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SHARED APPRENTICE LIMITED
(A company limited by guarantee)
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2025
The company Shared Apprentice Limited is limited by guarantee and incorporated in Scotland. The registered office is Angus House, Orchard Bank Business Park, Forfar, Angus, DD8 1AN and the company registration number is SC509475.
The Company's functional and presentational currency is GBP.
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 Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the requirements and 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:
These financial statements have not been prepared on a going concern basis. They have been prepared under the historic convention, and in accordance with the Companies Act 2006 and applicable accounting standards in the United Kingdom.
The directors intend to wind down the Company within the next 12 months and thereafter liquidate to company. The directors have considered the assets and the liabilities of the Company and consider these to be held at the lower of cost or realisable value. No adjustments were necessary in these financial statements to reduce assets to their realisable values or to provide for liabilities arising from the decision. The financial statements have therefore been prepared on a basis other than going concern and all assets and liabilities have been reclassified as current, as required.
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.
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