Nich Projects Limited
Notes to the Financial Statements
For the Year Ended 31 August 2023
Nich Projects Limited is a private company, limited by share capital, and incorporated in England and Wales. The registered office address is Springfield House, Springfield Road, Horsham, West Sussex, RH12 2RG.
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 presentational and functional currency of the financial statements is £ sterling.
The figures in the financial statements have been rounded to the nearest £1
The following principal accounting policies have been applied:
Interest income is recognised in profit or loss using the effective interest method.
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Associates and joint ventures
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Associates and Joint Ventures are held at cost less impairment.
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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