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INTEGRA METERING UK LIMITED
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 30 JUNE 2024
Integra Metering UK Limited is a private company, limited by shares, registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.
The company was incorporated on 8 June 2023, and presents its first set of accounts for the period ended 30 June 2024.
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:
The financial statements have been prepared on a going concern basis, which assume the Company will continue to trade in operational existence for the foreseeable future. The Company is reliant on its parent company, IM Ultrasonic AG for its source of funding.
According to the latest published financial information, IM Ultrasonic AG had an operating loss and net liabilities as at 31 December 2024. At the same date, it was disclosed that the Group's current business plan anticipates substantial growth over the next five years. Additional financial resources are required for 2025 and 2026 in order to achieve the planned growth. The process of finding an investor is currently underway and the Board of Directors are convinced that an investor will be found who can provide the necessary financial support.
While there are several interested parties, there is no guarantee that the fundraising will complete as required to raise the necessary funds. Should the parent company be unable to raise the necessary funding, this could affect the parent company’s ability to support the Company’s operations.
As a result of the reliance on the parent company, a material uncertainty exists that may cast doubt on the Company's ability to continue as a going concern.
The financial statements do not include the adjustments that would result if the Company were unable to continue as a going concern.
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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.
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