1. Statutory Information |
LOVE PRINTING LIMITED is a private company, limited by shares, registered in England and Wales, registration number 07064988. |
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2. Accounting Policies |
Basis of preparing the Financial Statements |
The accounts have been prepared in accordance with the provisions of FRS 102 Section 1A Small Entities. |
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Presentation Currency |
The accounts are presented in £ sterling. |
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Turnover |
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Turnover is recognised at the fair value of the consideration received or receivable for goods and servicesprovided in the normal course of business , and is shown net of VAT and other sales related taxes . The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.When cash inflows are deferred and represent a financing arrangement, the fair value of the consideration is the present value of the future receipts. The difference between the fair value of the consideration and thenominal amount received is recognised as interest income.Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer (usually on dispatch of the goods) , the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably.Revenue from contracts for the provision of professional services is recognised by reference to the stage of completion when the stage of completion, costs incurred and costs to complete can be estimated reliably. Thestage of completion is calculated by comparing costs incurred, mainly in relation to contractual hourly staffrates and materials, as a proportion of total costs. Where the outcome cannot be estimated reliably, revenue isrecognised only to the extent of the expenses recognised that are recoverable. |
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