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Cumbria ATA Limited
Notes to the Financial Statements
For the Period Ended 31st July 2024
Cumbria ATA Limited is a private company limited by shares, incorporated in England and Wales, registered number 05698316. The address of the registered office is Centre for Advanced Manufacturing & Nuclear Skills, Blackwood Road, Lillyhall Industrial Estate, Lillyhall, Workington, Cumbria, CA14 4JJ. The principal activity is that of an apprenticeship training academy.
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 preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgement in applying the Company's accounting policies.
The following principal accounting policies have been applied:
The directors have assessed the Company's ability to continue as a going concern in accordance with FRS 102.
It is the intention of the directors to liquidate the Company within 12 months of the balance sheet date. The Company's assets will be realised and distributed to creditors in accordance with applicable legal and regulatory requirements. Consequently, the accounts have been prepared on a basis other then going concern.
Turnover is recognised to the extent that it is probable that the economic benefits will flow to the Company and the turnover can be reliably measured. Turnover 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 turnover is recognised:
Rendering of services
Turnover 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 turnover 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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