NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2023
KES Enterprise Limited is a private company limited by shares incorporated in England and Wales. The address of the registered office is disclosed on the company information page.
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 Finanical Reporting Standard applicable in theUK and the Republic of Ireland and the Companies Act 2006.
The following principal accounting policies have been applied:
The directors are confident that the company will receive support from its parent to ensure that sufficient funds are available to enable it to meet its liabilities as they fall due. Therefore, it is their opinion that the company will be a going concern basis for at least twelve months from the date of approval of these accounts and the accounts have been prepared on the 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.
Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.
Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.
The Company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in ordinary shares.
Gift aid payments are recognised when paid.
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The Company has no employees other than the directors, who did not receive any remuneration (2022 - £NIL).
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