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Company registration number:
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10953402
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Ceylon Bake House Ltd
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Balance sheet - continued
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as at 30 September 2024
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4
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4. Accounting Policies
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4.1. Basis of Preparation of Financial Statements
The financial statements have been prepared under the historical cost convention and in accordance
with Financial
Reporting Standard 102 section 1A Small Entities "The Financial Reporting Standard applicable in the
UK and Republic
of Ireland" and the Companies Act 2006.
4.2. Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and
value added
taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services.
Turnover is
reduced for estimated customer returns, rebates and other similar allowances.
Sale of goods
Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of
the goods has
transferred to the buyer. This is usually at the point that the customer has signed for the delivery of the
goods.
Rendering of services
Turnover from the rendering of services is recognised by reference to the stage of completion of the
contract. The
stage of completion of a contract is measured by comparing the costs incurred for work performed to
date to the total
estimated contract costs. Turnover is only recognised to the extent of recoverable expenses when the
outcome of a
contract cannot be estimated reliably.
4.3. Tangible Fixed Assets and Depreciation
Tangible fixed assets are measured at cost less accumulated depreciation and any accumulated
impairment losses.
Depreciation is provided at rates calculated to write off the cost of the fixed assets, less their estimated
residual value,
over their expected useful lives on the following bases:
Plant & Machinery 18%
Fixtures & Fittings 18%
4.4. Stocks and Work in Progress
Stocks and work in progress are valued at the lower of cost and net realisable value after making due
allowance for
obsolete and slow-moving stocks. Cost includes all direct costs and an appropriate proportion of fixed
and variable
overheads. Work-in-progress is reflected in the accounts on a contract by contract basis by recording
turnover and
related costs as contract activity progresses.
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The company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to
small companies for the year ended 30 September 2024.
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The members have not required the company to obtain an audit in accordance with section 476 of the
Companies Act 2006.
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The director acknowledges their responsibilities to comply with the Companies Act 2006 in respect to
accounting records and the preparation of financial statements.
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2
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