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CROMER TROPHIES & ENGRAVING LIMITED
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2023
Cromer Trophies & Engraving Limited is a private company, limited by shares, domiciled in England and Wales, registration number 04794060. The company's registered office is 11 West Street, Cromer, Norfolk, NR27 9HZ.
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 FRS 102 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland' and the requirements of the Companies Act 2006. The disclosure requirements of Section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
The members have agreed to the preparation of abridged accounts for this accounting period in accordance with Section 444(2A) of the Companies Act 2006.
The following principal accounting policies have been applied:
Turnover comprises revenue recognised by the company in respect of goods and services provided, exclusive of Value Added Tax.
Goodwill is the difference between amounts paid on the acquisition of a business and the fair value of the identifiable assets and liabilities. It is amortised to the Statement of Comprehensive Income over its estimated economic life of twenty years.
Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses.
Depreciation is provided at rates calculated to write off the cost of fixed assets less their estimated residual value over their expected useful lives.
Depreciation is provided on the following basis:
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over the period of the lease
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A full years depreciation charge is provided in the year of acquisition and none in the year of disposal.
Gains and losses on disposals are determined by comparing proceeds with the carrying amount and are recognised in the Statement of Comprehensive Income.
Stocks have been valued by the director at the lower of cost and net realisable value.
Debtors are measured at transaction price, less any impairment for bad or doubtful debts.
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