Transgressive North
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Notes to the Accounts |
for the year ended 31 October 2019
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1 |
Accounting policies |
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Basis of preparation |
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The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).
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Turnover |
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Turnover represents the value of sales, income from events as well as donations. Income is recognised on receipt unless there are imposed pre-conditions or that the income is for a future accounting period.
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Tangible fixed assets |
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Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
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Equipment |
over 4 years |
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Stocks |
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Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first in first out method. The carrying amount of stock sold is recognised as an expense in the period in which the related revenue is recognised.
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Debtors |
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Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
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Creditors |
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Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
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2 |
Employees |
2019 |
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2018 |
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Number |
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Number |
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Average number of persons employed by the company |
0 |
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0 |
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3 |
Tangible fixed assets |
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Equipment |
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£ |
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Cost |
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At 1 November 2018 |
4,702 |
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Disposals |
(1,176) |
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At 31 October 2019 |
3,526 |
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Depreciation |
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At 1 November 2018 |
4,702 |
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On disposals |
(1,176) |
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At 31 October 2019 |
3,526 |
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Net book value |
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At 31 October 2019 |
- |
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4 |
Debtors |
2019 |
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2018 |
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£ |
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£ |
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Other debtors |
200 |
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1 |
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5 |
Creditors: amounts falling due within one year |
2019 |
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2018 |
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£ |
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£ |
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Trade creditors |
210 |
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200 |
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Taxation and social security costs |
293 |
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31 |
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Other creditors |
10,368 |
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10,368 |
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10,871 |
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10,599 |
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6 |
Other information |
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Transgressive North is a private company limited by guarantee and incorporated in Scotland. Its registered office is: |
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47 Willowbrae Avenue |
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Edinburgh |
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EH8 7HF |