UK AGRO SOLUTIONS LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 MAY 2021
UK Agro Solutions Ltd is a private Company limited by shares incorporated in England and Wales within the United Kingdom. The address of the registered office is William James House, Cowley Road, Cambridge CB4 OWX. This Company is not part of a group.
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
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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.
The following principal accounting policies have been applied:
The director's have assessed the current and future effects of Covid-19 on the Company. It has been
decided that as the Company has been classed as essential and will continue to trade during the
pandemic, on this basis, the directors considers it appropriate to prepare the financial statements on
a going concern basis.
The director's consider that the resources available to the Company will be sufficient for it to be able
to continue as a going concern during the restrictions and once the restrictions are lifted. However,
there is a high level of uncertainty about how long the restrictions will last and the level of demand
once the restrictions have ended which could affect this assessment. The financial statements do not
contain any adjustments that would be required if the company were not able to continue as a going
concern.
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.
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