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STRONG CHAIN CORPORATION LIMITED
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
1.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. The directors consider this appropriate given that the Company’s primary function is to receive dividend income from its subsidiary and to distribute those funds to its investment parent. The Company does not undertake trading activities, holds a strong and stable cash position, and has no material short term obligations that would impair its ability to meet its commitments.
On this basis, the directors have concluded that the Company has sufficient financial resources to remain in operational existence for a period of at least twelve months from the date of approval of these financial statements.
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Exemption from preparing consolidated financial statements
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The Company is a parent company but is also a subsidiary undertaking included in the consolidated financial statements of its ultimate parent undertaking, which is established under the laws of a non UK state. Accordingly, the Company is exempt from the requirement to prepare consolidated financial statements under Section 401 of the Companies Act 2006.
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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.
Foreign exchange gains and losses resulting from the settlement of transactions and from the translation at period-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in profit or loss except when deferred in other comprehensive income as qualifying cash flow hedges.
Foreign exchange gains and losses that relate to borrowings and cash and cash equivalents are presented in the Statement of Comprehensive Income within 'finance income or costs'. All other foreign exchange gains and losses are presented in profit or loss within 'other operating income'.
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