|
VIRTUAL TRADER GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2025
Virtual Trader Group Limited is a limited liability company incorporated in England and Wales (registered number 10038046). The address of its registered office is 483 Green Lanes, London, N13 4BS.
2.Accounting policies
|
|
|
Basis of preparation of financial statements
|
The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and 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 changed its year end from 30 June to 31 December in the prior year. As a result, the comparative financial statements relate to the 18-month period ended 31 December 2024, whereas the current financial statements relate to the 12-month period ended 31 December 2025. Therefore the figures are not directly comparable.
The following accounting polices have been applied:
Company law requires the directors to consider the appropriateness of the going concern basis when preparing the financial statements. After reviewing the Company forecasts and projections, the directors have a reasonable expectation that the Company have adequate resources to continue in operational existence for the foreseeable future. Key to this assumption is the on-going support from the ultimate parent company, Valsoft Corporation Inc. The Company therefore continues to adopt the going concern basis in preparing its financial statements.
The company and its subsidiary undertaking comprise a small group as defined by the Companies
Act 2006.The company has taken the exemption from preparing group accounts that is available to
small groups.
|
|
|
Foreign currency translation
|
Functional and presentation currency
The Company's functional and presentational currency is GBP.
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.
Foreign exchange gains and losses that relate to borrowings and cash and cash equivalents are presented in the Statement of Comprehensive Income within 'finance income or costs'. All other foreign exchange gains and losses are presented in profit or loss within 'other operating income'.
Page 2
|