Hi,
I have 2 very small companies that I need to complete the accounting policies in the statutory account notes.
1 company had no turnover and the other company had no fixed assets.
It is my understanding that I would not need to complete a turnover / fixed asset accounting policy note as policy notes only need to be completed if relevant to the company.
Could anybody please confirm this?
Thanks
Replies (2)
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Correct
If there is no such item in the accounts, an accounting policy is entirely superfluous. Indeed, you are only required to disclose accounting policies on material items.