Development Dreamers Ltd
Notes to the financial statements
For the year ended 31 October 2020
Development Dreamers Ltd is a private company limited by shares which was incorporated in England and Wales with the registration number 09254727. The company's registered office is 37 St Margaret's Street, Canterbury, Kent CT1 2TU.
The financial statements are presented in pound Sterling, and rounded to the nearest pound.
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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 Financial Reporting Standard 105
the UK and the Republic of Ireland and the Companies Act 2006
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The following principal accounting policies have been applied:
The director has considered the impact of the Covid-19 pandemic on the company. Whilst it has affected the company's operations, the director has reviewed the company's finances and projections and has concluded that the company will continue in operational existence for the foreseeable future. Therefore, the financial statements have been prepared on a going concern basis.
Turnover is recognised to the extent that it is probable that the economic benefits will flow to the Company and the turnover can be reliably measured. Turnover is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before turnover is recognised:
Rendering of services
Turnover from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:
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the amount of turnover can be measured reliably;
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it is probable that the Company will receive the consideration due under the contract;
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the stage of completion of the contract at the end of the reporting period can be measured reliably; and
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the costs incurred and the costs to complete the contract can be measured reliably.
Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.
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