considers it appropriate to prepare the financial statements on a going concern basis.
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.
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Cash and cash equivalents
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Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.
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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The average monthly number of employees, including directors, during the year was 1 (2022 - 1).
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