Notes to the financial statements – continued1.Summary of material accounting policies - continued
1.1 Basis of preparation - continued
Standards, interpretations and amendments to published standards as endorsed by the European Union but are not yet effective
Up to the date of approval of these financial statements, the following new standards and amendments to existing standards have been published but are not yet effective for the current reporting year and which the Company has not adopted early but plans to adopt upon their effective date.
-IAS 1 Presentation of Financial Statements: Classification of Liabilities as Current or Non-current (Amendments)
-IFRS 16 Leases: Lease Liability in a Sale and Leaseback (Amendments)
-IAS 7 Statement of Cash Flows and IFRS 7 Financial Instruments Disclosure - Supplier Finance Arrangements (Amendments)
None of these new standard or amendments is expected to have an impact on the financial position or performance of the Company.
Standards, interpretations and amendments that are not yet endorsed by the European Union, are not yet effective and not early adopted
Certain new standards, amendments and interpretations to existing standards have been published by the date of authorisation for issue of these financial statements but are not yet endorsed by the European Union. In the opinion of the Directors, the adoption of these standards will not have significant impact on the financial statements of the Company.
-IFRS 19 Subsidiaries without Public Accountability: Disclosures (issued on 9 May 2024)
-IFRS 18 Presentation and Disclosure in Financial Statements (issued on 9 April 2024)
-Amendments to the Classification and Measurement of Financial Instruments (Amendments to IFRS 9 and IFRS 7) (issued on 30 May 2024)
-Amendments to IAS 21 The Effects of Changes in Foreign Exchange Rates: Lack of Exchangeability (issued on 15 August 2023)
1.2 Foreign currency translation
(a)Functional and presentation currency
Items included in these financial statements are measured using the currency of the primary economic environment in which the Company operates (‘the functional currency’). The financial statements are presented in Euro which is the Company’s functional and presentation currency.
1.3 Financial assets
1.3.1 Classification
The Company classifies its financial assets as financial assets measured at amortised cost. The classification depends on the entity’s business model for managing the financial assets and the contractual terms of the cash flows. The Company classifies its financial assets as at amortised cost only if both the following criteria are met:
-The asset is held within a business model whose objective is to collect the contractual cash flows, and
-The contractual terms give rise to cash flows that are solely payments of principal and interest.