SUPPLYSMART LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023
Supplysmart Limited is a private company limited by share capital and incorporated in England and Wales. The address of its registered office is Reading Bridge House, George Street, Reading, Berkshire, RG1 8LS.
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.
Exemption has been taken from preparing a cash flow statement on the grounds that the company qualifies as a small company.
Investments in subsidiaries are stated at the directors' estimate of fair value, based either on a multiple of earnings or on a net asset value basis, as appropriate. Changes in value are recognised in the profit and loss account and subsequently transferred to the revaluation reserve.
The Company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in ordinary shares.
Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.
The company has taken advantage of the exemption conferred by the Companies Act 2006 from the requirement to prepare group accounts on the grounds that the group qualifies because of its size. The accounts therefore present information about the company as an individual undertaking and not about the group.
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