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SECURED FINANCE NETWORK (EUROPE) LIMITED (FORMERLY COMMERCIAL FINANCE ASSOCIATION (EUROPE) LIMITED)
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2019
Secured Finance Network (Europe) Limited (formerly Commerical Finance Association (Europe) Limited) is a private company limited by guarantee incorporated in England and Wales. The address of the principal place of business is 370 Seventh Avenue, Ste 1801, New York, NY10001, USA.
The financial statements are presented in sterling which is the functional currency of the company and rounded to
the nearest £.
The significant accounting policies applied in the preparation of these financial statements are set out below. These
policies have been consistently applied to all years presented unless otherwise stated.
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 company has ongoing support from its US parent which enables the company to meet creditors as
they fall due and expects this to be the case for the forseeable future. Accordingly, the financial statements
have been prepared on a going concern basis.
Turnover is recognised to the extent that it is probable that the economic benefits will flow to the company and
the revenue can be reliably measured. Turnover is generated via asset based lending and factoring and is
measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value
added tax and other sales taxes.
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 non-puttable ordinary shares.
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