EDCO EINDHOVEN UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022
Edco Eindhoven UK Limited is a private company limited by shares incorporated in England and Wales. The address of its registered office is disclosed on the company information page of these financial statements. The principal place of business is Adriaan Mulderwed 9-11, Eindhoven, 5657 EM, Netherlands. The principal activity of the company is that of non-specialised wholesale trade.
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.
These financial statements have been prepared in GBP and rounded to the nearest pound GBP (£) unless otherwise stated.
The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgement in applying the Company's accounting policies (see note 3).
The following principal accounting policies have been applied:
The Directors have prepared budgets and forecasts and confirm that they have reasonable expectation that the Company has adequate resources to continue in operational existence for the foreseeable future. The Directors have also considered the impact of geopolitical events such as the Russian invasion of Ukraine on the ability of the Company to continue as a going concern and the ultimate parent has agreed to continue to provide financial support to the Company. Accordingly, they continue to adopt the going concern basis in preparing the accounts.
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. The following criteria must also be met before revenue is recognised:
Sale of goods
Revenue 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 revenue 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.
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