Centros Management Limited
Notes to the Financial Statements
For the Year Ended 31 March 2021
Centros Management Limited is a private company limited by shares incorporated in Scotland with the registration number SC295044.
The principal place of business is:
4th Floor
Connaught House
1-3 Mount Street
London
W1K 3NB
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 following principal accounting policies have been applied:
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.
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Related party transactions
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Centros UK Limited
(Parent company)
During the year the company paid management fees totalling £209,000 (2020 - £144,000) to Centros UK Limited. At the balance sheet date the amount due to Centros UK Limited was £nil (2020 - £nil).
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