2Accounting Policies

Basis of measurement and preparation of accounts
The financial statements have been prepared in accordance with the historical cost convention, in compliance with the micro-entity provisions of the Companies Act 2006 (sections 479A to 479C) and FRS 105, The Financial Reporting Standard applicable to the Micro-entities Regime. The financial statements are presented in Pound Sterling (£). The company's functional currency is the Euro (€). For statutory filing purposes, all amounts have been translated from Euro to Pound Sterling at an average exchange rate of €1 = £0.85, which is considered to represent the economic substance of the underlying transactions during the period.

Turnover policy
Turnover is recognised in accordance with Section 23 of FRS 105 when control of goods or services is transferred to the counterparty. The company, being a holding entity with no trading operations, generated no turnover during the period.

Tangible assets depreciation policy
The company holds no tangible fixed assets. Fixed assets represent investments in subsidiary undertakings and are stated at historical cost less any accumulated impairment losses, in accordance with Section 11 of FRS 105.

Valuation information and policy
The company holds 100% of the ordinary share capital of Bergier Assurances, a subsidiary undertaking incorporated in France. The investment is recognised at cost, being the fair value of the consideration transferred, less any provision for impairment. Given the absence of indicators of impairment, no adjustment to carrying value has been considered necessary for the period under review.

Other accounting policies
Currency translation: The company’s functional currency is the Euro (€). These financial statements are presented in Pound Sterling (£) in compliance with the filing requirements of the Companies Act 2006. All assets and liabilities have been translated at an average exchange rate of €1 = £0.85, which approximates the rate prevailing during the period.

Creditors: Creditors are recognised at amortised cost using the effective interest method. A liability is recognised when an obligation arises at the balance sheet date as a result of a past event, and settlement value can be reliably measured.

Taxation: Current corporation tax is provided at amounts expected to be paid or recovered using tax rates and laws that have been enacted or substantively enacted by the balance sheet date. No deferred tax arises in the current or prior period.