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AEVITAS CREATIVE MANAGEMENT UK LIMITED
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2020
The company's legal form is that of a limited company incorporated in the United Kingdom. The Company's registered office is 3rd Floor 20-22 Berkeley Square, London, United Kingdom, W1J 6EQ. The Company was incorporated on 19 July 2019 and started trading on 1 April 2020.
The principal activity of the company is that of a talent management company, specialising in consultancy and representing authors and speakers.
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 directors have considered the impact of recent worldwide events in relation to the Covid-19 pandemic and potential impact on the company's operations and, based on their current assessment of the situation and available financial resources, consider it appropriate to prepare the financial statements on a going concern basis.
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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.
Revenue comprises fees and commissions receivable in respect of services supplied during the year, exclusive of Value Added Tax.
Revenue is recognised in the period in which it is earned.
Interest income is recognised in profit or loss using the effective interest method.
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