ROUNDBACK LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2020
Roundback Limited is a private company limited by share capital, incorporated in England and Wales, registration number 05272395. The address of the registered office is 14th Floor, 33 Cavendish Square, London, W1G 0PW.
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 financial statements have been prepared on a going concern basis as the shareholder has iindicated that they will not recall the loan, if doing so, would cause the company financial difficulty and will provide further financial support to the company.
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Foreign currency translation
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Functional and presentation currency
During the year the directors have reviewed the functional currencies of the company and have determined that the most appropriate currency is the Euro. This is a change from previous financial year which were presented in 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.
The financial statements present information about the company as an individual undertaking and not about its group. The company and its subsidiary undertaking comprise a small-sized group. The company has there taken advantage of the exemptions provided by section 399 of the Act 2006 not to prepare group accounts.
Investments in subsidiaries are measured at cost less accumulated impairment.
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