NATIONAL COLLEGE FOR NUCLEAR
(A Company limited by guarantee)
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2020
National College for Nuclear is a company limited by guarantee incorporated in the England and Wales, registration number 10064231. Its registered office and principal place of business is Lakes College West Cumbria, Hallwood Road, Lillyhall, Workington CA14 4JN.
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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 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
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The following principal accounting policies have been applied:
The Directors of the Company consider that the going concern basis is appropriate when preparing the financial statements despite net current liabillities exceeding net current assets by £19,863. There are no uncertainties surrounding the company following the year end, and the company retains the full support of Lakes College West Cumbria. There has been no impact on the company as a result of the ongoing COVID-19 pandemic which affects any of the transactions and balances within the financial statements.
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.
Grant Income
Grant income is recognised on a receipts basis and is expensed in line with the terms and conditions of the grant itself. Where the grant money has not been spent during the accounting period, it is deferred into the following year to match against expenditure incurred at a later date.
Short term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.
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