DOY YOUTH DEVELOPMENT LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 30 MARCH 2019
DOY Youth Development Limited is a private company limited by shares and incorporated in England and Wales. Its registered office is 66 Lincoln's Inn Fields, London, WC2A 3LH.
The functional and presentational currency of the Company is GBP.
The financial statements of the Company are consolidated in the financial statements of The Prince Andrews Charitable Trust, charity number 290140. These consolidated financial statements are available from The Charity Commission, PO Box 1227, Liverpool, L69 3UG.
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 following principal accounting policies have been applied:
Subsequent to the year end, the directors, in conjunction with the trustees of the parent charity, The Prince Andrew Charitable Trust, took the decision to cease operations. The decision has been communicated to employees. The directors anticipate all existing activities will be concluded by 31 March 2020 and the Company wound up shortly after.
For the reasons set out above the financial statements have been prepared on a basis other than going concern. Assets have been reviewed by the directors and are measured at their recoverable amount, no onerous committed liabilities have been identified. The change in basis of preparation required no adjustment to the amounts reported in the financial statements on a going concern basis prior to the announcement of the controlled cessation of trade.
Turnover is recognised at the fair value of the consideration received or receivable in the form of sponsorship fee for tournaments held during the period.
All borrowing costs are recognised in the Profit and Loss Account in the period in which they are incurred.
The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the Company operates and generates income. Tax is recognised in the Profit and Loss Account.
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