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Campbell Safety Consultancy Limited
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Notes to the financial statements
For the year ended 31 October 2020
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is 35 Holt Drive, Loughborough, Leicestershire, LE11 3HZ, England.
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3.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:
In light of recent global events which persist at the date of approval of these financial statements, the director has taken measures to counter the potential impact of Covid-19 on the company’s operations and the resultant financial impact. Whilst there has been no significant impact on the company's results over the past year contingency plans have been implemented to mitigate any risk to the business. Whilst the risks in this regard cannot be completely mitigated and therefore some level of future uncertainty remains, the director has adopted measures and assessed the financial implications of associated factors outside his control and does not consider the residual uncertainties to be material to the company’s ability to continue meeting its liabilities as they fall due in 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, 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:
∙the amount of revenue can be measured reliably;
∙it is probable that the company will receive the consideration due under the contract;
∙the stage of completion of the contract at the end of the reporting period can be measured reliably; and
∙the costs incurred and the costs to complete the contract can be measured reliably.
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