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MARTIN & PLEASANCE UK LIMITED
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2019
Martin & Pleasance UK Limited is a private company limited by shares, registered in England and Wales. The address of its registered office is disclosed on the company information page.
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 Company's functional and presentational currency is GBP.
The principal accounting policies adopted in the preparation of annual statements are set out below and have remained unchanged from the previous year, and have also been applied consistently in the same accounts.
The accounts have been prepared on the assumption that the Company is a going concern. This is on the grounds that a fellow subsidiary will continue to provide financial support as and when needed for the Company to meet its liabilities as they fall due from a period of at least 12 months from the approval of these accounts.
At the time of the approval of the financial statements, the coronavirus pandemic is creating uncertainty globally however the Directors have not seen a material impact of the pandemic on their operations with strong sales being made following the year-end.
As a result of the actions described above, the Directors have a reasonable expectation that the Company has adequate resources to continue in operational existence for the foreseeable future. Accordingly, they continue to adopt the going concern basis in preparing the annual report and accounts.
The turnover shown in the profit and loss account represents amounts receivable for goods sold, net of trade discounts, VAT and other sales and related taxes. Turnover is recognised at the point of the goods from the warehouse.
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.
Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of the transaction. Exchange differences are taking into account at arriving at the operating profit.
Tax is recognised in the Statement of Income and Retained Earnings, 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.
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