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UK Direct Business Solutions (Group) Limited
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Notes to the financial statements
for the period ended 31 August 2020
UK Direct Business Solutions (Group) Limited (the “Company”) is a private company, limited by shares and registered in England and Wales, registered number 12094935. The registered office is Franklin House, 2 Mandarin Road, Houghton Le Spring, England, DH4 5RA, United Kingdom.
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
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The following principal accounting policies have been applied:
In light of global events which persist at the date of approval of these financial statements the
directors have taken measures to counter the potential impact of Covid-19 on the company’s operations and the resultant financial impact. Contingency plans have been implemented to mitigate the risk to the business. Whilst the risks in this regard cannot be completely mitigated and therefore
some level of future uncertainty remains, the directors have adopted measures and assessed the financial implications of associated factors outside their control and do not consider the residual uncertainties to be material to the company’s ability to continue meeting its liabilities as they fall due in the foreseeable future.
All borrowing costs are recognised in profit or loss in the period in which they are incurred.
Investments in subsidiaries are measured at cost with changes recognised in the statement of comprehensive income for the period.
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.
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The average monthly number of employees, including directors, during the period was
2
(2020 -
2
)
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3
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