FARSIGHT RECRUITMENT (HOLDINGS) LIMITED
Notes to the financial statements
For the year ended 30 June 2024
Farsight Recruitment (Holdings) Limited is a private company limited by shares incorporated in Englandand Wales. The registered office is The Homestead, Derby Road, Lower Kilburn, Derbyshire, DE56 0NH.
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 directors consider that it is appropriate to prepare the financial statements on a going concern basis. The basis for this is outlined in more detail below.
The directors have not considered it necessary to prepare formal forecasts for the Company as it will continue to be supported by its parent company.
The directors therefore, consider that they have a reasonable expectation that the Company has adequate resources to continue in operational existence for the foreseeable future. The Company therefore, continues to adopt the going concern basis in preparing its financial statements.
Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.
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.
Basic financial assets
Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at transaction price. Any losses arising from impairment are recognised in the profit and loss account.
Basic financial liabilities
Loans and borrowings are initially recognised at the transaction price including transaction costs.
Subsequently, they are measured at amortised cost using the effective interest method. Loans and
borrowings that are receivable within one year are not discounted. If an arrangement constitutes a finance transaction it is measured at present value of future payments discounted at a market rate of interest for a similar loan.
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