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DRAGONFLY VENTURE (UK) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025
Dragonfly Venture (UK) Limited (Company no: 05195337) is a private company limited by shares incorporated in England and Wales. The Company's principal place of business is 3A Holywell Hill, St Albans, Hertfordshire, AL1 1ER.
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 company's functional currency is pound sterling (£) and the results are published in round £'s.
The following principal accounting policies have been applied:
The company is reliant on the director and entities under his control to meet its ordinary working capital requirements. The director and entities under his control have sufficient resources to be able to provide the required support.
Having regard to the above, the director believes it appropriate to adopt the going concern basis of accounting in preparing the financial statements.
Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. Revenue represents royalty income receivable, and is accrued in accordance with the substance of the underlying agreement.
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.
Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.
The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the Company operates and generates income.
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