NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2022
Former IWC Limited is a private company limited by shares and incorporated and domiciled in the United Kingdom. The registered office is 7 Trinity Street, Bungay, Suffolk, NR35 1EH.
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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 Section 1A of
Financial Reporting Standard 102, the Financial Reporting Standard applicable in
the UK and the Republic of Ireland and the Companies Act 2006
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The financial statements are presented in sterling which is the functional currency of the Company and rounded to the nearest £.
On 31 July 2013 the trade and assets of the Company were sold to Transam Trucking Limited. The Company is to remain non-trading. Included in creditors are amounts owed to Transam Trucking Limited, a company under common control. The director's assessment of the Company as a going concern relies on such amounts not being called for payment within 12 months of signing the financial statements.
Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.
The Company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in ordinary shares.
There are corporation tax losses carried forward at 30 June 2022 of £304,563 (2021: £304,563).
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Creditors: Amounts falling due within one year
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