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The Broadband Computer Company Limited
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Notes to the financial statements
Year ended 31 December 2023
The company is a private company limited by shares, incorporated in United Kingdom, registered in England and Wales. The address of the registered office is Citygate, St James' Boulevard, Newcastle upon Tyne, Tyne and Wear, NE1 4JE.
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's principal activity is described in the directors report.
The directors have prepared cash flow forecasts for the coming period, taking into account expected trading cash flows and other cash requirements. The company continues to meet its day-to-day working capital requirements through direct financial support from the directors and shareholders of its ultimate controlling party Alex Media Technology Inc. who have indicated a continuation of this support. The financial statements have therefore been produced 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 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.
The turnover shown in the profit and loss account represents subscription income recognised in the year to which it relates.
Interest income is recognised in profit or loss using the effective interest method.
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