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OLD ALBANIAN SPORTS CLUB LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2022
Old Albanian Sports Club Limited is a private company limited by shares incorporated in England & Wales under the Companies Act 2006. The address of the registered office is given on the company information page. The nature of the Company's operations and its principal activities are set out in the Director's report.
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 Company meets its day to day working capital requirements through intercompany financing that it receives from its parent entity, the Old Albanian Sports Association Limited. On this basis the Director considers that the Company will continue to operate for the forseeable future and it is therefore appropriate to prepare the accounts on a going concern basis.
The Covid-19 (coronavirus) pandemic has had an increasingly significant effect on individuals, businesses and organisations worldwide, including Old Albanian Sports Club Limited. The outbreak came into widespread public knowledge in 2020 with the business forced to close for periods during this and the previous financial year due to lockdown conditions.
The Director has considered the effect on the value of the assets and liabilities of the Company since the balance sheet date, as well as actual and expected future income and expenditure, cash flow requirements and the Company’s ability to continue as a going concern. Steps have been taken to protect the workforce and the business so as to be able to maintain liquidity given that the effects of the crisis are ongoing.
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:
Sale of goods
Revenue from the sale of goods is recognised when all of the following conditions are satisfied:
∙the Company has transferred the significant risks and rewards of ownership to the buyer;
∙the Company retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold;
∙the amount of revenue can be measured reliably;
∙it is probable that the Company will receive the consideration due under the transaction; and
∙the costs incurred or to be incurred in respect of the transaction can be measured reliably.
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