TERINEX LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2024
Terinex Limited is a private company limited by share capital, incorporated in England and Wales, registration number 04937132. The company ceased trading in December 2020 and vacated is trading premises with all remaining business now conducted from its registered office.
2.Accounting policies
|
|
Basis of preparation of financial statements
|
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 Company's functional and presentational currency is GBP.
In preparing the financial statements, a rounding tolerance of £5 has been used, in accordance with Company policy and in line with the previous year.
The following accounting policies have been applied:
The company disposed of it's trade and assets in December 2020. Following the completion of the deals the company ceased trading and it is the director's intention to close the company in the future.
As a result of this, the accounts have been prepared on a basis other than that of the going concern basis as set out in note 2.1.
Interest income is recognised in profit or loss using the effective interest method.
Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.
The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the company operates and generates income.
|
|
Cash and cash equivalents
|
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.
|