NETHERTON BUILDING AND CONSTRUCTION COMPANY LIMITED
Notes to the Financial Statements
For the Year Ended 30 June 2024
Netherton Building and Construction Company Limited is a private company limited by shares and iincorporated in England and Wales. The company registered number is 00285372 and its registered head office is located at Environment House, 1 St. Marks Street, Nottingham, NG3 1DE.
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 Section 1A of Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.
The financial statements are presented in Sterling which is the functional currency of the company and are rounded to the nearest £1.
The following principal accounting policies have been applied:
The Company has net liabilities and is therefore reliant upon the continuing support of group and related undertakings in order to meet its financial obligations as they fall due. The Company has received confirmation from these related companies that this financial support will be provided for a period not less than 12 months from the approval of these financial statements. As such the directors believe the Company to be a going concern and the financial statements have been prepared on a going concern basis.
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.
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 amont 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 date can be measured reliably; and
∙the costs incurred and the costs to complete the contract can be measured reliably.
Revenue from project management fees is recognised as costs are incurred.
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.
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