JAMUS BUSINESS GROUP LIMITED
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022
Jamus Business Group Limited (the Company) is a limited company domiciled and incorporated in England and Wales.
The address of the Company's registered office and principal place of business is 28 Old Brompton Road, Suite 98, London, SW7 3SS.
2.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.
The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgement in applying the Company's accounting policies.
Monetary amount in these financial statements are stated in pounds sterling and are rounded to the nearest whole £1, except where otherwise indicated.
The following principal accounting policies have been applied:
The Company has made a loss after tax of £15,666 (2021: £49,871) and at the balance sheet date, the Company had net current liabilities of £275,412 (2021: £264,572). The director has provided a confirmation that he will provide financial support to the Company to allow it to meet its financial obligations as they fall due. Furthermore, the director has confirmed he will not recall the loan made to the Company for at least 12 months from the date on which these financial statements are signed.
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Foreign currency translation
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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 the Statement of income and retained earnings.
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