NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023
RJQ Packaging Limited is a company limited by shares domiciled and incorporated in England and Wales.
The address of its registered office is Brockbourne House, 77 Mount Ephraim, Tunbridge Wells, Kent, TN4 8BS. The address of its principal place of business is 5 Speldhurst Road, Southborough, Tunbridge Wells, Kent, TN4 0HY.
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 financial statements have been prepared on a going concern basis on the assessment of the directors. The directors have indicated their intention to continue to support he trading activities of the company for the foreseeable future.
Monetary amounts in these financial statements are stated in Pounds sterling and rounded to the nearest whole £1.
The following principal accounting policies have been applied:
Revenue comprises revenue recognised by the company in respect of goods and services supplied during the year, exclusive of trade discounts. Revenue is recorded net of VAT.
Revenue is recognised when the principal for whom RJQ Packaging Limited acts as agent has received payment for goods supplied to his customer.
Grants are accounted under the accruals model as permitted by FRS 102.
Grants of a revenue nature are recognised in the Statement of income and retained earnings in the same period as the related expenditure.
Goodwill
Goodwill represents the difference between amounts paid on the cost of a business combination and the acquirer’s interest in the fair value of its identifiable assets and liabilities of the acquiree at the date of acquisition. Subsequent to initial recognition, goodwill is measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is amortised on a straight-line basis to the Statement of income and retained earnings over its useful economic life of 20 years.
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.
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