|
BERNARD CONTROLS UK LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2018
Bernard Controls UK Ltd is a private company limited by share capital and incorporated in England and Wales. The registered office is Lincoln House, 300 High Holdborn, London, WC1V 7JH.
2.Accounting policies
|
|
|
Basis of preparation of financial statements
|
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 is a cost centre which recharges all expenses to its parent company at cost and is therefore reliant on the parent company for funding. The parent company has confirmed its intention to continue to fund the UK company for the foreseeable future and it is well funded with significant cash reserves. The group's business has continued to operate successfully during the COVID-19 pandemic albeit growth and new business have slowed due to a number of subsidiaries being located with Europe. As a result the group have implemented various strategies and measures to counter the adverse financial impact. The directors are therefore satisfied that it is appropriate to prepare the financial statements on a going concern basis.
Turnover represents recharge income received from Bernard Controls SA.
Defined contribution pension plan
The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations.
The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Balance sheet. The assets of the plan are held separately from the Company in independently administered funds.
Short term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.
|
|
The average monthly number of employees, including directors, during the period was 3.
|
Page 2
|
