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Financial Statements of Gaming VC Holdings S.A.
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57 2. SIGNIFICANT ACCOUNTING POLICIES 2.1 Basis of presentation The annual accounts of the Company are prepared in accordance with current Luxembourg legal and regulatory requirements. 2.2 Basis of conversion for items originally expressed in foreign currency The Company maintains its accounting records in euro (“EURO”) and the balance sheet and profit and loss account are expressed in this currency. Income and charges are translated at the exchange rates ruling at the transaction date. Fixed assets are valued using historical exchange rates. Other current assets and liabilities expressed in foreign currencies are translated into euro at the rates of exchange in effect at the balance sheet date. Realised exchange gains and losses and unrealised exchange losses are recognised in the profit and loss account. 2.3 Formation expenses Expenses relating to the creation or extension of the Company are recorded as formation expenses. Formation expenses are amortised on a straight-line basis at an annual rate of 20%. 2.4 Valuation of financial fixed assets Financial assets are valued in the accounts at cost. Value adjustments are made in respect of financial fixed assets to recognise a durable reduction in the value of the investments, such reduction being determined and made for each investment individually. 2.5 Debtors Debtors are stated at their nominal value. Value adjustments are recorded at the end of the financial year if the net realisable value is lower than the book value. 2.6 Creditors Creditors are stated at their nominal value.