Foreign currency translation The functional currency of ROVA Platforms Limited is the United States Dollar (USD), and the financial statements are presented in Great Britain Pounds (GBP). Foreign currency transactions are translated into the functional currency at the exchange rate ruling on the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are retranslated at the closing exchange rate at the balance sheet date. Exchange differences arising on settlement or retranslation of monetary items are recognised in profit or loss, except where they qualify for recognition in equity as part of a qualifying cash flow hedge or net investment hedge. Non-monetary assets and liabilities measured at historical cost are translated using the exchange rate at the date of the transaction. Non-monetary assets and liabilities measured at fair value are translated using the exchange rates at the date when the fair value was determined Current tax Current tax is the amount of income tax payable or receivable in respect of the taxable profit or loss for the current and prior periods. It is calculated using tax rates and laws that have been enacted or substantively enacted at the balance sheet date. Current tax is recognised in the profit and loss account except where it relates to items recognised directly in equity, in which case it is recognised in equity. Deferred tax Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date, except as required by FRS 102. Deferred tax is not recognised on goodwill, on the initial recognition of assets or liabilities that do not arise from a business combination, or on timing differences relating to investments in subsidiaries where reversal is not foreseeable. Property, plant and equipment (PPE) Property, plant and equipment are stated at cost less accumulated depreciation and impairment losses. Cost includes expenditure directly attributable to bringing the asset into working condition for its intended use. Assets under construction are included at cost and are not depreciated until available for use. Borrowing costs are capitalised on qualifying assets Intangible assets Expenditure on internally developed software is capitalised when the company can demonstrate the technical feasibility and intention to complete the asset, that it will generate probable future economic benefits, and that costs can be measured reliably. Capitalised costs include directly attributable development expenditure and employee costs. Financial instruments Financial assets and liabilities are initially recognised on the trade date, i.e., the date the company becomes a party to the contractual provisions of the instrument. Financial instruments are initially measured at fair value, which includes transaction costs, except for those classified at fair value through profit or loss. Provisions Provisions are recognised when the company has a present legal or constructive obligation as a result of a past event, it is probable that an outflow of economic benefits will be required to settle the obligation, and a reliable estimate can be made of the amount. Where the effect is material, provisions are discounted to present value using a pre-tax discount rate. Onerous contracts and restructuring provisions are recognised when the relevant criteria are met.