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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 28 FEBRUARY 2025
The Company's legal form is that of a private limited liability company registered in England & Wales. The Company's registered office is at 2nd Floor Connaught House, 1-3 Mount Street (entrance via Davies Street), London, United Kingdom, W1K 3NB.
The principal activity of the Company is that of the exploitation of the literary works of Dr G P Farmelo.
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:
As at 28 February 2025, the Company had accumulated losses of £69,510 (2024 - £42,504) funded by a director's loan of £73,715 (2024 - £49,597). Based on forecast future revenue and his ongoing financial support he considers the the Company will continue to be able to meet all of its liabilites as they fall due for at least twelve months from the date of his approval of these financial statement Based on the above, the director considers it appropriate to prepare the financial statements on a going concern basis.
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Foreign currency translation
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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.
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