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NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD 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 Company was incorporated on 21 August 2024 and commenced trading from August 2024. This is the first set of financial statements prepared by the Company. The period presented is from 21 August 2024 to 31 December 2025.
The following principal accounting policies have been applied:
Jumpmind UK Limited is wholly reliant on its parent company, Jumpmind LLC, for financial support. The Company has received written confirmation from its parent company that it will continue to provide financial support for a period of at least 12 months from the date of approval of these financial statements. Through a review of the parent company's financial position and expected future outlook, the Company will have sufficient support to continue trading for a period of a least 12 months from the approval of these financial statements, as such these financial statements are prepared on the going concern basis.
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Foreign currency translation
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Functional and presentation currency
The Company's functional currency is GBP. This differs from the presentational currency which is USD due to group requirements.
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.
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