VIMAP LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2024
1.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.
At 31st May 2024, the company had net liabilities of £6,847. The company is reliant on the support of the director. It is the intention of the director to support the company and therefore these accounts have been prepared on a going concern basis.
The following principal accounting policies have been applied:
Interest income is recognised in profit or loss using the effective interest method.
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Cash and cash equivalents
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Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.
Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.
The company is a private company, limited by shares and registered in England.
Its registered number is: 05822714
Its Registered Office address is:
The Drift
Grange Road
Blunham
Bedfordshire
MK44 3NS
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Judgements in applying accounting policies and key sources of estimation uncertainty
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There have been no significant judgements made by management in preparing these financial statements.
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