NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2021
AITO Promotions Limited is a private company limited by shares incorporated in England. The address of
the registered office is given in the company information page of these financial statements. The nature
of the company's operations and principal activities in the year under review were those of arranging
conference and promotional activities for The Association of Independent Tour Operators.
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 Section 1A of
Financial Reporting Standard 102, the Financial Reporting Standard applicable in
the UK and the Republic of Ireland and the Companies Act 2006
.
In common with many companies, the company has been dealing with the concerns over the coronavirus. In FY19/20, when COVID struck, the officers took immediate action to preserve cash in year resulting in a surplus at year end which was used to subsidise membership fees in the current financial year, and which could also cover the deficit in full. The directors have prepared forecasts considering their assessment of the potential reduction in membership fees for FY21/22 and are confident that the company will be able to continue to meet their liabilities as they fall due for a period of not less than 12 months from the date these accounts are signed.
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
Interest income is recognised in profit or loss using the effective interest method.
Grants are accounted under the accruals model as permitted by FRS 102. Grants of a revenue nature are recognised in the Statement of comprehensive income in the same period as the related expenditure.
Defined contribution pension plan
The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations.
The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Balance sheet. The assets of the plan are held separately from the Company in independently administered funds.
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