IGNITE CONSULTANCY SERVICES LIMITED (FORMALLY VIRTUAL CLEANING SERVICES LIMITED)
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023
Ignite Consultancy Services Ltd is a private company, limited by shares, registered in Scotland. The company's registered number is SC674645 and the registered office address and principal place of business is 5 Redwood Place, East Kilbride, Glasgow, G74 5PB.
The financial statements are presented in pound sterling as this is the currency of the primary economic enviroment in which the company operates.
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 Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.
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.
The following principal accounting policies have been applied:
In preparing these financial statements, the directors of the company have given careful
consideration to current and anticipated future solvency requirements of the company and its ability to continue as a going concern for the foreseeable future. The Directors have prepared the financial
statements on a going concern basis.
Virtual FM Limited, a fellow group company, has confirmed that, for at least 12 months from the date
of signing the accounts, it will make available such funds as are needed by Ignite Consultancy Services Limited to meet its third party liabilities as they fall due. In addition, Virtual FM Limited will not seek repayment of any amounts currently due to Virtual FM Limited if this would prevent Ignite Consultancy Services Limited from meeting its third party obligations as they fall due.
Based on the above, the directors believe it remains appropriate to prepare the financial statements
on a 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. The following criteria must also be met before revenue is recognised:
Rendering of services
Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:
∙the amount of revenue can be measured reliably;
∙it is probable that the company will receive the consideration due under the contract;
∙the stage of completion of the contract at the end of the reporting period can be measured reliably; and
∙the costs incurred and the costs to complete the contract can be measured reliably.
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