Page 64 - Beeks Financial Cloud Group Annual Report 2021

62 Beeks Financial Cloud Group PLC For the year ended 30 June 2021

Notes to the Consolidated Financial Statements

Notes to

Financial Statements

1. SUMMARY OF SIGNIFICANT The financial statements have been 1 January 2020. The amendments
ACCOUNTING POLICIES prepared on the historical cost provide a new definition of material
basis except for the valuation of that states, “information is material
CORPORATE INFORMATION certain financial instruments that if omitting, misstating or obscuring
Beeks Financial Cloud Group PLC are measured at fair values at each it could reasonably be expected to
is a public limited company which reporting period, as explained in influence decisions that the primary
is listed on the AIM Market of the the accounting policies below. users of general purpose
London Stock Exchange and is financial statements make on the
incorporated in Scotland. The The measurement bases and basis of those financial statements,
address of its registered office is principle accounting policies of which provide financial information
Lumina Building, 40 Ainslie Road, The Group are set out below and about a specific reporting entity.”
Ground Floor, Hillington Park, are consistently applied to all years
Glasgow, UK, G52 4RU. The principal presented unless otherwise stated. The amendments clarify that
activity of The Group is the provision materiality will depend on the
of information technology services. International Financial Reporting nature or magnitude of information,
Standards and Interpretations either individually or in combination
The registered number of the issued but not yet effective with other information, in the
FINANCE
Company is SC521839. New and revised IFRSs in issue but context of the financial statements.
The financial statements are not yet effective and have not been A misstatement of information is
prepared in pounds sterling and adopted by The Group at the date material if it could reasonably be
rounded to the nearest thousand. of authorisation of these financial expected to influence decisions
In certain cases, amounts in the statements, the following standards, made by the primary users.
report have been rounded to the interpretations and amendments The Directors consider that this
nearest pound. have been issued but are not yet amendment had no impact on the
effective and have no material financial statements of The Group,
The principal accounting policies impact on The Group’s financial nor is there expected to be any
adopted in the preparation of the statements: future impact to The Group.
financial statements are set out / IFRS 17 - Insurance Contracts;
below. These policies have been / IAS 1 – Classification of assets as During the year, the below revised
consistently applied to all the years current or non-current IFRSs took effect. The Group have
presented, unless otherwise stated. / Annual improvements to IFRS made an assessment on the
Standards 2018-2020 cycle standards and amendments
BASIS OF PREPARATION below and has concluded that
These financial statements have Adoption of new and revised there is no material impact on the
been prepared in accordance with Standards - amendments to IFRS financial statements:
applicable International Financial that are mandatorily effective for / Definition of a Business
Reporting Standards (IFRS) in the current year (Amendments to IFRS 3)
conformity with the requirements The Group applied the amendments / Amendments to ‘References to
of the Companies Act 2006. to IAS 1 and IAS 8 Definition of Material the Conceptual Framework in IFRS
for the first time as this is effective for Standards’
annual periods beginning on or after / Amendments to IFRS 9, IAS