Monterey Limited
|
Notes to the Accounts |
for the year ended 31 December 2016
|
|
|
1 |
Accounting policies |
|
|
Basis of preparation |
|
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).
|
|
|
Going Concern |
|
The company is dependant on the continued financial support of the company's shareholder to enable it to continue operating and to meet its liabilities as they fall due. The shareholder has confirmed that they will continue to provide financial support to the company for the forseeable future to enable the company to continue normal activities until it is in a financial position to support itself. For this reason, the directors continue to adopt the going concern basis in producing the financial statements. Should this financial support not be available, the going concern basis would be inappropriate and adjustments would have to be made to revise the value of assets to their net realisable amount and to provide for any further liabilities which may arise. |
|
|
Turnover |
|
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
|
|
|
Debtors |
|
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
|
|
|
Creditors |
|
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
|
|
|
Foreign currency translation |
|
Transactions in foreign currencies are initially recognised at the rate of exchange ruling at the date of the transaction. At the end of each reporting period foreign currency monetary items are translated at the closing rate of exchange. Non-monetary items that are measured at historical cost are translated at the rate ruling at the date of the transaction. All differences are charged to profit or loss.
|
|
|
2 |
Debtors |
2016 |
|
2015 |
€ |
€ |
|
|
Other debtors |
278 |
|
- |
|
|
|
|
|
|
|
|
|
|
3 |
Creditors: amounts falling due within one year |
2016 |
|
2015 |
€ |
€ |
|
|
Other creditors |
29,499 |
|
16,499 |
|
|
|
|
|
|
|
|
|
|
4 |
Other information |
|
|
Monterey Limited is a private company limited by shares and incorporated in England. Its registered office is: |
|
Fourth Floor |
|
20 Margaret Street |
|
London |
|
United Kingdom |
|
W1W 8RS |