Balance sheet continued

As at 31 December 2024

For the year ending 31 December 2024 the company was entitled to exemption under section 477 of the Companies Act 2006 relating to small companies.

The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The notes form part of these financial statements

Notes to the Financial Statements

for the Period Ended 31 December 2024

• 1. Accounting policies

  Basis of measurement and preparation

  These financial statements have been prepared in accordance with the provisions of Section 1A (Small Entities) of Financial Reporting Standard 102

  Turnover policy

  Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. Turnover from the rendering of technical and consultancy services is recognised by reference to the stage of completion of the contract.

  Other accounting policies

  The company only enters into basic financial instrument transactions, such as trade and other debtors and creditors , loans from banks and other third parties, and loans to related parties. Financial assets measured at cost or amortised cost are reviewed for impairment at each reporting date, with any loss recognised in the Profit and Loss account. Financial assets and liabilities are offset in the Balance Sheet where there is a legal right to set off and an intention to settle on the net basis or simultaneously. Taxation for the year comprises current and deferred tax. Tax is recognised in the Profit and Loss Account, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. Current or deferred taxation assets and liabilities are not discounted. Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date. Foreign currency transactions are recorded at the exchange rate on the transaction date. Monetary assets and liabilities are translated at the rates ruling at the balance sheet date, with any exchange differences recognised in the profit and loss account as part of the operating result. Basic financial assets, including trade and other debtors, are initially recognised at the transaction price, except where the arrangement is a financial transaction, in which case they are measured at the present value of future receipts discounted at a market rate of interest. These assets are subsequently measured at amortised cost using the effective interest method, less any impairment. Cash and cash equivalents include cash in hand, deposits held at call with financial institutions, and other short-term, highly liquid investments with original maturities of three months or less. Basic financial liabilities, including trade and other creditors, loans from third parties and loans from related parties , are initially recognised at the transaction price, except where the arrangement is a financial transaction, in which case the liability is measured at the present value of future payments discounted at a market rate of interest. These liabilities are subsequently measured at amortised cost using the effective interest method, less any impairment.