NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 30 JUNE 2021
KNBY LND OP4 Limited is a limited liability company incorporated in England and Wales, with its business and registered address at Bob Bob Ricard Restaurant, 1-3 Upper James Street, London, United Kingdom, W1F 9DF.
The company was incorporated on 23 September 2020. On 11 March 2021 the company acquired certain chattel assets and wet stock from KNBY LND OP3 Limited.
The principal activity of the company will the operation of a restaurant under the name Bob Bob Ricard City serving a Russian-inspired modern British menu and cocktails.
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:
The company meets its day to day working capital requirements through short term finance provided by its ultimate parent company, a fellow group company, and L Shutov, a director of the company. The directors have obtained sufficient assurances from these parties of their ongoing commitment to maintain adequate funding for at least twelve months from the date of approval of these financial statements. On this basis, and having given due consideration to the company's forecasts and projections, the directors believe that the company will have adequate resources to continue in operational existence for the foreseeable future and consider it appropriate to adopt the going concern basis in preparing these financial statements. In the absence of this continued financial support the going concern basis may be invalid and adjustments would have to be made to reduce the value of assets to their recoverable amount, to reclassify fixed assets as current assets and to provide for any further liabilities that may arise.
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Foreign currency translation
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Functional and presentation currency
The Company's functional and presentational currency is £ Sterling.
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.
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