UK NAVAL ENGINEERING, SCIENCE AND TECHNOLOGY LTD
(A Company Limited by Guarantee)
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 30 SEPTEMBER 2023
UK Naval Engineering, Science and Technology Ltd is a private company, limited by guarantee, incorporated in England and Wales, registration number 14332911. The registered office is Tennyson House, Cambridge Business Park, Cambridge, Cambridgeshire, United Kingdom, CB4 0WZ.
The financial statements are presented in sterling, which is the functional currency of the company and rounded to the nearest £.
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 are continually assessing the impact of the current economic climate. They have not encountered any significant adverse impacts as a result, therefore, the directors deem it appropriate to prepare the accounts on a going concern basis.
Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.
Membership income
Membership subscriptions run in line with the financial year and are recognised for the period they relate to.
Short-term debtors are measured at transaction price, less any impairment.
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Cash and cash equivalents
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Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.
Short-term creditors are measured at the transaction price.
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