QUESTER ACADEMIC GP LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2019
Quester Academic GP Limited Limited is a private company limited by shares and is registered in England. The address of its registered office and principal place of business is 62 Dean Street, London, W1D 4QF.
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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 Companies Act 2006
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The following principal accounting policies have been applied:
Following the successful conclusion of the intended activities by the company, the directors intend to carry out an orderly wind down of the company's activities and enter into a voluntary liquidation once activities have ceased, all liabilities have been settled and the original capital and profits distributed. Accordingly, the directors have prepared the financial statements on a break up basis.
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. The following criteria must also be met before revenue is recognised:
Turnover comprises the company's share of profit as General Partner of the Second ISIS College Fund Limited Partnership. Revenue is recognised over the period covered by, and in accordance with, the Limited Partnership Agreements.
Short term debtors are measured at transaction price, less any impairment.
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Foreign currency translation
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Functional and presentation currency
The Company's functional and presentational currency is GBP.
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Cash and cash equivalents
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Cash is represented by cash in hand and deposits with financial institutions repayable without
penalty on notice of not more than 24 hours.
Short term creditors are measured at the transaction price.
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