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Farrat Installation Services Limited
Notes to the Financial Statements
For the Year Ended 31 December 2024
Farrat Installation Services Limited is a private company limited by shares, registered in England and Wales. The company's registered number is 06524087 and registered office address is Balmoral Road, Altrincham, Cheshire, WA15 8HJ.
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:
The group within which the company resides was loss making during the year.
The directors of the group have prepared profit and cash flow forecasts, and these demonstrate that the group will continue to be able to pay its debts as they fall due for a period of not less than 12 months from the date of signing the financial statements. The group also has access to facilities where necessary. As a result, it is appropriate to prepare these financial statements on a going concern basis.
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.
Interest income is recognised in profit or loss using the effective interest method.
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