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ROYAL HOSPITAL SCHOOL ENTERPRISES LIMITED
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2023
Royal Hospital School Enterprises Limited (the Company) is a private company limited by shares incorporated and registered in England and Wales. The registered office and principal place of business is Royal Hospital School, Holbrook, Ipswich, IP9 2RX.
The financial statements are presented in Sterling (£).
2.Accounting policies
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Basis of preparation of financial statements and going concern
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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 is supported as part of a wider group and at the year end owed monies to The Royal Hospital School (part of Greenwich Hospital). The Company has insufficient funds available to repay the monies owed however The Royal Hospital School has undertaken not to require payment until the Company has sufficient surplus funds available.
The following principal accounting policies have been applied:
Turnover 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. Turnover is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.
Turnover comprises revenue recognised by the company in respect of services supplied during the period, exclusive of Value Added Tax. Revenue is recognised by reference to when the properties are let.
Food and drink sales are recognised on the date that goods are supplied to customers.
Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a first in, first out basis.
At each balance sheet date, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to complete and sell. The impairment loss is recognised immediately in profit or loss.
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