CREATIVE LEGAL RECRUITMENT LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 30 JUNE 2017
Creative Legal Recruitment Ltd is a private Company limited by shares incorporated in England within the United Kingdom. The address of the registered office is 20-22 Wenlock Road, London, N1 7GU. The Company is not part of a group.
2.
ACCOUNTING POLICIES
|
|
Basis of preparation of financial statements
|
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
.
The following principal accounting policies have been applied:
The Company meets its day to day working capital requirements through informal borrowing with the director. The director considers that these facilities will continue to be available to the Company and will be sufficient for the Company's needs. The director has also stated her intention to support the Company as and when required. Accordingly, these financial statements have been prepared on a going concern basis and do not include any adjustments that would result from the withdrawal of these facilities.
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.
Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.
Depreciation is provided on the following basis:
The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.
Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in the Statement of Income and Retained Earnings.
Short term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.
Page 3
|