The accounts have been prepared under the historical cost convention and in accordance with FRS 102, the Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by Section 1A of the standard)

The company continues to trade with the financial support given by the directors who will continue to provide that support for the foreseeable future. The directors have also considered the impact of COVID and have the opinion that the pandemic no longer impacts on the trading position of the company. The directors have reviewed the balance sheet position and consider that the company is in a good financial position to manage its business risks to allow the company to continue trading successfully. Therefore, the financial statements continue to be prepared on a going concern basis.

Turnover is made up of the invoiced value of goods and services provided by the company during the course of its ordinary business and is shown net of trade discounts. Turnover is recognised in the financial statements on the basis of invoiced sales which are issued periodically during the year. Services are invoiced in advance of the service being provided and provisions are made for sales invoiced in advance at the reporting date.  

Rentals payable under operating leases are charged against income on a straight-line basis over the lease term.

The current tax provision is based on the taxable profit or loss for the period. The taxable profit or loss may differ from the profit or loss reported in the financial statements because adjustments are made for items that are treated differently for tax purposes compared to their treatment for accounting purposes. The tax calculations are based on tax rates that have been enacted or substantively enacted by the reporting date.

Deferred tax is provided in full in respect of taxation deferred by timing differences between the treatment of certain items for tax purposes compared to their treatment for accounting purposes. The deferred tax balance has not been discounted.

Dividends that are deemed to have been approved and paid during the period are included in these financial statements. Proposed dividends are only included as liabilities in the statement of financial position when their payment has been approved by the shareholders prior to the statement of financial position date.

Tangible fixed assets, other than freehold land, are stated at cost or valuation less depreciation and any provision for impairment. Depreciation is provided at rates calculated to write off the cost or valuation of fixed assets, less their estimated residual value, over their expected useful lives on the following basis:

Provisions are recognised when the company has a present obligation as a result of a past event which it is more probable than not will result in an outflow of economic benefits that can be reasonably estimated.

The company has elected to apply the provisions of Section 11 Basic Financial Instruments and Section 12 Other Financial Instruments Issues of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.
Basic financial instruments included within these financial statements are valued at the transaction price applicable at the time of the transaction.
Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.