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SOUTH ESSEX PROPERTY SERVICES LIMITED
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023
South Essex Property Services Limited is a private company limited by share capital, incorporated in England and Wales.
Its registered office is Civic Centre, Victoria Avenue, Southend On Sea, Essex, SS2 6FY.
Its principal activity is property related incorporating facilities management and employee hosting.
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 following principal accounting policies have been applied:
The directors believe that preparing the financial statements on the going concern basis is appropriate due to the continued financial support of the parent company, South Essex Homes Limited. The company has entered into revenue contracts which are agreed to run for a sufficient period past the approval date of these financial statements.
The directors have prepared cashflow forecasts which anticipate that the company will be able continue to meet it’s liabilities as they fall due. The future of the world economy is unclear at this present time and it is therefore difficult to evaluate all of the potential implications on the company’s trade, customers, suppliers and the wider economy.
Turnover is recognised to the extent that it is probable that the economic benefits will flow to the Company and the turnover can be reliably measured. Turnover is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before turnover is recognised:
Rendering of services
Turnover from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:
∙the amount of turnover can be measured reliably;
∙it is probable that the Company will receive the consideration due under the contract;
∙the stage of completion of the contract at the end of the reporting period can be measured reliably; and
∙the costs incurred and the costs to complete the contract can be measured reliably.
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