3 Accounting policies
Basis of preparation
The financial statements
have been prepared on the historical cost basis, as modified by the revaluation of certain assets.
The financial statements
are prepared in sterling, which is the functional currency of the company.
The following principal accounting policies have been applied: Going Concern
The Directors have examined significant areas of possible financial risk, in particular cash requirements and the on-going obligations. As at 28 February 2026, the Company has a net asset and net current asset positions of £48,500 (2025: £48,500). After due consideration, the Directors believe that the Company has adequate resources to continue in operational existence for a period of not less than twelve ("12") months from the date of approval of the financial statements. The Directors are therefore satisfied that, at the time of approving the financial statements, it is appropriate to adopt the going concern basis in preparing the financial statements. Expenses
All expenses is accounted for on an accruals basis.
Functional and presentation currency
The Company's functional and presentation currency is pound sterling (£).
Current tax
The Company is managed and controlled in Jersey and is therefore subject to corporate tax in Jersey. The standard tax rate for the Company in Jersey is 0% (2025: 0%).Current tax for the year is recognised at the amount expected to be paid to or recovered from the tax authorities, using the tax rates and tax laws that have been enacted or substantively enacted at the reporting date. The company has no trading activity and therefore no taxable profits. Judgements and key sources of estimation uncertainty
Estimates and judgements are regularly evaluated and are based on historical experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. The Company makes estimates and assumptions concerning the future. The resulting accounting estimates will, by definition, seldom equal the related actual results. There were no estimates and assumptions that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within these financial statements.
Income Statement
The company is dormant as defined in section 1169 of the Companies Act 2006. The company received no income and incurred no expenditure during the current year or comparative year and therefore no income statement is presented within these financial statements.
Financial instruments
The Company only enters into basic financial instrument transactions resulting in the recognition of financial assets and liabilities such as investments in subsidiaries, cash, trade and other debtors and creditors, loans from banks and other third parties and loans to and from related parties.Financial assets and liabilities are offset and the net amount reported in the Statement of Financial Position when there is an 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. a) Debtors, loans and other receivables Debtors, loans and other receivables are measured at transaction price less any impairment. b) Trade creditors, loans and other payables Trade creditors, loans and other short term payable are measured at the transaction price. The Company derecognises a financial asset when it no longer bears the risk, nor is entitled to the rewards of ownership. On derecognition the difference between the carrying amount of the asset and the consideration received is recognised in the income statement. The Company derecognises a financial liability when the obligation under the liability is discharged, cancelled or expired.