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Finalsite Holdings (UK) Limited
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Notes to the financial statements
for the year ended 31 December 2024
Finalsite Holdings (UK) Limited is a private company limited by shares and incorporated in England and Wales. The registered office 130 Wood Street, London, EC2V 6DL. The principal place of business is 655 Winding Brook Drive, Glastonbury, CT 06033, USA. The company number is 10497133.
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 Section 1A of Financial Reporting Standard 102, 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' ('FRS 102') and the Companies Act 2006.
The following principal accounting policies have been applied:
The company has net current liabilities at the reporting date and is currently dependent upon the financial support of its parent company, Finalsite Holdings, Inc.
Creditors payable in less than one year consist solely of amounts payable to the parent company. The directors have received confirmation from the parent company that it will continue to provide financial support to the company for a period of at least twelve months from the date of approval of these financial statements. The directors also have no reason to believe that this support will not be forthcoming.
Having regard for the foregoing, the directors consider it appropriate to prepare the financial statements on the going concern basis. The financial statements therefore do not include any adjustments that would result from the withdrawal of support from Finalsite Holdings, Inc.
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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.
Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.
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