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FELSTED MACKINS LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2024
Felsted Mackins Limited is a private limited company by shares and incorporated on 2 August 2022 in England and Wales, registeration number 14269294. The registered office is 8 The Courtyard, Wyncolls Road, Severalls Industrial Park, Colchester, Essex, United Kingdom, C04 9PE
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 average monthly number of employees, including directors, during the year was 3 (2023: 3)
The Directors have assessed the Statement of Financial Position and likely future cash flows at the
date of approving these financial statements. The Directors note that the business has net liabilities
of £11,353. The Company is supported through loans from the Director's. The Director's have confirmed that the loan facilities will continue to be available for at least 12 months from the date of signing these financial statements and will continue to support the Company. The loan is unsecured and interest-free.
Given the current position, the Directors believe that any foreseeable debts can be met for at least
12 months from the date of signing these financial statements. Accordingly, they continue to adopt
the going concern basis in preparing the financial statements.
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:
Sale of goods
Revenue from the sale of goods is recognised when all of the following conditions are satisfied:
∙the Company has transferred the significant risks and rewards of ownership to the buyer;
∙the Company retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold;
∙the amount of revenue can be measured reliably;
∙it is probable that the Company will receive the consideration due under the transaction; and
∙the costs incurred or to be incurred in respect of the transaction can be measured reliably.
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