The financial statements are prepared on the going concern basis and in accordance with the historical cost convention. Historical cost is generally based on the fair value of the consideration given in exchange for assets.
1.2. Statement of compliance
The financial statements of the company for the year end 30 September 2023 have been prepared in accordance with the Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland (FRS 102) issued by the Financial Reporting Council and in accordance with the Companies Act 2006.
1.3. Cash flow statement
The company has availed of the exemptionin FRS 102 from the requirement to prepare a Cash Flow Statement because it is classified as a small company.
1.4. Trade and other debtors
trade and other debtors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest method less impairment looses for bad and doubtful debts except where the effect of discounting would be immaterial. In such cases the receivables are stated at cost less impairment losses for bad and doubful debts.
1.5. Trade and other creditors
Trade and other creditors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest rate method, unless the effect of discounting would be immaterial, in which case they are stated at cost.
1.6. Taxation
Current tax represents the amount expected to be paid or recovered in respect of taxable profits for the financial year and is calculated using the tax rates and laws that have been enacted or substantially enacted at the Balance Sheet date.
1.7. Ordinary share capital
The ordinary share capital of the company is presented as equity.