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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2019
Saltire Connect Limited is a private company limited by shares and incorporated in Scotland. The address of the registered office is given in the company information page of these financial statements.
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.
The following principal accounting policies have been applied:
Turnover comprises revenue in respect of services provided during the year. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.
The Coronavirus pandemic is creating significant uncertainty globally and the company is not immune to this.
The Director is working to ensure the safety of the company employees and maintaining the continuity of the operations as far as she is able, whilst adhering to Government advice. Whilst the pandemic will have a financial impact on the company, at this stage it is not possible to reliably forecast what this may be. However, the director has taken all relevant measures to ensure she is able to safeguard the ongoing projects, and to put the company in the best possible position to be able to pick up on opportunities as they arise once business starts to return to normal. The company also has the financial support of group companies.
Given the uncertainties that exist, this may cast significant doubt on the company’s ability to continue as a going concern, however, the Director believes that with the support of the group and the actions she has taken should enable the company to continue in operational existence.
Tax is recognised in the Statement of Income and Retained Earnings, except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.
The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the Company operates and generates income.
The Company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in non-puttable ordinary shares.
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