International Society of Oncology and Biomarkers
(A company limited by guarantee)
Notes to the financial statements
For the Year Ended 29 February 2024
The company is limited by guarantee and incorporated and domiciled in Scotland. Its registered office is Westby, 64 West High Street, Forfar, DD8 1BJ and its principal place of business is in the UK.
2.Accounting policies
|
|
Basis of preparation of financial statements
|
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 preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgment in applying the Company's accounting policies.
The following principal accounting policies have been applied:
The financial statements have been prepared on the going concern basis following the Director's review of the organisations future activites and the strong financial position of the organisation.
Income comprises revenue recognised by the company in respect of membership subscriptions, royalty income, congress attendance and investment income.
All membership subscriptions and congress income is recognised in the year to which it relates. Amounts received by the balance sheet date in respect of future years are deferred and income earned during the year but not received by the balance sheet date is accrued.
Royalty income, which is generally earned based upon a percentage of sales or a fixed amount per product sold, is recognised on an accrual basis.
|
|
Cash and cash equivalents
|
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. 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.
Page 2
|