OLYMPIC PROMOTIONAL WATCHES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022
1.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 company had net liabilities of £1,609 at 31 December 2022. However, the directors are of the opinion that the company has and will continue to have the support of its creditors for the foreseeable future. In the light of this factor, the directors consider it appropriate to adopt the going concern basis in preparation of these financial statements.
Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.
Olympic Promotional Watches Limited is a limited company incorporated in England and Wales.
The registered office is 601 London Road, Westcliff-on-sea, SS0 9PE.
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Creditors: Amounts falling due within one year
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