NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023
The financial statements of Macrovector Limited (the "Company") for the period ended 31 March 2023 were approved by the board and authorised for issue on 20 February 2024 and the Balance Sheet was signed on the board's behalf by F Zavliaris.
The registered office is Harwood House, 43 Harwood Road, London, SW6 4QP. Macrovector Limited is incorporated and domiciled in England and Wales, United Kingdom.
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:
During the year ended 31 March 2023 the company suffered a loss before tax of £13,812 (2022: £14,391), giving rise to a balance sheet deficit of £101,342 (2022: £87,530) at the year end. Within this is a balance of £99,746 (2022: £85,753) owed to the director who has agreed to continue to provide such financial support as is required whilst the company strengthens its own financial position. This results is consistent with the directors' expectations.
In light of the above and after taking into account all information that could reasonably be expected to be available, the directors are confident that the company will continue in operational existence for the foreseeable future and that the going concern is therefore appropriate for the preparation of the company's accounts.
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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.
Foreign exchange gains and losses resulting from the settlement of transactions and from the translation at period-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in profit or loss except when deferred in other comprehensive income as qualifying cash flow hedges.
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