NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2020
Internet Labs Limited is a private company, limited by shares, registered in England and Wales, registration number
07102493
.
The registered office address is Uplands, Hearts Delight Road, Tunstall, Sittingbourne, Kent, ME9 8JB.
The company is dormant and has not traded in the year.
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 company's functional and presentational currency is pound sterling.
Investments in subsidiaries are measured at cost less accumulated impairment.
Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours.
Short term creditors are measured at the transaction price.
The company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like other debtors and creditors.
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The average monthly number of employees, including directors, during the year was
1
(2019 -
1
)
.
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2
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