Diffract Ltd |
Notes to the Accounts |
for the period from 19 May 2023 to 31 May 2024 |
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1 |
Accounting policies |
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Turnover |
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Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs. |
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Debtors |
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Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts. |
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Taxation |
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A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. |
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2 |
Employees |
2024 |
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Number |
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Average number of persons employed by the company |
1 |
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3 |
Debtors |
2024 |
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£ |
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Trade debtors |
1,703 |
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4 |
Creditors: amounts falling due within one year |
2024 |
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£ |
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Taxation and social security costs |
11,444 |
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Other creditors |
3,245 |
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14,689 |
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5 |
Other information |
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Diffract Ltd is a private company limited by shares and incorporated in England. Its registered office is: |
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156 Russell Drive |
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Wollaton |
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Nottingham |
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NG8 2BE |