Povey Little Secretaries Limited - Full Accounts
Povey Little Secretaries Limited - Full Accounts
for the year ended 31st October 2019
CONTENTS
for the year ended 31st October 2019
The Accounts are comprised of the following:
Statement of Financial Position
Please note that the Accounts comprise of HTML and iXBRL source code and that this is a printed or visual representation of that source code some of which will not be displayed or printed.
Company No.
STATEMENT OF FINANCIAL POSITION
as at 31st October 2019
Approved by the Board on
Director
Company Number
NOTES TO THE ACCOUNTS
for the year ended 31st October 2019
1 Statutory information
These financial statements are presented in Sterling, which is the functional currency of the company.
2 Accounting policies
Basis of preparation of financial statements
Income Recognition
Revenue is measured at the fair value of the consideration received or receivable. Turnover is shown net of value added tax, returns, rebates and discounts. Revenue is recognised for the sale of goods when the vendor has transferred the significant risks and rewards of ownership, it is possible that the economic benefit will flow to the entity and the revenue and associated costs can be reliably measured.
Leasing
Assets, obtained under hire purchase contracts and finance leases, are capitalised as tangible fixed assets. Assets acquired under finance leases are depreciated over the shorter of the lease term and their useful lives. Assets acquired under hire purchase contracts are depreciated over their useful lives. Finance leases are those where substantially all of the benefits and risks of ownership are assumed by the company. Obligations under such agreements are included in creditors net of the finance charge allocated to future periods. The finance element of the rental payment is charged to the profit and loss account so as to produce a constant periodic rate of charge on the net obligation outstanding in each period.
Rentals applicable to operating leases where substantially all of the benefits and risks of ownership remain with the lessor are charged to profit and loss account on a straight line basis.
3 Employee information
The average number of employees during the accounting period was