SUTHERLAND M POWER HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 30 JUNE 2018
Sutherland M Power Holdings Limited is a private limited company, limited by shares, incorporated and registered in England within the United Kingdom. The registered office is 16 Queen Square, Bristol, BS1 4NT and the registered number is 10859646.
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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 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 following principal accounting policies have been applied:
At the balance sheet date the company had net current liabilities of £673,258. The directors have considered the ability to continue as a going concern and believe this to be an appropriate basis on which to prepare accounts as the directors intend to continue to support the company for the foreseeable 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, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:
Rendering of services
Revenue 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 revenue 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.
Interest income is recognised in the Statement of income and retained earnings using the effective interest method.
Land and assets under construction are held at cost and not depreciated.
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