NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2024
Monk PR Limited is a private limited liability company registered in England and Wales, with its business office address at 2 Station Road, Gerrards Cross, Buckinghamshire SL9 8EL.
The principal activity of the Company continued to be that of a public relations agency.
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 financial statements of the Company have been prepared on a going concern basis, the validity of which is dependant on the continued support from the director of the Company. The director is satisfied that suitable facilities will continue to be made available. Accordingly, he continues to adopt the going concern basis in preparing the financial statements.
Turnover comprises revenue recognised by the Company in respect of fees receivable during the year, exclusive of Value Added Tax.
Revenue is recognised in the period to which it relates.
Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.
Depreciation is provided on the following basis:
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Fixtures, fittings and equipment
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33.33% straight line basis
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The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.
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Operating leases: the Company as lessee
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Rentals paid under operating leases are charged to the Statement of Comprehensive Income on a straight-line basis over the lease term.
Short term debtors are measured at the transaction price, less any impairment.
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