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Fourteen IP Network Services Limited
Notes to the Financial Statements
For the Year Ended 31 December 2024
Fourteen IP Network Services Limited is a private company limited by shares, incorporated in England and Wales.
The address of the registered office is Unit 4, Lock Flight Buildings, Wheatlea Industrial Estate, Wheatlea Road,
Wigan, Lancashire, WN3 6XP. The company number is 07548154.
The nature of the Company's operation and principal activity is that of the provision of hotel communication
solutions.
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 following principal accounting policies have been applied:
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. The following criteria must also be met before revenue is recognised:
∙When the outcome of contracts can be estimated reliably, contract revenue and contract costs are
recognised as revenue and expenses respectively by reference to the stage of completion at the end of the
reporting period.
∙Reliable estimation of the outcome of contracts requires reliable estimates of the stage of completion,
future costs, and collectability of billings.
∙When the outcome of a contract cannot be estimated reliably, revenue is only recognised to the extent of
contract costs incurred that it is probable will be recoverable.
∙When it is probable that the total contract costs will exceed total contract revenue on a contract, the expected loss shall be recognised as an expense immediately, with a corresponding provision for an onerous contract.
Where costs incurred plus recognised profits less recognised losses exceed progress billing, the balance is
shown as due from customers on contracts within debtors. Where progress billings exceed costs incurred plus
recognised profits less recognised losses, the balance is shown as due to customers on contracts within
creditors.
Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount.
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