STRATTON LONG LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 JANUARY 2023
The company is a private company limited by shares. It is registered in England and Wales, registration number 13866687. The address of its registered office is 7 The Close, Norwich, Norfolk, NR1 4DJ. The principal place of business is Reymerston, Norfolk.
The principal activity for the period under review was that of chartered building surveying activities. The company was incorporated and commenced trading on 24 January 2022.
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 following principal accounting policies have been applied:
Turnover comprises revenue recognised by the company in respect of consultancy services. Turnover is recognised on an accruals basis.
Turnover is recognised to the extent that it is probable that economic benefits will flow to the company and the turnover can be reliably measured.
The tax expense for the year comprises current tax.
Current tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date.
Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.
Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.
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