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KANE PLANT AND VEHICLE SERVICES LIMITED
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2022
Kane Plant and Vehicle Services Limited is a private company, limited by shares, registered in England and Wales, registration number 01736105.
The registered office address is Elsley Court, 20-22 Great Titchfield Street, London, W1W 8BE and the trading address is Construction House, Porters Wood, Valley Road Industrial Estate, St. Albans, Herts, AL3 6NW.
The principal activity of the company continued to be that of commercial letting of property.
2.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 company's functional and presentational currency is pound sterling.
The following principal accounting policies have been applied:
Turnover from commercial property letting 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. Turnover is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.
Investment property is carried at fair value determined annually by the directors and derived from the current market rents and investment property yields for comparable real estate, adjusted if necessary for any difference in the nature, location or condition of the specific asset. No depreciation is provided. Changes in fair value are recognised in the statement of comprehensive income.
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Cash and cash equivalents
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Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours.
The company only enters into basic financial instruments transactions that result in the recognition of financial assets and liabilities.
Short term creditors are measured at the transaction price.
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