MAZE ELECTRICAL LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2023
Maze Electrical Limited is a limited company incorporated in the United Kingdom, registered office Room 104 The Record Hall,16-16a Baldwin Gardens, London, EC1N 7RJ. The principal activity of the company is provision of general electrical services.
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 following principal accounting policies have been applied:
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:
Sale of goods
Revenue from the sale of goods is recognised when all of the following conditions are satisfied:
∙the Company has transferred the significant risks and rewards of ownership to the buyer;
∙the Company retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold;
∙the amount of revenue can be measured reliably;
∙it is probable that the Company will receive the consideration due under the transaction; and
∙the costs incurred or to be incurred in respect of the transaction can be measured reliably.
In common with almost every business, the Company is likely to be affected by the global outbreak of coronavirus. There remains uncertainty as to whether and to what extent such an impact will arise, in what manner, and for how long any impact will be. It is not possible at the date of this report to determine with any certainty how the Company will be affected and over what term, and whether the result on the Company will be negative or positive. Based on the positive operating position of the Company and its starting from a strong financial base, it is as well placed as it can be to manage its affairs, and has sufficient reserves to allow it to continue to operate in so far as we understand the expected likely impact on the Company to be.
As such, the Directors are satisfied that the going concern basis is appropriate for the preparation of these financial statements.
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