VWS AUTOMATION UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2020
VWS Automation UK Limited is a private company limited by shares and incorporated in England and Wales. Its registered office is 262 Bedford Lane, Feltham, Middlesex, TW14 9NU and the company's trading address is Unit 2 Penn Farm Studios, Harston Road, Haslingfield, Cambridge, CB23 1JZ. The figures in these financial statements are rounded to the nearest pound.
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 following principal accounting policies have been applied:
The ongoing global health crisis caused by COVID-19 has had a significant impact on all businesses. The director has assessed the potential impact of this uncertain situation on the Company with the information available and does not consider that it will lead to any subsequent impairment of the carrying amount of reported assets. Since the group's customer base is primarily within the fresh food sectors and these have been seeing increased demand, the director does not believe there will be an impact on the Company's ability to continue as a going concern.
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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.
Foreign exchange gains and losses that relate to borrowings and cash and cash equivalents are presented in the Profit and Loss Account within 'finance income or costs'. All other foreign exchange gains and losses are presented in profit or loss within 'other operating income'.
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