ALBIREO ENERGY INTERNATIONAL LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
Albireo Energy International Limited is a private limited Company limited by shares, incorporated in
England and Wales (registered number: 13350872). Its registered office is Unit 7 Hever Road,
Edenbridge, England, TN8 5EA. The principal activity of the Company throughout the period continued to
be that of holding company.
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 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:
At 31 March 2024 the Company's liabilities exceeded its assets by £1,664,036 as a result of losses
incurred through foreign exchange movements and interest costs on the intercompany loans
outstanding.
The Company has considered the level of funds held and the expected levels of cash inflows and
outflows for 12 months from the date of authorising these financial statements. In addition, the
Company has been given formal assurances from its parent company that repayment will not be
sought of the intercompany balances until such time as funds and working capital levels allow, and
that it will continue to support the Company to enable it to meet its debts as they fall due. It is on this
basis that the directors are of the view that it is appropriate for the financial statements to be
prepared on a going concern basis.
|
|
Foreign currency translation
|
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.
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 profit or loss except when deferred in other comprehensive income as qualifying cash flow hedges.
|