KRINO PARTNERS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 MARCH 2022
Krino Partners Limited is a private company limited by share capital, incorporated in England and Wales, registration number 07438117. The address of the registered office is 8 King Edward Street, Oxford, OX1 4HL. The company ceased to trade at 31 March 2022.
2.
Accounting policies
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Basis of preparation of financial statements
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The following principal accounting policies have been applied:
The company has ceased trading during the reporting period, and as such the going concern basis is not applicable.
As a result of the cessation of trade, the accounts have been prepared on a basis other than going concern. This basis includes writing all balances down to recoverable values, ensuring that all assets and liabilities have been measured at fair value in the accounts.
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:
Rendering of services
Revenue 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:
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the amount of revenue can be measured reliably;
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it is probable that the company will receive the consideration due under the contract;
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the stage of completion of the contract at the end of the reporting period can be measured reliably; and
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the costs incurred and the costs to complete the contract can be measured reliably.
Grants are accounted under the accruals model as permitted by FRS 102. Grants relating to expenditure on tangible fixed assets are credited to profit or loss at the same rate as the depreciation on the assets to which the grant relates. The deferred element of grants is included in creditors as deferred income.
Grants of a revenue nature are recognised in the Statement of Income and Retained Earnings in the same period as the related expenditure.
Interest income is recognised in profit or loss using the effective interest method.
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