PHILFORD BATCHING PLANT LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024
Philford Batching Plant Limited is a private Company limited by shares, incorporated in England and Wales (registered number: 12487294). Its registered offfice is Unit 35 Aldwarke Business Park, Waddington Way, Rotherham, South Yorkshire, England, S65 3SH. The principal activity of the Company throughout the period was that of the manufacture of equipment for concrete crushing, screening and roadworks.
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 Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.
The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgment in applying the Company's accounting policies.
The following principal accounting policies have been applied:
The financial statements have been prepared on the basis that the company will be able to continue as a going concern. At the reporting date, the Company has net liabilities of £1,796. The director has based their assumption on forecast data and the availability of support from the parent company, who is the Company's only creditor. The director has therefore concluded that the Company is a going concern.
Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:
Rendering of services
Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:
∙the amount of revenue can be measured reliably;
∙it is probable that the Company will receive the consideration due under the contract;
∙the stage of completion of the contract at the end of the reporting period can be measured reliably; and
∙the costs incurred and the costs to complete the contract can be measured reliably.
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