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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
1.Significant accounting policies
The principal accounting policies applied in the preparation of these financial statements are set out below.
The Company is a private company and is incorporated and domiciled in the UK. The address of the registered office is given in the Company Information section.The financial statements are presented in pounds sterling, which is the currency of the primary economic environment in which the Company operates (its functional currency).
Basis of accounting
The financial statements have been prepared under the historical cost convention and in accordance with
Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of
Ireland' and the Companies Act 2006.
The financial statements are presented in Sterling and rounded to the nearest £'000.
Summary of disclosure exemptions
The Company meets the definition of a qualifying entity under FRS102 and has therefore taken advantage of
the disclosure exemptions available to it in respect of its financial statements.
Exemptions have been taken in the presentation of a cash flow statement and remuneration of key management
personnel.
The Company has elected to apply the provisions of Section 11 'Basic Financial Instruments' and Section 12 'Other Financial Instruments Issues' of FRS102 to all of its financial instruments.
Financial assets and liabilties are recognised in the Company's Balance Sheet when the Company becomes party to the contractual provisions of the instrument.
Financial assets and financial liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.
Impairment of financial assets
Financial assets, other than those held at fair value through profit and loss, are assessed for indicators of impairment at each reporting end date.
Financial assets are impaired where there is objective evidence that, as a result of one or more events that occurred after the initial recognition of the financial asset, the estimated future cash flows have been affected. If an asset is impaired, the impairment loss if the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset's original effective interest rate. The impairment loss is recognised in profit or loss.
If there is a decrease in the impairment loss arising from an event occurring after the impairment was recognised, the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been, had the impairment not previously been recognised. The impairment reversal is recognised in profit or loss.
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