|
|
|
|
SCHILLINGS CRITICAL RISK LIMITED
|
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2025
Schillings Critical Risk Limited is a private limited liability company registered in England and Wales, with its principal place of business and registered office address at 12 Arthur Street, London, EC4R 9AB.
The principal activity of the Company is to provide professional services.
2.Accounting policies
|
|
|
Basis of preparation of financial statements
|
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.
Turnover represents the value of professional services provided to clients during the period. The value reflects the amount of time, skill and expertise expected to be recoverable from clients, excluding VAT.
Turnover is recognised in the period in which the work is carried out.
|
|
|
Foreign currency translation
|
Functional and presentation currency
The Company's functional and presentational currency is £ Sterling.
Transactions and balances
Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions.
At each period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined.
Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.
The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the Company operates and generates income.
Short term debtors are measured at the transaction price, less any impairment.
|