SNOWSTORM (HOLDINGS) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2021
Snowstorm (Holdings) Limited is a private company limited by shares. The company is incorporated in England and Wales. The address of its registered office is Seebeck House, Seebeck Place, Knowlhill, Milton Keynes, Buckinghamshire, MK5 8FR.
2.
Accounting policies
|
|
Basis of preparation of financial statements
|
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 financial statements are prepared in $ dollars, the functional currency, rounded to the nearest $1.
Snowstorm (Holdings) Limited is a parent company of a small group. It is not required to prepare and has not prepared group accounts. These are the financial statements of the company, not the group.
The following principal accounting policies have been applied:
The financial statements have been prepared on a going concern basis. The company has an overall deficit of $570,428. The directors have indicated their willingness and ability to support the company in order that it is able to meet its working capital requiremtns for at least one year from the approval of the financial statements.
Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.
All borrowing costs are recognised in profit or loss in the year in which they are incurred.
Investments in subsidiaries are measured at cost less accumulated impairment.
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.
|