COFFEE-BIKE INTERNATIONAL LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 30 JUNE 2023
1.Accounting policies
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Basis of preparation of financial statements
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Coffee-Bike International Limited (''the company'') is a limited liability company incorporated and domiciled in the United Kingdom. The address of its registered office is Sky View, Argosy Road, East Midlands Airport, Castle Donington, Derby, DE74 2SA.
The financial statements are prepared in Sterling (£), which is the functional currency of the company. The financial statements are for a year ended 30 June 2023 (2022: year ended 30 June 2022).
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 under the historical cost convention, in accordance with applicable accounting standards and on a going concern basis. The company incurred a net loss of £189,429 during the year ended 30 June 2023, at that date it had net liabilities of £760,987.
The directors are confident that the company has adequate resources and the continued support of the parent company to continue in operation for the foreseeable future and accordingly, have adopted the going concern basis in preparing the financial statements.
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:
Sale of goods
Turnover from the sale of goods is recognised when all of the following conditions are satisfied:
∙the company has transferred the significant risks and rewards of ownership to the buyer;
∙the company retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold;
∙the amount of turnover can be measured reliably;
∙it is probable that the company will receive the consideration due under the transaction; and
∙the costs incurred or to be incurred in respect of the transaction can be measured reliably.
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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