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GOFLA FINANCE LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 MARCH 2025
Gofla Finance Limited is a private company, limited by shares, registered in England and Wales with registration number 15683920. The registered office is 101 New Cavendish Street, 1st Floor South, London, W1W 6XH.
The Company was incorporated on 26th April 2024, and began trading on that date.
The financial statements are presented in sterling, which is the functional currency of the Company.
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 Company had net liabilities at the reporting date. The investors have indicated they intend to provide adequate funding to the Company for a period of not less than 12 months from the date of approval of these financial statements to enable it to pay its liabilities as they fall due. As such, the directors have prepared the financial statements on the going concern basis.
The financial statements do not reflect any adjustments that would result from a withdrawal of financial support.
Interest income is recognised in profit or loss using the effective interest method.
Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.
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Cash and cash equivalents
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Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.
Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.
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