SECURENETT LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2020
Securenett Ltd is a private company, limited by shares, incorporated in Scotland and domiciled in England.
The registered office is C/O Mazars LLP, 100 Queen Street, Glasgow, Scotland G1 3DN and then registered number is SC201025.
The principal activity of the company continued to be that of installation, monitoring and maintenance of home security systems.
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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 financial statements are prepared in GBP, which is the functional currency of the company and are rounded to the nearest £1.
The following principal accounting policies have been applied:
Securenett Ltd has net current assets of £13,613 (2019: £14,063). The company is reliant on the continuing support of its parent company, Securenett Security Systems Ltd.
The financial statements of Securenett Ltd have been prepared on the going concern basis and do not include any adjustments that might be necessary should Securenett Ltd be unable to continue on a going concern basis.
Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.
The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates income.
Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the Statement of Financial Position date, except that:
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The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and
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Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.
Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.
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