Basis of preparation The financial statements are prepared under the historical cost convention and in accordance with applicable UK accounting standards. The financial statements are presented in Pounds Sterling which is the presentational currency of the Company and rounded to the nearest Pound (£), unless otherwise stated. Exemptions under small companies regime The directors have taken the exemption available under section 401 of the Companies Act 2006 not to prepare consolidated financial statements on the grounds that it is a wholly owned subsidiary and its ultimate parent has published consolidated financial statements which include the results of the Company. The consolidated financial statements of Phoenix Tower US Holdings LP are publicly available and can be obtained from the address given in note 13. Under FRS 102 section 1.12, item (b), the Company is exempt from the requirement to present a cash flow statement on the grounds that its ultimate parent has published a consolidated cash flow statement which includes the cash flows of the Company. The consolidated financial statements of Phoenix Tower US Holdings LP are publicly available and can be obtained from the address given in note 13. The Company is a qualifying entity and has taken advantage of the financial instruments disclosure exemption and the key management personnel compensation disclosure exemption (other than directors' emoluments) under FRS 102 section 1.12, item (c). Under FRS 102, section 33, the Company is exempt from the requirement to disclose related party transactions with entities which are wholly owned within the Phoenix Tower US Holdings LP group. The consolidated financial statements of Phoenix Tower US Holdings LP are publicly available and can be obtained from the address given in note 13. Summary of significant accounting policies and key accounting estimates The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated. Going concern The Directors have assessed the position of the Company for the next 12 months. The Company is an investment holding company. The Directors have a reasonable expectation that the Company has adequate resources to continue in operational existence for the foreseeable future. The Company therefore continues to adopt the going concern basis in preparing its financial statements. Foreign currency and presentation currency The Company’s functional currency is US Dollars. The financial statements are presented in Pounds Sterling for statutory reporting purposes. Transactions in foreign currencies are translated into the functional currency at the spot exchange rate at the date of the transaction. At the reporting date, monetary assets and liabilities are translated at the closing exchange rate. For presentation in GBP, assets and liabilities are translated at the closing exchange rate at the reporting date and income and expenses are translated at average exchange rates for the period, where this approximates actual rates. Exchange differences are recognized in profit or loss. Investments in subsidiary undertakings The Company's investment in subsidiaries are carried at historical cost less accumulated impairment losses. Impairment reviews are conducted annually by the Directors. Cash and cash equivalents Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value. Share capital Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.