NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023
Infodec Limited is a private company, limited by shares, registered in England and Wales. The company's registered office is disclosed on the Company information page.
The company's principal place of business is 3 Kevan Drive, Send, Woking, Surrey. GU23 7BU.
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 company's functional and presentational currency is GBP.
The following principal accounting policies have been applied:
Turnover is the total amount receivable by the company for goods supplied and services provided, excluding VAT and trade discounts.
Interest income is recognised in profit or loss using the effective interest method.
Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.
The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the Company operates and generates income.
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.
Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.
Provision is made for deferred taxation on the liability method for all short term timing differences. Provision is also made for long-term timing differences, except to the extend that there is a reasonable probablity of the tax not falling due for payment in the foreseeable future. Such tax not provided for is disclosed as a contingent liability.
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