MONACO FASHION HOUSE LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2019
Monaco Fashion House Limited presents its financial statements for the year ended 31 May 2019. The presentational currency for the financial statements is the Euro (€). The Company is a private limited company, limited by shares and is registered in England. Its registered address is 6 Dominus Way, Meridian Business Park, Leicester LE19 1RP. The principal activity of the company in the current and preceding year was that of an investment company.
The following principal accounting policies have been applied:
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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 preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgment in applying the Company's accounting policies.
The financial statements have been prepared on a going concern basis. The validity of this assumption depends upon the continued financial support of it's Directors who have indicated their willingness to continue to support the Company financially. On this basis the Directors consider the Company is a going concern for the foreseeable future.
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Foreign currency translation
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Functional and presentation currency
The Company's functional and presentational currency is Euros.
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.
All borrowing costs are recognised in the profit and loss account in the year in which they are incurred.
Short term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.
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