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RFPS MANAGEMENT (UK) LIMITED
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
RFPS Management (UK) Limited is a private company limited by shares incorporated in England and Wales. The address of the registered office, which is also its principal place of business, is disclosed on the company information page.
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:
The directors have a reasonable expectation that the company has adequate resources to continue operational existence for the forseeable future. for this reason, the directors continue to adopt the going concern basis of accounting in preparing the annual financial statements.
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 Company only enters into basis financial instrument transactions that result in the recognition of financial assets and liabilites like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in ordinary shares.
The cost of the Company's shares held by the ESOP is deducted from equity in the Group and Company balance sheets under the heading ESOP share reserve. Any cash received by the ESOP on disposal of the shares it holds is also recognised directly in equity. Other assets and liabilities of the ESOP (including borrowings) are recognised as assets and liabilities of the Company.
The average monthly number of employees, including directors, during the year was 2 (2022 - 3).
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