NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
Almost Tangible Ltd is a private Company limited by shares, incorporated and registered in England and Wales, United Kingdom. The Company's registered office is Harwood House, 43 Harwood Road, London, SW6 4QP.
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:
During the year ended 31 March 2024 the Company made a profit after tax of £2,251 (2023: loss of £3,865), reducing the balance sheet deficit to £217,285 (2023: £219,536) at the year end. Within this balance is a balance of £257,226 (See note 10) owed to related persons of the Company who have agreed to continue to provide such financial support as is required whilst the Company strengthens its own financial position.
In light of the above, the director is confident that the Company will continue in operational existence for the foreseeable future and that the going concern basis is therefore appropriate for the preparation of the Company's accounts.
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 following criteria must also be met before revenue is recognised:
Sale of goods
Revenue from the sale of goods is recognised when all of the following conditions are satisfied:
∙the Company has transferred the significant risks and rewards of ownership to the buyer;
∙the Company retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold;
∙the amount of revenue can be measured reliably;
∙it is probable that the Company will receive the consideration due under the transaction; and
∙the costs incurred or to be incurred in respect of the transaction can be measured reliably.
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