MARTIN & PLEASANCE UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2022
Martin & Pleasance UK Limited is a private company, limited by shares, registered in England and Wales. The address of it's registered office is 158 Edmund Street, Birmingham, B3 2HB and its registration number is 07533819.
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.
The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgement in applying the Company's accounting policies.
The Company's functional and presentation currency is GBP and amounts presented in these financial statements have been rounded to the nearest whole pound.
The following principal accounting policies have been applied:
These financial statements cover a 12 month accounting period whereas the previous year represented an 18 month accounting period. As a result the reported figures for the current and comparative periods may not be entirely comparable.
The financial statements have been prepared on the assumption that the Company is a going concern. This is on the grounds that a fellow subsidiary will continue to provide financial support as and when needed for the Company to meet its liabilities as they fall due from a period of at least 12 months from the approval of these financial statements.
As a result of the actions described above, the Directors have a reasonable expectation that the Company has adequate resources to continue in operational existence for the foreseeable future. Accordingly, they continue to adopt the going concern basis in preparing the annual report and financial statements.
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Foreign currency translation
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Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of the transaction. Exchange differences are taking into account at arriving at the operating profit.
Turnover shown in the Statement of Comprehensive Income represents amounts receivable for goods sold, net of trade discounts, VAT and other sales and related taxes. Turnover is recognised at the point of despatch of the goods from the warehouse.
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