MUMS ENTERPRISE LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2017
Mums Enterprise Ltd is a private company limited by shares incorporated in England and Wales. The registered office is 10 Walton Heath Close, Stanford Le Hope, Essex, England, SS17 0FY.
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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:
At the time of approving the financial statements, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements.
The company was incorporated on the 19 August 2016 and the financial statements have been drawn up for the period 19 August 2016 to 31 December 2017. There is no comparative period.
Turnover comprises fees receivable, net of VAT and other sales related taxes, for stands at exhibitions and is recognised in the period in which the exhibition takes place.
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Cash and cash equivalents
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Cash at bank and in hand are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, with no stated interest rate and receivable within one year are measured at transaction price. Any losses arising from impairment are recognised in the profit or loss account in other administrative expenses.
Basic financial liabilities
Basic financial liabilities, including creditors, with no stated interest rate and payable within one year are recorded at transaction price.
Equity instruments issued by the company are recorded at the proceeds received, net of direct issue costs.
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