NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2024
S2 Partnership Limited is a private company, limited by shares, domiciled in England and Wales, registration number 03706897. The company's principal place of business is 14-18 Avenue Business Park, Elsworth, Cambridge, CB23 4EY.
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 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 from the company's trading operations, as follows:
Health and safety consultancy services
Turnover represents revenue earned under a wide variety of contracts to provide professional services and advice to clients. Revenue is recognised as earned when, and to the extent that, the firm obtains the right to consideration in exchange for its performance under those contracts. It is measured at the fair value of the right to consideration, which represents amounts chargeable to clients, including recoverable expenses and disbursements, but excluding Value Added Tax. Unbilled revenue is included in debtors, under 'amounts recoverable on contracts'.
Software and software related services revenue
Software licence fees, support and maintenance income is deferred at the date of invoicing and is released to the profit and loss account over the duration of the contract. The balance of income not released to the profit and loss account is included within creditors shown as 'deferred income'.
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:
A full year's 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.
Debtors are measured at transaction price, less any impairment for bad or doubtful debts.
Page 3
|