|
|
|
INFRASTRUCTURE PROJECT DEVELOPMENT LTD
|
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2021
Infrastructure Project Development Limited is a limited liability company registered in England and Wales with its registered office at Titan Court, 3 Bishops Square Business Park, Hatfield, Hertfordshire, AL10 9NA.
The financial statements are presented in sterling which is the functional currency of the company and rounded to the nearest £1.
The principal activity of the company continued to be that of contractors in Sub Saharan Africa.
2.Accounting policies
|
|
Basis of preparation of financial statements
|
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 financial statements have been prepared on the assumption that the company is able to carry on business as a going concern. The directors consider that this is appropriate as one of the shareholders, has provided an unlimited guarantee against the banking facilities and will provide loans to the company as required to enable it to continue trading for the foreseeable future.
Turnover comprises revenue recognised by the company in respect of goods and services supplied during the year, exclusive of Value Added Tax and trade discounts.
Revenue is recognised at the point that the right to receive consideration arises.
Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.
Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, on a reducing balance basis.
Depreciation is provided on the following basis:
The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.
Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.
|