NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 MARCH 2023
HN06 Limited is a private company limited by shares and incorporated in England and Wales. The registered office address is disclosed on the company information page. The company was incorporated on 12 July 2022 and commenced trading from this date.
2.Accounting policies
|
|
Basis of preparation of financial statements
|
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:
The company’s most recent cash flow forecast, taking account of contracted projects and reasonably possible trading performance, including modelling potential downside scenarios, shows that the company will be able to operate within the limits of existing support from the directors. However, at the balance sheet date, the company had net current liabilities of £10,618. It is therefore reliant upon the support of the directors, which they have confirmed they will continue to provide as necessary.
Whilst some uncertainties exist, the directors believe that the actions they have taken, and their commitment to providing ongoing support if required, will enable the company to continue in operational existence for at least 12 months from the approval of these accounts. They have therefore adopted the going concern in preparing these accounts.
Revenue is derived through the provision of consultancy services and 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.
|