JAMUS BUSINESS GROUP LIMITED
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2020
Jamus Business Group Limited (the Company) is a limited company domiciled and incorporated in England and Wales.
The address of the Company's registered office and principal place of business is 28 Old Brompton Road, Suite 98, London, SW7 3SS.
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.
The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgment in applying the Company's accounting policies.
Monetary amount in these financial statements are stated in pounds sterling and are rounded to the nearest whole £1, except where otherwise indicated.
The following principal accounting policies have been applied:
The Company has made a loss after tax of £54,542 (2019: £49,324) and at the balance sheet date, the Company had net current liabilities of £216,760 (2019: £154,705). The director has provided a confirmation that he will provide financial support to the Company to allow it to meet its financial obligations as they fall due. Furthermore, the director has confirmed he will not recall the loan made to the Company for at least 12 months from the date on which these financial statements are signed.
Revenue is recognised by the company in respect of services supplied during the year, exclusive of Value Added Tax and trade discounts. Revenue is included on an accruals basis according to the period when the consulting service is provided.
Grants are accounted under the accruals model as permitted by FRS 102.
Grants of a revenue nature are recognised in the Statement of income and retained earnings in the same period as the related expenditure.
Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.
All borrowing costs are recognised in profit or loss in the year in which they are incurred.
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