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MAHARISHI INTERNATIONAL GRADUATE SCHOOL
(A company limited by guarantee)
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2024
Maharishi International Graduate School is a company limited by guarantee, also registered as a charity in England - Charity number 1178230. The registered office is Hopkin The Heath, Lavenham Road, Great Waldringfield, Sudbury CO10 0SA.
The following principal accounting policies have been applied:
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 Directors assess whether the use of going concern is appropiate i.e. whether there are anymaterial uncertainties related to events or conditions that may cast significant doubt on the ability of the Company to continue as a going concern.
The Directors make this assessment in respect of a period of at least one year from the date of authorisation for issue of the financial statements and have concluded that they will continue to support the Company with adeqaute resources to continue in operational existence for the foreseeable future and there are no material uncertainties about the Company's ability to continue as a going concern. Thus they continue to adopt the going concern basis of accounting in preparing the financial statements.
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts
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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.
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