NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2023
Hoop Homes Ltd is a private limited company incorporated and domiciled in England and Wales. The registered office is 5 Elstree Gate, Elstree Way, Borehamwood, WD6 1JD, and its principle business address is 20 Holly Park Gardens, London, N3 3NG.
The company's presentation and functional currency is £ sterling.
The principle activity of the company during the period was that of holding company.
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:
The financial statements of the company have been prepared on a going concern basis, the validity of which is dependant on the continued support of the directors. The directors are satisfied that suitable facilities will continue to be made available for at least twelve months from the date of approval of these financial statements and that the company will be able to meet its working capital requirements for the foreseeable future.
Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.
The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates income.
Investments in subsidiaries are measured at cost less accumulated impairment.
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Basic financial instruments
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The company only enters into transactions that result in basic financial instruments such as trade and other debtors, trade and other creditors, cash and cash equivalents, and loans to or from related parties.
Trade debtors, other debtors and loans to related parties are recognised initially at the transaction price less attributable transactions costs. Trade creditors, other creditors and loans from related parties are recognised initially at transaction price plus attributable costs. Subsequently they are measured at amortised cost using the effective interest method, less any impairment losses in the case of trade and other debtors, and loans to related parties.
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