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| 2. |
Summary of Significant Accounting Policies |
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The following accounting policies have been applied consistently in dealing with items which are considered material in relation to the company's financial statements. |
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Statement of compliance |
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The financial statements of the company for the financial year ended 31 August 2024 have been prepared in accordance with the provisions of FRS 102 Section 1A (Small Entities) and the Companies Act 2006. |
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Basis of preparation |
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The financial statements have been prepared in accordance with The Financial Reporting Standard Applicable in the UK and Republic of Ireland (FRS 102) and the Companies Act 2006. The financial statements have been prepared on a going concern basis under the historical cost convention, modified to include certain items at fair value. The financial statements are prepared in euro which is the functional currency of the company. The company has adopted the disclosure requirements of Section 1A of FRS 102, other than where additional disclosure is required to show a true and fair view. |
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Consolidation |
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The company has taken advantage of the option not to prepare consolidated financial statements contained in Section 398 of the Companies Act 2006 on the basis that the company and its subsidiary undertaking comprise a small group. |
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Investments |
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Fixed asset investments are initially recorded at cost, and subsequently stated at cost less any accumulated impairment losses. Listed investments are measured at fair value with changes in fair value being recognised in profit or loss. |
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Trade and other debtors |
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Debtors with no stated interest rate and which are receivable within one year are recorded at the transaction price. |
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Trade and other creditors |
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Creditors with no stated interest rate and which are payable within one year are recorded at the transaction price. Any losses arising from impairment are recognised in the Statement of Income and Retained Earnings in administrative expenses. |
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Taxation |
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The charge for taxation is based on the results for the year and takes into account taxation deferred because of timing differences between the treatment of certain items for taxation and accounting purposes.
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the Balance Sheet date. Provision is made at the rates expected to apply when the timing differences reverse. Timing differences are differences between the company's taxable profits and its results as stated in the financial statements which arise from the inclusion of gains and losses in taxable profits different from those in which they are recognised in the financial statements. |
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Foreign currencies |
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Foreign currency transactions are initially recognised by applying to the foreign currency amount the spot exchange rate between the functional currency and the foreign currency at the date of the transaction. Monetary assets and liabilities denominated in a foreign currency at the Balance Sheet date are translated using the closing rate. |
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Ordinary share capital |
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The ordinary share capital of the company is presented as equity. |
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| 3.1. |
Holdings in related undertakings |
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Further details of the company's subsidiary undertakings are outlined below: |
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Country |
Nature |
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Details |
Proportion |
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of |
of |
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of |
held by |
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Name |
incorporation and address of Registered Office |
business |
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investment |
company |
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Subsidiary undertaking |
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JG Marine Consultants (Ireland) Limited |
Republic of Ireland, The Cottage, Greencastle, Co. Donegal. |
Investment business |
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9,000,000 Ordinary Shares at £0.0001 each 833,700 ''A'' Ordinary Shares at £1 each |
100% |
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The aggregate amount of capital and reserves and the results of these undertakings for the last relevant financial year were as follows: |
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Year ended |
Capital and |
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Profit for |
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reserves |
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the year |
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€ |
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€ |
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JG Marine Consultants (Ireland) Limited |
31 August 2024 |
246,492 |
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76,704 |
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In the opinion of the directors, the value to the company of the unlisted investments is not less than the book amount shown above. |