TIME_FOR_YOU_NORTHANTS_(N - Accounts

The financial statements have been prepared on a going concern basis which assumes that the company will continue in operational existence notwithstanding that at 31 March 2015 its current liabilities exceeded its current assets by £15,900. The director believes this basis to be appropriate and has undertaken to continue to meets its other liabilities as they fall due for the foreseeable future.

Turnover represents the value of services provided under contracts to the extent that there is a right to consideration and its recorded at the value of the consideration date. Where a contract has only been partially completed at the balance sheet date turnover represents the value of the services provided to date based on a proportion of the total expected consideration at completion. Where payments are received from customers in advance of services provided, the amounts are recorded as deferred income and included as part of creditors due within one year. the value of services provided under contracts to the extent that there is a right to consideration and its recorded at the value of the consideration date.

Where a contract has only been partially completed at the balance sheet date turnover represents the value of the services provided to date based on a proportion of the total expected consideration at completion. Where payments are received from customers in advance of services provided, the amounts are recorded as deferred income and included as part of creditors due within one year.

Goodwill, being the amount paid in connection with the acquisition of the business in 2013, is being amortised evenly over its estimated useful life of ten years.