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Nexxus Corporation Limited
Notes to the Financial Statements
For the Year Ended 31 December 2021
The company is a private company limited by share capital incorporated in England and Wales. The
address of its registered office is: 9 Donnington Park, 85 Birdham Road, Chichester, West Sussex, PO20
7AJ.
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:
The financial statements have been prepared on a going concern basis. While the impact of the
Covid-19 virus has been assessed by the directors, so far as reasonably possible, due to its
unprecedented impact on the wider economy, it is difficult to evaluate with any certainty the potential
outcomes on the company's trade, its customers and suppliers. However, taking into consideration
the UK Government's response and the company's planning, the directors have a reasonable
expectation that the company will continue in operational existence 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. Revenue represents rental income, maintenance fees and other expenses recharged by the company.
Grants are accounted under the accruals model as permitted by FRS 102.
Grants of a revenue nature are recognised in the Statement of Income and Retained Earnings in the same period as the related expenditure.
Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation. 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 provided on the following basis:
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15% or 20% reducing balance basis per annum
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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 profit or loss.
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