Notes to the Financial Statements
For the Period Ended 31 March 2024
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Purley War Memorial Hospital, 856, Brighton Road, Purley, Surrey, United Kingdom, CR8 2YL.
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 consider the company to be a going concern.
During the start up phase, whilst the product is being developed, the company will not generate any revenue, with losses expected initially. The directors therefore confirm their support and will ensure that any liabilities falling due will be met in order to enable the company to remain as a going concern for at least the next 12 months from the date of signing.
In the research phase of an internal project it is not possible to demonstrate that the project will generate future economic benefits and hence all expenditure on research shall be recognised as an expense when it is incurred. Intangible assets are recognised from the development phase of a project if and only if certain specific criteria are met in order to demonstrate the asset will generate probable future economic benefits and that its cost can be reliably measured. The capitalised development costs are subsequently amortised on a straight-line basis over their useful economic lives, which range from 3 to 6 years.
If it is not possible to distinguish between the research phase and the development phase of an internal project, the expenditure is treated as if it were all incurred in the research phase only.
Intangible assets are initially recognised at cost. After recognition, under the cost model, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.
All intangible assets are considered to have a finite useful life. If a reliable estimate of the useful life cannot be made, the useful life shall not exceed ten years.
The company is currently in the process of developing an application which will allow patients to access medical advice. The project was started early 2023 and has since continued into the development phase in 2024. The product is expected to be brought to use in 2025 at which point the costs incured in relation to the application development will begin to be amortised.
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