WASHINGTON ACADEMY FOR MANAGEMENT OF TECHNOLOGY LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2019
Washington Academy for Management of Technology LTD is a private company limited by shares and incorporated in England & Wales.
The address of the registered office is Regina House, 124 Finchley Road, London, NW3 5JS.
The trading address is Room 210, 2nd Floor, Titan, 3 Bishop Square, Hatfield, Hertfordshire, AL10 9NA.
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
in the UK and the Republic of Ireland and the Companies Act 2006
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At the balance sheet date, the company had net liabilities of £249,346 and is dependent on the support of one of the directors and shareholder. That director has confirmed her intention to continue to provide financial support to the company for the foreseeable future.
On this basis, the directors consider it appropriate to prepare the financial statements on the going concern basis. The financial statements do not include any adjustments that would result from the withdrawal of the aforementioned support.
Should such support be withdrawn, the company may be unable to continue trading and adjustments may have to be made to reduce the value of the assets to their recoverable amount and provide for any further liabilities that may arise.
The coronavirus crisis has created significant uncertainty over the global economy. At the date of approval of these financial statements, the full extent of the crisis remains unknown. The company has adequate resources to continue with some level of activity from a minimal to full levels. Although the potential effect of the coronavirus can be modelled, it is very difficult to determine the assumptions that will prove to be most appropriate and therefore there is an element of doubt existing that cannot be quantified.
The directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. The company therefore continues to adopt the going concern basis in preparing its financial statements, but with the proviso that a material uncertainty exists over the company’s future.
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. Turnover represents fees receivable from educational consulting services rendered and sales of camera filters .
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