MMJ CLINIC GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 30 JUNE 2020
MMJ Clinic Group Limited is a private company limited by shares and incorporated in England and Wales. Its regsitered office is Salisbury House, Station Road, Cambridge, CB1 2LA. Its principal place of business is 9a Wilbraham Place, London, SW1X 9AE.
The parent undertaking of the smallest group to consolidate these financial statements is Althea Group Holding Pty Ltd, a company incorporated in Australia. Its principal place of business is Suite 2, Level 37, 360 Elizabeth Street, Melbourne, VIC 3000, Australia.
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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 following principal accounting policies have been applied:
The directors have considered the going concern basis of preparation of the financial statements noting the net current liabilities positions at the balance sheet date. The Company has been financed to date by its immediate parent company, Althea Group Holdings Pty Ltd, which has confirmed the Company will continue to receive financial support for the foreseeable future.
Based on the continued financial support confirmed by Althea Group Holdings Pty Ltd, the directors are satisfied that the Company will be able to meet its liabilities as they fall due for the foreseeable future, being a period of not less than 12 months from the date of approval of these financial statements. Accordingly they continue to adopt the going concern basis of accounting in preparing these financial statements.
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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 profit or loss except when deferred in other comprehensive income as qualifying cash flow hedges.
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