HATFIELD INVESTMENTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2022
Hatfield Investments Limited is a private company, limited by shares, domiciled in England and Wales, registration number 00844561. The company's principal place of business is Crossways, 1 The Boulevard, Sheringham, Norfolk, NR26 8LH.
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 members have agreed to the preparation of abridged accounts for this accounting period in accordance with Section 444(2A) of the Companies Act 2006.
The following principal accounting policies have been applied:
Turnover comprises the invoiced value of care home fees receivable by the company.
Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses.
Depreciation is provided at rates calculated to write off the cost of fixed assets less their estimated residual value over their expected useful lives.
Freehold land cost is not depreciated as this is considered to have an indefinite life. The directors also consider that the residual value of buildings significantly exceeds their historical cost and accordingly no depreciation provision is required. The directors undertake an annual impairment review of all assets.
Depreciation is provided on the following basis:
A full years depreciation charge is provided in the year of acquisition and none in the year of disposal.
Gains and losses on disposals are determined by comparing proceeds with the carrying amount and are recognised in the Statement of Comprehensive Income.
Stocks are valued at the lower of cost and net realisable value.
Debtors are measured at transaction price, less any impairment for bad or doubtful debts.
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