for the Period Ended 31 December 2024
Company Information - 3 | |
Balance sheet - 4 | |
Footnotes to the Balance Sheet - 6 |
for the Period Ended 31 December 2024
Registered office: |
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Company Registration Number: |
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As at
13 months to 31 Dec 2024 £ |
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Creditors: amounts falling due within one year: |
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Net current assets (liabilities): |
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Total assets less current liabilities: |
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Total net assets (liabilities): |
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Capital and reserves: |
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This report was approved by the board of directors on
And Signed On Behalf Of The Board By:
Name:
Status: Director
The notes form part of these financial statements
for the Period Ended 31 December 2024
for the Period Ended 31 December 2024
As part of the year-end reconciliation, we identified a discrepancy between the actual cash balance and the accounting records due to currency conversion differences. The company operates across multiple currencies (EUR, PLN, and GBP), which has an impact on the accounting accuracy when consolidating the data in GBP.
Summary of Figures (in GBP):
Total Income: £3,494.77
Total Expenses: £4,422.09
Operating Result: -£927.32
Personal Funding Provided: £1,116.19
Expected Cash Position: £188.87
Actual Cash in Account: £0.00
Foreign Exchange Loss: £188.87
Additional Context:
All company income is originally earned in EUR.
Personal funding injected into the business was also made in EUR.
Expenses, however, were incurred in PLN, EUR, and GBP, depending on the nature and location of the cost.
Two parallel records have been kept:
1. A real record of expenses in the original currencies.
2. An official accounting translation into GBP, using the HMRC exchange rates for 2024.
These conversions naturally generate minor differences. When accumulated over the fiscal year, they result in a foreign exchange loss, which must be reflected in the books to match the actual cash position.
Adjusting Journal Entry:
Dr. Foreign Exchange Loss £188.87
Cr. Bank / Cash £188.87
Exchange rate differences resulting from income received in EUR, expenses incurred in PLN, EUR, and GBP, and the official GBP accounting using HMRC exchange rates.
Minor unrecoverable balances from a closed Revolut account, specifically:
0.61 EUR (approx. £0.52)
0.17 GBP
These amounts are no longer accessible and were included in the foreign exchange adjustment as part of the loss.
Residual balances available in active accounts at year-end:
5.68 PLN (approx. £1.10)
0.20 EUR (approx. £0.17)
Although these funds remain accessible, they have also been adjusted within the Foreign Exchange Loss entry for the purposes of closing the accounting year cleanly. These small amounts will be used or returned in the following fiscal period.
The Foreign Exchange Loss entry reflects both real currency conversion impacts and minor rounding/account reconciliation adjustments to ensure the GBP cash position is accurate and consistent with HMRC requirements.
This adjustment ensures the GBP cash balance correctly reflects the real-world position (i.e., zero balance at year-end).
Honestly,
Raúl Pérez Sidro - Dominatis Limited Director