CGC DEVELOPMENTS LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2023
CGC Developments Limited is a private company limited by shares, incorporated in England and Wales (registered number: 12659551). Its registered office is 9 Greenfield View, Adwick-Upon-Dearne Mexborough, England, S64 0NF. The principal activity throughout the year continued to be that of the development of building projects.
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 presentation currency is pounds sterling.
The following principal accounting policies have been applied:
The financial statements have been prepared on the going concern basis which assumes that the company will continue in operational existence for the foreseeable future.
The validity of this assumption depends on the ability of the company to generate profits in the future. The directors believe this to be well founded, based on current and expected future levels of activity. The financial statements do not include any adjustments that would result if sufficient profits were not generated.
All borrowing costs are recognised in the Statement of Income and Retained Earnings in the year in which they are incurred.
Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a first in, first out basis. Work in progress and finished goods include labour and attributable overheads.
At each Balance Sheet date, work in porogress is assessed for impairment. If work in progress is impaired, the carrying amount is reduced to its selling price less costs to complete and sell. The impairment loss is recognised immediately in the Statement of Income and Retained Earnings.
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