Let's say we are filing 5471 for a UK subsidiary whose functional currency is GBP and they carry out all their transactions in GBP, then there should be no Foreign currency translation adjustment on schedule C right? 

I am thinking that this should only apply to companies that carry out transactions in currencies other than their foreign currency. Say, for example if the UK subsidiary carries out transaction in Euro, this would apply to us? 

Thank you for your advice.